Twice-a-week record-press. [volume] (Marion, Ky.) 1909-1909, 1909-08-13

=
prominent Now York company TWEEN
ty years ago had little over Sc, OO0-
600 of assets. Its statement showed
assets in 1908 1896 600. 900, and
the assets have probably increased
to about a quarter of billion of
dollars today. Four prominent met
ropolitan life insurance companies in
1908 had total income of 1897,
S37, 1873. Allowing three hundred
business days for the year, this
means that these four companies
alone pumped through the arteries Of
New York City's financial and bus.
mess system last year upward of
81, 1876, 900 every day, Indlanapo-
lis, which is little over 100 miles
from Louisville, has something like
twenty life insurance companies, and
the business in Indiana has been
growing very fast.
The amount paid for life insurance
premiums in Kentucky last year was
q, 2S5, S22, nd the South is now
paying out for life insurance about
sixty millions Of dollars annually.
Kentucky should have a big life
assurance company. 1t is the first
southern state to offer to policyhold-
ers the guarantee of compulsory
reserve deposit law. The statute
now In effect was Enacted March "a.
1906. 1t provided that every domes-
tic life insurance company must de-
post with the State Treasurer for
the security and benefit of all Its
rolicyholders, an amount equal to or
greater than the ascertsined net cash
value of all such company's policies
in force. 1t is worthy of note that
the men who fought for this law were
the managers of the Citizens Life In
surance Company and the same gen.
tlemen who are now promoting the
Citizens National Life.
The plan in brief of the Citizens
National Life Insurance Company is
first to merge into it the Citizens
Life Insurance Company. As al
ready indicated, the same men who
during the past five years made life
insurance history through the except
ional development of the latter COM
pany are the guiding spirits of the
new organization. The further pur-
pose of the new company is to take
over other companies Of the South
and elsewhere which may decide to
discontinue business or may find it
more profitable to consolidate with a
company of great strength. There
seems to be nothing impracticable
about the plan, nor does it appear
where anything but advantage can
come to the policyholders and stock
holders of the Citizens Life or any
other companies that may be merged
into the new company. No doubt
the stockholders will see to it that
thoroughly equitable arrangement is
carried out for the exchange of hold.
ings in any existing company for
stock in the new corporation. 1t
is pointed out to policyholders of the
Citizens Life in particular-and the
same condition must apply to the pol
icyholders Of any other company
merged into the big company-that
the consolidation will mean to them
insurance in one of the strongest
companies in the country, and for
that matter, IN the world.
There are purchasers of life insur-
auee who do not care particularly for
big company. Some on the other
hand will insure in no other kind,
bat no one objects especially to big
company when seeking life insurance
protection. Thus the new company
will not only secure business from
those who are not content to buy in
surance from small company, bat
to those who want to purchase very
large or even small policies and de-
mand financial strength, it will stand
the seversst test. But thereisa deep
interests and sio nif came m the ran