OCR Text |
Show A LOCAL INSURANCE SCANDAL. It looks as if Suit Lake had an insurance in-surance scandal of Its own. Tho things which havo como to light in regard to tho Continental LIfo Insurance Insur-ance company have a very unsavory flavor. Tho Continental LIfo company com-pany was organized In Salt Lake about three years ago. It was promoted promot-ed by Hiram Tyreo, an Insurance gent whoso stamping ground had hitherto been mainly Idaho and Montana. Mon-tana. Mr. Tyrco was not supposed to o a man of any great means at that tlmo, although now ho may bo quite wealthy. Bo that as It may he alluringly allur-ingly held out tho bait to Salt Lakors that It would bo a good thing to keep Insurance money at homo and to do hat It was necessary to organlzo a local Insurance company. Many of tho prominent business men of high character and commercial acumen 00k tho Tyreo bait, subscribed for itock and became ofllcers of tho com-nnny com-nnny which was successfully launched ind which occupied fine ofllces, first 'n tho Desoret News building and btor In tho now Atlas block, with Mr. Tyreo as manager. Everything wont Mong nlcoly for a time. But a few nonths ago a number of tho directors tccamo dissatisfied and summarily -overed their connection with the company. u appears mat Mr. Tyreo ueroro ho annual meeting of stockholders t tho end of tho first year secured mough proxies (tho latter so worded 's to give Mr. Tyreo almost as abso-uto abso-uto power as If ho owned tho stock) lo glvo him complete control of tho company. Mr. Tyreo then elected him 'elf president of tho Continental and t tho meetings arbitrarily adopted 'osolutlons and approved contracts -nado by tho company with other concerns. con-cerns. It appears that Mr. Tyree also or-;anlzcd or-;anlzcd and floated two other com-ian!cs, com-ian!cs, tho Western Securities company com-pany and tho Western Agency com-iany, com-iany, with headquarters In San Francisco Fran-cisco or other points outsldo of thl itatc, and that ho was tho principal iwnor of at last ono of thoso com-tmles com-tmles and absolutely controlled liem, It further appears that tho Continental LIfo company and tho Vcstern Securities company mado certain contracts with tho agency 'ompany by which the agency company com-pany derived largo sums of monoy "rom tho Continental Life company nd In fact obtained completo control it tho Continental company and slm-ily slm-ily mado tho Continental company a lopious feeder for tho other two con-orns, con-orns, not only for tho present but "or twenty-Hvo years to como. Thoso are a fow of tho allegations nado by tho dissatisfied stockholders md policy holders of tho Continental lompnny. It Is also said that tho itatoment of business done by the Continental company and of its gen-iral gen-iral condition furnished to tho secro-ary, secro-ary, of state would bear Investigation. Investiga-tion. Tho stockholders of the Contl-lcntal Contl-lcntal company nro very bitter In lenunclatlon of Mr. Tyreo, whom they charge with milking tho Continental company to feed tho gency company of which thoy aver Mr. Tyrco Is tho principal owner. Tho matter will likely bo taken Into tho courts. Anyway enough has been developed de-veloped to warrant thorough Investigation. Investi-gation. o |