Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-11-21
NO ANSWER BY WOOD

Mr.. Wood was given an opportunity to-
day TO reply to Commissioner O,NelIs
charges He was seen in the Finance
Building, where are the offices OF the Con-
solldated Investment Company.
II have no. comment to make; print the
statement" he said.
Answering the question as to whether he
would reply to II when Commissioner O'Neil
forced him TO the stand, as the commits
sloner in his statement says Is his purpose
Mr.. Wood said
Certainly"
He would listen to no questions taking
up the details of the statement. such as
one lnquiring whether he really was u
Rufus Walllngford."
Commissioner .O'Neil issued his state
ment today after reading an attack made
on his department by Mr.. Wood yesterday
Wood made his attack following the
publication yesterday of letter signed
by John c. Bell, then Attorney General,
addressed to Charles Johnson ex-State
Insurance Commissioner. The letter was
In reply TO one sent Bell by Johnson
in which the latter, as Insurance Commits
sioner urged the Attorney General 10 take
such action against the Pension Mutual
Life Insurance Company, of Pittsburgh. as
Insurance Commissioner O'Neil Is now tax
ing Belts reply to Johnson advised the
Insurance Commissioner that instead or
granting his request to have receiver APP
pointed for the liquidation OF the business
OF the insurance company he would recon-
mend that the company be granted GER
tihcate OF authority to transact business IN
Pennsylvania,
Mr.. Woods announcement that he was
preparing for battle followed the prepara-
tlon OF a formal statement, In which he DO
clared that from beginning to end oncials
OF the State Insurance Department nave
been familiar with all the plans or his COM
pany, and in fact. approved them fully
What sort OF fight do you propose TO
put up?" Mr.. Wood was asked
ITO the extent OF answering their charges,
the tight viii be defensive; to the extent
that their statements are inaccurate and
that they are guilty OF incompetence or
worse. II will be an offensive hght'
Mr.. Wood declared that his statement
WAS made necessary by the fact that the
Insurance Department and others interested
have been quoted as making statements
which are incorrect, misleading and false
STATEMENT BY WOOD
In his statement he said:
Just what caused the sudden change
Of attitude upon the part OF the In
surance Department, l am not pre-
pared 20 say l am forced to believe
however. that from the commissioners
subsequent acts and the fact that mis-
information detrimental TO various
companies IN which l am interested
is constantly being furnished certain
newspapers by his department, that he
is deliberately antRgonistlc, and for
well defined reasons which are now
being made the subject OF the fullest
investigation.
The Investment company has in no
way violated the law. There is moth
ing unbusinesslike or criminal IN ex-
changing the stock OF the investment
company for the stock OF these small
insurance companies
AS 10 the Union Casualty Insurance
Company. II is today absolutely sol
vent and has been since its capital
stock reduction was effected by the
present management early Ia August
OF this year. IL is the first time in It's
history that il has been solvent and
our department OF insurance knows
that fact
BIAMEs FORMER MANAGEMENT
The troubles OF that company are
directly traeeahle TO the former man
agement
The state Department OF Insurance.
should explain why Il has never mads
public It's knowledge OF the mismanage-
msnt BY the former Officers Of that COM
pany and its knowledge Of the fact
that the Union Casually Insurahee
Company was insolyent under is
former MANAGEMENT
have In my possession. and ct the
proper time viii discuss. figures taken
from the various insurance departments
al examinations OF that company. par
ticularly the one preceding the ehanEe
Ia Ownership ana management. ana
upon the presumed trufhfaIaesa q
.h.eh ~ pQrchagea ths z.aeH g fha
ffaIor Casualty COMPANY EHaaa
aaneAa absolutely c4nl1adIeE "a 1IzII.s