Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-11-10
POLITICS MAY EXPLAIN
PENSION MUTUAL MfX-UP


receiver when some question arose as TO
their license
AZ that particular time when johnson
and his examiners were finding fault with
the Pension Mutual Life Insurance Com
pany on its board OF dictatorship were two
Of Pittsburgh's best-konwn residents. both
Of whom are millionaires. recognised AZ sup
porters Of Senator Penrose and who also
supported Tener for the governorship
one OF these men IL Andrew W. Berger.
Pittsburgh millionaire, bhilanthroplst. mem.
Der OF the Duduesne Club. and the other IL
Colonel r. " Babcoek, millionaire lumber
merchant, member OF the Babcock Land
and Lumber Company and Who has been
mentioned IN Allegheny County as Repub-
lican candidate for Governor 90 succeed
Governor Brumbaugh. Colonel Babcock
and Mr.. Berger are staunch supporters Of
Senator Penrose.
Colonel Babcock and Mr. Berger resigned
from the board OF directors Of the Pension
Mutual Life Insurance Company. and in
structed Lyndon d. Wood. president Of the
company and referred 20 as the Insurance
wizard OF America" not 20 use their names
on any OF the company's stationery. after
satisfying themselves that the concern was
only a "one mans company" as they ex-
pressed H.
II was while johnson was head Of the
N
humble Insurance solicitor and who pos
sesses magnetic fiow OF speech. instituted
his spectacular campaign of selling stock
IN the company under an underwriters
schedule. This was done In order 10 raise
funds for the company and also to make up
Tor some insufficient surplus which II Is al
legged prevailed in the company's treasury
at that particular time.
sTocK-sELLING CAMPAIGN
EtOCE-aNlllnH In wpn
membered here. Though four years have
elapsed since the stock In the company was
sold, sometimes for cash, but more fire.
quently by obtaining promissory note from
the investor, Wood and his agents are still
being discussed here when members gather
In the grillroom of the Pittsburgh Athletic
Club or at some OF the other fashionable
clubs OF this city. The notes received for
stock were subsequently turned over to n
New York banker, for which Wood re.
ceved something like 100000 worth Of
high-class utility bonds But these bonds
didn't remain very long in the possession
Of Wood. For records In the United States
District Court show that the bonds were
returned TO the New York banker soon
after a suit was instituted by the banker.
This occurred In the early part of January
1915.
The bankers contention was that many
OF the signers refused to make payments
on the notes when collections became due.
Some of the Egners of the notes made
statments at that time that they were as
sured by Woods agents that they wouldn't
be compelled TO pay UP on the notes II they
didn't want 20 do 80. These notes were for
stock in Woods company. and later were
exchanged for the utility bonds. which
Wood returned without letting the bankers
suit come to trial.
Some OF the subscribers to stock In
Woods company via the promssory note
route was a person named 'Takaki," who
several years ago 10 said TO have Been
attached 10 the Japanese Embassy In WASH
ington. He subscribed TO $4,000 worth of
stock. This IL proved through records on
file In the Prothonatory's office of this city
In n suit filed In the Court of Common
Pleas No. 2. Of this city. Conrad Holmes
seeks to recover n commission for obtain
ing Takakis subscription. Two other per-
sons from whom Holmes obtained sub
scriptions for $4,000 each were DIR. will
liam. A. La Ross, Of Mcdonald, Pa, on
July 1. 1914, and Mrs w. J. Coulson. of
Washington. Pa, on July 15, 1914. Both
of these suits haven't come up fot trial
They are likely to be placed on the De-
cember calendar The Pension Mutual Life
Insurance Company is named as defendant
in these suits.
Holders Of policies in the Pension Mutual
Life Insurance Company include many en-
ployes worlsing~in the following plants:
Pittsburgh Steel Company. GIassport, Pa.
standard Steel Works Company, Butler,
Pa.
Jonss-LouEhiin Steel Company. Pitts
burgh,N
Carnegie steel Company. Homestead. Pa
American steel and Wire Company, RAN
kin. Pa.
Pittsburgh crueible Steel Company. Pitts
bursh. .- ..
Oliver Iron and Steel Company.
Pittsburgh and Lake Erie Railroad.
Baltimore and Ohio Railroad.
Pennsylvania Railroad.
Acting on instructions from Insurance
Commissioner O'Neill, the company has
ceased doing business. Now and then some
person walks into the little barber shop un-
derneath the insurance office and asks:
will I lose my money!"
The person making inquiries is sent up
stairs. The last seen OF the person is
walking UP the stairs with a policy in his
hand, and later walking into the office
Of the company, where assurances are given
to the visitor that everything is O. X
Sometimes callers walk out of the building
feeling confdent-sometimes they come out
looking sad.