The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1885-05-21
East Augusta Mutual Insurance
Company
ANNUAL MEETING or STOCKHOLDERS
REPORT OF PRESIDENT AND TREAS
REE.-ELECTION OF OFFICERS.

hEPORT OF PRESIDENT AND TREAS
UREE. ELECTION OF OFFICERS.
The fifteenth annual meeting of tn
stockholders of the East Augusta Mutua
Fire Insurance Co, was held in the Ceur
House. on Saturday last, A. 3. I4ightnel
Esq presiding x bare quorum was pres
ent, something unusual, as these meeting
are generally well attended.
THE PRESIDENTS REPORT.
After referring TO The prosperous coatll
ton Of the Company, and the fact tina
other companies in distant states wer
adopting it as a model, said
Il have the honor to submit herewith
thro' your kind Indulgence, this the l5tl
annual report, and am gratitied to STATE
that our heavy and increasing liabilitie
have not thus far burdened us with an,
very serious disasters. Yet the losses o
the fiscal year exceed those OF last year b,
- i4a. producing a cost to policy holders
Tor tires, president IS allowance, secretary /
salary. Ne. OF 20 cents per share, being ii
excess Of last year 10 cents per share
thus showing That we have sustained
heavier losses during the year than any
preceding Year in tile history OF the Com
pally but after all it is only two-iifthS OF
one per cent. or less than one-haf of one
per cent on each share of insurance.
The names, dates OF LOSSES, and amounts
Tor the fiscal year are as follows, to wit
Jno w. Gilkerson s barn, aug. l, 'Si ....S 5000
Mrs. NJ. +. Johnson's dwelling. Oct. % 81 5000
Jno Price, tenant house, Nov. s, 81 -, 10000
NV. Qnarles, tenant house, NOV. IS 'si 1895
Jas. L Kerr, dwelling Dec. 80, 'Sl.......- 450.Gt
VIM b. Glover's barn. 4 pr. Is, '85. ..... l0O0(
H. koner's barn April %, s5.... 1866
Total ..................... 500 ot
No. Of tickets returned for non pay
lnent of dues. ........................ z
N0s1iew members admitted ......... IS
Increase of shares of stock ...... ,e5e
Gross increase Of property insured. Sl2s, 800 90
Net increase OF liabilities ........... 49,, 500
Amount premium received. .... sls3 SO
Decrease of liabilities resulting from
deaths, removals, and expulsions
for non payment OF levies . So, AIS
Increase of liabilities in excess Of
decrease ,.,.....-.s......... ........ $sa,l74.9S
Total gross valuation OF insured
property Observation-Disclosures. 7:6 3f7 60
Total amt net liabilities. 81, Isl, 55s 81
No. of shares Of stock 30 $50
No. OF members. ...........,.......... $50
Eight stockholders have died during the
year their names being as follows David
Seig, Oliver Rhinehart, Dan'l Yount. Geo
Swartzel WIN. f. Fauvar. .Jno. s. Church
man, +. Schumacher and Mrs. leannetta
McComb.
| desire to call your attention to the ne
cessity OF altering or amending the consti-
tuition so as to provide fer the creation of
an executive committee to consist of three
or more members who shall be charged
WITH the duty OF meeting at such times It's
may &c necessary to examine such applica-
lions sent them by the different members
OF the Board. and to award or reject poll
cies, during The intervals Of Board meet
ings, which occur but quarterly.
Since the organization of this Company.
those desiring insurance upon their prop
critics have had to await the meeting of
our board, thus compelling many from
and the liability Of fire occur
ring during the interval Of so manv weeks.
to take out policies in other companies.
Whilst it is our aim and object 20 protect
one another against damages by fire. we
should pursue some course by which such
persons can be better accommodated.
Respectfully submitted
j. ToWBERAIAN.
THE TREASURER Is REPORT
showed
Amount on hand as per last report. 5 577.58
Amount received during year 2.H2.G1
s3.29o.n
Amount paid out during year ...... -. s25L6l
Balance Observation-Disclosures. ...........S 81 SO
The several reports We're submitted to
special committees, which, after examina-
ton, reported approving them. In accord
ance with the recommendation of the
President, the special committee reported
in favor OF creating an executive commit
tee, but after some discussion the report
was allowed to lie over without action.
An animated discussion was had over
The claim of Mr.. Jno. A. Sillings. Mr..
Sillings had purchased insured property of
Mr.. d. Driver. Mr.. Driver then rented
The property upon which back payment
was due. by agreement Mr.. Driver paid
Ill the assessments against the property,
and was reimbursed by Mr.. Sillings.
Neither supposed that formal transfer
of the policy was necessary, and no appii-
cation therefor was made. The house
burned, over a year ago, and at the annual
meeting i'll May, 1884, a committee. CON
'isting Of Messrs. Seig, Miller and Hoover,
was appointed to enquire into and report
lpon the matter. The committee never
lcted and no member thereof was present
1t the meeting on Saturday The ques-
ion then came up before the stockholders
IN its merits, and the payment of the
claim was advocated by Messrs. Henry.
East, Grattan, and others, on the ground
hat whilst Mr.. Sillings had not complied
With the strict letter of the constitution
II the Company, yet byright and in equity
le was entitled to the amount of the
policy. Other members opposed it be-
cause of the informality and for the rea-
;on that it would set a dangerous precedent.
As it was competent to change the Con-
'titution at regular meeting by two
thirds vote, Chairman I.ightner decided
hat the meeting had power to order the
payment of the claim by the same vote. !
A rising vote was taken, after the chair
nan announced that all who failed to Use
% their feet would be counted in the aflir-
native. There We're thirty-one members |
present, nineteen of whom voted in the
one in the negative, and the
remainder kept their seats. In accordance
With his previous announcement. the |
chair declared the motion carried. Mr.. |
Churchman appealed from the decision,
Ind the chair was sustained by vote of
j to 8.
President Towberman, who was one of
he number failing to vote. said that he
vas satisfied harm would result from the
lction. Once before. when an assessment
lad been made which many regarded as
rot proper one, number of tickets were
'eturned unpaid, and the delinquents had
lot been stricken from the roll, for therea-
ION that the right Of the Company tomake |
he assessment had been questioned. Con
inuing, Mr. Towberman said that he
would order the assessment and turn over
% Mr.. Sillings The proceeds, but he was
atisiied that there would be many who
would not respond. Mr.. Killian, Mr..
Patterson and Mr.. Lightner warmly
advocated u rigid adherence to the
provisions of the bylaws and the