The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-12
POLICY HOLDERS MEET
LIVELY SESSION HELD IN THE ST.
PERIOR COURT YESTERDAY.
Report of the Receiver Heard by
Those Interested in the Mutual
Life Insurance Company.

A meeting of the policy holders of the
Mutual Life Insurance Company of Indiana
was held at 2 o'clock yesterday afternoon
In Room 2, Superior Court. The meeting
had been called by the Union Trust Com
pany, receiver of the. insurance company,
to give the policy holders an opportunity
of suggesting the best plan of disposing of
the company's assets. The report of the
receiver, showing the financial condition of
the insurance company, was submitted and
there was a good deal of discussion, but
the meeting adjourned without having ac-
complished more than an exchange of
views on the perplexing problem.
1t was a curious gathering of people from
all over the State and some were there
from other parts of the country. Fully one
thousand people crowded into the room and
packed all the available space. One-third
of the gathering was composed Of women,
most of them colored. A great many were
interested in the industrial department and
they were there to find out if possible what
had become of the p~ittance paid in from
week to week. The galleries were crowded
with women-many of them from the ranks
of the laboring classes. They peered over
the balustrade, anxiety pictured on their
faces, listening intently to all that was
said of the affairs of the Mutual Life.
Downstairs the crowd of policy holders was
dense. Men were there from nearly every
county in the State. Most of them were
policy holders, but there were many who
came in the interest of members who could
not get there. A great many held proxies
and came instructed TO vote for anything
that would save the funds of those they
represented. Several women crowded into
the room with children in their arms and
frequently the wall of an infant was heard
above the din of fiery oratory. 1t was a
restless, anxious throng, waiting for some
one to take charge and suggest something.
AT CROSS-PURPOSES.
John H. Holiday. of the Union Trust
Company, was present, with Henry Eitel,
vice president of the company, who, with
an accountant, had gone over the books
of the Mutual Life. Mr.. Eitel carried a
bulky roll of manuscript containing a maze
of figures. Captain w. r. Myers, president
of the insurance company, mingled with the
crowd of policy holders, but did no talking:
Several names were suggested before the
meeting was ready to accept one of them.
Finally A. NJ. Wagner, of Muncie, was Sc
lected as chairman and Henry Eichhorn, Of
Bluffton, secretary. The meeting grew
noisy at the start over a motion of Robert
NJ VIZ anu liz OAl0 " oPNhh VI WV
who was not a policy holder. This motion
provoked a good deal of lively discussion.
This would prevent many of those repre-
senting proxies from having voice in che
meeting. Senator Lafollette, of Portland,
thought it would be unfair, as there had
been no notice concerning proxies sent out.
Let them show something that indicates
holder" declared Clarke. 1--WE people who
have money in this thing do not intend 10
be swamped by those who cannot show
who they represent"
II came here representing 5000 of this
pretended stock" retorted Senator Lafol-
lette, now, why do these gentlemen insist
that I can't speak without showing a
proxy? 1t looks like they had some plan
to control this meeting. They may cut me
out of voice in the meeting, but III nave
rights under the law, just the same
"How do we know you represent policy
holders unless you show someth1ng," re-
turned Clark, addressing the senator.
There was then a motion that, those who
attempted to vote without producing ere
dentials give their own name and address
and those of the policy holders they repre-
scented. This motion was defeated, Ihen
there was a clamor for the report OF the
receiver. This was read by Mr.. E1tel, VINO
prefaced the report with a brief explanation
of the tabulated statements to follow. lie
said 1T appeared from the DOORS OF tnS
company that it formerly did two classes OF
businesS-one class a combined building ana
loan and life insurance business ana the
other a clear or straight life insurance DuSl-
ness. The receiver, he said, had first COM
puted the assets and liabilities, considering
the concerns affairs as a straight me IN
surance business and second as a combined
life insurance and building and loan puSl-
ness. The receiver had also separately
computed the assets and liabilities or the
concern engaged purely and exclusively as
a, building and loan business. Mr.. Eltel
said the company had no bylaws, but the
building and loan department had published
rules and regulations. The receiver had
found that this department, so tar as writ
ing new business, had been abandoned, but
was now being carried on for the purpose
of completing the contracts previously
made. Lately the company has been doing
a life insurance business only.
FIGURES OF H REPORT.
The report showed that the company had
$500 policy holders, $500 being what is
known as ''industrials," 1,500 in the life de-
partment and an equal number in the
building and loan department. The Habil-
tiles had been kept as an entirety. Mr..
Eitel then gave the following tabulated
statement of the company's business:
Condition of Mutual Life Insurance Com
pany May 3, 1897, treated as a life insurance
company only:
Kind of Policy. Amt ans. reserve.
Whole life participant o 500 a.
ing ........ ......::.:. S-t'VVV'V0 '""'
Whole life nonpartcl- , q 90