The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-28
AN ADDRESS ON
LIFE NSURANE
Continental Opens Its San
Francisco Offices.
TYREE'S TIMELY TALK
Object of the Company to Build
Up Great Western Insti-
tution--Stock for Pol
icyholders.

present The following address by
President Hiram Tyree delivered on the
occasion contains many interesting
facts pertaining to life insurance in
general and the Continental in particu-
lar:
On behalf of the officers and direc-
tors of the CONTINENTAL LIFE
INSURANCE AND INVESTMENT
COMPANY, welcome you to this re-
ception given on the occasion Of the
Company establishing a general office
In this city. The object Of such re-
ception, IS you well know, is to meet
socially and get better acquainted with
each other.
We have invited the stockholders,
officers and directors, the policyhold-
ers in and around San Francisco, and
the agents who have been working in
this territory and those who have re-
Gently come here to connect themselves
with the Company in this field.
wish to give this evening, some re-
marks upon the subject of THE CON
TINENTAL LIFE. WHY ORGAN
lied AND FOR WHAT DOES 1T
STAND" but before doing so I would
like TO offer some comments upon the
subject Of life insurance in general
which will probably prove of interest
and will furnish some reasons why we
meet this evening as persons interested
Company.
The Insurance Department of the
State of New York was organized in
1889. At that time II of the leading
Companies Of the United States had
In force about $40, OOO, 900 of insurance,
assets Of $4,000, 600. and surplus of
5000, 900. On December 31st last, AZ
Companies making report to this De
partment, showed insurance in force of
over S12, 000, 900, assets of more than
$4,000. 600. 0O9, and surplus of over $780,
900, 900. The increase of the assets of
Companies during this period was
10000 per cent, and the increase in sur
plus nearly 1000 per cent. To give you
an idea Of what this means as COM
pared with other lines Of business, /
will say that the increase In the assets
OF all the railroads in the United
States during the same period was
only LOO per cent, and the entire ma
terial wealth o. the United States dur
ing the same period had increased to
only about 500 per cent. The percent
age of increase of life insurance dur
ing this period has been ten times
greater than that Of our railroads, and
twenty times greater than that of
the material wealth of the country
There has noC been a single failure
of an old line insurance company dur
ing the past ten years, but according
to the reports of the Commercial Agen-
cies, there have been more than 12O OOC
commercial failures. with liabilities OF
over s.. 300. OOO. 600: there has been dur
ing the same period more than /, 0OC
bank failures in the United States
with liabilities Of over $3.50, 000, 000 and
more than $50 railroad receiverships in
volving 10000 miles Of railroad, and
stock and bond issues of more thar
81 900 ,000, 900.
show that we are interested in a line
Of business that is the safest, and man.
aged with more care than any othel
of the large business enterprises il
organized society.
This statement is Of special import.
ance, in view Of the fact that the pub
lie mind is in danger of beng grossly
naisled in the opinion it is forming O
life insurance. It is proved, and AWAY,
viii be as long as human nature 4
what it is, that the management of tn
business has not altogether been per
feet, and that the recent investigation,
and disclosures In connection with tn
large eastern companies have shown
good reason for severe criticism, anc
there is no disposition in any quarter
50 far as I know, to shield the person
guilty Of these offenses, but, as a re
suit Of these Investigations prophesy
that there VIII not be one single re
ceiVer appointed for any life fnsuranc
company. You will agree that if /
much better to have an Investigate
than receiver. We must not ALLOW
ourselves because Of the disclosure
that have been made Of individual
shortcomings and of certain practice
which cannot meet with approval I
condemn without reserve the mos
benefcent institution in civilized soci
ETY. Let US keep clearly in mind thf
distinction, THAT 1T IS NOT TIKI
SUBJECT OF LIFE INSURANCE
OR IS ON TRIAL. BUT THE MS
DEEDS OF INDIVIDUALS CON
NECTED WITH THE INSTITTJ
TONS.
During the recent period of invests
cation and public comment. much ba
been said that was good. and Tnuc-
more has been said that was had
There are those who desire to take ad
vantage OF the situation to bring them
selves before the public in magazine
and newspapers and pose as authori
ties on life insurance. Careful readip
of many Of these articles by anvon
at all familiar with the subject wi
disclose a vast amount of Ignorance
make these remarks, not with any de
sire to shield what was wrong in tn
conduct Of these Companies, but to ca
various State legislatures and official
are likely to go to the other extrem
think that out OF all these discussion
good Will certainly come, although fc
the time being great deal Of damag
has been done on account of I'll
sweeping criticism, causing the surrer
der of many policies in nearly ever
Company doing business at the preseI
time.
There is a great difference betwee
tearing down and building up. "
have all noticed than when any stru
ture-a building fer example, is beir
torn down, any ordinary workmen ma
be employed to do the greater part
it. but when a building is 70 be COZ
structed, skilled men. experienced
their work are required. It Is yea