The paper presents both theoretical and experimental study fur dynamic instabilities of a vortical cantilevered pipe with two attached lumped masses conveying fluid. The two attached lumped masses can be considered as valves or some mechanical paras in real pipe systems. Eigenvalue behaviors depending on the flow velocity are investigated for the change of Positions and magnitudes of an attached lumped mass and a tip mass. In order to verify appropriate of numerical solutions, experiments were accomplished. Theoretical predictions have a good agreement with experimental ones.