Evening star. [volume] (Washington, D.C.) 1854-1972, 1879-02-17
The Meeting To-day.


the goth OF January, was called to order at
Franklin Hall, 18th and streets) Mr.. Norment
president, In the chair. and Mr.. J. w. Boteler
secretary. At ten O'Clock there were about $50
persons present, but during the meeting this
number was considerably increased.
MI. NJ. Dean. the chairman OF the committee
OF seven, said they were ready TO report, and
Mr.. James 5. Edwards, secretary, read the re-
port:
1t show In bank to credit of treasurer. Janu-
airy 81, ,IS2; in safe, 50 SIS Reported by Mr.
Mckelden, in his hands as treasurer, 81 $40 u:
bonds and STOCKS ID. c. 3.65S, gold, &C, (par
value $4,000, market value S25,92n,) cost s25 025
prom1SSOry notes on cOllateralS, s. Norment
$4,000 on Met. R.R., W. q c. X. R., and Corcoran
Fire Insurance stock, valued at sl6,l6); John
Van RiSwick, $4,000, secured by Great Falls Ice
Company stock, valued at LOO; NJ. G. Emery,
$4,000, secured by stock of Met. X r., valued at
ST, S64; G. b. Church, $1,000, secured by Great
Falls Ice Company stock and notes, valued az
$4,000 Z. WhittleSey. 81 900 secured by SD shares
Detroit Car Loan Association, par value 81 0D,
but not known to committee. PromiSSory notes
secured by real estate or real estate noteS-F
Howard, notes $4,000, real estate security, as
sessed value s5,5s6, committees value $500;
JAS. w. Barker, SSG00, secured by real estate
s1,s13; j. w. BotelOr, $1,000, secured on real
estate valued at $4,000; s. ID. Castleman s.. Oti.
taxes from rs TO rs s., 26I 35, are due: John T.
oassell, s2.Coo, secured b. real estate worth
$1,000; Dr.. w w. Johnson, s., 900, On properly
valued at $1,000. Promissory notes and mis-
ceilanet u5-WarreD ChOate & Co, &, 800. en-
dorsed by McGill & Witherow, who refuse TO
lay; j. NJ. Meyer, $500, estate OF w. L. Wall
open account. S250-total, S206, $40 25. Premium
notes reported by secretary, 81 1888, 500. Real
e=tate-MaIDle building purchased for 500, 900:
assessed value $50, 100, committee value s35 0J0
actual cost $50 9S4 49,
a table is submitted showing amounts paid
officers from organization, as f0llOws:-U lysses
Ward, president and manager from 1855 to 1SeS,
s',o64; 5. Norment, president, manager. for sur
yets, and allowance for horse feed, from 1865 to
date, S1S,S6S; j. &. Mckelden, treasurer aud
manager, from 1864 to ISIS. Sc, 126 IS: ChaS VIII
son and A. Ansell, secretaries to 1866, s9,2l5 So
j. Wesley BOteler. secretary from 1867 to date
SALARY at first 81 800, then 81 ,S0 81 O00 and now
S2,4G0, and extra comp ensation) 1923, goo; Mana
gers John Van Rlswck, from 1865 TO date, s. 40;
NJ. q. Emery, do, 81, O4G; w. King, fro n 1868 to
date. 81 ,4S4, (Mr. King has never received over
5000 per annum:) $. d. Castleman, from 1866 10
1877, Sl,5SI; DR.. +. Howard, from 1868 TO date,
81 Olo5O. Total officers and managers So, 900 IS
ReIenues and receipts from organization,
$4i3, IS5.5I-made up OF interest on premium
notes, S239 149 So; do. on investments S64 4S5 81
from builders risks ~, ESQ 06: rents and income
Marble building, 50, 1864. Disbursements from
organization, S23s, 146 22-Salaries, 500, s62 81;
fire losses, si1.13l.37; dividends and with
draWals, SIS, 15l.9l; taxes and expenses Marble
A reorganization follows, and the committee
say that SIS, 900 is due from five of the mana
gers, So from the secretary, and 5000 from
an ex-manager, making an aggregate or f5o,Oo0
at per cent. interest. 1t is further shown
that Mr.. Mckelden admitted On the Sd OF De
cember OF having $40. 72O4. The company hold
his bond for 100000, secured by real estate
They also find that in October 1871 he trans
ferred hisintereSt in the Marble building for a
bonus CT S1.400. They state further, that by
the Shrinkage OF value, and loss or interest on
the money paid for the building, at per cent,
$4,000, the loss TO the company has been nearly
$4,000. The loans to MeSsrs Boteler, Castle
man, and Howard, in the opinion OF the com
mlttee, are inadequatdly secured. The other
loans appear good, and the value OF DIsrric.
bonds is 1894 over their cost. They state tntt
The books have not been kept in satisfactory
condition; that 1t is not necessary to increase
the surplus fund, and recommend that a care
1uI statement De made as soon as possible
Inc report is signed by all the committee eX-
cept Mr.. Boteier.
Mr.. j. B. Wilson moved to recomrnt the re-
port With instructions TO print and tina wlan
the meeting adjourn il be TO Monday next. al 10
O'CLOCK: carried.
Mir. Manning moved that the committee go
into The committee OF tie whole with Major
A. e. Richards in the chair; carried, Mr. J.
EdW ards was elected secretary
MT j. Is. Clagett moved an amendment to the
bylaws that none or the funds OF the cOmDany
be invested in real estate except with the con-
currence OF the stockholders
MIR. NoRMENT RESIGNS AS CHAIRMAN.
MI. j. &. wilson raised the question that in
committee OF the whole the bylaws cannot be
amended, ard he suggested that Mr.. NOrment
resign as chairman CT the meeting OF stock
holders.
Mr. NOrment came forward and rendered his
resignation as such.
The question was then raised that the re.
signation could not be accepted by the com.
mittee. ~
The committee then rose and Mr. Nornant
took the chair and proceeded TO address the
meeting, stating that when he took hold of the
company ii years ago they had s. 600 600 in
sured, and now they carried 81 900 900 some
thing had been said about horse feed and he
defended that, for 1t could not be expected thai
they should go cut In the county pIod(iny
through the mud. He had In much OF this bust,
ness paid party (Mr. I. A. King out or his
OWL pocket. He pointed to the history of the
company with pride, and he did not believe
| that they could lind another which had been 50
/ successful AS 10 the large surplus, he said
| tlat they had been considering the question OF
recelptiDg ali policies prior 10 1915, until this
/ IhalleT was sprung. He referred to the com
| Pany having had a loss OF $4,000 with but 500
ia lbe treasury, when he advised that there
sne uio Oe no assessment On tie premium notes
Which would have virtually wound I'D the com.
| pany. In conclusion he asserted that he Ia
been true 10 the interests of the comn9nV ana
rendered his resignation as president OF rhe
| meeting, which was accepted.
Major Richards was again elected president
Mr.. Coughlan raised the point that the secre-
tary by the bylaws was the secretary of the
annual meeting.
Mr.. Boteler declined 10 serve as secretary and
Mr.. Edwards was elected.
THE BYLAWS AMENDED
Mr.. j. j. Edison said the report was one which
did credit to the committee. He moved e.
amend the bylaws so that the polls could be
Kept open from 10 am. to 10 pm.
The motion TO amend was adopted
Mr. Dean moved that the chair aDpotpt 6.-a