The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-03-06
|EXPERT REPORT ON
CONTINENTAL LIFE
Officials of State Complete EX-
animation Into Affairs of
Company.
METHODS DURING 1904
SEVERELY CRITICISED
Document Which Is of Great
Interest to Citizens of Inter
mountain Region.

interest 10 CltlZenS OF inter-
mountain Region.
Deputy Secretary of State George Il
SquIres and State Bank Examiner c. A.
iGlazier yesterday submitted To Secretary
OF State Tlngey their report upon the
condition OF the Continental Life Insur-
nnce and Investment company. The re-
|Iport severely Cr1ticizes the methods fol-
flowed by the management during the
Iiear 199 but shows that the company is
how on a good basis, financially. The re-
port viii be read with great interest by
hhe residents OF Utah Idaho, Montana.
kArizona and California, where the chief
business of the company has been trans
acted. Following is the report in fun:
Report in Detail.
Hon Charles s. Tingey. Secretary OF State
Dcnr Sir:-Wo submit herewith report OF our
Nnmination OF the Continental Life Insurance
lsnd Investment company. which began on tho
33rd day OF February. 1913.
In handing you the result OF our lobors. We
desire TO state that the officers and employees
pr the company furnished every facility for
frosccuunG tho work and complied with our
|.vcry request with Uniform courtesy and
frnnkneSs.
II has been our cndeavor to bring To your
attention facts which would Illustrate the
ftrength as well as the weakness OF tho com
onS OF our criticisms may seem severe, but
! hcsc criticisms made in order that the
Nystcm employed might he improved
Now Has Surplus.
We hsvc the honor 10 advise you iha, the
Exhibit OF assets and liabilities OF the company
~ tho closc OF the year 1905, detailed state
lncnt OF which Is herewith furnished you.
fhows tho company TO have recovered from
he actual deficiency which existed at the close
I1 1904 statement OF which We have also FUR
fnished) and showing a surplus OF $3.50 Il Tor
80 In Wow OF the wide publicity which has
cen given 10 the affairs Of the company.
haVe decmcd II wise to furnish q detailed
Ftatement OF the assets and liabilities OF tho
Fpmpany. We have not been able 70 examine
lhe real estate upon which mortgage loans
have boon made. but have cvcry reason To be-
ievc that they are sufficiently secured. We
haVe verified the accounts OF tho company In
fhe different banks and ind from their reports
hat tho banks actually had tho money on de-
Iosit with the exception ot the deposit OF the
central Trust company or San Francisco. an
explanation Of which viii ho mnde later in this
report.
Not True Condition.
This company was organized on the 18th day
4 February 1905. with authorized capital
ash We ind however. that this was not
he true condition. that SCI 9OJ had been paid
Il cash and SCI 20 had been paid in notes held
o be absolutely secure. At the close OF 1904
"a 90 e5 had been paid In cnsh for stock and
10 stock WAS issued until the cash had been
Ccelvcd. At the close OF ls15 the amount paid
n cash for capital stock amounted 10 sy7S-
ii.eO. certlncatco for S275ooD worth or stock
iavinr been Issued. We submit herewith
nentS or lSpi as per the statement Of the com
any With addition TO the expenditures
made by the oxamincrs OF s27H2.lL the
mount OF promotion. organization and dcyel-
pment expenses which had been omitted by
be company In making It's statement. also a
OF tho nsscts md liabilities In which
here has been deducted from the cash on hand |
= reported In the annual statement the sum |
( 81, Z2 H. the amount carried by the COM !
1F0s~ In
'hleh represents an expense asset and was not |
ash hand.
Income Statement for 1904.
apital stock yZg4 ss7 s.
'remlums received .........H9 90. Il
.nnuity note Dickson) 90. 10000 l3I. go. q |
interest mortgage loans. l9.@
interest and dividends on
stocks and boGds...-...... 1.594.57 17i7.S7 |
rohts on sale OF stocks and bonds. s.2,5 &c |
Total income ...,....................tIt, SCI. 81
Total footings s57e 4Ss 80
Disbursements.
COMMISSIONS TO agents.. .........S 81 qIi :,
alaries and allowances Including
managers and clerks. 3.ziG.a7
,IaTIc. o. ot,co,, ''''''''''--..--.'.. l.il2 %
lerks homo ohice--'..-.s-......-....... l.652. 45
axes -..s....,-... .-...--.-......7....... 6.72
lsurance department fees and
agents licenses .--..--..-....... ....... KS %
dvcTtislng and printing g................ 3zS3y
eSAl expenses ACKNOWLEDGEMENTS. $50 90
urniturc and fixtures cs.............,..... 1.64s 81
ravcling expenses s.....,............. aa7 a.
edicnl examination fces.,............ 3g.s5 so
telephone and telegraph expenses ..... 41s 20
Ii other unclassifcd cxpense ...-.. s6S 90
.,.,, -, sns.5lS 90
pense ....',..... ....-.,.-.............. c7.l+2u
slle $50. IL
Balance .................szzsS So. IS
Assets.
ortgage loans .....-........qs,s..,....s4 A. 600 90
,llateral loans ......-............... II IN IN |
unicipal warrants ..-....,............. 1855. 81
ohaS '----..-.- 20 001. 90
ocks ................ ...........,..,,. Al 7s0 "a
lsh .-.-........-....-.. ....--........ 81 q,y1 e.
ash In hnnds Of agents .......... 5OI7 a.
lls receivable -...-.-.....,,.s.......... 40 rs e
remium notes ............u........... s5IG 90
s2G5. .g7s. .4s
ccrued Interest .--......-...--,'........ 17SJ.s7
s2ss os3. Is
gents debit balances. eo5 %
jppllcs. printed matter
and sta s,afionsry , ,..,::..''..f $50
Gross assets ..,...................s 4s5. .es
couct assets not ndmlttsd.........-..- 1867. Is
Admitted assets .................... .S27i Oss &c
Liabilities, 1904
eserFc ,:........ .......,...s.......S "A 81. u
llarte.. bills unpaid d.................. / o97 57
gents balances and cash advanced. 6.5iG 80
-h uottS ,, go %
'pitA STOCK 234.GZ3 e5
Total liabilities ................,..s s2ss S35 "a
Deficit ......-.... ...........S q. .4C5 II
Deficit for 1904.
Toidng these figures we find n deficit for tho
I utttt' 81 Pills
aaue = e~.--- |