The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-05-08
East Augusta Mutual Fire Insurance Com

East Augusta Mutual Fire Insurance Com
pany.
ANNUAL. MEETING OF THE STOCKHOLDERS
REPORTS OF THE PRESIDENT AND
NEUTRALITY-SUSPICIOUS. OF OFFICERS.
Not quite nine years ago, number OF
the substantial farmers and business men
of Augusta county, met in the village OF
New Hope, for the purpose OF effecting some
plan for the insurance Of their property
against fire, without mourning the exhoroi-
tant charges which most companies exact
The result of the meeting was the organiza-
ton of an association called the East Augusta
Mutual Fire Insurance Company, with Sam
uel CARRIER, as President; A. Il. Fierce,
Sec; Christian Cline, Treas; and the Hfs1
policy was issued to Samuel Garbpr,in June,
1870. Since that day the East Augusta mas
extended the sphere of its benefits, until
the property insured is now worth over
million and half of dollars. and its men,
bers represent every section of the county.
AS an evidence of the wisdom and success OF
its management we have only to state that
its losses have been promptly paid. and that
| one tenth Of one per cent. annually on the
amount Of property insured.
ANNUAL MEETING.
On Saturday last the annual meeting Of
the stockholders of this Company was held
in the Court House of this city. The meet
ing was quite full one, and the business
before it was disposed of with little talk and
in the most business-lke manner.
THE REPORT OF THE PRESIDENT,
Mr.Jn Towberman, was submitted. 1t show
ed the losses by fire during the fiscal year as
follows:
c. T. Palmer's storehouse...
DR.. c. A. Dold's stable........"....... 1885, %
Franklin Barger's barn.................. lO0
j. A. Hamrick's dwelllng............... 700
sl.Os3.3a
Assessed value of property insured
during the year.. ...................."s7l,2l t
Increase of liability. ................... 33.4ut
Increase Of stock, $50 each, 66S shares.
Receipts for membership fees, $ll6.45.
Incidental expenses incurred, including
Secretary's salary, s170.46.
Number of shareholders who have died
10.
From the organization of the Company tt
! the present time, the Secretary's books show
the following: Gross amount of property
insured, $l,556,275. Net liability of Com
pany, 81, O37, $40, or two-thirds of the value
of property insured. Number of shares
2O,7s2. Number of stockholders, 1874. Tota
number of buildings insured, 1857, of which
five are churches.
Since the organization thirty-seven men,
bers have died. The total losses have been
6,757.3335, all of which have been paid ex-
cept for Barger's and Hamrick's buildings
the former being provided for by levy which
will be paid at maturity, and the latter will
be met in due time.
As far as the President has beer able tC
ascertain the burning of the Hanger, Hyden,
and Rankin buildings was caused by incen-
diaries, and that of the Padgett and Bargel
buildings resulted from the careless use Of
cldental.
So far there have been, in all, eight levies
TREASURER S REPORT
| was as follows:
Amount received during fiscal year ,043 sc
Total $l,544. 81
q
Leaving and balance of.-s 265.36.
ELECTION OF OFFICERS. &C.
After the reading and approval Of the re-
ports, considerable time was occupied in the
consideration of matters Of general interest
to the Company.
Resolutions were adopted providing that
on policies hereafter issued the Company
will not be responsible for losses occasioned
by invasion, insurrection, riot, or civil COM
motion and that the Company will not be
responsible for the loss of any building,
which at the time of the loss was being used
for other purposes than it was used for at the
time of insurance, unless with the written
consent of the Board OF Directors. Partlc-
ular attention was called to this last resolu-
ton, and the members of the Company re-
Quested to note it carefully. A motion tc
levy an assessment to meet the estimated
losses for the year was defeated, and in con-
formity with the charter, the Constitution
was so altered as to allow the President tic
levy assessments to pay losses and expenses.
The Presidents salary was fixed at $50
er arnum. Heretofore he has received no
salary, and taht now given him is only de
signed to defray actual expenses incurred ia
the transaction of the Company's business.
The election of officers being in order, Mr..
Sutler nominated for President Mr..
Jno. Towberman. Before the vote was tax.
ell Mr.. Towberman stated that he sincerely
desired to be relieved of the Uf1ice-that he
had filled it for five years and thought it
time it should he conferred on some one
else. The shareholders, however, would
listen to no such appeal, and Mr.. Towber
man was unanimously elected to preside
over the affairs Of the Company for anothe +
year, position he has ably and satisfactor-
lily filed.
The old officers, with The exception OF ne
director, were then unanimously reelected.
Mr.. X. B. Coner was chosen as member of
the Directory in place of Mr.. Daniel Young.
The officers thus elected are as follows
Jno. Towberman, President.
A. e. Pierce, Secretary.
Jn". tirebaugh, Treasurer.
Directors-Samuel CARRIER, j. Wayt Bell,
j. j. Larew, Daniel Miller, G. w. Sutler,
d. F. Hoover, Ii. q. Leig, and X. B. Coiner.
The meeting then adjourned.
Lexington Presbytery.
The meeting OF Lexington Presbytery, at
Chnrchville, an account of the first two