| Show ALLEGES STOCK STOCKIs Is MANIPULATED TED I Seattle Man Brings Suit Against Continental Life Company and Its Officers ASKS FOR AN ACCOUNTING Declares That Pro Profits its Have Been Diverted to the Detriment of Policyholders Policyholders Policyholders' Policyholders Policyholders' Pol- Pol Interests Everett E E E. Simpson of oC Seattle began proc proceedings in iii the l feder court yesterday yes yes- erday against the Continental Life Insurance Insurance In- In urance company compan of Utah making grave gravo c charges of pC f stock manipulation i against ag Its Us officers and directors all ail p prominent citizens of ot Salt Lake and an accounting of or Its affairs and Ir if f necessary tho time appointment of ot a n re receiver receiver re- re el cel to clear up tho the tangle tang In which he hc alleges It has become involved ol Besides the company compan TV W. t S. S nick John Dern Frank J J. J W. W II IL Cunningham Thomas R. R Cutler Culler Fred rell C C. Jensen Harry Hall C. C Edwards and Ii H I. I N. N Mayo arc named as defendants ts Simpson brings the tho suit as us a policyholder policy policy- holder and invites all other Ors ers to with him In conserving Ing tl-clr tl common interests The Thc complaint sets forth foith that the company since Its or organization In 19 1901 i has hiatt las written over Insurance and has hus used a as Its chief Inducement a generous system of dividing surplus profits amon among the policyholders after aftertime he time manner monner pi by life Ute Insurance I companies It Is charged that by I b man- man manI I of ot stock on the part of some of uC the defendants defendant legitimate and rightful source of or surplus profit has been diverted dl In such manner that there theres Is s no surplus to meet the company company's s provisions for tor division with 1 policyholders holders hold ers is and that as a result the Interests of the latter are arc endangered The Time complaint recites that In 1905 1005 the Western estern Securities M company of or Arizona was formed by bo tho the same men and that he time two companies' companies affairs became Identified to such an nn extent in fact act that the profits of ot the insurance were were- largely diverted to tho the new company leaving the old In vcr very unsatisfactory condition so fur tar as the time Interests of at policyholders were con con- corne corned Simpson prays S that an accounting be bo ordered by ly the lie court and that an order bo ho Issued bringing the tile defendants Into court to toil tell what hat they the know of or tho the company's compans affairs Further it is asked that I if such an investigation Justifies It It a receiver be appointed for tor tIle the compon to sec lec that tho the mone money diverted di rem the tho life lire Insurance company compan to the tho see security url ty company be he returned and full restitution bo be made for fOl al alJ transactions transactions by which tile the Interests of at the thc first company aro arc alleged ed to Intro have suffered |
