New-York tribune., 1911-01-20
PPOVIDENT SAVINGS SOLD.
e,ciety viii Be Merged with
Postal Life Insurance Co.
uss HAD VARIED CAREER
.,ccht by E. R, Thomas Several
Years Ago, 1t Has Changed
uands Many Times Since.

p,,vide-t Savings Life Assurance So
-, bse1 purchased by q group Of
e'N 10 -. control the Postal Life Insurance
y" The companies have been
O',lpls- ,r5 will do business hereafter under
80 Of the Postal Life Insurance Com
fils pi--ennouse. who resigned the Of
.,s+s surerutandent OF insurance
te..,,-,5o two years ago 20 become presi-
80 ~ the Pr9v.dent society after a syn
sl headed by Judge Nash lockwood,
.s-..,o.. -. obtained control Of the organ
2 hcs resigned. William R, Malone.
80 ps.-, Of the Postal Life Insurance
,v is TO continue at the head Of the
l.r5r5ated companies.
rrief statement made public last
-sra-4,nc the purchase OF the
-.s.,t 80 Life Assurance Society and the
80 Of the TWO companies It was said
-. consolidation has been approved
Insurance Department of New York.
+,--rer said that the combined COM
] a,,,,rs be operated on the uon-agency
- +bs Postal Life. which IS said 20
-. ,,ry company II the United States
900 business through the econou-
..~ Method Of correspondence. instead OF
r..,,b solicicng agents.
- the new owners OF the Prov,dent
- a.. William r. Malone. William Il
- Of the Siegal-Cooper Company
-, Msndel and T. L. Sheldon, al
- YORK CITY lI-. Rittsrhouse n a
..,.- % the poE--hoIders Of the Provi-
~. so,istv informing them OF the trans
/ ,s- q ownership sall.
~. -ro companies have been com
,...- ard thereby additional financial
..-,-v.s has been brought TO both. The
,...-s.s vii be continued under the name
= -. Postal Life Insurance COMPANY
-. axes over .-e admitted assets and
...~-ss ire rotcv contracts and other OBJ.
lions Of the P-ovident society.
1-Ss Postal company will use the al
... ,s.ss6 o. soliciting insurance, that
,s-,ggs Advertising and the mails, under
80. alan the heavy expense Of building
!. .,s maintaining q large force Of agents
- ~ avoided --e.- intention. therefore
i, decrease the cost Of securing business
i 81, .ss-.bv increase the gains which pro
=. -o-tsHtv demands n addition 70 the
-..,-ss and from which dividends are
20"
-,s Postal Life Insurance Company was
,.---.5 about Eve -ears ago and from the
,,- conducted its business through th-
-.rs ar--inat.-- the expense OF main
4 ..-,-- an azsn-v force for obtaining busl-
rs Il has assets amounting TO S500,000
,rs 2; tie present tine has about S5,0ooooy
I, Insurance IN force. The Provident Saw
-g Life Assurance Society has assets Of
I'M i-02on.01r and about $50 0O0o0o OF
hnranos in force
About two years ago the P-ovident saw
as Life was taken over BY the Pock-
ss.5 syndicate from a syndicate cI South
- fzancs-z Esadsd by arthur c. Lang
IN G. Louisville Ky. The LangHam
/ r,-s. who had control only a few months.
rgst the stock from @ Philadelphia syn
lsg beaded 1y John J. Coyle The Ccyls
.,,y g.t the stock from Z. T. Thomas
.a,zng the suspension Of is privileges 70
ra- .sw business In this state and also
esrzdo E. r Thomas Bought con-
ron Timothy I. Woodruff.
IT Ritte-hoUse, Commissioner OF IN
Easse q Colorado who acted against the
rt..;7 n that capacity and denounced the
r5nas Management in scathing terms, was
kasi president q the society two years
VI By tas lockwood syndicate He IN
US % take -- extended vacation in the
.a before --rsi6ertng plans for me
Tra