Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1886-05-21
SIXTEENTH ANNUAL MEETING.
THE EAST AUGUSTA STOCK
HOLDERS IN YEARLY
COUNCIL.


HOLDERS IN YEARLY
COUNCIL.
REPORT OF THE PREsIDENT-DEBATE
ON PROXIEs-ELFC TION OF ROBERT M.
PAGE AS ECRETARY-GENERAL BUS
INESS.
&C., &C.. sc.
The Sixteenth annual Meeting of the
East Augusta Mutual Insurance Company
took place at the Courthouse on Saturday
morning last. at IL O'Clock. Hon, A. b.
Lightner was called to the Chair. The
Secretary then read the
ANNUAL REPORT OF PRESIDENT JOHN
TOwBERMAN
MINT SPRING, May 10.
To the Stockholders of the East Augusta
Mutual Insurance Co.:
GENTLEMEN:-Thro the Providence
Of God have the honor to submit here
with the sixteenth annual report-and am
gratifed to state that our heavy liabilities
have not, thus far, burdened us with very
serious disasters; yet, the losses OF the
fiscal year exceed those of the past year by
81 $3.50. producing total cost to the po-
licy holders for fires, Presidents allow
ances, Secretary's salary, and Incidental
expenses-of twenty seven cents per share,
being seven cents per share in excess OF
last year. Thus showing that while we
have sustained the severest losses during
this year of any previous year in the his
tory of this company. it yet only amounts
to 81 100 of one per cent. on each policy
Of insurance.
The dates and amounts of Losses for the
fiscal year are as follows:
Mary E. Southards' dwelling, July
18th, 'S5 ........ .............. ) $50
M. l.. Alexander, barn, Aug. 18th,
80 ......... lUO
J. Fl. Rankin, factory, Nov. 26th,
's5. ................ ........ ...." 1850
R. s. Gamble,ss dwelling, December
'S5 ............................. 400
R. c. Blair, dwelling, March 9th,
'S6 ........ ........... 5UO
Mrs. Maggie Yount, barn, March
18th, '96.."~..... ...."...... ...... 800
BUSINESS STATISTICS.
Number of tickets returned
for non-payment of Dues. 80
New members admitted ...... 40
Increase of shares of stock. $50
Gross amount of property in
sured. ......"....... .................. $59, 27O
Net increase of liabilities..... $35, 513 SO
Amount of premium received, $50 IS
Decrease of liabilities result
ing from deaths, removals,
and explosions for non-pay-
ment of dues ...............". SIC, $50
Decrease of liabilities in ex-
cess of increase ........... ..... $34 1886 81
Total valuation of insured
property ............ .......-..... 81 ,6S9. SOP
Net value of insured property ST. ,126 3S4 Sc
Number of shares of stock..... 22426
Number of members .......... S47
STOCKHOLDERS DIED DURING THE YEAR.
The stockholders who have died during
the year are-Col. u. W. Koiner, e. S.
Harnsberger, Jacob Cook, Isaac Myers,
W. H. Grove, John Switzer, VIM. Wilson,
G. l.. Davis, Jas. Borden, j. FL. Fix,
Alex. Anderson, BENZ. Hawkins, Chris
tian Wine, j. L. Alexander, and Mrs.
Susan Caldwell.
Respectfully submitted,
JOHN ToWBERMAN,
President.
TICKETS RETURNED UNPAID.
L =
about tickets returned unpaid. He thought
when men derived the benefit of Insurance
they should not escape its burdens by
leaving their tickets unpaid. He saw from
the Presidents report that 80 had been so
returned.
Secretary Il. W. Koiner explained that
the amount of each ticket was generally
very small, the average being from Is
cents up to 81 so. It would cost more to
collect these amounts than the company
ed. A shorter and better way had always
been practiced: that is, when. the ticket
was returned unpaid, the membership of
the delinquent was forfeited and his name
stricken from the roll.
TREAsURER's REPORT.
Treasurer John Firebaugh made his
annual report showing that after paying
all losses for the year there remained in
the company's treasury to its credit, the
sum of $50.
TRANSFERS OF POLICIES.
Mr.. A. Henry Towberman offered a res
olution to amend Article 9Th Of the By
laws SO that when member pulls down q
building and puts up another, the policy
on the old one may be transferred without
cost-that is to say if the old has $500 in
surance and the new ST. 500 insurance, the
excess of 81 900 may be added without
the cost of new policy.
The amendment was discussed by Capt.
James Bumgardner, Jr., and Messrs. Phil
lip Killian. Sam1 I'll. Pilson, ". H. Moor
man, Jacob Koiner, W. T. Rush, J. H.
Picker, Milton Shafer and Henry Kindig.
1t was agreed that while the object of the
amendment was reasonable and should be
met, the best way to meet it was by re-
assessment. The amendment was rejec-
ted,
ELECTION OF PRESIDENT.
The election Of officers of the company
was then taken up, and the Secretary, on
motion of Mr.. G.. w. Sutler, was ordered
to cast the vote Of the meeting for John
Towberman, Esq, the present incumbent,
for President.
ELECTION OF SECRETARY.
Mr.. w. j. Churchman put in nominas
ton for the position of Secretary, Mr.. q.
W. Koiner, the pres ant incumbent.
Mr.. Koiner said that he thanked his
friend for the nomination, and he had
much to thank all of his friends for in the
several years they had elected him to
q nf Rut OF nj