The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-06-24
REPORT MADE ON
CONTINENTAL LIFE
Condition of the Utah InStitu-
ton Is Found to Be
Excellent.
HISTORY OF COMPANY
SET OUT IN DETAIL
Market Value of Stock Placed
at Sl2l Per Share by
Examiners.

The report on tho condition of the
Continental Life Insurance and In
vestment COMPANY following the ex.
animation by Paul l.. Woolsion. au ac-
tuary Of Denver, and tho insurance
commissioners of Utah. Idaho and Ore.
gon and the deputy insurance commis
sloner of Montana, was given out
Wednesday.
The report deals at some length with
the bad management Of the company
for tho first two years of its existence.
during which some Of tho officers are
said to have given moro attention TO
their own personal aggTandi cement
than 10 the real interests Of thc com.
psny. Full, credit is given, however.
to the present officers and directors for
the manner in which they have brought
about au excellent condition in the
COMPANY. Al the present time The
condition is reported 10 he sound, and
IN spite of the bad conditions of the
first two years the actnary states that
it is not found that The interests Of
the poicyholder5 have suffered.
History Of Comapny.
A fairly complete history of the
company since its orgauiza ticn in Feb
ruarv, 1901 is first set forth in the
report, especially the relations Of the
company with the Western Securities
company and the cancellation OF the
contract with that company on Febru-
airy /, 1909. This contract was found
Ia be uuwise for the Continental com
psny. and not successful for the West
ern Securities COMPANY The report
also deals with the dealings of the
Continental company with the Western
Underwriting company. another sub
sldlary company, organized III June.
1906, and which was absorbed by the
Western Securities company in De
cembeT. 1907.
Regarding the financial relations Of
the Continental company and the West
ern Securities company at the time Of
the seHerlng OF their relations, the re-
port states that the Western Ssecuri-
ties company owed the Continental
Life company $153,9a1 26. which the
Continental company agreed 70 paw
The assessed value of the assets turned
over was $2l7,613. 13. hut the examin-
ers place on this value of Sl63 ,226. .35,
which is moro than sufficient 10 meet
all demands.
Net Ledger Assets.
The net ledger assets are placed al
S68S,3l0 40, IN addition to which there
are $21.2o4. Il entered As uonledger as,
sets. Items not admitted. such az
loans on the compsny's stock. agents
debit balances, book value of bonds and
stocks over market value aud the like,
are placed at sl34307 06, thus max
ing the total admitted assets S575,-
208,o7.
The liabilities of the COMPANY are
shown TO be s277, 1925, without tax
ING. into account the capital stock,
which is S20SS75, and UNASSIGNED
funds amounting to SIS. .929.s making
a total of $575,20s.07. The total
amount of insurance in force December
81. 1908. was S5,972,372. THE largest
loan outstanding is so5.o1s.ss. which
the examiner recommends should be
cut down TO $4,000. The recommend.
alton is also made that This be paid
when due and that no moro loans be
made on similar security.
Reconlme Made.
IT is recommended that the com.
pany include in its statement Of this
year liabilities the accrued dividends
on participating policies. It is recon,
mended, also. that stock certificates
calling for par value of 800. be-
called in aud replaced with those rep.
reseuting a par value of s75. the pres,
ent par value of the stock The re.
port suggests that no loans of moro
than $5o,000 be made 10 any one per
son or institution until the assets ex-
ceed Sl.000000, The examiner reports
that tbc books of the company have
been kept in excellent shape. The
market or real value of the stock OF
the Continental company is placed bv
the examiner at s124 per share. ac-
cordng TO what is said by him TO be
conservative estimate