The first annual meeting under the new name and in the new
building was held June 14, 1865, and following the policyholders'
meeting, the Trustees convened and elected the incumbents of the
several offices. During the course of the meeting another of those
"spirited and lengthy discussions" that are so frequently noted in
the records, occurred, the subject being the loan of $50,000 voted
by the Executive Committee on January 28, 1865, on the Newhall
House property, the site of the company's present office building.
It must be understood that the company did not have the whole
amount of the loan then on hand but the borrowers understood
it was to be paid in installments. The relative merits of this sort
of loan and investments in government securities were brought
into the discussion and the talk culminated in the introduction of
a resolution instructing the Executive Committee thereafter to in-
vest in government or state bonds in preference to all other se-
curities. Fortunately, it now appears, the resolution was lost by
a tie vote.
At this same meeting the time for holding the quarterly meet-
ings of the Trustees was changed to correspond with the change
in time of holding the annual meeting, to the second Wednes-
days of October, April and July.
