Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-11-11
NOD PREPARES
TO RECONSTRUCT
PENSION MUTUAL
Insurance Promoter Ex-
poets to Rehabilitate Con-
Germ in 10 Days
CARELESS OF PUBLICITY
Refuses to Disclose Way by
Which He Hopes to Put Com
pany on Firm Basis

Lyndon d. Wood, Insurance promoter.
Known among Pittsburgh niiifonaires as
thc Insurance Wizard OF America" and
who rose from a farm boy 10 the presi-
oeney Of the Pension Mutual LIE Insurance
Company, OF Pittsburgh, Pa, for which
receiver has been asked. today begins his
battle of rebuilding hts company. whose
dcfcft amounts TO ti.1sSt2160. The COM
peny. which maintains handsomely fur
nishcd Offices on the tw entieth floor OF the
Finahcc Building carries insurance on the
lives of 1884 letter carriers and Postofiice
clerks OF this city.
Jrst by what method Wood hopes to put
4. his company on solid basis he would not
reveal He predicted. however, that he
hoped 70 accomplish what he has set out
20 do within the next ten days The hear
fng on the application for a receiver for
the company will be heard November 81.
IN The courts at Harrisburg. Pa
Il haven't been battered down by the
unpleasant publicity given 20 me-" said
Wood. as he paced up and down his offce
m the Consolidated Investment Company.
on the eighth floor OF the same building.
where also are the offices OF his life insur-
nncs company. II was through the Com
eolidatcd Investment Company that Wood
had hoped TO bring about the consoldstion
OF scventy-eisht insurance Companies
NO FEAR OF DISCLOSURES
Il have no fear OF what tho insurance
examiners may DISCLOSE" he continued.
And the Insurance Department won't
be able TO say that ever spent the COM
pany's money In elaborate luncheons or nne
HAVANA cigars for my board of directors
after our regular meetings. Yes. the di-
rectors were always supplied with cigars
before and after our meetings, but | was
the one who paid the bill with my own
money-out of my own pocket q" .
How do you expect 20 wipe out the
deficit of S1,19s,422,602"
Ah--that is something which concerns
me and not the newspapers. I ain like
one OF the fighting European nations who
don't give publicity to their coming at
tacks." .....
"And when do you believe that you will
accomplish your task?'
TN, about ten days"
Are you receiving financial aid from
friends or other persons?"
THAT is a matter which concerns me
But Il want to impress upon the policy
holders OF my company that they won't lose
anything. They are secured by the reserve
fund OF the company. This fund has more
than 100000"
why is Charles e. Fritch. treasurer Of
your company. called your Man Friday"
PRAISES FRITCH
Il am glad that he is my Man Friday"
y presume that he was given that title be-
cause OF his faithfulness to me and to the
company"
Since the disclosures of Woods company
became known, he says that he has received
many letters and kilograms from different
parts of the country. Most OF the tele-
grams read: Can we help YOU"
Ex-Attorney General John c. Bell, who
fs general counsel for the Pension Mutual
Life Insurance Company. today refused TO
tiscuss the persistent report that back Of
the present probe into the tangled affairs
or the company is the fight existing be-
tween the Brumbaugh- -Smith-Vare faction
and the Penrose-McNichol wing of the Re-
publican Organization OF Pennsylvania.
In Insurance circles there we're talk and
sugBestions relating TO enacting mora
stringent insurance laws In Pennsylvania
along the line of laws now in force in the
State of New York governing the nature of
Investments. These laws were passed after
the sensational disclosures made in the
famous Investigations of New York In
suraneo companies which were conducted
by senatorial committee for which
Charles Evans Hughes acted as chief in
quisitor.