Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-12-30
WOODS PATRONS
TO CONFER HERE
New York Man, Holding
Three So-Called Worth
/ less Policies, Arrives
WANTS ACTION IN COURT
Situation Here Like That Which
Caused Armstrong Inquiry,
Says T. M. Alexander

A conferences Of Philadelphia pollcyhoid-
era OF the Pension Mutual Life Insurance
Company, Of Pittsburgh, which has deficit
uf moro than $1,000 600 and which is one
Of the life Insurance companies controlled
BY Lyndon y. Wood, so-called Insurance
Wizard Of America IL being arranged to-
day by Thomas M. Alexander. Of New York
Formerly secretary 10 United states Sem
Ator Oscar w, Underwood, Of Alabama.
Mr.. Alexander, who In holder OF three
policies In the Pension Mutual. which IL
now IN the hands OF a receiver, arrived
here yesterday.
Mr Alexander announced that he Is plan
ming with other polcyholderH 70 file petit
tlon IN the courts which would result In an
immediate investigation Of the inner work.
ings OF Woods company. II Is Mr. Alex
nndcr's opinion that n condition exists In
Pennsylvania insurance circles suqh rs
existed In New York prior to tho Armstrong
Investigation OF New York insurance com
panles.
POLICIES CALLED WORTHLESS
According to Mr.. Alexander. he has been
Informed by Deputy Insurance Commis-
nloner Stoddard, Of New York, that his
policies In tho Pension Mutual have no
value, and that he has been "buncoed."
II am firmly convinced" said Alexander.
shat this company must haye secret infor-
nation as to the applicants who are turned
down by the other companies or who are
rated too high l feel this because OF the
odd circumstance under which was In
hured
II felt that had arrived at the time in
iife when II was necessary TO provide for
my family In case of death. and the best
manner to safeguard them naturally Is
through insurance. / had applied 10 one
OF the old line companies and physcan'B
examination was such that was rated ten
years higher. This meant, OF course. that
! would have 20 pay higher premium.
LAT tho n, atfar drnp for n tip,c faaiInR
that within short period 1 would accept
the old line company's policy. One night
while Mt my work l was approached by
Fellows, who said
~ understand you need some lnsur-
ance,'
II told him yes and we finally got to
BUSINESS physician was sent to me, and
his examination after the other company's
was n joke. He tapped me a couple of
times and said that was o. K. and | got
the policy on the basis OF my exact age.
The number of the first policy was 1896 and
the face OF It was $500. l paid my first
yearly premium in March. II was SS3.1S.
In November OF that year decided that
would take out another for the same
amount. did. II was i649 and cost me
sS5.23 for the first premium. In January
OF this year took out another, 37iO. for
$4,000. and paid premium Of S130.95. All
OF these premiums are paid to date.
NOW. cannot AFFORD TO lose this money,
and am certain that the other policy
holders cannot. My financial transactions
nre S3f7.7T, which the Pension Mutual has
collected. and l want justice to myself
and the others, We have guarantee II
we so into the International Life, which In
barred from New York and Massachusetts,
that we viii not have another finale like
the Pension mess | think that II the PEN
sion Mutual policyholders will only get to-
gether and hold meeting we can get into
court and reveal this whole business.
should like to get into communication with
others like myself"
Insurance Commissioner O'Neil may
come TO Philadelphia next Tuesday to at
tend the hearing in the United States Dis
trlct Court whore Samuel w. Cooper must
show cause why he should not Vacate the
receivership Of the Union Cas.alty Com
pany.
Mr.. Cooper. an attorney in the Lincoln
Building was appointed 10 that office by
Judge Thompson at the request OF the
Union Casualty Company. but when Judge
Thompson made the appointment he did
not know that Mr. O'NeI had previously
asked the Dauphln County courts to name
y receiver
Since then the Dauphin County courts
have named Mr. ONeil receiver and have
ordered dissolution Of the company. The
Insurance Department has been held up
temporarily by the conflict OF authority
and IT. Is expected that Judge Thompson
will order Mr., Cooper to vacate his office
thus following the course OF the Pittsburgh
Federal Court which, in the same way, was
led to appoint friendly receiver to the
Pension Mutual Life Insurance Company
while the company was Vainy fighting
against the appointment OF receiver in
the Dauphin County courts. The very next
day the Federal court In Pittsburgh vacated
its appointment, after expressing its wrath
at having been misinformed as to the actual
conditions.