Atlanta Georgian., 1913-03-10
Bids for Assets of CoSmopoI-
itan Life Opened by Commits
Sioner W. A. Wright.
FINAL AUCTION SALE TO
TAKE PLACE TOMORROW
Highest Figure Submitted by
Reorganization Committee
of Stockholders.

Ground was laid at the state capitol
today for a battle of big business in
connection with the sale of assets of
the Cosmopolitan Life Insurance Com
pany. of Atlanta. Preliminary bids,
varying from 100000 to $3.50, 900 were
presented by four would be purchasers
and opened in the presence of Insur-
ance Commissioner William 4. Wright,
but were passed. pending the final sale
tomorrow, when the bids will be made
in open auction competition.
Immediately with the opening of the
bids, representatives Of the Assets
Realization Company, of Chicago,
claiming resources Of $20,000,0 900, sought
to throw out the bids of the other
three contestants, on the ground of
technical legal objection a question
which probably must be settled before
the final auction tomorrow.
The bids presented to the insurance
commissioner We're:
G. r. Woods, Assets Realization
Company. of Chicago, 100000.
Trust Company of Georgia, 100000.
Reorganization committee of the
Cosmopolitan stockholders, $3S0,000.
T. P. Simpson, H. II. Dean, and l., P.
Rosser, 100000.
Opportunity to Amend.
According to the terms of the sale,
the sealed bids, accompanied by checks
of 5000 EACH were opened at noon to-
day. Until noon tomorrow the bidders
will have opportunity to amend their
offers, and as each is armed with q
knowledge of his opponents original
offers, the amendments are anticipated
to be radical and the bidding lively.
The bid of the Chicago concern was
without qualification, merely offering
the sum Of s210,O00. The other bids
contained conditions. In the bid of the
Trust Company of Georgia, it was stip-
ulated, among other things. that the
assets and business of the CosmopoH-
tan Life would be assumed by the
Southern States Life Insurance Com
pany. The reorganization committee
of the stockholders presented as one
condition that the debts of the COM
pany be paid by the insurance com
missioner out of the sale of the assets
The representatives of the Chicago
concern assumed the aggressive
Charles ]. Haden, one of them. said
that all other bids except that of his
clients should be set aside, as they en-
braced conditions not included in the
court order of sale. Another, B. j.
Phillips, addressed himself to an at
tack on the bid of the reorganization
committee. declaring that its specifica-
tion of the payment of debts by the
state department made its bid unfair
to the others.
Judge Arthur Powell and H. H. Dean
were principal speakers in reply to the
argument Of the Chicago companys
men. The final outcome of the argu-
ment was a concession to an amend
ment of the bids if the provisions
which they included were opposed to
the terms of the court order.
Final Bids Open.
IT, H. Dean. who presented one Of
the bids, announced a desire that the
final bidding tomorrow be made open
and in the nature of an auction. One
of the representatives of the Chicago
concern assented readily to this, and
the promise of lively contest was thus
made. The bidding will be made be-
fore noon tomorrow,
The assets Of the Cosmopolitan Life
Insurance. Company which are being
sold by an order OF the Fulton county
superior court, were outlined from the
schedule in the hands OF the insurance
commissioner. The aggregate sum is
something more than 100000, of which
the largest items are; Mortgage notes.
$153,2S5; bonds, Georgia municipal
s191 ,173;. certificates of deposit, S59,-
900; notes, S162 900.