 Consolidated Indemnity and Insurance Company was organized in October 1928 with a capital of $2,500,000 and a surplus of $7,300,000.Among its fifteen directors were Saul Singer, vice-president of the New York Bank of the United States and C. Stanley Mitchell, president of the Central Mercantile Trust Company.Its president was John F. Gilchrist, chairman of the Tate Transit Commission.