The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-01-24
WILL PROBE into
CONTINENTAL LIFE
Affairs of Triune Corporation
Are to Be Investigated by
Dissatisfied Stockholders.
MAY STIR WEST AS
EAST HAS BEEN MOVED
Strange Contracts Are Put Into
Effect Through Work of
Promoter Tyree.

butSt LII UuSu w vi IA vi
Promoter Tyree.
While The Trbune's exclusive story
upon tho peculiar conditions and the con-
sequent dissatisfaction prevailing I'm the
Continental Life Insurance and Invest
mcnt company OF this city has excited no
small comment and attention. Indications
now nre that this is only the first inkling
OF what promises to develop into A mud
die no less creditable to come than the
revelations made concerning Eastern
companies have been to those upon whom
the limeiIght has been thrown.
Everything in Sight.
A bare. cold statement of the facts in
the case. as borne out by the contracts
and other documents available for evil
dence, leads the disinterested observer 10
everything In sight. And tnis Is the con-
cluslon that number OF stockholders and
directors In tho Continental Life have
reached
Planning Investigation.
For a number OF days matters have
been shaping themselves toward an off,
Clal investigation OF the affairs OF the
western Agency company. which, ac-
cording to contracts now in force. seems
TO have control OF the business and revc-
nue. OF tho Continental company and the
Western Securities company Monday
night meeting OF obJccting stockhold-
crs and directors OF the Continental com
pany was held at which the situation was
were not completed. IL was however.
stated by one OF those present that an
other meeting would be held within a
day or two after which public announce
nlunE nrnhInu wi h..
made Following are some OF the peril
nent facts disclosed by an examination OF
the records and contracts:
Where Company Organized
The Continental Life Insurance and In
yestment company was organized Febru-
Lake, primarily through the efforts OF p.
II. Locker and Hiram Tyree the latter
becoming president OF the company. MANY
prominent Salt Lakcrs and leading busi-
ness men OF the West were interested to
the. extent OF 5000 or more In stock SUBJ
Scriptions.
The board Of directors included w S.
SW McC9rniek. DR. H. n. Mayo; J. d. Wood,
louse, l.. S. HIS, Frank Pierce w H. |
cunningham, T. X. Cutler. all OF Salt |
lake. A. j. Stone Dillon, Mont; A. L.
8ozeman .,.ont.; James p. Murray. Dill |
on. Mont; w. w. Wylle, Bozeman
Mont; Fred j. Kiesel, ogden; Gov F r,
I0odlng, Idaho; II. J, Wallacott. Los An
;eles; e. I. Carpey. San Francisco
Seemed Good and Sound Plan.
As the primary and stated object of the
company was TO furnish ample and con-
erYntVe insurance with Western money
md keep that money from reaching the
.lready gorged treasures OF the Eastern
insurance corporations, the hnanciers and
CAPITALISTS "hose names appear In the
directorate, men Of integrity md ability |
'ere Interested without difficulty. and the
ompany was launched under propitious
circumstances. Some good men were put
nto the field and the Insurance written
vas soon counted by millions OF dollars.
New Phase Developed.
Matters ran on smoothly and prosper
usly enough until the summer of 1875
hen President and Promoter Tyree sug-
ested the idea OF incorporating the
ted under the laws OF Arizona, with
cadquarters in San Francisco. issuing q
iatemcnt to the officers and directors OF
ne Continental Ilfe company that n
ompany TO have a bank that would ham !
lie its business deal In stocks and bonds
nd have general supervision OF the
usiness controlled by the insurance com
any, and that such an organization
ould be to the benefit of the stockhoId-
IS of the insurance company
Plan Worked Well.
Mr.. Iyree's plan worked very we'll
any OF the stockholders In the life In {
france rance company were Induced to sub
,rlbe at 80 cents on the dollar for shares
The Western Securities company
essrs Mccormick. DeTn, Mayo Stone
allacott and others who were heavily
terested In the Continental corporstIon s
rming the directorate of the new com I
my I
So far all went well. But Mr.. Tyrec 7
sanlzer and promoter OF both of these
mpanlcs, was not yet through Soon !
tcr the incorporation OF the Western T
'curitles company he formed. under the
ws OF Arizona. with headquarters I'm
my. capitalized at $4,000. with the fol- 7
wing incorporators.
Strange Contracts Made. =
= D. Bates. bookkeepcr for the Con- a
lentel Life company; p. B. Locker, an u
ent for the same concern, holding a
erein IN one 5,to.ns share Of stock; B E, Sand a
stone. bank cashier of Dillon +
ont Mr.. Tyree, however, admitted to d
,ectors Of the Continental company
G, western Agency company, while no
III holds the dual position of president n
the Continental and director in the q
curitics company. II
Small Capital, Big Revenue. Il
III OF this is preliminary to what hap "
ned almost Immediately after tho In u
'poratlon OF tho Western Agency com II
ny on August 2, 1906, tho executive b.
nmittee OF the Continental company :
a contract by which the agency com :.
ny was assigned the expense loading, ee
counting to 20 per cent OF the gross y,
,miums. and was also made the agent >.
the underwriting OF the policies OF "
Continental pf
Still Another Turn. -
With about 100000 In insurance on us
'kS, and proceeding on the ASSUMPTION
u this volume of business is main 20
ned, there is presented under this con- 7!
CT the peculiar spectacle of the $4,000 ..
stern Agency company receiving from os
continental company about $4,000 ae
rly Tor doing what the insurance COM ~
~ was Itself organized TO do ii
ut there was more to come in the
which seemed To have Mr.
zee for their moving spirit There tn
ef. on the LET day of September. 1875. ar