Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-11-08
pons;on Mutual Insurance
Company Chief Sought
Millionaires
EXPOSURE REVEALS
OLD POLITICAL DOPE
pronoter OF Organization Re-
ported Slated by Tener as
state Insurance Head
PLUGGING LOST CHANCE

sa,t,hurrh In 1911 NeIe OiLoieN ~
". A. IN. Pension Mrtual Life Insurance
p.ar, o. pittsburgh Pa, against which
eos's ~ dissolution has been asked by
Corelssioncr J. Denny q NelL
lihNs ihsV ,s.n 1000 Philadelphia letter carriers
"a nostof1ce clerks are insured IN this
ar,nany. The company, which maintains
branch In this city, has dene't oil Sl'-
,ss.t22.so
~ administration of former Governor
49, an connection with the offer to Pitts
s,,,sh mil ior>res to take advantage OF
s,.,s in.-ctment came to light today for
the hrsi 'me
The proposition to become directors IN
A.. Pension Mutual Lif Insurance Com
rsny. OF which Lyndon ID. Wood, insurance
,romoter, and often referred TO as tho IN
surance wizard Of America. came nom
enc Perry Shanor, a resident OF Pittsburgh.
rhanor's missionary work in behalf OF
wood. who at that time was getting ready
a, reorsanize the company, resulted in
fcrrer Governor Tener changing his mind
about appointing him TO the ONCE OF lnsur-
sncs Commissioner
USED GOVERNORS NAME
How Wood intended to increase the
w&aith OF directors and other Investors Is
Mi fresh in the memory OF millionaire
mtmbers Of the Duquesne club, TO which
Andrew. Carnegie, Henry c. Frick and
CHARLES w Schwab belong. Some of the
members Of the club still recall that Shanor
toid them that the former Governor was
Interested in the company.
When Tener heard Of Shanor's visit TO
The Duquesne Club. he summoned him to
Harrisburg and told him that the part he
had played in connection with interesting
certain men to become directors In Woods's
company would cost him his appointment
As Insurance Commissioner. Soon after
vsrd the appointment OF Charles johnson,
Of this city, as Insurance Commissioner
was announced.
But Shanor's visit to the Duquesne Club
wasn't In vain. He was successful in get
ting Andrew B. Berger, one Of Pittsburgh's
leading citizens. millionaire and son of Mrs
Elizabeth Berger owner of a skyscraper in
that city, to become a director. Mr. Berger
also invested few hundred dollars in stock
Of the company. Mr.. Berger, who Is popu-
lar throughout Pittsburgh for his philan-
thropic work. resigned from that company
some time later, because he wasn't satisfied
with the way II was conducted.
Another resident Of Pittsburgh who Joined
the dictatorship when the Pension Mutual
Life Insurance Company was scheduled to
be reorganized and to be operated along
twentieth h-century methods" was f. V. Bab-
cock. millionaire lumber merchant and mem
toned as Republican candidate for Gov
pabcock resigned from the company April
n.ls14, after sending the following commu-
niation TO Mr.. Wood:
WHY BABCOCK RESIGNED
Il resigned" said Mr.. Babcock in pitts
burgh. because I realized that II was
one-man company. I purchased, I think,
rnot mistaken. about $4,000 worth OF stock
which later sold at loss. My resignation
came after 1 became dissatisfied with the
way Affairs rere managed in the company
ana after complaints began to reach the
company from the Insurance Department.
The directors who were on the board at
NE reorganization period were j. B. Yohe.
+ general manager of the Pittsburgh and
Lake Erie Railroad; A. w. RenwiclS. c. d.
pyer r. V. Babcock, w. La Rue Thomas,
prominent in Masonic circles of Allegheny
(ounty and who Is now dead l. ID. Wood,
= eeorge M. Grouse. a leading merchant of
giacuse' N. Y; DR.. J. p. Blackburn. Of
~eheespott, Pa; II. l. Wilson. Of Big Run,
"a; w. B. Richie. of Washington; Ralph
= smith, OF Indiana, and Charles II. Fitch.
MANY OF the policy holders make their
sones not far from the company, large
humoer or policy holders live in this city
-sa aiso along the Main Line. The assets
.ne company at the present time are
z sren oy the insurance examiners as S404,-
t.so2-ssl.77.
ecsy and treasurer. who still holds that
ana VINO Is known In Pittsburgh nnan-
~sr circles as Woodss Man Friday"
me present officers of the board are
r,,an r,ncon d. Wood, president; Charles II.
n,s secretary and treasurer, Dr. j. p.
saeckpurn. medical director; b. A. Eaton,
ptssahor OF agents, and Stephen Stone. OF
F"lsoursh. counsel.
POLITICAL INFLUENCE
ii was learned today that under the
liz administration the Pension Mutual
~..s insurance Company was threatened
~, ,uulssolution proceedings several times
mrough mysterious political influence
sess was brought to bear to prevent
'-sn steps being taken.
while the company was doing n RUSHING
ness In 1912, insuring the lives of mer
1850 IN the different industries that are
Neseu IN Pittsburgh and nearby a mes.
eses. 'ser the long-distance telephone which
az from the Capitol reached a certain
An, warning him TO get out because
rs.av suranee Department was getting
49, W take possession OF the home ofiic'
ny company. Less than an hour after
reo.,.'14 was received the director whS
hNeo the tip" via telephone was OF
az, 70 the Capitol. where he was tolt
Al ne didn't wish TO become mixed uI
dIsse,s AhoAl ne should resign. This th'
.setor, who always fought Wood al meet
" the direetora. did do.
shss WOOD who makes his headquarteri
sollr..n uis city In the Offices Of the Con
eIrh,h inVeatment Company, on tn,
elsi,s lsim noof OF the Finance Building. dis
. of arasu any Idea OF grabbing" a numbe
ths ianer ina. NE Insurance companies througl
s,,.Iumentality Of the Consolidated In
.e,msnt Company. -
eo,,, 'ovk upon the consolidation Of smal
Or ss,s IRON philanthropic standpolnt
boln, nsr from an economic utIlltarlaI
sr~c, v ylew,' said Mr. Wood, who stand
r,-'a soove six feet, weighs about ISL
n . Of athletic build, without an incl
enirs nirs,nous hesh. His hair is dark. whit
nod.,ss'e the ears. and his voice is low
llst,r.. ana forceful. with a particular,
lss.1~ pronounoiation. He dresses fault
rres,, Z, ne has the appearance Of a well
E snsa esas prosperous banker ana one win
lstsss able to hold his own in an,
\ = ~ Consolidated Investment compan,
~ au'a.ung company After an actIy
bor,, shslye experiences In the insuranc
e lhs X.s IN various capacities / conceive
soi,6ss mat the time was rips Tor ths cor,
. oomosr1so OF a number OF young insurane
Is p~ss rssas all OF which had been forma
IN - years and without sufrolent "a !,
e >c->r resources In the way of surplus 4
<&-- tnsm SUCCESSFULLY 10 coonefs .v,s
49,.