The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-03-27
No Sidewalk Shown
TALE OF THREE COMPANIES
Insurance Leader Discusses Affairs of
Tyree's Creations.

In the March number OF the Insurance
Leader OF St Louis a resume OF tho dInicul-
ties OF Hyrum Tyrco Of san Francisco and
Salt Lake and the thiso companies OF his pro-
motion discussed follows:
In the February Issue we gave At some
length the troubles OF tho Continental Llfo
Western Securities company and the Western
Agency company OF Arizona At that time
Hiram Tyre. the president OF the litc nsur-
oncc company and promoter or the scheme,
under arrest charged with faLfying the
records OF the life insurance company SecTo-
tary Wylie also under arrest bur both
beinG out under bond. Shortly after TIE ar
rest OF these ofIlcers the Secretary Of State
took charge Of tho life insuroacc company. anJ
Immediately began an examination of its ar
fairs. The examiners COMPLETED their work
on Mrrch Il. and handed thoir report to Dep
severely criticized 'hc methods OF the men
aEemcnt. The report tx exhaustive, covering
all .he 'rarsactions OF tho company In trans
mittinS the report the examiners S,v; Some
or our criticisms may aocR severe. but these
critcisnI are made in order that the system
employed might be improved. Referring to
the contract OF the lifo company with tho
Western Agency company. tho report
Public criticism and public oensurc have teen
directed against the company on account OF
the contract of agreement with the Western
Agency compeny. The report also says;
' 1t 10 grave qucrtion. and one which we
b"cvc should be submitted 10 n competent
actuary 10 decide. whether not this con-
Insurance and Investment company. III this
entire oxpenso leading OF all tho premiums on
J
tho Western Agency company. the Contlnen-
tai LIE Insurance and Investmcn- company
must provide for its porticn OF the 'Nrcnss
of management out OF the fronts Of the bond
investm mt business, leoses and income from,
investments
The report contains some structures against
President Tyroc for extravaGant contracts
made with agents; In fact. finds lit;lc 10
commend In closing the examiners soy:
financial condition is on solid a basis
should have been brought ipto complications
hNF Of a. dem NtaNIN
agement OF Its chief officers. The company
started business with nm impaired capital paz-
ceived for It's capital stock In payment OF
commissions and bonuses. and u necessary
result It's capital was seriously impaired at
the close of 1901
"on March suit wa. nlcd In the Superior
court at San Frsncisco Ogainst Tyrec and ths
Western Agency company.
The suit is brought in the OF George
f. Ames. president II the Western Securities
Company. against the Western Agency com
pany and Hiram TyIce. An Injunction ls
prayed for 10 restrain the Western Agency
and Tyreo from 1isposing II SlGo $50 obtained
receiver for the Western Agency company Is
also sought. Furthermore. the court is asked
TO declare NCid contract made between the
Wes'srn Securities and WcstcTn Agency COM
panles through the manipulation OF Tyrcc.
1t Is slleGed that so soon ryTs's dlm-
cUlus5 In Utah settled. he directors viii
demand his resignation president OF the
Lie Insurance company,
The criminal charge against Tyrco has not
vet oeen disposed OF Tie case ag0iast Sccre-
t0ry WNlic has been dismissed 1t the
quest II the prosecution.
The whole trouble OF Tyree and the Cont-
mental Life cnn Be traced 10 the 5raftins onto
tho company OF The Wostcrn Securities COM
pnny ana the Western f=~acN comnany.
Hal fc been content to lJIld - Il hfc In
surance ccmrany along zatc ard legitimate
lines all would nave been we'll
II the Continental Life should fail and tho
people be beaten out OF their money. on whom
would Ihe blame primarily iay-Hlram Tyree
the promoter or tho Boston trinity after
which tic scheme was patterned We leave
tho queation to BE- ansNercd by The future.n