The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-03-03

The meeting adjourned from "Wednesday
met Yesterday, and was called to order
shortly after 0 O'Clock.
Mr.. Stubbs presented the following re-
port of the committee appointed OH the
previous day:
To the Policy Holders Of the Virginia Me-
tUdi Protection association:
The undersigned having been appointed
a committee by a portion OF the policy
holders of this Association, represented in
person or 10y proxy at meeting held in
this hall on the lst instant 10 examine into
the affairs OF said Association, beg leave to
submit The following report:
The stock-ledger shows the following
persons 10 be owners OF stock in the Asso-
citation at the time Of its organization, in
1874: j. +. Allen. 81 900; CIV. Il. Brock,
81 900; J. Thompson Brown. -, 600; John
A. Coke. $500: George X. Gilmer, a, 900 ;
Richard Irhy, $1,000; 4. B. Trick, 81, 900 a;
j. W. Lockwood, $4,000; J. \. Lowen-
bach, $4,000; +. J. Patrick, $1,000; c. l..
Radway, $4,000: 7. +. West. $500; ii. Ii.
Wilkinson, $1,000; II. ii. Wilkinson. trus-
tee, $4,000; j. n. Wilkinson, $4,000; W.
NJ. WithorS. $1,000; James ID. Crump,
/ al l.O0O-total, $4,000.
| The amount OF cash actually paid on this
stock appears from the Secretary'S books to
he SiSj. The funds OF the Association
were deposited in the National Bank Of Nir-
snia. and subject TO the individual check
OF Mr. }. n. Wilkinson.
The last regular or official meeting Of the
Board OF Directors was held in May, 1880.
The record-boOk, containing the minutes
OF this meeting, will show who constituted
| the Board Of Directors at that date.
The surplus OF 23,77O.72, reported by the
president and sent out TO the pOlicy-holderS
with the January assessments, did not, a.
ne claims, represent the real surplus on
hand. the actual surplus being only Sl,-
SGj.72. This variance was explained to
your committee by the president, the dill
ference, $1,000, being advanced by the
president out OF his own pocket for the
ostensible purpose Of removing any appre-
hensiOn which might arise in the mind Of
any policy-holder 10y the meagre exhibit OF
the actual surplus on hand.
The president stated TO your committee
| that he had on hand n fund OF $1,000
arising from an assessment TO pay the death
loss on g.. OF New Kent county, which
had not been disposed of. All claims for
| losses against the Association. except such
rs arc i'm litigation, up TO the January as
sessment were reported TO your committee
aS having been paid, compromised, or sat
isfied The liabilities OF the Association in
the matter OF death losses, aS reported in
! the January assessment, amount TO the sum
Of $4,000. OF the 900 policies alleged TO
be i'm force up the January assessment, Mr..
/ Wilkinson stated, all but forty-iiVe have
| lapScd by failure OF the policy-holders to
pay the assessment. The amount OF cash
realized from those who did pay this last
assessment was $500. Adding this amount
| TO the actual surplus above, and not taxi
! ing into consideration the $1,000 due the
! New Kent claimant, gives A. the present
cash surplus on hand the sum of Sj,365.12.
The books OF the Association, as far a.
YOUR committee were able TO examine
| them, show that dividends TO the amount
Of $40 were declared on each $1,000
worth Of stock. and each stockhOlder
credited by his respective proportion on
the amount Of stock held by him. As far
as YOUR committee could ascertain from
| the lights before them, the following state
ment represents the present assets OF the
Association:
Amount of stock .S5OOOO 90
Represented hy stock notes, less The
| dividend credits, equal IN amount 10 M 600 oo
! cash surnlus ON hand (actuaD ......... 5,365 ~
Mailing a atetal..,.................... .s3s,365 ~
Notes for the dividends declared were
executed by the stockholders, and consti-
tute. so to speak. part OF the assets OF your
Association. These notes, amounting 10
Sl7,OO0., are in the custody OF the officers
OF the Association at this time.
The president, in response to sundry
questions propounded by the committee in-
yolying the management OF the Association,
gave such vague, and, comparatively speak
ing, unsatisfactory answers, that your COM
Imhtee do not think they would give any
information to this meeting, and cOnse-
ouently are not more than merely adyerted
TO in this report.
The rights oi policy-holders who did not
pay the January assessment i a matter To
bedecided by the courts, and your COM
mttee do not consider il 10 be part OF
their duty to express an opinion on this
matter in their report.
In conclusion, your committee cannot
too highly condemn the unwise, unbusl-
ness-like, and Negligent manner in which
the affairs OF your Association have been
conducted since its organization, in 1874,
and, while not imputing TO the president
any impure or criminal intent, feel they
would not be justified i'm submitting this
report without expressing their opinion as
to the loose manner which has seemed TO
characterize the conduct OF the Association
since its inception, and especially during
the last five or six years.
:. Your committee, in justice to them
selves, wish II TO be understood distinctly
that the data from which this report Is
made was extracted from the president by
specific and pointed questions, and from
such an examination Of the books OF the
Association as your committee could make
in the very limited time at their disposal.
Respectfully submitted,
j. n. STUBS,
G.. ii. CAUsEY,
w. Il. SHIELDS,
q. II. BCgwELI,
WN. Z. WRIGHT.
REcAPITULAuoN.
Stock bonds 'To1.uUO w
Negotiable notes ON account of dvi-
denis. ...'..:.."............. .''''.'. iI'ovV w
Collected ON January assessmeni....'. 1000 Ou
sb5,s65 ~
UNWILLING TO PLACE A STIGMA.
Colonel Darlington stated that this re-
port would probably 20 10 the policy-hold'
crs as a statement Of the assets OF the com
pany and raise false hopes in their minds
In this connection ii would be well to state
the promises in the policies, under which
no claim existed against the capital stock
urless by reason OF gross neglect OF tht
officers. All that was promised was IN,
amount collected under assessments, ana y