Crittenden record=press. [volume] (Marion, Ky.) 1907-1909, 1909-07-29
GREAT INSURANCE co.
VIII Have Five Millions Of Capital And
Five Millions Surplus. Louis.
Vile Men Are Organizers.


Helm Bruce, the general counsel of
that company, and a number of the
other officers have announced their
plans for organizing in Kentucky a
n-million dollar life insurance COM
pany. The company is to have FIVE
millions Of capital and five millions
Of surplus, and the promoters declare
its purposes will be to write life in
surance'and to reinsure other COM
panies.
Its charter will authorize it to
write both participating and nonpar-
tlcipating insurance. According to
President Gregory's announcement,
the home Office and headquarters of
the new company will be located in
Louisville, but its legal home will be
at Beechmout or some other Incor-
porated town outside of the city limits
of Louisville. The purpose in in
cooperating the company outside the
city of Louisville is to save city taxes,
which on such corporation as Is
planned would amount to thousands
of dollars year.
ONE OF LARGEST IN WORLD.
Mr.. Gregory says that the organi-
zatiou of the company will be a big
thing, not only for the city of Louis
Vile, but the State Of Kentucky, as
it will give to the city and State one
of the largest life insurance compan-
les In the world. He says that it
will become a good feeder for the
banks Of the State aud the entire
South, and will aid in making LOUIS
Vile a financial center just as the
big Eastern life insurance companies
have made the banks Of New York
dominut powers IN the financial
world. The people Of Kentucky
alone are now paying for ordinary
life insurance more than six and one
half millions of dollars annually, and
he says the interest earnings on this
sum alone if kept at home would be
of untold advantage to the State.
OFFICERS OF New COMPANY.
Many of the officers in the Citizens
Life Insurance Company will be
officers Of the new corporation. W.
H. Gregory will be the president Of
the big company and Helm Bruce
will be the general counsel. Chas.
d. Pearce. the banker, of Maysville,
will be first vice president Of the new
company and L. W. Key, of May
field, will be treasurer, II. L Grego-
ry. now a vice president of the Citi-
Gems, will be second vice president
of the new company, and j. W. Lam,
of Greenville will be the third vice
president. Frank M. Fisher, of Pa
ducah, }. Whit Potter, of Bowling
Groen, Geo. Bohon, of Harrodsburg,
and Geo. Alexander, Of Paris, all of
whom are directors in the Citizens
Life Insurance Company, are among
the promoters Of the new corporation.
However, President Gregory says
that any number of prominent CAPT
talists and business men of Kentucky
are interested in the new concern and
that many of the States strongest
financial institutions are behind it.
GREGORY CONCEIVED PLAN.
1t Is understood that the idea Of
forming the big insurance company
was conceived by W. II. Gregory,
the president of the Citizens Life.
he says that the growth of the Clti-
zens which was founded five years
ago. has been so rapid and successful
that it occurred to him that a csm-
pany with large capitalization
would have greater opportunity.
At the time the Citizens Life was
organised the total capitalization Of