Iyjj
.A
JL
"MSB
bohes missing.
INSURANCE PROBERS SAY
n
ig'uwr'w
tf flat iMt f W
!
tTm Pm ffM
Stata lit wMah the Ilon Mutual
cywiiny if ucensea 10
1 IMHefte, where -within
ran mtkitr Insurance com-
)mv ml toV Vi hBn ot
r8 HXAM.NEHS' RKTOIIT
Rn mrt e( tha Insurance examiners
tall follOWI!
Men.
Inaursnce
ifrriDurr. it.
Dr Blr In eocorfene with your
Miftiorltjr tni lrHtrttCt.one, an examine.
tic of' the" 'affalra ol tjie l'apslon
Mutiw) Ufa 1pr.nce Company, of
ritutwrgh, Pa-i has been made, rid
H coition 'a of f)ptembr 10.
11. aeeordlng; to ftndlnji. I"
tt forth below,
LKDQIW AMBTS
book Ttae
J D. Q'Kell.
eurmace Commleetoner,
.!.
aMiS. boos
Wlliii Imnr
rfMam no
: .a,a,a
: t1u.m.
ii&. '..am
iisi.nnn oo
T 10 (100 00
to 1ST lit
S SRO no
til OS
OV3 30
3 ll IS
e.070 na
It o Is.
1, POO 00
18 81
Tjttt leaser ae.al. to;,OJ.70.k
1 NONI-SnAKR -MWETS
! Merett au. ano. ao.
rtre "do aY
Caah In pftiee.a
Daisnc.
inta batsncaa . ,
rnttura and Dilnraa
MUI IW note... .
tT'etoek arreatnmts,
tck raturo4 .,,...
ers4 en ottni
emu
(wtlmaUdl
a4rnt on roller loans
ana prr
ftsi.n
s.is
alum notis
?!J,.flu3if.Wp?i:
1.G0OO0
mi nasi
On
on namu
areas essats
an new boetnaaa).... l JST.IJj ...
a-a.a aa t. n.ota oa
, HTP.4TS.47
DEDUCT ASSETS NOT ADMITTED
irnili1 balances. "521SJ3
ffcrnitpre nl1 ntur. "SI2J2
rpltrloek mm.1. . . 8? Ojo le
. Hock tretnnla. l.OAono
6ftlnctts ol d.po.lt. 8 3 81 178,808 80
Balance
X.IA.MMTIE8
Nt present valua p nil out
tandlnit pollcl.; fn toreo on
BfpUmtxr 80. 1918. com-
FuUd by tb cturir of th
nnl)irlTaal 1nirarnc D
Mrtnwnt on th American
uprrltnca tatla t W p. c.
Jt pron vilua fl p.nnltlta
(Includlnr thoa In reduction
ot prannumi)... (! .....
t0( 889 17
M21.B23 CO
39,983 08
Total , M5M74.00
bedurt nt valua of rlaka ra.
tniurM In oMr aaHnt com-
onl" 00
jjET ItEBEIlVB
Claim for daatb loaaf du and
i and unpaid ...f ...........
1 Dua and unpaid, on uppl.
mentary eontracta not tnol-
. tn W contlnncl.......
tolTtdandi and coupona If ft with
tha company to accumulata
t Inttrcat. and accrued In.
.tari-tinaraon .............
nM I'ltcicnii fmv
yanca (Miimairoi
tJnean
aiarl. ranti oftlca aipenata,
Bill ". r-1 '"'3 -CI r-i-7
accrued
..r'aSo'u'n,'
payab
enalon
ereatter
truiV
-....hi for taxaa
w.-j- f Bnl.tv
enaioo tiyrr r"TiT'
IlorUaxa on homo office build.
Aoeroed'fnVereat on nVriiliJ.' '.
uaanca du outatandlnr chockl
Baarman National IJank
MSI.033 00
130.891 38
338 00
8 813 83
1.000 00
388 80
IQOPO
8.7S0 00
189 13S 60
80.000 00
238 00
Capital atock ..
Total llabllltle
TJabllltl'
Ti
IMS 40
1849,19
00
otal admitted aiiei.
Deficit ,.
f 1.803 CO! 77
ti.r.nj 89i. 77
. 401 2C4 17
, 11.088 423 CO
lyOOD'S AFFIDAVIT
The forsgolng (fur show thp ns
sets anil lla,blfllea orjly, B dlnlmrs
mcntB, according tp tho company's
books, do not ehow that approximately
3871,300 of borid (bopK aluh) ha-Ne (lis
appeared. Thin. howr, startling as
It may appear. I a fact. Thq pnly ex
planation for thp company pot being In
possession of these bonda la oro elven
by tha secretary of (he company, Mr.
Charles II. Frtch, who states that
theso bonds have been, returned to If.
I Doherty & Co , bankers, of New York
city. No receipt was produced from
any one showing hese. bonds had been
returned.
There Is on file In this office, an affi
davit made by Mr. Tyndon, T. Wood
on July 21, 1914. n which he states:
Tho following bond,a are. the absolute,
unqualified property p( ths, pension Mu
tual Llfo Insurance Company'' The st
of bonds referred to Ip, tyr, food's affi
davit covers substantially tl pam
bonds stilt carried on tho conipany's
books as Its property, nptwlthatandlps
the fact that the necrctfy of, (ho cpm
pany calmly Informs ypur examiners
that the bonds are no Jonecr n tho
company's possession.
NO OWNERSHIP PIIQOF
Deeds for real estate owptd. consist
ing of three parcels, were carefully ex
amined and all papers were found in
proper order. Theso properties are as
follows: (1) The home office buH'llns,
1 sltjuated at I90S Fifth aentte, Pl(ts.,
burgh. Pa, This property was PPralacd
for the company In 1812 at Itqo.OPO
and is carried on the books at that
price. Tho assessed valuation. Iiqw
ever, for 1916 was placed at IGE,4Q0.
There Is a mortgage against this prop
erty of $30,000. which Is charged us. a
liability. (2) Properties S17 and 519
vi.
Mann & Qjlk
1182 CHESTNUT ST.
Tyrol Wool
(A Kniq$& fabrto)
"omena and Misgco'
Suits for Motoring,
24.75 2.75 .
Ewineatfly foaptqry gad
- -xcfttOBalIy icrvice able.
Wrif Y'itkMt WAt,
waiamfpi'wft ?4Hl(prtable.
iiWtMfi N W f ref-iajf.
IM
ajsBBlfBBBBC8ara
...;.. J:ii. j
North Delawsr street, Indianapolis,
Ind, were obtained when the remloti
Mutual I.lfo Inturanca Company rein
sured (ho Commercial Life Insurance
Company, of Ihdana. The book value
of this property la placed at 118.000, al
though It was aiMensed at 131,020 In
1914 and $23,020 In 1911. The tarly
rental la $1100, or four per cent on the
hook value. (I) Property on Jarvella
street. North Hide, Pltttburgh, Pa, car
ried at $1000 and obtained by fore
closure of morlgace.
The bonds ahown In the above state
mept as the company's property were,
seen, wth the exception of thoee on
depotlt In HarTleburg, rccelpte for
which were shown. We are simply as
suming these bonds are owned by the
company, as po proofs of ownership
wero shown.
AN UNFAIIt nXCHANOH
In the list of bonds owned Is 110,
000 par Capitol Ilulldlng refunding
bonds of the Rtata of Missouri, de
posited nt Itarrlehurg In tho name of
the Union Casualty Insurance) Company
of Philadelphia, assigned to tho Pen
sion Mutual Mfo. Insurance Company
by the Union Casualty lnsuranm Com
pany, to bo dfllverod to the 1'enilon
Mutual J.lfa Insurance Compapy when
tha said bonds arp released by the In
surance Department (A copy of the
assignment Is herewith attached.) Tha
explanation ot this transaction as given
your examiners by Mr. Thomas Wood,
secretary of the Union Casualty Insur
ance Company. Is as follows: That
$10,000 par value six per cent llos
well Ose and Hlectrla bonds were
loaned to the Union Caaunlty Insur
ance Company, which, In turn, borrowed
$6000 from the fltrard National Hank,
ot Philadelphia, and nut up the rtos
well Gas and Hlectrlo bonds, as collnt
oral on the loan. Tha Union Casualty
Insurance Company then assigned to
tho Pension 'Mutual I.Ko Invirancn
Company 110,000 par nluo thrco and
one-halt per cent bqnds of tho Capitol
Ilulldlng refunding bonds of the Ktnto
of MlisOurl. In other words, the Pen
sion Mutual Life Insurance Company
received thrco nnd ono-half per cent
bonds on a par value basis worth lesa
than par for six per cent Donus, cm
dent on the faco an unfair and unbusi
nesslike exchange: nnd It Is respect
fully recpramended. that you demand
return of the Hoswell Oas and Klcctrlo
bonds tq thfl Pension Mutual Life Insur
ance Company.
OKFlCHnS AND DIRECTORS
The following are the present ofllcers nnd
directors ot the. Pension Mutual I.lfa In
surance Company, vis:
I.Tndan D Wood President
c-harloa II. Frltch Bncreterr and Trraaurer
Dr. J. P. Ulackburn Medical Director
It. A. Eaton Hupervlior ot Acente
mono Btone Qenoral counsel
EXECUTIVE COMMITTEE
Lyndon D. Wood Dr. J V Illerkburn
rharlea H. rrUch Bamuel II. Nlcnolson
William 11. Illlchla
DlltECTOnS
Lndon D. Wood, Pittsburgh. Ta., date of
sh A. Eaton. PltlnburRh. Pn
uaipn K. Hmun, inaianapona.
Ta
rhaties II. rrttcn. ritteonrsn. '
nariea i iiock, jddiiiiuwn -
a Ttsalejt area Bnaewtea ahejiriaif fea,
hh t rams.
qtocki. own1 wera carefully
Ined, and conslet of hsnk atock ot two
companies, pf Washington, fa.
Policy loana and premium note were
alt carefuly checked and examined.
Certificates of deposit, amounting o
$3x49.bt, art) deposits In banks and
trt)8t companies in default. The bal
ances are not considered good aaseta,
and have been deducted.
Agents' balances, furniture and fix
tures, capital stock notes nnd agree
ments are not considered at assets of
value, and he s been deducted.
v NONLKDOEH ABSETa
Interest due and accrued on bonds,
mortgages, policy loana and premium
notes was. carefully computed.
ffct due and deferred premiums on
new buslnesa and renewals was taken
direct from each policy card and
amounts to 71, $72 01.
LI4.H1MTIE3
Tha retervo requlrtd by law to be
maintained, and aa charged above,
was calculated by 11. II Forster, actu-
aaaeaj If. ejaa He)-. sa ttnlvjTr ft aaejjaajai
that Mia. cMMttr was Mt ta potaeaatwn
pf tha teeurltlea naentlenad when tha
annual statement tor lH was made
and fl4 wth yo(tr depsttraent.
Mesers. ohn W netse, L. 1 Palmer
and It. L. Hutchinson assisted In this
examination.
Al the above s. respectfully submit
ted. U n. COSTBLT-O,
Assistant Examiner.
Approved: WM Jr. nONRT,
Examiner In-Chief.
The Pension Mutual t,1fe Insurance Com
pany Is cqely Identified will? ! Contpl
Idated lneitpient Compsny, with ofllceii In
tha Finance Ilulldlng, Pplladelph.la. The
affairs of this company, t was Jearped q.
(lay, were being looked Into by tht Insur
ance Department
ary of this department
Tha qutstand ng losses, amoum
to $20,631 28, as. charge In abtfya state-
Ind
Dr. J. I. Iilackuurn, McWeeeport
w. ii iiitrhle, xvaefilniion Pa. '
Hon H.nry I Wllaoti rig nun. I
rbirlea it nirlf. John.town Pa.
If. E. Kuniinan. Polumbue O .
Famiiel if Mchoteon Plttebursh, Ta
w v, jieaael. ivew caaiic. i-.
Pa.
W. lleodel. Nw Caalle,
A. fifietrr. Johnitov
IV. A. itLilepicr. Jameelowp
Pa
strr. Johnatown,
A. h. Furier. Altoono, P
IiICIINfJCn IN ONLY TWP STATES
Tho onfy other fitate In wblch this
company Is licensed lo transact nuslness
bcsldfs Pennsylvania is the State of
Indiana.
Mortgngcs owned by the company
are alj deposited with tho Insuranco
Commissioner of tho b'(ao ot Indiana,
roent, haye tinea been paid There
prooaDiy navo uren otner msscs in
curred, howoer, slnco Heptcmbor 30,
1918.
Tho turn of $139, 35E 69 at charged
Is tho balanco of the funds of the Pen
sion Llfo poclety held by the Pension
Mutual Life Insurance Company at
Trustee.
Ibe Colonial Trust Company, of Pitts
burgh, Pa., Is registrar ot the company's
stock, and lta secretary certifies there
were 16,983 9-10 shares outstanding on
September $0, 1816.
nEMATtKS
For tho purposo of this examination
no appraisals ot real estate owned have
been made, or none made of real estate
covered by mortgages pwfied by the
company. We have also glen tho com
pany credit for book value of other as
sets, although the market value of said
nssets may bo lower.
Tho bpoks of tho company show that
a cqmmlMlnn was paid for American
AuMirapcu Company business out of the
funds of the Pcimlon Mutual Llfo In
surance Company, amounting to $6990,
although It has nevor reinsured said
business, nnd haa no connection with
tho American Asurnnco Company.
Excerpts from tho minutes of tho com
pany nro hereto attached
When I first vlsUed tho ofllccs of tho
company on October 23, 1916, I wns re
fused permission to cxnmlno tlp books
However, this was no novelty, ns the
company had some time previously re
fused to allow this department to ex
amine them
I am also Including In this report a
copy of the docket entries and bill In
equity filed by Henry L Doherty & Co ,
of Now York, against tha Pension Mu
tual Life Insuranco Company, for the
recovery of the bonds purchased by the
Pension Mutual Life Insuranco Com
pany from, Henry L. Doherty Co, also
copy of agreement, or rather excerpts
from same, from wl)lch It would appear
that the defendant, tho Pension Mutual
Dip Insurance Company, agreed to
placo tho bpnds In cscrpy with tho Pot
ter Ttie and Trust Pompany. qf P(tt8
bureh, Pa, unlit dual determination of
the unit. In consideration ot this agree-
QUICK COMPENSATION URflKD
Insuranco Companies HandInjr Bncft
Business Must fla Perfectly Solvent,
Chnlrmnn Mnckey Says
Insurance companies must make prompt
pajrnents pn awards granted by the Work
men's Compensation Board and must ha
Perfectly sqtvent, so a ,po)lcyhoder rnay
hara tfce tjswrttc fW VhfeH 11 TW
statement waa made toelay Bf ?n7
Mackey, ahalrrflarj of tha pompenaMlon
Hoard, while defining tha attitude of that
hpdy relative to the psu,rance companies.
He satd: .
Tha only matter of vital Interest to us
lha tha Insurance carrier be, financially
strong enough, and that thq rating board
fix tha rates so that tha carriers can pros
per, for wa pannqt expect an Insurance
company to carry hasardoos risks without
a fair profit . , ,
'Many employers naturally aro looking
for a chesp rata, but tha thing to do Is to
Inquire whether tho rata Is an adequate
one, because If not tha carrier cannot aur
vlve. Thera ought to ba plenty of com
petition. Tha compensation law has created
probably $19,000,000 worth of new Insur
ance business In Pennsylvania. No ono
desires thnt tho State Fund monopolist this
business any mora than any other com
pany. Thera shpuld ba a fair field Wt"
no favors. . ,
"Wa ar very carefully watching how
each cpmnany meets Its obligations and
tha promptness with which awards nre
paid and thP spim dlsplaicd ,y the ar(
put carriers tnwn'A the employes. Vve nro
Interested In scf.wYly and prpmpt pamcnt
only."
MAMHAU. FOR 7YAK TSW
Vice President Somewhat Peevish In
Beforc-Brqakfast Talk
CHICAGO, Nor- ll-Thomai "'! Mr
thall. Vice President of tht Unl States,
wat-sllghtly peevish today when reporttrp
sought to Interview him at the homa of
trlendt In Kvanstown.
What'a tha matter with you reporters,
aiswr M atnI rstfttr, -1 j
Tlpt wl ew rfl l"i if. aH 1
ntq PIS praajMiiav H' nt nt , i
looked resigned and within a few
pit cysiornarjr iraq iurqor -was, In tHaaa 1
The Vice Prealdent said that h 4Mg"
bit fatigued, from tha campaign, as4 w '
plan for lmmedta atrenMoiitr mT,
l.l.il a n.A lnimltna.1v trtnjt .. -
e IVi atlartlnn anil Kaifl-.. ...
u. ... ,. ..aFu lal
should ba ona presidential term of
year.
ciitaiMmicniiiiivxii
Just Great!
Deerf opt Farm
Sausage with hot buck
wheat cakes for breakfast.
Farm at Southborough, Mass.
iivimiinniiMmi!!iiiiiiinira.iDiiiiiwiiB
Thresher Bros.
Specialists
in
Silk
Fabrics
The Specialty Silk Store
1322 Chestnut St.
No Trouble
to
Show
Goods
NEW Silks, Velvets, Velveteens, Broadcloths,
Silk Waists, Silk Blouses, Chiffon and
Georgette Crepe Waists, Silk
Petticoats and Kimonos
Wo meption beow but n fpw of th,e many values offered:
36-inch imported whito Japanese Habutni wash silk (hand woven). 7C,,
Retail Value, if 1.00. Sale Price I eJC
3C-inch blnck satin mcssalinc. Retail Value, $1.25. Sale Price QP
40-inch taffeta radium in both street nnd evening shades, plenty
of white nnd black. Retail Value, ?2.G0. Salo Price
42-inch all silk chiffon velvets in colors, plenty of navy blue
and black. Retail Value, $ 6.50.
54-inch chiffon broadcloth, in street shades, also black. Retail
Value S2.50. Salo Price
SILK WAISTS
CrcptL,do chine waists in new models, colors flesh and pink.
Special nt
Embroidered, beaded and lace-trimmed waists in georgette
crepe, colors, white, flesh, navy and black. Special at
SILK PETTICOATS
Taffeta silk petticoats in changeable effects. Special at
$1.95
$4.95
$1.75
$2.95
$4.95
Satin mcssalinc nnd taffeta silk petticoats in a Jlno of colors,
plenty of whito and black. Special nt
$2,95
$4.95
NOTK You are cordially Inrlted to call and Inspect pur line whether
Ton wl to niirchnee now or not. No trouble to enow gooila and rat aamplee
tor cnmpqrifqn, ,i np.irep.
Whble
salc prices
on all our
merchandise.
Thresher Bros.
1322 Chestnut Street
Itoiton Blot. 40 Tepjplo Flare
Mail
Orders
Promptly
Filled
Tli Thirteenth Street S,hop Where Fashion Ralgna!
Imiaidoms
Thirteenth Street
Just qciow Cflctnvt
A Wonderful Sale
OF,
Evening Wraps
AND ,,
Afternoon Coats
4
A special purchase of the stock of oqc of Pew
York's most famous importers and manu
facturers, including absolutely original adapta
tions of the finest imported models.
Created in tho most fashionable fabrics in the
favored colorings and all luxuriously trimmed
with furs, metallic lacc$ qnd embroideries,
beautiful beyond description, while many of
the models have never before been shown ij
Philadelphia.
A most unusual opportunity to secure an ultra
fashionable coat at about
One Half Original Prices
Evening Wraps
55.00 tp 185.00
Former prices $110.00 to $365.00
Afternoon Coats
. 57.50 95.00
Former prices $85.00 to $195.00
X
tre
Jhw
Jheje$u
Oiitcf
MotorinqJ
L r
I Ml I
By all meaivs INVESTIGATE tiie
New Type 55. Ei3t Cylinder
l -i
Standard
of the World
"The World 3 Greatest Road Carn
)V
Eleven. Model?
Aufomobife Sales
CtoVporation
,. "i't
ZfSt
i
vl
I
V
If
fi
,
KktSS
alfek ..
sum
" 1
y ... -
" 'IT i ii ii mi ejjjffaW-f9W