Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1909-06-23
CONTINENTAL LIFE
IN GOOD CONDITION
actuarys Reports Upon the Afrnirs Of
Tie Company After an Ex-
haustiyc Examination.

,rhn report on the condition of the
Continental Life Insurance d invest
ment company was made public TINS
| morning, the examination being made
/ by Paul Woolston, an actua1'S OF L'eil-
| yer.
The report refers to the bad manage
| ment OF the first two years of the com :;
panys existence, when some Of the
| Officers are said to have worked for
| their own personal aggrandizement IN
stead OF for the permanent success OF
ltile company The present management
| is given credit for the way in which 1t
| has worked to put the company on a
Sound basis. which Is now the case. the
reports says. When they took hold OF
company 1t is said to have been N !.
lprecarlous condition, with Its eap1tal
stock impaired. Now the condition is
said to sbe sound, and In spite of the
! had management of the first two years,
| the actual,y In his report says.it Is not
| found that the interests Of the policy
| holders have suffered.
| The report gives a history of the com
pany since it's organization. Feb. ~.
l1904 and deals with It's relations with
| the Western Securities company and
| the cancellation Of the contract with
that company Feb. a. 1909. as 1t was
found to be an llrrwise one for the
company and losing one for the
| Western Securities company 1t also
deals with the Western Underwriting
association. another subsidiary com
pany, which was organized June, 1906,
and appointed general agent of the life
Insurance company fcrs20 years, and
which was absorbed by the Western Sc
curities company December, 1907.
At the time Of the transfer OF tho
assets of the Western Securities COM
pany to the Continental Life Insur-
ance company. the former owed the
latter $3.50, 1926. and IN addition $685. 6S,
which the life insurance company.
agreed to pay. The assessed value OF
the assets turned over was SILT 67S.l3,
| but the examiner places upon them the
value Of only s163,a26,35, which is more
\ than sufficient to meet all demands.
The report shows the net ledger as
lfsets to be SBss,310.42 in addition to
| which there is S21,204.71, entered as
ltnon-ledger assets.
Items not admitted, such as loans
on the company's stock, agents debit
balances, book value of bonds and
stocks over lnarset value, e.c,, y, a.e
| placed ut 34,30706, making adj
}mitted assets of the company $ol5,-
y2OS.07 sls
! sTrhe liabilities are shown to BIO s277.-
t403 %. without king in to account cSLpl-
tai stock, which is sos, s75 .00;a and eun-
assigned funds SIS, 929S2, making a 70,
| tai OF $5T5,2OS.O 7, the same as the total
assets footing. The total amount Of
insurance IN force Dec. 81. 1908. WAS
| Sb,97a.372 The largest loan outstand-
| ing Is one of S93, Oh So whiehsthe exam
| liner recommends be cut down to $780,
600 and also that IT he paid when due.
and that no more loans be made on
| similar security.
lit is recommended that the company
Include inits statement of this year
as a liability, the accrued dividends on
participating policies Also that stock
certificates calling for a par value Of
500 DO called in and replaced with
| those representing a par value of So,
which is the present par value OF the
| stock.
1t is recommended that mo loans Of
| moro than $4,000 be made to any one
person or Institution until the assets
i exceed 100000.
The books. which arc said to haze
been examined and thoroughly check.
ed, are reported to bs kept in excellent
| shape. 49, $50 f
4. The examiner. after making con.
4 servatiye estimate of the assets AM
liabilities, places the market or rea
4 value of tie stock Of the Contincntd
Life Insurance company at SEA PEI
share.