Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1883-05-25

have ever since tn sir existence bsen sub
jet to a specific license and income tax.
Through the influence and ability of sew
eral prominent legislators, upon applying
to them during the session of 1880, Sec. 10
of the acts of '7S-'79 was SO amended
that all companies doing business
upon a plan similar to ours were exemp-
ted from any and all taxation. But the
last legislature re-enacted and enforced
the old statute law contained on page sos
Sec. 10, Acts of Assembly 1882. There
fore under the present law we are subject
to a specific license tax of 5000 and an ad-
ditional tax of one per centum on all lev
les. collections, premiums. &c. l felt IL
my duty to call attention to this fact as
upon demand we ale compelled to pay
those taxes.
Respectfully submitted.
]. TowBERMAN.
President.
On motion, Chairman Lightner appoin-
ted committee to consider and report on
the suggestions IN the report of the Presi-
dent-Messrs. R. W. Burke. e l.. Dull,
J. W. Sutler, G. MoseIy Murray and Geo.
W. Swoope were appointed to constitute
the committee, and retired to perform their
duties.
REPORT OF THE TREASURER.
The report of John Firebaugh, Esq.
| Treasurer of the company, was then read
thowing for the year-receipts, So 157; dis
bursements. 81, 937-leaving Balance to
the credit of the company Of 1920. The
committee appointed to examine the re-
port reported it correct in every particu-
lar.
THE TAX PUT uN THE COMPANY BY THE
LAST LEGISLATURE.
Chas. Grattan. Esq, said that in the
year 1880 this company had appointed a
committee to memorabilia the legislature
for the repeal of the specific tax it and
kindred companies were paying. The leg
islature of that year did repeal it. but in
the last legislature a bill was introduced
to restore the tax. The delegates from
this county opposed the res Grafton. but
without avail, and on March 22d 1882, a
bill was passed restoring the specific Tax of
5000, aud tax on collections. premiums.
&c. Its repeal was important not only to
this company but to the State. The desire
of all was to keep at home the money paid
! for insurance, but, while this company was
| a strong one and would not be destroyed, a
number Of infant companies that were be-
;,,rv cfo rfo in tho O q n q liar MIA N
could not stand this taxation. The last
legislature professed to be opposed to tax
alton and he could not see what influence
could have moved them to put on this
burden unless it was that of the D-l.
Mr.. Grattan's motion to appoint COM
mittee to memoriallze the legislature for
the repeal of the law was unanimously
adopted and the chair appointed Messrs.
Chas. Grattan. w. F. Smith and Henry B.
Seig to constitute it,
INCREASE OF FEE.
On motion of Mr.. Geo. W. Koiner, Ar
ticle of the bylaws was amended so as
to increase the percentage received by Re-
ceivers of the company, from q per cent.
to per cent.
REPORT ON THE PRESIDENTS REPORT.
The committee appointed to consider
the suggestions contained in Pres dent
Towberman's report, made its report
through Robt. W. Burke its chairman. 1t
recommended
l. That las suggested in resolution
offered by Col. East) policies be made
transferable without cost, upon the change
of ownership of property.
2. That the company decline to pay to
D. B. Lavell his insurance in view OF the
property being mortgaged for over half its
value without notice to the Board, but
that 1t return to said D u. Lavell. all
assessments he has paid since April 18th,
| 1887, the date of the deed of trust.
8. That the President of the company
be authorized to expend an amount not
not exceeding 5000 in any one case for the
detection of incendiaries who burn build.
inRs insured by this company.
David May, Esq, lwho as counsel for
Mr.. Laveli, had appeared by invitation
before the committee) now addressed the
stockholders. He said that even, for the
sake of argument. admitting that the com.
pany was not legally bound for the loss, yet
was it not bound conscientiously in equi.
/ ty to pay it 1t had sustained no loss by
the mortgaging of the property and should
| not refuae to pay the insurance with no
better reason than that the owner had
neglected to comply with its law requir
ing notification to the Board. After that
deed of trust was made, the COMPANY had
gone on receiving assessments from Mr..
Lavell Notwithstanding some of the mem.
hers Of the Board were cognizant of the
fact of the mortgage.
Mr.. Burke, Chairman of the Committee
said that there was no doubt that under
the plain reading Of the constitution, Mr.
| Lavell had lost his recourse by non-com.
pliance with its requirements, though he
had abundant opportunity of knowing
them. If the company intended to pay
such losses as Mr.. Is then the constitu.
ton ought to be amended. rs for his in.
dlvidual feeling IN the matter he would
willingly pay his assessment to make Mr..
LIS loss good, but he could not undertake
as member of the committee to recon.
mend to the Company the payment of a
claim which was not a legal one.
! The stockholders after altering the 1st
clause of the committee's report so to make
policies transferable without cost sub
ject to the constitution of this company"
| adopted it as a whole.
ELECTION OF OFFICERS.
| The officers and directorsof the company
were re elected. with the exception that
Director y. z Bailey declipingre election
P. N. Powell. Esq, was elected in his
niaea The list now stands, inhn Tsnsu