The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-04-08
TYREE STEPS
DOWN AND OUT
Tenders His Resignation, Which Is
Accepted at Once by the
Directors.
T. R. CUTLER is ELECTED
NEW EXECUTIVE COMMITTEE
Is NAMED.


Hiram Tyree. president and general
manager of the Continental Life Insur-
ance & Investment company. rendered hfs
resignation to the board of directors yes-
terday. afternoon, and il was accepted -
/ Thomas r. Cutler of Salt Lake City, vice
president and general manager Of tho
Utah Sugar company, was elected TO suc-
coed him. The entire executive commit
zee also, resigned and President Cutler
named their successors a a meeting OF
the board last night
Agency Company Out of Il.
The death kneH of the Western Agency
! company; the organization that was Gre
dteu Dy 1yree TO handle the business OF
| "a iIiSstIi oIict company, was also sound
I ca as result of the special meeting OF
! the directors. Secretary g. &. Wylie who
/ - S'stIIIe1 IN MS office and also named
/ as a member of the new executives com
mites, stated last night that the agency
! company, VIII not handle the Insurance.
company's business any longer. and thar
| IN the near future the executive COM
mlIlee VIII make arrangements whereby
/ the business will be handled either d.
/ Fectiy by the parent company or through
another intermediate agent He refused
I 10 go INTO details TO what this plan
/ may be, but stated that possibly The,
" " e &c Securities company. the third
/ handle insurance, may take over this
business, though just how that concern
not explain. as under the law the par
ellt company could not do business dh-
! rect Win the other organization.
Statement by Tyree.
Mr. Tyree, who has refused to tank for
Puo4Ga Jon since he arrived in the city
ON FRIDAY, said that a large surplus
would be- raised by persons Interested
\ IN the affairs Of the insurance command
/ for the purpose of getting the concern
/ out Of the difficult hole in which if fOUDT
/ itself. He would not admit bOWey-s1
! any
/ lstence- This declaration is taken 70
mean tn3t some promise was made that
1 ne would receive consideration for stem
ping aside Thus he would permit the
men who have their money invested in
more money put the insurance company
on It's feet In this way it could take
care OF the Dolicyholders already inter
tlCn to get new business He still re
/ 9 7SIice company; IS still president Of the
western Agency company. and vice pres
ideEt of the Western Securities company
IL IS understood that he viii eventually
retire from these offices
New Executive Committee.
Last night the directors met in the Of
nee OF President Cutler and effected a
reorganization of the Officers of t6e SS,,,,
pany. including the naming 1bV Presi5eT+
cutter OF "A new executive committee
Inc officers are, besides the new presi-
dent; First vice president Frank Pierce
of Salt Lake; second vice president. DR.
V 7. McGiIIycuddy OF San Francisco
Secretary. S'e e Of F %z9 Of Mq saii
Lake. treasurer. w. s. Mccormick. also
mittee consists of Governor r r Good
ing or Boise, Ida; r. D Steei Boze-
man n n y Iohn Dern. W s MCCORMICK and
Ter and Vice President Pierce are ey-
| oIIIcio members Of the committee
The executive committee that resigned
consisted of Dr. Y. T. McGillvcuddT q.
Garper: Charles Webb Howard. John
Dern. W; s Mccormick, Frank Pierce ana
Tyree Let Down Easy.
Tyree was let down easy. and a resoI,,-
[ ton was adopted in which the directors
/ express their appreciation Cf mis- work in
creating and building up the company.
This resolution follows:
In view of the circumstances which
have moved the president of the COM
Pahy, hiram Tyre, to voluntarily ten
der his resignation; therefore be it
Resolved. That the directors of the
CoHllhehIal Lie insurance q Investment
company hereby express their condolences
i'm the integrity and ability of President
Lyree and that ii is with deep regret
that this board accepts his resignation
as president and general manager of the
company. We believe that his efficienoJ-
in organizing and building uD this in
stitution has rarely been eXceIled if ever
equaled.'
Letter of Explanation.
The following letter was dictated by the
Salt Lake City. Utah. April To the
Poiicy-hOlderS and Stockholders of the
SOHIlhenIaI LIE insurance x InVeStne
SSCIhl1dh2-, PURSUANT TO the call hereto
fore issued, meeting of the board of d.
rectCrS or the Continental Life Insurance
& investment company was held in Salt
Lake City on this day. The affairs of the
company were thoroughly discussed HI
ram TVree resigned as president and gen
eral manager Of the company. His resie,-
nation was accepted The entire execII-
tiV committee resigned.
Hon Thomas r. Cutler was unanl-
mouSIy ana enthusiastically elected pres
ident of the company Mr. Cutler is a
o
promises TO give careful attention to the
business of this company He is known
all over the west. He IS the vice presl-
Sugar company and other associated com
p%nieS, which are among the largest in
dUStrial associations of the west PreSf-
dent Cutler viii appoint a new executive
committee at once
1T the unanimous opinion OF the
dU ectOrs that the cOmpanv'S business
should be conducted from Salt Lake City.
the home office OF the company. and
thereby save large. apparently. uunec-
essaTy outlay. The new management IS
confident that the income of the company
will be ample TO develop splendid bust
ness and insure excellent profits in tho
future to the policy-hOlders and stock
holders. and it proposes to keep its pol
icy-hOlderS and stockholders fully advised
on the conditions of the company at all
tines
More Things to UntangIe.
The affairs of the company are not I'M
tive committee has task on It's hands IN
getting things righted. Secretary Wylie
said last night that he felt confident that
the matter would be adjusted in short
time and that agents would soon be in
the field seeking new business On the
other hand. DR.. II. y. Mayo. former med
zeal examiner of the concern, who has oD-
posed Tyree for some time, said last night