The Paducah sun. [volume] (Paducah, Ky.) 1898-1906, 1902-12-15
Sun Life Insurance Company Absorb
ed by the Metropolitan.
State Tax Laws Made it Impossible for
il TO Live, So il Sold
Out.
RESULTS IN A CHANGE HERE

An important deal auectlng fauu-
cab was contaminated saturday at
Louisville by which the Sun Life In
sursnce company, of Kentucky, sold
out its business TO the Metropolitan,
of New York, effective at once.
Both companies have for years been
represented in Paducah. as we'll as in
many other cities, by quite large
force of agents and solicitors, and to-
day the following arrived here to make
the transfer of business;
Walter Funk, of Cairo, general
agent; Nv. Wilson and TT. MoGarth,
of East st. Louis; J. King Greif,
Murphysboro, Ill. G.. NJ. Yost, Car
bondale, Ill, and q. NJ. Carter of Du
Quoin, Ill.
The deal was contaminated Saturday
at Louisville at a meeting of the stock
holders of the Sun Life Insurance
company, all stockholders voting to
ratify the action of the oompany's
directors in approving the offer made
by the Metropolitan to transfer the
formers business to the latter, which
is of New York.
The Metropolitan Life Insurance
company will reinsure all of the pol
icy holders of the Sun company, with
out effort or trouble on the part Of the
policy holders. Today the Metropoli'
tan people took charge Of the Sun bus
mess.
The Metropolitan company has
bought the Sun building on Walnu
street near Fourth avenue in Louis
Vile ana will use it as headquarters
for its force of agents. All of the
Suns agents now in the field will b.
retained, and all other employees o.
the Sun company will be rets. ne,
until the business of the Gan compa
ny has been assimilsted with that O
the purchasing Corporation.
The terms of the deal will not b
made public.
Whether the stockholders of tn
Sun company gain or lose by it can
not DO state, but there is no question
that the policy holders are absolutely
protected. 1t is understood, however
that they will como ont about even
The company failed to be profitable
because Of the state tax Of i-9 pei
cent. which has to come out of the
per cent the highest the company can
earn under the constitution. About
800, 900 was recently spent in estsb-
fishing the business. The company
was capitalized at 100000, and has
assets and liabilities of nearly s1,-
900. 900.
The gentlemen here winding up thu
business of the Sun Life will from
present indications be engaged in it
for a week. 1t is estimated by the To-
cal agents of the two companies that
it will require considerable time to
adjust the local business to the change
but it is practically settled that the
business of both companies as soon as
possible will be consolidated under one
management, and district be made
of it, to be known as Cairo district
No. 2. 1t has heretofore been a sub
division.
Mr.. James O'Rourke, the local
manager OF the Metropolitan, and Mr..
Zeke b rown, manager Of the Sun
Life, will have charge of the bust
ness of the companies as consolidated,
and there will probF bly, be two as
sistant superintendents. In addition,
the force of thirteen or more agents
or solicitors will probably be in
creased, the Suns corps being added
to the Metropolitan's force.