Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-12-01
NO QUIBBLINGi INvES-
TIGATE!

ana make a'footbnll or the iuhds OF tne
most sacred trust which man can commit
to tho care Of HIS fellowman2
Why are frequent and searching OK.
amlnationE OF life insurance companies
made by experts employed by the state,
II the rotten conditions uncovered and
tho recommendation made are ignored
or covered up In the annual reports pub
llshod for the information or tho mis-
information Of the publIc7
Why are questionable insurance com.
panies permitted by the State depart.
ment to conduct business for years with.
out n license, after the attention of the
head OF the department has been called
to such violation by his own experts7
why were the revelations, printed in
tho EVENING LEDoER. In connection with
the Pension Mutual Life Insurance Com.
pany OF Pittsburgh, necessary Ia order
to close that company's doors and pre-.
vent II from doing further business in
this State, when tho conditions exposed
had been patent TO the officials Of the
State department for long time pro
viouB7
why did tho Attorney General OF iths
State in 1914 who had nt one time been
the attorney for the Pension Mutual, dc.
eide. against the interests of its policy.
holders by holding that tho valuation
placed on certain bonds by one expert out
OF seven was the proper valuation. and
on the basis OF that decision order the
Insurance Department to permit the COM
pHny to continue doing buslness7
Why did not the Insurance Depart.
ment. when. through lawsuit in the
Pittsburgh courts, II found these bonds
were not owned by the company, dc.
mand ut once tho substitution for them
of other authorized securities In order to
protect the policyholders?
Why, in the year 1913, did the chief
examiner Of the Insurance Department,
on advice from the then commissioner,
Immediately withdraw from the ONCE"
Of the Pension Mutual whom the presI.
dent declined positively and firmly" to
allow him to conduct an examInation7
In view OF the above statements, based
on some Of the revelations which each
day are coming to the surface. can It be |
wondered that policyholdors are asking
such questions as tho following:
How many irresponsible insurance
companies arc doing business today
In Pennsylvania without authority
but with the knowledge of the State
department?
How many insurance companies
have been examined by the States
experts and their actual condition
covered up by tho silence or indiffer.
ence OF ofiicials7
How many insurance companies
In the State actually own the secur-
tiles which they claim they own as
the necessary safeguards prescribed
by law for the protection OF the pol.
ieyholders' rights2
Are the securities claimed as assets
by insurance companies operating In
this State subject TO litigation 10 de.
termlne whether their ownership is
vested in tho company or In a New
York brokers office3
What part OF the securities held as
assets by Pennsylvania insurance
companies are In the Same class as
the bonds above referred TO. where
In the valuation OF about 100000
worth there could be a fiuotuation OF
more than 100000 among bond ex.
perts7
These and many similar questions are
no doubt passing through tho minds OF
thousands Of heads OF families who are
depending solely on their life insurance
as the only protection for their families.
and who are also depending. perhaps TO |
q greater degree. on the supervision OF |
the Insurance Department OF the State
for the integrity OF the companies in |
(which they are insured.
Nothing short OF drastic exhaustive |
Investigation OF insurance conditions pre-
vsaling In Pennsylvania. an investlga.
tion that win so clear down to the roots
or the subject without fear or favor. an
Investigation that win search out and ex-
poae every crooked corner ana every
Questionable transaction win satisfy the
public
Iais up TO the Legislature OF the state
70 bike such speedy action as win set at
onoel % the bottom Of this whole wretehed
business. This the Governor. we are as
suped. intends % demand.
Tbere must be no naw In the title OF
q ilfA insurance policy issued under ths
AVA iaaa the protection q The sovereign
ssafsiol psnnsypanla This 3 one tsuat
ehieh Unjust b kspt Sacred