The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-01-22
Goes Way of All.
What President Tyree Said.

| Tho Tribune came into possession OF
| these rumors about week or ago and
| FOR the purpose OF getting at the true
| status Of affairs with respect TO the Con-
| tlnental Life and Investment company
| sent n representative to interview Mr..
| Hiram Iyree. president OF the company.
| who said that the rumor of moving the
| offices TO San Francisco was unfounded:
| that there w0s absolutely no truth in IT,:
| that the company merely intended TO open
| up branch office in that city. the same
az IL had In Butte. Mont and Boise, Ida
but 1t is now said that while Mr.. Tyree
was making this statement to the repre-
sentative of The Tribune. box car was
being loaded with the company's Office
| furniture for shipment to the Golden
Gate City. with the object OF opening the
main office in the James Flood building.
Headquarters on Coast.
The company. 1t IS claimed. will conduct
Its legal business In Salt Lake, but It's
principal headquarters and its general
business. II Is said. is to be conducted In
San Francisco. much the same as corpor-
ations organized under tho laws of other
States, but doing their business in Utah
1t Is claimed that the Continental is
now allied with two such Institutions the
western Security company and the West
ern Agency company. both Arizona cor
porations. with headquarters in San
Francisco, the latter acting In the dual
capacity Of agent for tho Continental as
well as agent for the Western Security
company.
What Contract Sets Forth.
The Continental Life. by its president.
Mr.. Tyrce 40 evidenced by a contract en-
tered into on August 2, 1905, with the
Western Agency company, OF which MT
Tyree. II is said. owns a majority of
stock, assigns TO that company the en-
tire expense loading OF It's premiums,
amounting 10 about 70 per cent of the
gross premiums. tho consideration for all
this being the underwriting OF the Con-
uentals life policies by the Agency COM
pany. This contract. II is said extends
for a period OF twenty-five years. from
August :, 1898, which every ono familiar
with life Insurance knows will really run
for twenty five or thirty years longer, or
during the period that such Insurance
written remains in effect.
Identified With Both.
Many of the directors OF tho ContI-
mental Life and the Western Security
company, 1t Is said are Identified with
both companies.
In order 10 show the existing relations
between the Continental Life and the |
organized ostensibly for the purpose of |
doing general trust and banking bust |
ness, a perusal of a certain contract on
tered Into with the Western Agency com
IS necessary. Under this contract the |
Western Agency company is empowered |
To- sell the Western Security company's |
stock, holding the entire amount OF cash |
resulting from such sale. In return for |
this transaction the Agency company as.
signs to the Security company 10 per cent |
OF the premiums received from the Con
tlnental Life. Mr. Tyree. IL Ia said, owns |
majority OF the stock OF the Western |
Agency company, which transacts the |
business for both the Continental I.ifc
and Western Security company
Much Surprise Expressed.
Much surprise has been expressed as to
how the conditions complained OF could
possibly be brought about with such
list OF prominent and influential citizens
comprising the directorate OF the com
for from the fact that Mr.. Tyrec has per
sonally obtained proxies from stock.
holders which gives him the right to
use them he may desire "at any stock
holders meeting. whenever and where
ever held; continuing until otherwise pro
vldcd''
side In Idaho, Montana. California and
Utah, the claim being that II would he |
an utter impossibility for them at ali
times to attend stockholders meetings
Merging Of Companies.
This merging OF the companies into n
Western trinity, 1t seems. has not met
with the approval of many of the direct
ors, but II Is said that the deal has ol
ready been conSummated by the cxecu
tive committees OF each company in all
membership. and upon whose instance II
is said, the merger was made possible
That there are internal dssensIons
among the directors OF the ContInentai
Life and Western Security company on
account OF present conditions is known
to quite few, number of the direct
ors having recently resigned their posi-
tions. Further developments will doubt
less follow
View of Policy-Holder.
In speaking of tho matter last ovenIno
a Continental Life policy-holde aaiS.
1T Is too bad that tho Insurance. conI |
pany should be so misconductcd for |
consider 1t n great injustice TO its polIcvi
holders"
Discussing the matter last night Frank
Pierce, vice-presldcnt and counsel OF tbn
Life Insurance and Invest
nent company, said that the affairs Of
he company were In the best possible
condition. The company, he said had
written about 100000 OF insurance dur |
ng the past two years and was prospcr- :
ng in q highly satisfactory manner !
Regarding the alleged connection he
wcen the San Francisco trust concern )
md the Continental Insurance COMPANY ,
Mr.. Pierce said he knew but little but I