The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-02-16

MUTATIONS OF THE MUTUAL.
Condition of the Affairs of the Virginia Mu-
tuaI Protection Association, rs Reported by
n Committee 10 Meeting of Interested
Parties Held Yesterday.

|
ested in the Mutual Protection Association
was called 10 order at. II O'Clock NJ. yester-
day by the president, and the following
report from the committee appointed at the
previous meeting was read and adopted:
REPORT OF COMMITTEE.
The committee respectfully report that
such Investigation as they have been able
to give the affairs Of the Virginia Mutual
Protection Association discloscs these lacts !:
/. The minimum capital stock OF the COM
pany By original charter was S5O,OOO.
.. This was divided into 300 shares oi
800 each.
2 OF these shares J. ". Wilkinson holds,
either by original issue or transfer, 24o
shares: III. III. Wilkinson, 30 in his own
right and 40 as trustee; DR.. William NJ.
Withers, so: j. \. LOwenback. OF Har-
risonburg, 30; and sundry others 10 shares
each.
4. The whole amount OF cash paid in by
the holders OF this S50,000 Of stock appears
10 have been S4S5.
:. There have been received in premium
accounts since the organization of the COM
pany slJ,Sl7, and IN dues S74,j20-aggre-
gate, Sl20,5ST.
G. An assessments on deaths appear to
have been turned over to j. n. Wilkinson,
who placed them to his individual account,
and made personal settlement with the
claimants.
/. The books show charges aggregatlng
in single sums as high as $4,000, $4,000.
and $1,000 10 Wilkinson, with no items
given either on journal or cash-bOok, and
the entries are reported TO Us to have been
made by Wilkinson's order, and some III
his own handwriting, the clerk who made
them knowing nothing OF them,
8. j. y. Wilkinson appearsfo 70 have been
thc only treasurer at any time.
Q. Mr.. WilkInsOn'S salary seems TO nave
been at one time $500, and $4,000 at an
other, and we found no authority for the
change.
10. No meeting of the directors appears
to have been held since May, 1880.
IL. There is no account or entry which
we could find from which the amounts
maid on the matured policies could he as
certained. the receipts Of claimants being
the only evidence, and these rarely show
inc full payment in specified sums aggre-
rating the sum for which the policy was
taken out.
12. Mr.. Wilkinson seems TO have drawn
out $1,000 from June, 1880, to October,
1881. while in the six months preceding
October. 1881, he is credited with Sl7,-
| 76i. 20, nearly all OF which Is unitemZed; !;
nor do the clerks OF officers know on what
account these advances were said to have
been made.
1S. No premium-account payments seem
TO have been made, or at least none entered,
since April. 1880.
The committee are of opinion that only
an examination of the books and papers OF
the company by an expert will disclose the
true condition and course OF proceeding OF
the company.
They further are OF opinion that any
assessments now coming i'll should be held
bv some person rs trustee for the company,
and the parties so paying jointly, to the
end that the same may be applied so rs to
keep alive policies, ii necessary, OF re-
funded to the persons paying ii the COM
pany should not continue business.
w. J. JOHNSON Chairman,
A. NJ. KELLEY,
GEORGE c. BLAND,
w. III. DUGDALE,
w. n. BRAGG.
In reference to that portion OF the report
which refers to the employment OF IN
EXPERT
10 examine the condition OF the company,
Colonel Darlington suggested that as TINS
was a stock company controlled by presi-
dent and board OF directors, there was no
mower. unless il be derived from them, to
fake possession OF any of the property OF
the company, except by an order OF court
and n receiver. He thercupon made mo-
ton that the secretary call meeting oil the
Board Of Directors at 3 O'Clock in the after
noon, and request them to take some ac-
ton in the matter for their own sakes az
well us OF those composing this meeting.
Mr.. Paul suggested that the best thing
10 do was to communicate with Mr.. Wilkin-
son and inform him that there were grave
charges here for him TO meet, and request
his immediate presence.
Mr.. Stubs stated that this was the last
day on which
ASSESSMENTS
could be paid so rs TO keep alive policies,
and urged prompt action i'm the matter
lie warmly seconded Colonel Carrington's
motion, stating that no one i'll NWginla
knew better than Mr.. Wilkinson himself
the importance Of his presence here, and il
he chose TO absent himself the consequences
must rest on his own head: that the cast
admitted Of no delay. He should be here
without requiring notice from the policy
holders.
Colenei Darlington said that.
IN JUSTICE TO MR.. NASH
and the clerks who were here he woult
offer the following resolution-yiz.
T That il Is the sense OF this meeting tha
no censurc Of any sort should attach TO Mr
Nash for irregularities or mismanagemen
Of any kind in the office OF secretary, q
his connection with the company was nom
inal. and there is no evidence that he eve
received or handled any money OF the con
cern.
This motion was unanimously adopted
After which The meeting adjourned until
O'Clock i. NJ
AFTERNOON SESSION.
The meeting was called TO order by tn
chairman.
Mr.. Nash stated that he had summone,
Messrs. Irby, Lockwood, Brown, ant
Brock. who had promised him to attend TN
meeting, but only Captain lrby was spre
sent.
Captain Irby being asked II he wished Il
make any statement, replied that he ha'
come here prepared 10 give any Information
asked Of him. He had not been connected
with the company for more than two years
either as director or poiicy-holder; had re-
signed and let bis policy lapse, but stiii hell
his original stock. Hegaye pote ior IN
.ufA M