Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-11-13
PENSION LIFE BONDS MISSING,
STATE INSURANCE PROBERS SAY

a4-----
North Delaware street. indianapolis,
Ind, were obtained when the Pension
Mutual Life Insurance Company rein-
sured the Commercial Life Insurance
Company. Of Indiana. The book value
Of this property is placed at $4,000, al
though II was assessed at t2b,o2O In
1914 and t2s,O2O In 1915. The yearly
rental is $1,000, or four per cent on the
hook value. CO Property on Jarvena
street. North side. Pittsburgh, Pa, car
ried At $1,000 and obtained by fore
closure OF mortgage.
The bonds shown In the above state
ment as the company's property we're
seen. with the exception OF those on
deposit In Harrisburg. receipts for
which we're shown. We are simply as
Stunning these bonds are owned by the
company. as no proofs OF ownership
were shown.
AN UNFAIR EXCHANGE
In the list OF bonds owned IL tio,-
900 par Capitol Building refunding
bonds Of the State Of Missouri, de-
posted at Harrisburg In the name OF
the Union Casualty Insurance Company
OF Philadelphia, assigned 10 the PEN
sion Mutual Life Insurance Company
by the Union Casualty Insurance Com
pany, TO be delivered TO the Pension
Mutual Life Insurance Company when
the said bonds are released by the In
surance Department. "a copy Of the
assignment is herewith attached.) The
explanation OF this transaction as given
your examiners by Mr.. Thomas Wood,
secretary Of the Union Casualty Insur-
ance Company, Is as follows; That
$4,000 par value six per cent Ros-
loaned TO the Union Casualty Insur-
ance Company, which. In turn, borrowed
$1,000 from the Girard National Bank,
of Philadelphia, and put UP the Ros-
well Gas and Electric bonds as collat-
erai on the loan. The Union Casualty
Insurance Company then assigned to
the Pension Mutual Life Insurance
Company $4,000 par value three and
one-half per cent bonds OF the Capitol
Building refunding bonds Of the state
OF Missouri. In other words, the PEN
sion Mutual Life Insurance Company
received three and one-half per cent
bonds on a par value basis worth less
than par for six per cent bonds, evil
dent on the face an unfair and unbusi-
ness-like exchange: and II is respect
fully recommended that you demand
return Of the Roswell Gas and Electric
bonds to the Pension Mutual Life lnsur-
ance Company.
OFFICERS AND DIRECTORS
The following are the present officers an
directors OF the Pension Mutual Life II
surance Company. Wig:
tSSRaGs %RRS Secretary and r!sssaf' Ssaf'
r. A. Eaton. ........... Supervisor OF Agen
stone q stone. .s.s.......s. .SeheIal Nouhs
EXECUTIVE COMMITTEE
Lgndon p, Weed ppr, j., p BlSSGkSn,rn 6,.nr
w,I,,sS wh,HITiSS 4 FTTiissh1o Samuel H. N'eho'Sor
DIRECTORS
Lyndon d. Wood. Pittsburgh. Pa, date
X; a, Eaton. pittsburgh. Pa.
Dr. J. r. blackburn, McKeesport, Pa.
W b, Rltchle, washington, Pc.
Hon. Henry r. Wilson. ilig Run. Pa.
Charles II. Friteh. Pittsburgh. Pa.
ChaIleg X. Clock Johnstown, Pa
E. Kppzmal. Colnmhns o. po
u. w. Beadel New Castle, Pa.
w. A. McMastor, Johnstown, Pa.
W. A. MCMaBtCr, jamestown, ia.
a. s. Fisher. Altoona, Pa.
LICENSED IN ONLY TWO STATES
The only other State in which this
company Is licensed 10 transact business
besides Pennsylvania is the State OF
Indiana.
Mortgages owned by the company
are all deposited with the Insurance
Commissioner of the state of Indiana,