Omaha daily bee., 1908-12-23
E. E. Rittenhouse Becomes President
of New York Corporation.
Is NOW COLORADO COMMISSIONER
He Succeeds Arthur g. BanRhnm of
Louisville, who Retires
of Change in Control of
Company.

~nounced, had passed from Mr.. LanghamS
hands to those of Judge Nash ockwo
Of Saratoga Springs. N. Y.
Commissioner Rittenhouse was present at
the meeting of the directors and formally
accepted the presidency. On Wednesday. it
is stated, he will leave for Colorado to
tender his resignation as insurance COM
missioner and will take charge OF Provi-
dent affairs about January 1, 1903.
1t was through the action of the Col
orado insurance department under Commits
sioner Rittenhouse's administration that an
investigation OF the Provident Savings Life
Assurance society was first taken UP
nearly a year ago. The Thomas interests
were then in charge. having taken it
over from Timothy L. Woodruff and his
associates. Later a syndicate Of Phila-
delphia capitalists headed by John ].
Coyle took charge and last August the
Coyle syndicate sold the control to a
southern syndicate headed by Arthur c.
Langham of Louisville, KY, who has
since been president Of the society.
For a time before It's rehabilitation under
the syndicates which followed the Thomas
interests In control the company was pro-
hibited by the insurance departments of
Colorado and New Hampshire from writing
new business in those states.
Judge lockwood, who now takes charge
of the company. is county judge of Sara
toga county, New York. The statement
announcing his assumption Of control
makes It appear that he acted for himself
alone. In this notice to the policy holders
he said:
MY Investment in the stock of the Prov
ident Savings Life Assurance society is a
permanent one. The control is not for
sale at any price. The society will not be
removed from New York. We regard its
assets as a sacred trust and they will be
managed and conserved accordingly. 1t Is
the intention, as early as possible, to put
into effect a plan that will give the policy
holders representation upon the board of
directors"
DENVER, Colo, Dec. Pc. E. Ritten-
house, elected president of the Provident
Savings Life Assurance society of New
York in New York City today, has been
\ insurance commissioner of Colorado for
four years and during that time has been
active in enforcing the laws of the state
concerning operations of insurance com
panies, so much so in fact that numerous
temporary suspensions were ordered and
several charters revoked where violations
Of the laws were discovered. From recon-
mendations made by Insurance Commits
! sioner Rittenhouse insurance laws have
| been enacted that gives Colorado the repu-
tation Of being In the forefront in pro-
gressiveness in this particular. Prior to
entering the service of the state Mr.. Rit-
tenhouse was engaged in the newspaper
business and had been engaged with lead
ing daily papers in the state. He came
originally from New York.
German Ambassador Arrives.
NEW YORK. Dec. 22.-Count John Helm
ruck Won Bernstorff. the German ambas-
sador to the United States, with the count
ess and their daughter. arrived today by
the Hamburg-American liner America.
This is the ambassadors first visit to
America, while Countess Won Bernstorff,
although born in New York, has not been
here for twenty-five years.
He looks forward with extreme interest
to his work in Washington.
Thanks to the confidence of the emperor
and the imperial government" said Count
Bernstorff, II am entrusted with the diff
cult responsibility of succeeding Baron
Sternburg. who. in representing my coun-
try so we'll in America, had the good for
tune also to win the confidence of the gov
eminent and people of the United States.
The successor of Baron Sternburg must feel
diffident in undertaking the work he had
carried forward. Although I feel a certain
hesitation in approaching this work, yet I
also feel the exceptional trust that has been
given me and the clear road ahead in the
good will existing between our governments
and the peoples.
my deep desire is to promote this mu-
tual good will and 1 know no other way
Of doing 80 except by openness and COM
plete good faith. While I am in Washington
there will be no mystery about German
aims In all that relates to the United States.
II is needless to say that I come to this
country with the greatest pleasure and in
terest. M stay in America will afford me
the occasion of closely following the amaz-
ing progress Of the American people in
every branch of public life, a progress
which commands the admiration of the
whole world"
Kieran Sells Million I'm Bonds.
Testifying before the referee in the hear
ing of the bankruptcy case of the Fidelity
Funding company today, C. w. Lucas, a
Chicago attorney who acted as counsel for
two years for the Patrick ]. Kieran CON
Germ, said that in that time Kieran issued
and sold more than S1,OO0,oOO worth of trust
| collateral bonds. He mentioned st. Vim
cents college, a Catholic institution in
Chicago, as being involved to the extent
of $780, 900 and st. Jehosophat's congrega-
ton OF Milwaukee $4,000. in such trans
actions on the part of Kieran.
Henry 8. Strauss, a Wall street\ broker,
testified that the missing secretary Of the
Fidelity Funding company employed him
last spring to place the c%ompany's paper,
and he said he handled about 100000 worth.
Strauss said Kieran used to furnish him
Will a memorandum of the notes he held
and which he would submit to the bank for
investigation. and then Kieran would be
instructed to take to the bank such as they
approved.
Both out of town and local creditors were
represented at the hearing by a consider
able array Of lawyers. A statement intro
duced gave the liabilities OF the ompany
as SS,941,0 7 and the assets as $S,579,S15
showing a deficiency of $685., To, and when
counsel for Chicago creditors remarked
casually that "of course the assets were
only nominal" Referee Olney quickly inter
rupted him to say "let us hope not-at
least for the sake of the creditors"
Cab Drivers ON strike.
More than 1000 cab drivers and chauf-
feurs employed by liveries and cab con-
Germs are on strike today according to Ed
win Gould. secretary Of the Liberty Dawn