New-York tribune., 1908-12-22
NEW PR0VIDENT HEAD
RTTTENHOUSE SELECTED
FOR PRESIDENT.
Colorado Insurance Commissioner to
Rule IN Company U'h0se Manage
ment He Criticised

Edward Z. Rittenhcuse Insurance Commis-
sIoner Of Colorado VIII assume the presidency
Of the Provident Savings Life Assurance. So
ciety on January l. Arthur G. Larghar1, Of
Louisville, who has been president since Au-
gust. viii remain with the society vice
president until the annual meeting, in April
Announcement Of these changes, which prob
ably viii cause much surprise in the insurance
world was made yesterday after special meet
ing Of the directors Of the society.
It was Commissioner Rittenhousa who con-
demned The management Of the Provident year
ago. after he and s Herbert Wolf, his actIary,
had examined the society'z affairs.
Commissioner Rittenhouse'= report on this
examination. issued last January, contained
paragraph which caused much comment. It
read.
Common good certainly demands that a oirect
and swift road TO the peuitentIary be provided
for men who secure control Of corporation %
manipulate or speculate with its trust funds
IN order TO I'LL their own pockets or VINO use
such trust funds to assist them in unloading
on such corporation undesirable or valUeesS Sc
cuTitIes IN which they are personally interested.
Since then the commissioner has insisted on
the Introduction of certain reforms in the
ciety. among them the election of representa-
uves of the poIicyhoIders to the board
The work of Commissioner Rtttenhouse. il is
generally understood, saved the Provident and
compelled F. r Thomas and Orlando F. Thomas
to relinquish their control He was also large
" responsible for frustrating, in August plan
to transfer the Provident TO the Inter-Southern
Life Insurance Company, Of Louisville
AIr Langham who al that time appeared as
the purchaser Of the controlling shares Of stock,
transferred a large part Of his holdings about
two months ago to Judge Nash lockwood and
James L. Scott, both Of Saratoga. It is be
ueved that in April Mr.. Langham viii retire.
thus removing the last Of the Louisville in1u-
euce in the Provident.
Mr. Rittenhouse. who was present at the di-
rectors' meeting yesterday succeeds George c.
Clark as a member of the board.
Judge Rockwood announced the future policy
Of the Provident in a statement issued after the
meeting yesterday which said:
Ny investment in the stock Of the Prov dent
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.
The income of the society at the present time
from premiums. interest ana rents is over So
2OU.OOO per snnum. The assets have increased
10 nearly SlOOOONp0 We regard these assets
as sacred trust and they viii be managed and
conserved accordingly. II is the intention as
early as possible to put into effect q plan that
VIII give the policyholders representation upon
the board of directors.
1t is upon these conditions that the rres-
denCy and management or the sock has been
accepted by Z Z. Rittenhouse Commissioner
L 1909
Mr.. Rittenhouse. in his official capacity. over
year ago, made a thorough examination, and
through his initiative the society was set fairly
on the road TO prosperit;-- Nj. Rittenhouse en-
joys a national reputation as an able and sue
ceSSfuI official and possesses qualifications that
especially fl him for the duties of president and
manager. Owing to his vigorous and successful
efforts. as Commissioner Of Insurance to protect
the interests Of the poIicyholders Of the Provi-
dent Savings Life Assurance Society, his cleo
tior as president and manager viii. we believe,
meet with their hearty approval and prove that
the directors wish the poIicyholders rights to
be fully recognized and guarded.
Knowing that the assets were good, and that
they should increase under careful management,
the insurance departments of New York and
Colorado. after their examination year ago.
urged the poIicyholders 70 maintain their poll
cies ass being the course which would best pre-
serve their own interests. and the results since
achieved have fully justified that recommenda-
ton Now Ial IHe O lieiSlilp oi ne S''-h -
definitely settled and the management has been
placed in the hands of Mr RittenhOuse, the So
ciety merits the full confidence of the policy
holders.
The economies already effected will be supple
mented by others. and with the hearty co-oPera-
tion OF the poICyhoiders the marked improve
ment which has recently been shown viii surely
be continued and increased.
Arthur G. Langham Will remain as viCe-presi-
dent Of the society until the annual meeting, in
April
The Thomas interests obtained control Of the
Provident about a year and a half ago from
Timothy l. Woodruff and his associates. Later
Philadelphia syndicate, headed by John J.
Covle. took over the society. in turn selling out
TO arthur G. Langham.
Commissioner Rittenhouse who has held the
office of Commissioner Of Insurance OF the State
Of Colorado since 1905, was born in this city
forty-seven years ago He is chairman Of the
executive committee Of the National Associa-
tion of Insurance Commissioners, besides being
the chairman Of the Investigating committee Of
nine appointed by the National Association Of
Insurance Commissioners TO look into the af-
fairs of fidelity and surety companies with a
view OF securing regulations to improve the
standard Of soIvency Of some of these COM
panies
Commissioner Rittcnhouse was at one time
railroad teegrapher Later he became re-
porter. and for a number of years was engaged
in newspaper work in the West For several
years he was employed a political reporter
on a Colorado Springs newspaper. For several
years he was in charge of the press bureau Of
the Colorado Republican State Committee