Show The Salt : - ' - tafe Yrriitfl Thursday v April I 1957 -- From Humble Beginnings t Firm s History Tpld Like any ©f the stronger firms rectors was dropped to nine by In the courjtry Beneficial Life amendment on Jan 30 1928 On July 1 1907 the company Insurance Co grew from hummoved its offices to 16 E South ble beginnings - j! L V JOSEPH F SMITH i first Beneficial head JIEBER Utah’s oldest largest insurance company Beneficial was conceived in ©arly 1905 by three young men with courage The three men Lorenzo N Stohl John Strlngham and N G Stringham went to the First Presidency of the Church of Jesus Christ of Latter-daSaints and obtained helpful counsel The promoters set out to solicit in the territory extending from Sugar City Idaho on the north to Richfield down In Sevier County on the 'south Their purpose was to seek stock subscriptions In the aggregate amount of $100000 which was the minimum capital then pep mitted by the laws of Utah for a legal reserve Bfe Insurance company But people lived modestly and salaries weren’t exactly high Alter' a short time quarters were rented In the teseret News Building and office furniture obtained However the hard work paid y J J GRANT second Beneficial chief Jeroplfonjhgeyioorjina ©flic staff —Leo E then the - Penrose—was employed He was hired as bookkeeper And the first stenographer was Nellie Keddington Many changes Jn the office staff took place over the years as the company battled hard times and & congressional investigation of other firms which didn’t help too much The big flu epidemic of 1918 hit the company hard but luckily the epidemic subsided and the firm survived In Ndvetnl&r of 1918 President Smith died and he was - succeeded by President Heber J Grant In 1919 the company issued its first group policies and George J Cannon was lidded to the board and the execu-- ' But ‘the company continued ' to progress and In 1927 the ' Corporation of the President of the Church of Jesus Christ of Latter-daSaints which already owned a majority of the outstanding shares purchased the remaining shares of stock In 1928 Mr Cannon was named assistant to the president and In 1935 was appointed executive vice president ' the post he now holds The Vermont Building was purchased In June bf 1936 and renamed the Beneficial Life Building y - TRAVERTINE -- ©ted in die attractive lobby a well os the wainscoting throughout the hallways of the new Beneficial Life Building furnished by ©ffimd subscrfpticwwcre " obtained lor 508 shares at $100 each And a bank loan was secured for fhe remaining 432 shares with John Strlngham as trustee On May 10 1905 the GEORGE ALBERT SMITH third firm president articles of incorporation were PHONE AM drawn and executed The first officers appointed were Joseph Fi Smith President of the Church as first president John G Cutler first vice DAVID O McKAY president Lorenzo N Stohl secHOOR COVERING CONTRACTOR present president ond vice president John String-hasecretary and Joseph Nelson treasurer Specializing in Industrial and Commercial Installations In addition a board of 25 dii rectors was named with out804 SOUTH STATE ST standing men In their chosen SCOn LAWRENCE UTAH SANDY "A letter tells of trip from fields filling the roster However the number of di Gallup to Fruitland which the party of three expected to make by auto In one day The following excerpts from the letter tell the story: "Our auto carried us 35 milefe when It broke down completely Our driver wanted us Jo get a team and turn back to get but we were determined ' 1 to Fruitland 'TVe strapped our suitcase on 'our backs and strjetf to wade through the sand to an Indian trading post eight miles up the road — we got there at 11 o’clock Tired! "The next morning we succeeded In getting a burro to pack our suitcases and like the Three Wise Men of Old we pottered b along toward the rising sun FiIn recent months our notion hos been moving into on era of us an Indian provided nally ' with three good saddle horses ‘'tight money and we made the next 10 miles In good shape to another trading What makes money "tight”? post We traded $2000 of Insurance for seven Navaho blankets IN primary mum ef "tight money hu bM Hm hi burrowing donond groat r —you see It was cold and we Shoe lha Hm In leanobla fund) On wojr to avoid "tight money it to hov the wanted to be sure of blankets Patrol RMrve provid enough money to mut the incrtOivd demand Tbit however SCOTT LAWRENCE CO Had Rugged Time The early day insurance agent had a rugged time - from — Xha following the files of Beneficial Life Insurance Co explains their trials and tribulations: "Extended coverage 1914 A very striking example of grit perseverance rind a bulldog determination is contained in a letter from E W Payne director of agencies for New Mexico and eastern Arizona -- - WE ARE PROUD TO BE ASSOCIATED with tho BENEFICIAL INSURANCE CO and Wo Congratulate LIFE Thom on Thoir Now Building 43 South Mats 00 and what you can do about it 4s - 4 — MONROE CALCULATING MACHINI A message in the public interest CO Im (I 34132 Sundt te decreaM the value ef ell ofh doilort in circulation lh pric of the goods w buy Thli It Inflation n BUILDING THE WEST WITH WESTERN STEEL" That's Our Motto s And as building after building rises skyward — such as the new Beneficial Life Insurance Co edifice in downtown Salt Lake City —we become increasingly proud of our stake in the West Whafs the best a riM hi probltm can bo tolvud beet hi o truly American fathion-- by cooperation and voluntary control If ovryano would tov mar und spend lets there would be more money evailoble for loant Thlt moijy 'properly utilind fur butlneee Invert ment would kelp IncreoM productivity ood hi lure help t raiM our rtondard of Hying ooch of ot tovet e little more— rtarting right now—we eon help tolve the "tight money problem Impreve eur perMnal finoncet and oIm ettirt h curbing Inflation The Important thing It te SAVE— tnvo n Stile mere end spend e Httle lew NOW h the me te rtort Will yee de your portf t NATIONAL BANK OF SALT LAKK CITV Utah Fabricators of Structural Steel and Reinforcing Steel Prefabricated Buildings Steel Erection Service which ratuht in way to avoid "tight money”? Th WESTERN STEEL COMPANY Salt Lbko City Y First South and Mala On tbt Old Claih Cornr— Mrmbw federal Pepetrt letuteeM (n |