Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-12-11
PENSIONS STATUS
UPSET PUBLIC MEN
Politicians Made Anxious
Inquiries in 1914 About
Insurance Company
FOUND AN IMPAIRMENT

Policy holders were not the only persons
who IN 1914 displayed anxiety In letters Ia
the State Insurance Department relatlng
% the tangled affairs Of the Pension Mu-
tual Life Insurance Company, which, ac-
eording to State Insurance Commissioners
Denny o'NeIl. has deficiency Of more
than 100000 some OF the anxious in
quifies came from politicians.
The wording Of letters. written by pol-
tlcians who ~ that time were closely allied
with the Penrose wing OF the Republican
pfEanization, and which were found to-
day among the dust-covered records In the
cfiicos OF tho state tnHuranos Department
81 Harrisburg. shows that tho writer's were
kesilly Interested IN some features OF the
gompany.
One Of the letters on nle in the state
INSURANCE Department In from i Frank
Gran. former chairman of tho Senate In
nuransc O Committee Of Pennsylvania and
living az Worththxton. This letter. which
u dated June 20. 1914 and written on tho
stationery OF the Senate Of Pennsylvania,
II addressed 10 Fred e. Beechcr. OF the In
euranco Department. Mr. DeechS- IL stlll
attached 20 that department
Mr.. Graffs letter reads:
wish you would give me your
strictly confidential opinion Of the PEN
sion Mutual Life Insurance Company.
Of Pittsburgh. Pa. They claim 10 have
disposed OF all OF the stock OF the com.
pany up 10 n hRlf-million and now pro-
poee increasing the capital to $1,000.
600. Will do nothing one way or tho
other, but want to know the standing
Of tho company with the department
Kindly give mo an immediate reply. aH
] am holding the party OF on any
proposition no may make. I would
Ike very much TO have your reply this
week. with kind regards.
At the time Mr.. CRAFTS letter was writ
ten II In charged the impairment OF tho
capital OF tho Pension Mutual Life fnstir-
ance Company amounted to $4,000.
Tho answer TO Mr.. GrafrH communication
was written on June 20. 1914. by former
insurance Commissioner Charles johnson,
Penrose loader OF Montgomery County. and
was;
Replying 20 your inquiry relative TO
the AFFAIRS OF the Pension Mutual Life
lnsurancA Company. OF Pittsburgh Pa,
permit uiA to say that an Investigation
by the department disclosed the fact
that there was an impairment OF It's
capital, and the matter was reported to
the Attorney General. Ho has issued
letter TO the company requiring Il
10 make good the impairment amount
ing to about $4,000. by July 1. after
which time an examination will bo
made and We have the assurance OF
the officers that all impalrments will
be made good by that time.
Lyndon ID. Wood, president OF the Pen.
sion Mutual Life Insurance Company and
known as the Insurance Wizard OF Amer
tca," is expected to return hero today from
Pittsburgh, where he went Friday night Ia
consult with his associates there.
An Injunction may be sought by attor-
neys for Wood today. 10 restrain the OIL
GERS OF the Police Beneficiary Association
from attempting 10 collect death claims
from the Pension Mutual Llfe Insurance
Company Members OF tho Police Bone-
hcary Association, numbering more than
1000 policemen, were insured In this com
pany without the knowledge Of the blue |
coats. The premiums were paid by Colonel |
Seth H. Whlteley, the 'phllanthropic In |
burance angel" until that transaction wna |
exposed by the EVENING LEDGER.
A suit Is now pending In the Court of
Pleas. instituted by tho Pension
Mutual Life Insurance Company for the
cancellation OF that contract
Joseph w. Shannon, attorney for Wood
II is said viii present the argument I'm
Court of Common Pleas No. ! today ana
also argue the Injunction proceedings