Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-01-29

L
Life Insurance and Investment com
pany. President Tyree. w. $. McCor-
| nick ana +. c. Jensen, Mt Pleasant,
| Utah, members of the directory. were
In attendance.
Following Is n report of President
1yree's speech on the OCCASION:
on behalf Of the officers and directors
OF the Continental Life Insurance aud
Investment Company. / welcome you TO
this reception given on the occasion
Of the company establishing a general
Office In this city. The object OF such
reception as you well know. is TO meet
socially and get better acquainted with
| each other.
We have invited the stockholders. Of,
| icers and directors. the policyholders
| IN and around San Francisco, and the
agents who have been working in this
| territory and those who have recently
come here to connect themselves with
the company in this field.
wish to give this evening some re-
marks upon the subject "The Contin-
entail Life, Why Organized and for
| What Does It stand" but before DOING
| 90 | would like 10 offer some comments
| upon the subject OF life insurance ia
| general, which will probably prove OF
| interest and will furnish some rea-
| sons why we meet this evening as per-
| sons interested In the success OF this
| new western company.
The insurance department of the state
| OF New York was organized In 1859. At
| that time II Of the leading companies
Of the United States had in force
| about $4,000, 900 of insurance. assets
| Of s2000O000. and surplus Of $1,000 600.
! on Dec. 81 last. AZ companies making
| report to this department, showed IN
surance In force of over Sl2 900 900 600,
assets OF more than $1,000, 00O, 600. and
surplus Of over s350,OOQ,0Oo. The in
| crease of the assets of companies dur
| ing this period was 1900 per cent, and
the increase in surplus nearly 1000
per cent. To give YOU an idea OF what
this means as compared with other
lines of business, Twill say that the.
increase in the assets OF all the rail-
roads I'm the United States during tho
same period was only ll09 per cent.
and the entire material wealth of the
United states during the same period
had increased to only about 500 per
cent, The percentage Of increase of life
insurance during this period has been
10 times greater than that Of our rail-
reads, and 20 times greater than that
of the material wealth OF the country.
There has not been single failure
of an old line Insurance company dur
| ing the past 10 years, but according
| TO the reports of the commercial
| agencies, there have been more than
10000 commercial failures, with liza
bilities of over 81 800 600 600, there has
been during the same period more than
LOCO bank failures in the United states.
with Liabilities of over $3.50 0C0 900, and
more than $50 railroad receiverships in
yolying 10000 miles OF railroad, and
stock and bond issues Of more than
| 81 900 600, 600.
These statements are given you TO
| show that we are interested in a lima
OF business that is the safest, and
| managed with more care than any
other OF the large business enterprises
| in organized society.
This statement is of special import
| ance. In view OF the fact that the public
| mind Is In danger of beng grossly mis-
| led IN the opinion II IL forming OF life
| Insurance. IL is true, and always will
| W az lois as human nature Is wnat IL
| is, that the management Of the bust,
| ness has not altogether been perfect, and
uiat tpe recent Investigations and dis
closures IN connection with the large
eastern companies nave shown good
teaSuhs tor severe CRITICISM, and there
- no uiSpoaitloll III any Quarter, so
laI as l hloW' 70 shield the persons
suiI'y ., these oHehses. but, as a re-
sun Oh these ihVestiSatlons ! prophesy
that mere VIII not be one single receiv-
el appolnleu loi any ne insurance COM
paily' hou VIII agree that II Is much
| DETER 10 nave an investigator than
| receiver, we must not then allow our
serves because OF me disclosures that
| have peell maze or Individual short
| eoIiiIHss anu OF certain practices which
| NaI,iio. ilett WIN approVal, 10 condemn
| Witnout reserve the most beneiicent in
| stituuoh IN civilized society, Let US
| Keep clearly IN hllnd this distinction,
| tpdt Is not the subject OF life in
surahce that Is Delng investigated or is
| on triah put the misdeeds of ndl-
| Nlluais connected with the institutions,
| Dufihg Inc recent period OF in
Nestisatlon ana public comment,
| mueh mas Deen SAID that was good, and
| nluch more mas been said that was bad,
lhere are those VINO desire TO take ad-
vantage OF the situation, TO bring them
serves before the public In magazines
| ana newspapers, and pose as authori-
! ties on HE insurance. Careful read
| ing OF many OF these articles by any
one AZ all FAMILIAR with the subject,
VIII disclose vast amount OF lgnor-
ance. | make these remarks, not with
| any desire TO shield what was wrong
IN the conduct OF these companies, but
10 call attention to the fact that the
| press and various state legislatures and
oiileials are likely to so TO the other
extreme. think that out OF all these
| discussions good VIII certainly come,
although for the time being great
zeal OF damage has been done on ac-