The Bismarck Tribune Newspaper, September 25, 1937, Page 7

nal —s 1 Pioneers Laid Foun New Home Office Is Monument to Stability of Firm Institution Chartered in June, 1916, Has Grown to Be One of Largest Institutions in State and the Northwest A monument to stability and a symbol of progress is the new home office building of the Provident Life Insurance com- pany of Bismarck, Into the Capital City’s most modern office building the only old line legal reserve company in North Dakota recently moved. Located on the southeast corner of the intersection of Broadway and Second St. the spacious new home with its three working floors housed within brick and glass walls is a far cry from the two small offices in which the company started 21 years ago. What was only a foundling on the doorstep of Bismarck’s business on the eve of the World War has today become one of the major factors in the progress of the city and one of the largest institutions in the state. In arriving at its majority and attaining its present posi- tion in the life insurance world, the type of men who laid the foundation for its future growth. Most of them were pioneers who had passed through many the Provident was fortunate in vicissitudes of the early days and were conscious of the neces- sity of building along sound conservative lines. To their courage and willingness to sacrifice their time and money the growth of the company can be credited. If an institution is but the length- ened shadow of its founders, then the Provident assuredly has had strong men at its helm for neither war, epidemics, bank crashes, drouth nor depression have failed to shake its stability or stay its progress. The company has a tradition of never hav- ing failed to meet promptly every obligation in full, regardless of the condition that confronted it. Chartered in June, 1916, with « subscribed capital. of $150,000, at the end of that year, $66,000 had been paid. The company began business on June 16. Its home office con- sisted of two rooms and a staff of MANAGEMENT PRAISED BY PACIFIC COAST ORGAN When the Provident Life re- cently entered the state of Oregon and established its Pacific coast office in Portland, the Oregon Voter, a highly acknowledged and conservative financial publication in that city, after making its own investigation had this to say: “The Provident comes to Portland with a showing au proud. It comes with a financial statement so favorable as to prove its financial soundness. The af- fairs and standing of the company seem to attest capable, conscienti- to the tendency of liberalizing its contracts as an inducement to greater volume. It has proceeded on the theory that its purpose was to con- duct an insurance business rather than a savings bank; that its func- tion, primarily, was protection against the hazards of sudden death, rather than a caretaker of deposits. It has not issued annuities, nor extended its. policies to cover temporary sick and accident benefits. From its modest beginning the Provident financial statement has grown to the following totals, taken from its Dec. 31, 1936, statement after 1 deducting the following items: agents’ balances, bills receivable, premium notes and policy loans in exceas of reserves, second mortgages, book value of bonds over amortized value, all mortgages in excess of 50 per cent of appraisal and supplies all with a ‘book value of $138,532.87, the sound admitted assets were $3,917,578.94. At the end of 1936 the capital stock of the was $250,000, a frée surplus of $465,361.36 ae Seon. tingency reserve fund of 00,000, making s total capital structire of $815,961.86 or a surplus for the pro- tection of policyholders of $126.28 for each $100 of liability, a safety ratio far in excess of average. Business Up 32.1 Per Cent Through the development of new territory, the Provident was able to reached | Show an increase of 24.4 per cent in and business in force of $1,079,150. First Directors Listed the first board of directors were: Allen, O. 8. Basford, J. L. Bell, Bodenstab, F. L. Conklin, H. H. Dahl, John Knauf, W. H. Mann, L. 8. Platou, J. E. Reuter, W. L. Richards . ©. Taylor. following the licensing of the com- pany, W. C. Taylor, then insurance missioner of North Dakota, was Capital City banker, became presi dent in 1924, s position which he still holds. The Provident confined its activities to the state of North Dakota for six years, entering Minnesota in 1923 and with the addition of South Dakota. these three states comprised its ter- ritory until 1931 when it was decided that a larger field with a wider spread | cll | ze Th FF t : | i E e Es i I qeF iil I new business for 1936 over the pre- vious year, resulting in a volume of $18,170,842.00 in force at the end of the year. The increase for the first eight months of this year is 32.1 per | cent, The company has 62 general agents | with offices in the principal cities in the states in which it operates. Joseph Dickman is the agency man- ager and with Fred Monley, agency secretary, they comprise the agency Officials at the home office. The field officers are Robert T. Coutts, supervisor, Bismarck; O, 8. Gullick- son, Billings; Don Bradbury, supere visor, Spokane, and Karl T. Raab, Oregon manager at Portland. Through acquiral of the business of the Union States Life Insurance Company of Portland in March the Provident has increased its insurance in force since the first of the year to prec etn and its assets to $4,- The Provident has experienced the very favorable mortality ratio of 31.8 per cent of the expected, which is the average for the past 10-years period. This showing is due in part to the advantageous mortality record throughout the area in which it op- erates. Death Rate Is Low In a recent treatise entitled, “Length of Life’ by Dr. Louis E, Dublin and Dr. Alfred J. Lotka, a leading author- ity on the application of mathematics to biological ‘subjects, they say: “We have the state of North Dakota with a death rate of 7.9 per 1,000 and the state of South Dakota with a death rate of 76 per 1,000. These two states enjoy the privilege of being the only two states having a death rate below 8 to the 1,000.” The ratio in Minnesota is 8.7, Montana 9.5, see Mudsectory eondiion” "| Huey in charge of the renewal depart- WAS DONE BY OUR FIRM In {ts current reports, Alfred M.| ment. There are 43 salaried employes Best & , Inc., the on the payroll of the company. (SE: SUSDOE NY a ee ghlaily We congratulate the Provident Life Insurance Company tite. end’ tneludes ipeee tt | Elementary Schools upon completion and occupation of its modern and attrac- 2 Best In Chicago Reopen|§ tive new home. We call the attention of all visitors to anes aie oleae Uris ee a soara |] the attractive interior decoration of this new building. “The most important factor in the! of neaith Saturday lifted the ban on position of a life insurance company | classes for elementary i is the condition of its assets, Of the | excepting first grade phasic assets of the company AT Per |pupil provided “no unusual rise tn , yielding. 4 per cent in cash. Aaort |Sotes! cee within the > next 24 ae 209 Broadway Bismarck, N. Dak. Phone 240 gages total 31 per cent of the assets yielding 49 per cent and are of good | Thuraday. | | | | THE BISMARCK TRIBUNE. SATURDAY, SEPTEMBER 25, 1937 dation of Bismarck Insurance J. BELL Identified three decades with the First National Bank and Trust company of Bismarck, Mr. Bell now is retired and residing in California. As vice president of the second oldest banking insti- tution in the state, he was its active manager. He is a past pres- ident of the North Dakota Bank- ers association, past president of the Bismarck Association of Commerce and ® former member of the board of education. L, B. HANNA One of the most distinguished men in the northwest is Louis B. Hanna of Fargo. He has served as state representative, state senator and as national repre- sentative. Twice he was elected governor of North ms He has banking inter TgO, “heavy land’ ondiied itt the Red river valley and Canada, a famed livestock ranch, and lum- bering interests in Oregon. Haa- kon VI, King of Norway, has decorated him with the Grand | Cross of St. Olaf of the first | rank, and he is an officer of the | Legion of Honor of France. EDWIN G. CLAPP Son of a pioneer North Dakota banker, Mr. Clapp owns and op- erates four sections. of land in the Red river valley near Fargo, conducts = real estate business and is a director of the Mer- chants National Bank and Trust company and the Fargo Build- ing and Loan association. He is a former president of the Fargo board of education of which he was ® member many years. E. A. HUGHES Prominent in public life and distinguished as a businessman and financier is Mr. Hughes, a native of Dakota. He built the first electric light and power plants in Bismarck, Fargo, Mandan, Dickinson, Staples, Minn. and Glendive, Mont. He established telephone exchanges in Bismarck, Dickinson and Glen- dive, and linked Bismarck, Mi- not and Billings, Mont., with toll lines. He is a director of the First National Bank and Trust company of Bismarck. In public life he has served as state sen- ‘ator. ® H. H. DAHL One of Northwest North Da- kota’s outstanding citizens and &@ man who played a major role in the development of the coun- try from the frontier to the agricultural stage is Mr. Dahl. He is a former president of the Norma State bank and vice pres- ident of the First National bank of Kenmare. He has extensive land holdings. He now lives in retirement on a farm near Norma. PAUL A. WACHTER Son of a pioneer Bismarck businessman, Mr. Wachter has expanded the enterprises his father successfully established. He is secretaryetreasurer of the Wachter Transfer corporation, operators of the largest warehouse in . He is a former city er and a director of the Bismarck Association of Com- merce, He is a director of the Wachter-O'Neill corporation, one of the contractors for the Fort Peck dam. He has extensive land in’ the Missouri river valley and operates one of the biggest ranches in the west. Provident Life Board of Directors N. O, RAMSTAD M. D. One of the founders of the first medical and surgical clinic in North Dakota is Dr. Ramstad, a distinguished physician and sur- geon of Bismarck. He has been Prominent in northwest medical circles since 1900. He is a leader in the American Medical associa- tion and the American College of Surgeons. He is a past president of the North Dakota Medical as- sociation. J. £. DAVIS Chairman of the board of di- rectors of the Dakota National Bank and Trust company of Bismarck, Mr. Davis is a native of Neeth Dakote. He owns banks at Goodrich, McClusky and Den- hoff and has extensive land hold- ings. He is a former state senator and former chairman of the state board of administration. Cc. L, YOUNG Rated as one of the most able practitioners of law in North Dakota, Mr. Young has been identified with North Dakota 40 years. He is a past president of the North Dakota Bar association, former chairman of the state bar board, former vice president of the American Bar association, former state’s attorney and former assistant attorney general of North Dakota. He is @ trus- tee of Jamestown college. R. B. WEBB Identified with the business life of North Dakota's Capital Clty over 50 years, the Webb fam- ily has long been prominent. Mr, Webb is one of the proprietors of | Webb Brothers, one of the ‘larg- est furniture stores of the state. He has ‘broad investments in business buildings and real es- tate. He is a director of the Da- kota National Bank and Trust company, 7 MORE THAN 680 | STUDENTS APPLY FOR STATE LOANS Seek Total of $85,000; Opin- ion on Legality Kept Secret (By The Associated Press) Under a student aid loan program. Proposed by the state board of ad- ministration, ‘heads of North Dakota institutions of higher learning Sat- urday had received over 680 applica- tions of needy students requesting a total of roximately $85,000. Many applications already have been submitted to the state board for final approval, said Col. A. B, Welch, secretary, although none have been granted yet. Loan requests averaged from $100 to $150, @ survey by the Associated Press revealed Saturday with few undergraduates seeking the maximum $300 set by the board. Close to 200 epplications received remain to be acted upon by institutional heads, the survey showed. 100 at NDAC One hundred applications for a total of $1,200 were received at the North Dakota Agricultural college and more are expected, college offi- cials said, Minot State Teachers college ten- tatively allowed 101 loans totaling $18,019 with 57 applications yet to be completed, President H. O. Pippin of Dickinson normal said 70 applica- tions for loans had been received, av- eraging $115. Each day brings sev- eral new applications, he declared. Average of 40 loan applications re= ceived at Bottineau School of For- estry was $150. A total of $7,779 was approved for 77 students by Valley City State Teachers college with 25 applications still pending. 70 Approved at U. Sixty-two applications await ap- proval of University of North Dakota Officials. Seventy already have been approved. Of these 60 per cent are jstudents from western North Da- kote. At Ellendale normal, 37 applica- tions had been approved, according to President J. C. McMillan while at Wahpeton School of &clence, Presi- dent E. F. Riley expects there will be “at least 150” applications with the average request around $125. Applications at Mayville normal total 55 and average $120, President C. C, Swain said. Attorney General P. O. Sathre said he had written an opinion on “le- gality of the loan fund” requested by the board of administration, Mrs, Jennie Ulsrud, chairman, declined to release the opinion or make a state- ment on its contents at this time. Chamber of Commerce Attacks High Taxes Washington, Sept. 25. — (#) — The United States Chamber of Commerce said Saturday federal, state and local taxes take 60 much of the national income that they “discourage busi- ness, threaten the security of wages and savings and retard Soploymeni The chamber, regarded as |PRE HAZARDS WILL BE CHECKED IN GIy} Complete Examination of Schools, Business Buildings, Other Activities Planned He sk Plans for Bismarck’s observance of | Fire Prevention week from Oct. 3 to 9 were announced here Saturday by & committee of loca: men, headed by W. R, Koch. Assisting him in the work are Joseph D, Byrne, F. A. Lahr, W. A. Hart, H. O, Saxvik, Harry Homan and Paul Netland. Highlight in the list of activities is a definite effort to make Bismarck “fire safe.” Fire Chief Harry Homan will make ®. complete inspection of all buildings in the business district, giving occu- : HARRISON GARNETT P. J. MEYER & | Saturday, school spokesman for a large segment of Record Enrollment Is 2yayisy, 2e7oel officials, snnounced. | in « “statement of usiness, asserted a | X Policies” that the federal bi Reached at Bottineau | increase of 10094 per cent over’ sane, [Boncias, that the federal udget Bottineau, N. D., Sept. 25—(P)— The whistles of the English liner) The state of Montana has 5,223 Registration reached an all-time high ai the Sta‘e School of Forestry | Queen Mary, are seven feet in length, | miles of railway within its boundaries, =—- = ——EE—EEEESESEwHEEESSSSSSSSSSESESS Prominent in the business life of -Bismarck is Mr. Meyer. He is owner and operator of radio sta- tion KFYR. He is part owner of Hoskins-Meyer, business equip- ment. concern and florists. He is 8 director of the First National One of the bonanza wheat kings of the northwest, Mr. Garnett of St. Thomas in the Red river val- ley has been one of North Dako- ta'’s most prominent farmers and business men. He is a di- rector of the North Dakote Tax- pants and owners of buildings sug- gestions for the elimination of fire hazards. He also will make an in- spection of all schools, filing written reports with School Superintendent Saxvik. These school inspections will be repeated monthly throughout the . | the interests of its policyholders and school year. Boy Scouts will have fire-prevention at all of their meetings throughout the week and also will dis- tribute the fire-prevention placards, designed to call to the public’s atten- tion the need for care. Bank and Trust company. payers association. quality. The liquid position of the WILL ORDAIN MINISTER company is excellent. The company} Grand Forks, N. D., Sept. 25—(7)— has no single investment of too large ; Ordination of Olaf O. Brandt as a size. None of its assets are collateral | minister in the Norwegian Lutheran loans or stocks which we do not con-|Church of America has been set for al good investment for a life|the morning services at the to local service clubs by a leading Riees company. In the operations Tutheran church here Sunday. Minneapolis fire insurance man ee of a company the most important will "Some ete, Sore) in hoee: 3 item is expenses, which are moderate,| House ferns thrive better in par- sonlien ee patanan ett ert mortality is favorable and lapses are | tial shade. 2 o dren low. Net cost to policyholders is low. The company has been managed in the results achieved by the manage- ment are above the average in the business. From the foregoing ans- lysis we recommend this company.” The present official staff of the company includes C. B. Little, presi- dent; F. L, Conklin, vice president; H. B. Beach, secretary and actuary; H. J. Bischof, treasurer and auditor; Interior Decorating for the modern new home of the PROVIDENT LIFE INSURANCE COMPANY : [ | _tlistdsl @ ded atheslibetty YOU WOULDN'T DISAPPOINT ME . z All of this young man’s hopes, joys, and needs are fast entwined with thecords of your heart. Not for a moment would you leave him beyond reach of a protective hand... Yet, were Fate suddenly to decres your permanent absence, would the future hold ample protection for this loved one and for others of your family? . . . Think about it! — then let a Provident Life representative suggest a plan which safe- guards your family financially and assures comfort in your ownold age. PROVIDENT LIFE INSURANCE COMPANY Built on the principles of conservation end sofety Home Office, Bismarck, North Dekote Company