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


licitors for these companies We're ana
are 10 be found In every nook and cor
ner OF every western state and terri
tory The reasons we gave 10 the pub
lie for organizing this company, were
mainly two, towit;
First--From an economic standpoint,
the west, Including the mountain and
Paclhc states, should have one large
HE insurance compay that would fur
nish as good. II not better, Insurance
contracts to the public. and Instead or
sending premiums collected FOR such
insurance 20 the money Ceuters OF the
east, they would be invested IN seCurl-
ties here at home.
| think the recent criticism which has
had the most telling effect, is the ons
which states that the New York comps.
MES are too large-tou unwieldly--that
their business has become OF such mag.
nltude that II Is almost impossible for
any set OF officers 10 give personal at
tentIon to it's details, and to keen it,
funds carefully invested IN the best
class OF securities. Also that the ac-
cumulatlon OF such a vast amount oc
money large portion OF which must
always be held IN a cash reserve at
fords temptation for speculation. In
fact, we believe that all the abuses
which have recently been disclosed, are
the result Of these conditions. One IA
miliar with the financial and the In
surance press Of the country, cannot
fail To notice that the newer and small
Ter companies are being given more con-
sideratlon. and the public Is advised
that better returns can be secured on
policies IN these companies than In the
Older and largcr ones, which have
amassed such vast amounts OF money
and business details.
our presentation then 10 the public
was along the line that it was not nee
essary that an insurance COM
lnny he established IN NV
York City Chicago, Boston or y
Louis IN order to insure its success ami
safety, ana That Il was not necessary
for the people of the coast and
intermountain states to send &c.
100000 or Sl500000 annually
In excess of death losses and other eN-
penses to the cast TO be invested In
securities, which win promote the IN
dustrlal development Of that particu-
lar section Of the country We believe
that the west affords as safe securi-
ties, with better rates Of interest, than
can be obtained In the east
Second-We also claim that new
company has the advantage OF an old
company from the fact that 1t can
been made, and certainly has as am
asset. the experience Of other compan-
les to guide the conduct of ts affairs
both as to It's organization and the pol
Icy contracts which are offered TO the
public.
We have constantly kept In mind this
main central thOught-not to build UP
local company anywhere In Salt
Lake city In Montana, or IN san
Francisco, but a large western life IN
surance company that could BE- looked
upon as distlnctively western, large In
its scope, and appealing TO people In
the various sections OF the western
states with that idea In view from
the beginning, We solicited stockholders
over as wide a scope Of the country
as was possible, IN the time we had at
our disposal before completing the or
ganization
This movement of establishing q gen.
eral office In san Francisco at this
time, from which the general business
OF the company can and will be con-
Quoted, as well as from the general
home Office In Salt Lake City, IL but in
keeping with this original idea of
making a western company, and bring
ing into its fold as much influence from
as many sources as possible ] realize
that there Is some objection, and that
| there are difficulties in welding and
moulding an organization on this plan
| so as TO get the best effective results
| but 80 far, no one VIII dispute that our
success has been phenomenal We have
enlisted as stockholders, directors and
policy holders some OF the best men to
be found IN the west This shows that
the rlan has met with their approval
and the company il receiving, and We
hone will continue TO receive the APP
prova Of the public
We selected Salt Lake city as the
home office Of the company, not on oc-
count OF its great prominence as
financial or business center although
II stands well I'm both these, but on
account Of It's geographical location,
being IN the heart of the west-a rail-
road center easy 10 reach from all
directions We have always had In
mind the establishment OF n princi-
pal Office In San Francisco, on account
OF It's being the great financial and
comm ercial center Of the Pacific coast.
We have now realized this ambition,
and this meeting here tonight Is 10
commemorate the establishment OF this
office,
We have enlisted with the company
here some OF the prominent citizens
OF San Francisco. men Of financial
and business strength, well known. not
only throughout the state OF Calitor-
MIA, but throughout the entire western
country. We have also I'm Salt Lake
city on our board Of directors and
among our list Of policy holders and
stockholders, some OF It's best citizens.
From these two points we expect 70
operate the business of the CONrI-
MENTAL LIFE INSURANCE AND
INVESTMENT COMPANY.
There are two teatures,v very important
ones, to which ! wish to call special at
tention:
One is the recent business transact
action which enables the company to
conduct all It's business with an abso-
lutely limited expense account. | think
this is Of greater Importance than most
Of you fully realize, I'm view OF the fact
that many companies expend moro
than the amount which the policy hold
ers contribute for that purpose, and
thereby encroach upon the surplus
earnings which should be returned 10
them. II is certainly a very import
ant announcement to the public, TO the
policyholder, 10 the stockholder and 10
the agent, that here Is one company
that win not spend one single dollar
from the funds belonging 20 the policy
holder, for expenses or dividends 20
stockholders. That all its expenses
ARE paid from a source which Is UNDER
stood by all, and our repre-
sentative can 90 60 the
public with more confidence and
more assurance than those OF any OF
the Old companies. whose records for
expenses are being So severely criti-
cized
II Il true that because We have made
this departure our competitors are like
W to try to find some vulnerable points
of attack bur 10 confident am I OF the
wlsdom OF this transaction. on our
mart, that ! am willing To rise or fan
Nv the results, and believe that every
solicitor present here tonieht and con-
nected with this company In the field,