The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-04-19
ANNUAL MEETING OF STOCKHOLDERS OF

ANNUAL MEETING OF STOCKHOLDERS OF
THE PIEDMONT AND ARLINGTON INSURANCE
CoMpANY-REPoRT OF THE PRESIDENT AND
BOARD OF Directors. annual meeting
OF the stockholders Of the Piedmont and
Arlington Life-Insurauce Company was
held yesterday-ReV. DR.. Edwards in the
chair. The report OF the President and
Board OF Directors was presented, saying :.
ain presenting this our annual report Of
the Board Of Directors to the stock and
policy-holders Of The Piedmont and Airing
ton Life-Insurance Company it affords us
much pleasure to be able to state that
whilst iHc are passing through one OF
the most severe and unprecedented periods
OF financial embarrassment, depression,
and disbursement, and that while it has
told with fearful effect upon the business
interests of the country, we, as company,
have gained material strength and improved
in financial condition. r
"From the annual statement OF the COM
pany. which we have the honor to submit
herewith. it will be seen that the total
amount OF income for the year was 1928, l26,
which, added to former accumulations,
makes the sum of $3.50, ,3G5.O7; that the
expenses, including commissions to agents.
salaries, taxes, &c, &C., were $1l0,-
7SS.63: that the disbursements, including
mortality, matured endowments, dividends,
annmtics, surrender Of values, &C., paid for
policv-holders, were $416, 4l2.36; that the
capital stock was retired to the amount OF
S10O, 900, leaving assets on hand, 81 $685.
164 .0S; from which, after leaving the reserve
necessary to cover the company's liability to
policy-holders, we have the surplus OF $780,
900.
at will also be seen that the expenses Of
management for the year were 500, 600, ana
the mortality SGS,000 less than last year; /;
that the income from interest and rents
was nearly sufficient to pay the death
claims, and that, although 100000 OF the
capital was retired, yet the income was more
than the out-go, including this item, after
providing an increased dividend over the
! last year to the policy-holders. The $780,
600 capital stock retired and replaced from
the funds of the company with view to
further reduction) has been and will be
q great and continuous gain to it. In the
early wears Of life-insurauce company the
caDital stock is undoubtedly source OF
strength to it and indemnity to its patrons;
but when by the accretion OF assets
and resources that come with time and
prudent management the company is en-
ablcd safely to retire the stock, that adds
but a small portion to the security and
draws largely from the distributable fund,
it il manifest that due regard to the best
interests Of the insured demands that it be
retired, and the policy-holders only receive
the profits OF the business. We are satisfied,
after mature deliberation, that your COM
pany cannot only safely dispense with the
stock already retired, but that it would
really conducc to the welfare OF its insured
if the remainder was thus disposed Of and
the company managed solely in the interest
OF those who, after all, arc the real owners,
and should be the material beneliciaries OF
the concern.
"That this company is now an assured sue
cess; that it has now closed with honor its
first decade, and paid the widows and or
phans Of this country-mainly Of our own
IMPOVERISHED section-the grand aggregate
OF s2,252, ,19O.S9; that few il any OF the MI.
merous enterprises Of a similar character
have within like period from their jncep-
ton made such rapid progress. built up
such business, and continues to offer such
protection and security to all, is fact OF
which we can Justly be proud
In the concluding portion OF the report
increased business with the coming OF bet
ter times is promised, and the belief is en-
pressed that the public confidence in life
insurance is unimpaired.
The report was adopted, and the present
directors and officers were all reelected.