Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-11-16

INDIANA REVOKED
PENSION MUTUAL
LICENSE YEAR AGO
Insurance Commissioner
Learns State Excluded
Concern Under Scrutiny
WOOD PLAN CRITICIZED
Letter From Business Man Pro-
tests Against Scheme That
Might Hurt Widows
WOOD PLAN CRITICIZED

HARRISBURG. Nov. 49, Insurance
Commissioner J. Denny O'Neil today re-
ceived adyices from Indiana that the license
Of the Pension Mutual Life Insurance Com
pany to do business In that State was re-
voked at the end of last year and not re-
newod for 1919. so O'Neil said.
Inasmuch as Indiana was the only State
aside from Pennsylvania where the COM
psny was licensed, that left this State as
the only one where the company was al-
lowed 20 transact business although II ls
reported the revocation OF It's license In
Indiana did not make II deslst
The Pension Mutual Life Insurance Com
pany IL the one dominated by Lyndon ID.
Wood generally referred to as the IN
surRnce wizard" on account OF his scheme
OF co-ordlnatlng and eventually consolidate
ing seventy-eiRht insurance companies to
do business under the name OF Consolidated
Investment Company, which has offices In
the Finance Building, Philadelphia
The following letter dated Nov l3, 1915,
from Dale J. Crittenberger, Auditor OF the
state OF Indiana, reached Commissioner
ONeil yesterday
"On examination Of report of A. c. Cos
tello and w. J. Roney. relating to the Pen
sion Mutual Life Insurance, tho report be-
ing dated Nov 2. 1915, and showing the
condition OF the company Sept. 30 1916. l
ind that Il states:
''rhe only other State in which the COM
pany is authorized to transact business
besides Pennsylvania In the State of In
diana. i beg TO inform you that this de.
paftment revoked the license Dec. 90. 1915
and same was not renewed for year 1916"
officials Of the Pension Mutual Life In
surance Company are cenBured In the fol-
lowing words, In IA letter which reached
Insurance Commissioner O'Neil today from
w. O. Shepherd. president and treasurer Of
the Shepherd Construction Company. OF
Wilkes Barre, Pa.
II think some one should hold this COM
pany liable to the limit Of the law for
thing Of this sort. What some poor DEVILS
widow will do. don't know, whose hus-
band died with the feeling that this wife
should be taken care Of"
officials connected with the Insurance De-
pnrtment say that there are millions of dol
lars invested in life insurance In Pennsyl-
vania over which there is little or no legal
Restraint at least so far az the Common
wealth is concerned They recall that every
time effort has been made in the Legisa-
ture to enact more drastic legislation the
attempt has failed because of tho opposl-
tion of the officials of some of the very
organizations II was designed to safeguard
and, strange as II may seem. hundreds OF
the policyholders themselves were led by
those at the heads OF life insurance compa-
nieg TO believe that the bills In question |
were fathered by big insurance concerns
bent on putting the little fellows. the fra
ternal and the mutuals, out OF business TO |
their own profit. It is expected that this |
same opposition will develop next session |
and to meet IL the department will lay be- |
fore the public such report as, II is be- |
lieved, will lead TO more definite action this |
time.
Just what action will be taken In the |
Affairs OF the Consolidated Investment Com |
phny depends upon the results OF Commis- /
sioner O'Neil's conference with Attorney
General Brown. II Is strongly suspected
hat the outcome will be series OF criminal
prosecutions IL resttutions which the State
nay demand from certain officials are not
forthcoming, but OF this the department
'fnclals absolutely decline to talk