Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1882-02-21
The Virginia Mutual Protection Associa.
ton.
MEETING OFPOLICY HOLDERs-RrPoRT
OF THE INVESTIGATING COMMITTEE.
Estate of the 16th.1

OF THE INVESTIGATING COMMITTEE
Estate of the 16th.J
The policy. holders of the Commercia
League met again this morning in tn,
Office of the Virginia Mutual Protectiv,
Association to receive the report of thu
committee appointed at the meeting
yesterday. Mr.. J. 8. Moore, the chair
man, after calling the meeting to order
read the following report:
The committee respectfully repor
that such investigation as they hav,
been able to give the affairs of the Vir
ginia Mutual Protection Association
discloses these facts:
l, The minimum capital stock o.
the company by original charter wa
$50, 900.
2. This was divided into 500 shares o
800 each.
8. OF these shares J. N. Wilkinson
holds either by original issue or transfer
45 shares, II. 81. Wilkinson fifty shares
in his own right and forty shares q
trustees. DR.. William M. Withers fifty
]. A. Lowenback, of Harrisonburg
thirty, and sundry others ten shares
each.
4. The whole amount of each paid in
by the holders of this $50, 900 Of stocl
appears to have been but $4S5.
5. There have been received In pre-
MUM accounts since the organization
of the company $45, 817, and In dues
$74 $50, aggregate, $120 1877.
6. All assessments on deaths appear
to have been turned over to J. N. Viii.
kinson, who placed them in his indi-
vidual account and made personal set
Elements with the claimants.
7. The books show charges aggregat-
ing in single sums as high as five, six
and seven thousand dollars to Wilkin.
son, with no items given either on the
journal or cash book, and the entries
are reported to us to have been made by
Wilkinson's orders and some in his OWL
handwriting, the clerk who made them
knowing nothing of them.
| 6. J. N. wilkinson appears to have
been the only treasurer at any time.
9. Mn Wilkins0n's salary seems tt
have been at one time So, 500, and % ,00(
at another, and. as found, there was nc
authority for the change.
10 There is no account or entry
which we could find from which thu
amounts paid on the matured policies
could be ascertained, the receipts OF
claimants being the only evidence, ana
these rarely showing full payment II
specified sums aggregating the sum fol
which the policy was taken out.
| IL. Mr.. Wilkinson seems to have
drawn out S., $50 from June, 1880 to DC.
tober, 1881 /; while in the six months
preceding October, 1880, he Is credited
with ST., 764 %, nearly all of which il
| unitemized. Nor do the clerks OR offs
GERS know on what account these adj
i vances were said to have been made.
| Is. No premium accout payment!
seem to have been made, or at least moi
entered, since April, 1880.
The co mmittee are of opinion tha
only an examination of the books and
papers of the company by an exper
will disclose the true condi ton anC
course of proceedings of the company
They further are of opinion that any
asset sment now coming in should b.
held by some person as trustee for thu
company, and the parties 80 paying
jointly. to the end that the same may b.
applied 80 as to keep alive policies, Il
necessary, or be refunded to the persons
paying if the company should not con
tinue business.
w. J. JOHNSON, Chairman
A. M KELLEY,
GEORGE G BLAND,
w. Fl. DUGDALE,
w. n. BRAGG.