Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-09-11
FORESTERS PLAN
FOR MASS-MEET|NG.
Newark Members Will Discuss
Proposed Tax to Make
Up Deficiency.


in this city who are affected by the
proposed taxing system to make up a
deficiency of $25,250,000 In the order
will be notified within a few days
of massmeeting at which the pro-
posed plan will be explained. A
meeting of the members from various
courts was held last night In the
Eagles home in West Park street,
under the auspices of Court General
Runyon and was largely attended.
Arthur Wenzel, high chief ranger
Of this State, presided at the meet
ing. He explained that the proposed
taxing system would effect only those
members who Joined the order prior
to 1899. The supreme court of the
order adopted the plan at a meeting
in Toronto on August rs last, he de-
clared, and the vote on the PROPOSE
ton was ITS to %. Thereupon the
plan, which conforms with an act
passed by the Canadian Parliament,
at the instigation of the officers of
the order, became binding upon all
members In explaining what the act
means he quoted the following from
an official circular published at the
Toronto headquarters of the order:
THE act makes no change what
ever in the objects or in the monetary
benefits of the order. The purpose of
the act is to place all the mortuary
benefits of the order upon the solid
financial foundation of actuarial
solvency, |. e., when the provisions of
the act are carried into effect the or
der will, with its present income, at
all times have enough assets to meet
the certificates of all the members as
they fall due, without changing the
rates of assessment of any of the
members in the future. In short, the
order becomes 100 per cent. sound
Just how the sound financial basis
will be acquired through the provi-
sions of this act was explained as
follows:
How Funds Accumulated.
1.-THE act directed that the order
should ascertain how much of the ac-
cumulated funds of the order had
been accumulated from the payments
of the members who entered the order
under the constitution from time to
time in force prior to the first day
of January, 1899. and how much of
the accumulated funds had been ac-
cumulated from the payments of the
members who entered after that time.
This has been done. and 1t has been
ascertained that on December III,
1912, Sc, 245, $50. So had been accumulated
as the result of payments of the pre-
1899 members, and that $14, 81, .09
had been accumulated as the result
of the payments by the post 1898
members.
"The act then directed that valu-
alton should be made of the 1iabili-
ties of the order under the pre-1S99
certificates. This has been done. and
it was found that upon the basis of
the orders own experience (Which is
the standard under the act, the
present value of the certificates held
by the pre-1S99 members amount to
$50, $50, 900. as on the first day of Oc-
tober, 1913 and that the share of the
funds applicable to such certificates
at the same date would be $6,000,000.
"a like valuation was made for
the post 1898 certificates of the order,
and It was found that the share of
the funds applicable to this business
was Saba, 25009 on December 81.
1912, which was more than SUFFICIENT
to meet all the liabilities under the
certificates of these members by the
sum of $1.725,o00.
Therefore the post 1898 members of
Inc OTOeT tltu nOL OItg pau SiiOu6 II
to mature their contracts as they fall
due, but-chiefly owing to the excess
interest earnings over the 4 per cent.
required by the valuation-could
spare. through the fraternal fund,
81, 000, 900 to assist the deficiency of
the pre- 1899 members. And no change
need be made in the rates of assess
ment of the members paying the 1899
rates, either now or hereafter.
Big Deficiency on Oct. 1. 1913.
After allowing for the s1,000,0OO
transferred through the fraternal
fund to the funds of the pre- 1899
members, thereby increasing their
funds to $7,000,000, as on October l,
1918, there would be a deficiency on
the latter date of $250,000 in respect
of certificates of the pre- 1899 men,
bers."
1t is this deficit of s25, 25O.OoO that
the members joining the order prior
to 1899 will be required to make up.
It is estimated that there are 100, =
900 members of the order who will
be subject to the new plan of taxa
ton. About 400 Of these members
reside in Newark. Although there
were q number of these members
present at the meeting last night no
opposition to the plan was expressed.
the members appearing to be con-
tent to have the project explained to
them.
"There is little likelihood of any
objection being made to the plan,'
said one officer after the meeting.
Eat least any concerted objection
which might lead to disruption in
the ranks, as has been intimated by
outsiders. The deficiency must be
made up. according to law, and the
officers are trying to get the sum re-
quired in the most equitable manner.
There is no other way out of 1t and
when all the members affected under