New-York tribune., 1908-08-13
PROVIDENT LIFE HEAD
4. O.. L4NGH4M CHOSEN
Inter-Southern Noso Officially Elm
mated from the Deal.

The sale Of the 1os7 controlling shares OF stock
of the Provident Savings Life Assurance Society
WIS officially confirmed last night by the attorney
for the banks that have held the stock
The purchaser. IL announced, was Arthur 1
Iarshaua & Louisville insurance man. who was
yesterday elected president OF the Provident at
meeting OF the board Of directors.
The announcement that Mr.. Langham alone
bought the stock. which il is said, SOLD at SZza
share. VIII probably cause some SURPRISE as ne i
been regarded as one of the promoters said 10 De
negotiating for the Provdent in the interests OF the
Inier-Southern Life Insurance Company. OF LOUIS
Vile The institution is now officially ehlh-
mated from the DEAL although IL is known llat
many OF its officials been interested in the
negotiations for the Provident
According to the statement Of the attorney the
transaction is an entirely independent one on the
part OF Mr.. Langham The statement given out also
-,-o,oisss many things one being that Mr. Lang
ham VIII make the Provident genuine pohcyholo-
ers' company. Mr.. Langham, IT is said' is also d
policyholder in the Provi6ent. The statement says
IN part:
Arthur C. Langhana, the purchaser of the stock STOCK,
ttates that the transaction is entirely an ndepen-
dent one upon his part His efforts IN the man an
aeeent of the society will be directed soely 70 tn
which NAV have existed in the past. The MANAGE
adeo1,ae supervision of the OF the society
He will welcome suggestions from me poI.SH -
ers and will in all of his transactions strive 10
make the company genuinely pohcEhooers coi"-
pany: - 49,, numerous ranor+s in the news
papers the proposed action TO be taken VIZ VIZ
regard TO the society, most of which nave peeta s
xvfhoTlt env foundation in fact. The pendency or
negotiations has prevented an Garner ceillaI q
a,I5 - ;,nnerss9Tiit have complicated matters
The present management hopes 10 IeIloEe + eInS 1I
Provddent from its complications oI te p Pc 81 - ~
10 obtain the approval and commentator OF tne IN
surance departments, as well as OF ali ollef p0i''
The agency department will Immediately be put
be instituted for the securing OF new business as
soon the proper arrangements 10 Ina' o-j enu C
policy forms viii be adopted, containing an OF lne
standard provisions ana conforming 10 'ie i"e
legislative requirements
As result Of the sale of the ProvIdent. the
interests of John ]. Coyle. Of Philadelphia, ana
the men associated with him. and also of the
hanks that held the stock are eliminated At the
meeting OF the board of directors yesterday
the following elected TO NIL vacancies
caused by the resignation of the directors formerly
representing Coyle and the banks: George {.
Clarke president of the Teft-WelIer Company; D.
w Mabee of Saratoga y. Y; C H r Compton
broker, No 10 Wall street; ". P Boone. manager
Of D. S Walton & Co. paper manufacturers, at
No. III Franklin street: Arthur G. Langham, IN
surance Louisville; c. n. Clarke lumber, Lexing-
ton Ky; william B Ellison. former Corporation
Counsel of the City of New York and w D Buck
ner, of the Prospect Park Bank, Brooklyn
The old members of the directorate who remain
are Timothy I. Woodruff. Ralph X Hubbard con-
troller Of the Provdent Society; Henry Moir. the
Royal Victor
The other officers will be elected at another meet
ing.
1t was said yesterday that Attorney General Jack
son would probably object to the reinsur1ng Of the
Froyfdent risks the Inter-southern if that were
contemplated as the Louisville concern is forbid
den to DO business in New York state He made
ike objection the plan to reinsure the risks
carried by the Mutual Reserve in the P1ttsburg
Life and the plan did not go through
ON the other hand. If it is the intention of the
,.,y management carefully TO nurse the Provident
LEX TO health. the company. without writing new
business which it is prevented from doing.
could go on living for thirty years on the incre-
men, from the old business. By putting additional
apita into the Provident TO replenish its reserve
the new management probably obtain the per-
mission of the Insurance Department to take new
business This step might be taken
Arthur G LaRgham. the new president of the
Provfdent is a member of the insurance broker
age firm Of Barbee & Castelman, of Louisville
His income is estimated at $4,000 a year The