El Paso herald. (El Paso, Tex.) 1901-1931, 1910-07-23
TALUE0F HOME
INSURANCE
COMPANY
J. A. Bordeaux Points Out
What His New Company
Is Worth to Ell Paso.
KEEPS Ell PASO
MONEY AT HOME


life insurance company to a growing
city, especially a city destined to be the
commercial center of q practically new
country, but J. A. Bordeaux, organizer
and manager of the FL Paso Life In
surance company, has explained, in
part, what it. means. His company Is
the only FL Paso concern of its kind,
he says, that is being organized strictly
of Ell Paso capital although eastern
Texas cities have long since discovered
the value to the community of local
company.
TT is not the object of the Ell Paso
Life company to do a local business
only" said Mr.. Bordeaux to The Herald
in his office in the Trust building. we
will not live from FL Paso business
alone, but will bring money TO Ell Paso,
and it will be Ell Paso's money. There
are 262 million dollars Of insurance now
carried in Texas by out-of-state compa-
MES, and Texas is paying from eight TO
Is millions year to other cities for
what she may well do herself Why not
keep that money at home? There is a
good 10 years of work to do to get this
turned back to US, even if we do no
outside business. Only 49100 Of the
people of Texas are insured, and that
estimate is based on the insurable
population.
L
side companies more than the taxation
of this city and county combined There
are 50 companies represented here But
the money is not retained here.
ia organizing life insurance compa-
MES. it is always necessary TO fight the
banks at first. The life insurance
company brings down the interest
on loans, and the bankers know
it. 1t may hurt the banks, in
ri nolr
estate Improvement. FL Paso wants
hotel, and can't get it. Ell Paso can
support a hotel and can't get it. A life
insurance company can loan money on
unimproved land under the law. A
bank or trust company can not do that.
How much unimproved land is held in
Ell Paso?
There are few mediums of boosting
town better than a life insurance
company. They all started on a small
scale. The Prudential and Equitable
properties began with almost nothing.
Now look at them. EA Paso is the CEN
ter of a vast undeve1oped district, and
the FL Paso company will grow with it.
Look at Montpelier. VT, city of only
1000 Inhabitants, with life insurance as
sets of S45. 000, 900, or DeS Moines, Iowa,
with $4,000 population and 65 different
insurance companies bringing money
into the city.
The Ell Paso Life will bring here
two and a half million dollars within
five years. Now we have stock al 800
par, and s63,350 par value stock already
sold. We are permitted by law 10 or
ganize when we have 100000 capital
paid in. Our capital stock is $500, 900,
which in Texas is merely a reserve
fund
This is a child of my own mind, and
hence l have some plans taken from ex-
perience TO make it grow, said
Mr.. Bordeaux. speaking of the or
ganization of the local company. The
local promoter has organized seven
companies, and has been general agent
for two companies in Texas. We are
only getting ready to do business" he
explains. I'VE have only been selling
stock since April 2. and we will be fin
ished by Oct. l AT that time we
can have several millions to loan at 4
per cent. 1t will bring that amount
of eastern capital at the disposal of Ell
Paso- Already three companies have
offered to reinsure our business l in
tend to stay here and with FL Paso
Life at least five years 1 own the
largest block of stock yet subscribed"
What about the unpopular Texas
laws?" he was asked.
That's just the point" said the in
surance man with a smile. Truth is
we curse our laws While others believe
in them. Outsiders respect our laws
more than we do. A company working
in Texas has that advantage, and it is
q great advantage. The outside be-
lieves in Texas from an Insurance point
of view.
For example, in 1906 organized the
Fit Worth life Insurance company It
was the pioneer in that city Since.
there has been a second company form
ed, and both are doing well. 1t is not
the Fit Worth field alone. 1t is the out
side that counts.
And it helped FIT Worth. not alone
from the amount Of money brought
there. That one company / organized
in that four years brought $500. 900 to
FIT. Worth. And also the agents sent
out all over the country talked FIT
Worth every time they said FIT Worth
Life
The same thing, and more, may be
done in Ell PasO, because the southwest
is just awakening. More money NAV
be brought here, interest will be
brought down Already we have nearly
80 agents talking ~ Paso every time
they talk FL Paso Life"
NEW APPOINTMENTS