The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1868-05-30
From the Chicago Insurance Chronicle.
The PrOVIdcnt Life Insurance and In
YesImenI COMPANY of Chicago.

vestmenI Company oil Chicago.
We have taken pains to examine into the sf'
fairs Of the "Provident," that we mi ght write
advisedly and with confidence, and do not hest
tate to state that there is not a sounder compa-
nv in the country-certainly no other company
has more promptly paid its losses From facts
we have learned, we are led to believe that the
many-to US appearing vindictive-attacks
made OH this company are prompted by an IN
worthy mode Of competition, and which must fail,
as all unfair opposition ultimately does. The
company possesses an actual paid up capital OF
over 81 so, 900, and the business Of the company
is transacted by able officers and directors, who
individually and collectively are representative
men ID trade, ia capital, and integrity, each one
of whom takes personal interest in the welfare
aud honor Of the company With suC5 clements
of success, the company can know no such word
as fail
TIC "Provident" IS on a solid basis, any a.
sertion by interested parties to the contrary
Notwithstanding.
Again, in our issue Of tae following week Au-
gust !, 1867, we stated;
There has never been a claim nor debt of
the company that was not promptly paid when
properly authenticated, and the capital and as
sets Of the company are sufficiently ample TO
give the utmost security to every of its po-
Icy holders. What more could claimants o. po-
| Icy holders have Of any other company
If the president and directors OF q company
by their character for individual integrity the
possession OF wealth, and watchful attention 70
tn interests Of their company, be- any guaran-
tee Of safety md good management. then Is the
Provident safe and well managed company
The secretary and other attaches of the com
pany to-day are the same men that signed the
| first policy, opened the fret book, and tracsact-
Al Kraf httci aoF h. e
nation, which is, to US, conclusive evidence Of
their ability to conduct and transact its affairs
| And in the same issue, we gave a full review
and retutation Of statements made BY interested
parties, which was fully substantiated
! In the early part Of the year 1868, the Proyi-
| dent Life Insurance and Investment Company
Of Chicago, was organized TO DO an Accident In
surance business, but with power to also do a
| Life Insurance business. Accident insurance
with weekly compensation in event Of injury
and given sum at death, was at the time an
untried business in this country, no precedents,
no tables, no statistics, no data whats oever ex-
isted b. which 10 compute ratio OF expense TO
income or average probabilities Of loss or gain
to the company. The business done, and lis re-
Suits we're the only guides BY which the officers
Of the company, in their new insurance field,
could ultimately tx rates Of premium, guard
against imposition, or steer clear of the nany
quicksanis and rocks which beset the course Of
every untried business
Toe company organized with subscribed cap
ital of one million of dollars, one hundred thou
sand paid in.
| In February, 1867, call was made upon the
stockholders for an instalment 70 be paid on the
stock Of the company, a large part of whom
paid the assessment, whilst few others refused
to pay the assessment, and the Company sued
them, and in suits before Judge Gary, of the Su
peFioF Court Of this city, Obtained verdicts, in
oil the eases, for call and interest, motion for
new trial being denied. The defendants Their
applied TO Judge Drummond for an injunction
TO restrain the collection, and for a receiver tc
wind up the company. The Judge declined to
appoint receiver, but granted a temporary in.
junction to restrain further calls upon the com
plainants until the case should be finally dis
posed Of
i In thus reviewing the causes and circum
stances Of the dispute between the Proyiden
Life Insurance Co., anu anmA of It's stockhold
ers, our aim is to place the Compan, 70 its prop
er light before the public and the i. 'suranc,
maternity. In all our issues, where meut;c- va
made Of the "Provident" We invariably sustain