Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-06-11

II.
cent. However, admitting the full hg
ures, we find that out Of our class o
500 I've give liberal allowaneel, there
would be ave decedents. The ruling o
The Masonic Mutual is, that an assess
ment Of two dollars must be paid at III,
death Of any member OF the class.
use the term class AS general term IL
figures, and not as fact OF the Assocl
alton. II five assurants die during TIE
year, pClicy.holder in the Masonic Mo
tuAl pays annually ten dollars, his mi
tiation fee ten dollars added, and hii
annual assessment Of one dollar for con,
tingent expenses, sum upa gross tar Of
twenty.one dollars for his first annual
outlay. He is supposed 10 live thirty
one years, as long as, in the proprietary,
or mutual line, corporation; and at com
pound interest, he pays first upon his
Ten dollars six dollars and ninety cents;
upon his one dollar for thirty.one years,
six dollars and nine cents; upon his Of
teen dollars, annual installments, for
death rates he pays $Sls; grand total,
$9l4 80. Deduct this from the $l76l
he pays into the other mentioned asso-
Citations, and we find the assurant, who
elects to invest his premium in other
than the strictly mutual, as is the Ma.
sonic Mutual, subject 10 dead loss OF
Ssl9 5l-nearly double the amount Of
assessments in the Masonic Mutual.
These figures are not created from
standpoint Of deception; they will stand
the test OF the severest criticism,
and clearly prove by the tabular state
ments which / have shown a skeleton
of, that the plan Of the Masonic Mutual
Life Assurance Association, Of Mem
phis, is based upon the only legitimate
construction Of the life and expectation
tables, and that all other schemes are
but results OF speculation exhibited IN
reserves that tend to consolidate and
lock up capital in expenses that serve to
enrich agencies. Renewal premiums,
upon whose face the warning presenta-
ton is made Cf examined into) that the
policy holder is not alone mulcted IN
enormous increased rate he pays over
and above what he truly should, but
u per cent. Here you see
where the cat is let out. III the head
Office can afford to pay annually "a per
cent, what must be their profits when
added to the other in the aggregate
budget2 / cite one example in one
year (ls70), the only year | find COM
plete statement-that of eighty-three
companies doing upon the ordinary life
and tontine plans a total business OF
$39 .624, 929, there was an attached ex-
pense account Of $l0,359,042. This is
simply enormous and startling as is APP
the key to the exorbitant incl
dentals OF high rates, carrying lapsing
or forfeitures by mitied policy holders,
as no corporation could live legitimately,
much less thrive, under the pressure of
this incubus of expense These pre- offs
deem sufficient, gentlemen OF the
Directory, to satisfy your minds OF the
superior claims of the Masonic Mutual
over any other so.called mutual associa-
ton, and should incte you to exhibit the
same interest, which | am gratified to
say has marked your course since your
with the destiny of the AssO-
citation, and thus strengthen the policy
holders to renewed effort in aiding in en-
larging the field of usefulness Of our in
whose spirit is tho promotion
of the welfafe Of humanity, and whose
are the purest known to the
moral code and personal sacrifice for
the welfare of others. / am pleased to
assure you that our many friends i'll diff
ferent sections of the country are for
warding, with the names of new men,
bers, their hopes OF continued prosperity,
bidding us to look forward to this, the
initiation of our fourth corporate year,
as one filled with brighter promise than
any Of our preceding terms. This, added
10 our assurance received daily from our
local sympathizers, is an earnest Of the
establishment of the Masonic Mutual
Life Association of the city of Memphis
upon a basis far beyond the contingency
Of panic stringency or the uncertain
tenures held by too many organizations
Oh the alluring but financially treacher-
BUS fabric of corporations! There is
one feature that / would respectfully
suggest as of great value in exciting a
more enlarged development Of our Asso-
citation, and that is the appointment of
general manager for the State, whose
duty it shall be to personally examine
INTO the interest of the Association
1t other points than Memphis, and
who shall act as solicitor and general
organizer of the branch interest of the |
Association throughout the State.
nave learned what is everybodys bust
ness is attended 20 by no one, and hence
\ salaried officer of this character will |
De found more valuable than the old |
Iystem of offering commissions, which |
S an impediment, from the fact that
zach friend Of party will be solicitor
or the commissions, who in his turn will
lesire a reciprocity, which, if met with |
/ refusal, failure is inevitable. The |
working of paid manager, | am conf
lent, will be found of more utilityand yield
/ greater return for the investment than
he irregular procedure of authorizing
my and everybody as solicitors. would /,
llso suggest the necessity of grada-
ion of assessments, based upon the ac-
uary's average of thirty.fye years. In
his wise all assessments under thirty
i've years shall be 81 so upon the death
# a member. Those over thirty-hve
Tears, 50. This, believe, is an equita-
lie distribution, and will meet the views
# our policy holders. It is with much
abstraction | call your attention to the
.ppended report of the Secretary Of this
Association, to whose care and fidelity
am indebted for full statement Of the
Torking of the Association The other
eports accompanying will satisfy your
Board that the affairs OF the Masonic
iutual Life Association of Memphis is
me Of our safest repositories, and that
Is future workings will inure to the ben
fly of society through the building up
t a humane institution, based upon
hat broad study Of love Of man and his
dvancement in the scale Of human
.ro0raaeiou