The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-21
THE MASONIC MUTUAL
POLICY HOLDERS LOOKING INTO ITS
CONDITION.
Directors Decline to Make Public
Their Observation-Disclosures Lively
Meeting Held.

Many men in some way interested in the
affairs of the Masonic Mutual Benefit So
ciety talked over the affairs of the institu-
ton yesterday afternoon in the narrow halls
of the De Soto building, while the annu1l
meeting of stockholders was being held. All
those who were not stockholders were ex-
cluded from the meeting. After the meet
ing adjourned r. 5. Robertson, Of Fort
Wayne, president of the society, bantered'
newspaper men about what had been DONE
He refused to give out for publication the
financial statement that had been read to
the few stockholders that were present, say
Ing that 1t was not considered wise to pub
lish it until 1t was sent out 20 the member
ship in pamphlet form. He was reminded
that good deal of alarm had been occa-
stoned by publications made and 1t was
suggested to him publication Of the exact
facts might clear up the atmosphere.
Because alarm has been created by pub
lication we should therefore make more
publications." he queried. He FASTENED to
correct the impression that the reason for
refusing to publish financial statements
was the fear more alarm might be created
For such facts as were obtained the report
ers were indebted to Harold C. Megrew, gen.
eral manager and secretary of the society,
who frequently retired to an inner room to
consult with Mr.. Robertson before answer
ing questions that were asked.
Cross-questioning ELECTED the information
from Mr.. Megrew that the accrued liabili-
ties are 50 OO0-that is, liabilities for MONTH
~ payments that have not been made on
policies where death has already occurred.
Mr.. Megrew explained that when a policy
holder dies his policy does not become pay
able in full but shares with all other claims
in a pro rata distribution from the monthly
assessments collected. If an assessment
were made for the purpose, he said, this
$4,000 could be paid off at once, but the
society confines itself to collecting the
fixed monthly assessments.
Another interesting fact MIR. Megrew dis
closed was that the membership decreased
last year from $500 to about 1900. The
large portion of this decrease was in the
last five or six months since publications
as to the condition of the society were
made. Mr.. Megrew says that a very large
portion of members who have dropped out
will be reinstated on the payment of back
dues. Many Of them have already become
convinced that there is no real cause for
alarm. Mr. Megrew says, and will come
back to the association. Their applications
for reinstatement are on file and the board
OF directors, has power to decide whether
they shall be reinstated.
RECEIPTS OF THE SOCIETY.
The receipts of the society last year, ac-
cording to Mr.. Megrew, were about $4,000.
OF this amount some $4,000 was disbursed
in expenses, including salaries of officers
amounting to $1,000, commissions to agents
for securing new members, making collec-
tons and other incidental expenses. The
directors each receive 500 a year and ex-
penses. There are six of them. Two of
their number are elected president and vice
president, at salary of 500 each year.
Officers may also receive allowances for
extra work" IF they take work home
to do" for instance said Mr.. Megrew,
they are entitled to be paid and have al
lowances made" The remaining portion of
the money collected after the payment OF
salaries and expenses went toward paying
monthly installments on death claims. No
statement of the amount of death claims
that have accrued the last year was given
reporters, although Mr.. Megrew said that
there had been fifty-two Deaths one for
to be 81 900 and the highest $4,000. An aver vs-
age of 1900 each would have created an
ultimate liability of over 100000 last year.
Mr.. Megrew said that the monthly INSTALL
ments had been paid on all but about eight
claims, about which there is some question,
heirs having failed to make proper proofs
of death or otherwise failed to comply with
the requirements of the bylaws.
The society's assets consist of it's ability
to make assessments. While the receipts
last year We're only about $4,000, Mr.. Me-
grew said that they would approximate
$yVOO month this year, or 900 for the
entire year; He anticipated that the mem
bership that had dropped out and new MEM
bers would come in to a sufficient extent
to increase this years earnings $1,000 a
month over last year. Figures showing the
total of dues collected and paid out month
~ and the amount that ought to be paid
out each month, were not given. Mr.. Me-
grew said that with few exceptions month
~ installments had been paid on the entire
pay list" The exceptions were in months
when members dropped out and failed to
pay the assessments against them.
The name of the society / 20 be changed
Although known as the :" onic" Mutual
Benefit Society, the order Masons has
lodges of several States have recently re-
quested all Insurance and otlIer organiza-
tons to drop the word Masonic" from
their name. Masons are directed to sever
connection with associations that continue
to use the term. This fact led to some dis
society and perhaps transfer the member
ship to some other insurance company
There is considerable objection to this, es-
pecially from the old members who say
that they could not get insurance at their
age in other companies. Mr. Megrew says
that the average age of the membership has
been reduced six years and there are a
good many risks that other companies
would be glad to take, but there are some
pany.
There was an effort to hold meeting of
stockholders last night. 1t was given out
that 1t would be held at the office of d. A
Lemon, one of the stockholders at the an
nual meeting, but reporters were unable to
locate meeting in his Office or at the ho-
tells.
AGENT LEWIS NOT SATISFIED.
Jasper p. Lewis. of South Bend. is an
agent of the association. He handles about
twenty-eight members. Recently he has
taken the money from the stockholders
giving them the company's receipts. made
out at the home office here but has kept the
money in his possession for the protection
of his friends One man whose money Lewis
had taken, but had not turned over to the
company, died recently. Mr.. Lewis yester-
day informed the officers that the claim on
the dead mans policy was a valid one
as the company's agent. This protects
the heirs. Mr. Lewis gave a list Of stock
holders in his territory to the directory
and asked that they be reinstated, bur did
not turn the money over and will not do so
until his friends direct it, Mr.. Lewis him
self holds policies amounting TO about 81, 500,
on which he has paid in over $4,000. The So
ciety has no assets whatever, save its right
to make assessments. Mr.. Lewis said that
he was not wholly satisfied with the condi-
ton he found Il was sorry to learn that
the accrued liability is so heavy. There is
not been allowed in the neighborhood of
rIA IL