The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1882-05-25

Forty-fve members were dropped from the
books of the company for non payment of
dues.
One hundred and thIrty-tour policies have
been issued upon property assessed at $116,-
431, increasing our liabilities. ..... ST, 49,
Decrease of liabilities by deaths, sales
of property and non payment of dues $4,000
Net decrease of shares, 11B.
This company is now composed of $50
stockholders, with property assessed to the
value of 81 621, IT'S, with net liabilities of ST.
001, 317, and 81 ,626 shares of stock.
The names of the stockholders who died
during the year are as follows: W. L. Hunter,
G. Ell. McGuffin, J. M. Stout, Jno. Wine, Geo
Towberman, Geo. Shuey, Jacob Bosserman
VIM. Ball, Jacob II. Breubeck, Samuel Sim
mons, W. H. Pilson.
At the last annual meeting, the committee
to which the Presidents report was referred,
the stockholders the issuing of new policies to
all the members of the company, these policies
to correspond with the old ones in amounts
but differing in other respects. The said re-
port was adopted, and the new policies'direct-
ed to be issued-which was done. The fol-
lowing is the cost attending the printing, &C.,
Printing 800 policies. ...............$ g
Paid secretary for filling out 1880. 80. sc 40
TOTAL. ..................... $94 40
AS there was no arrangement made for the
distribution OF these policies, anG the members
of the Board having learned that but few OF
them would be accepted, no effort was made to
distribute them.
At the Board meeting, held in Staunton
Feb. IS, 1882, K. B. Koiner, Esq, rendered
his resignation as one of the members of that
body. which was, after great reluctance. &C
cepted. The annual meeting of the stock
holders being fixed for to-day, MAY 20) it was
deemed inexpedient to fill the vacancy, that
being the time to elect all the officers for the
ensuing year.
1t will be proper to state here that Mr. G.
H. McGuffin, who held policy No. 1853, died
Nov. 2, 'S1. His dwelling burned Dec 4th,
just 50 days after his death. On the 9th of
December his widow applied to me for the
amount of her husbands policy, which l re-
fused to pay on the following grounds: Arti-
Gle of constitution and by laws reads thus
when member of this company dies, the
policy Leld by him may be transferred without
charge if application be made within 80 days."
No application haying been made for a trans
fer within the allotted time, the company had
no risk in the building as construed the ar
ticle referred to above
Respectfully submitted,
JNo. TowBERMAN, President.
The President explained that the question
raised by the McGuffin loss was to be de-
termined by the stockholders. 1t did not come
within the letter of the law, and he had no
right to go beyond the line fixed by the con-
stitution and bylaws. The report was unani-
mously adopted, and the McGuffin loss ordered
to be paid
subsequently considerable discussion arose
on the point raised by this question. Mr..
Sam'lLife wanted the 9Th article, as quoted
above, expunged, and supported his views
with force. Mr.. Charles Grattan favored max
ing the time of notification of transfer fixed
at 80 days after the qualification OF represen-
tative of decedent's estate Mr.. Dan'l Miller
and others opposed any change, and said that
exceptional cases could be treated as the Nc
Guff1n case had been. After pretty free ex-
change of views, and some very good reasons
pro- and con-. it was determined to let the
bylaws stand.
THE TREAsURER's REPORT
was as follows:
Total amount due Company as per
last report. Observation-Disclosures. 5 1926 81
Amount received during year. $50. 41O7 or
1882 IS
By amount paid utduring year. 1884 3S
Amt. due company at this date. 49,. S SO SO
Signed JNo. FIREBAuGH,
Treasurer.
The Treasurer's report was unanimously