The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-10-18
A FLoUR1sH1NG COMPANY.
The Chatham Real Estate and I'm
nroYernent Company's Affairs.

The Chatham Real Estate and I'M
proYement Compapy's Affairs.
The annual meeting of the stockholders
of the Chatham Real Estate and Improve
ment Company was hell last night az
Metropolitan hail. A. c. Harmon was
called to the chair, and Max Robinson was
appointed secretary.
4 committee on credentials was appointed,
which reported that 3, S05 shares were repre-
seated in person and by proxy. The chair
man announced that there not being q
quorum present, the meeting could not pro-
coed to business, but suggested that the re-
porte of the president and the secretary and
treasurer might be read for information.
There being no objection, the secretary
read the reports
President Estill in his annual report gave
a summary of the companys operations
during the last year. Since the last annual
meeting 5000 shares Constituting the origl-
nal subscriptions to the capital stock. have
been paid up, and the number OF
shares has been increased to 1O,OOO.
The 900 additional shares were at once
taken. The subscriptions were restricted
to members, but even with that proviso the
list of subscriptions overran the number OF
shares required, and some of the larger sub
scrip ions had to be SC led down.
The new stock is designated "Series B"
TO distinguish it from the old issue. The
business of this series Is kept apart from the
other, and has nothing 10 common with the
original stock, except that it is managed by
the same officers.
The increased amount of clerical work and
executive direction has suggested a change
in the method Of conducting the affairs of
the company, and an effort will be made at
the adjour ed meeting to create an adj
an I,4T iOa hot Of
The duties of that officer, as outlined in the
proposed amendment to the constitution,
are so comprehensive that he will virtually
control the entire management of the az
fairs of the company. The proposed amend
ment will make the duties of the president
merely nominal.
The president advocated the election of
some person TO the presidency who can give
his undivided attention to the duties of the
Office, and who might exercise the authority
which it is proposed to place in the hands
OF general manager. In order that there
might be no embarrassment among those
who think the interests of the company re-
quire IA change in the present system Of con-
Quoting its business, President Estill
rendered his resignation, which was re-
ferred without being acted upon by the
directors to last nights meeting. The
president anked the company for the
honorS which 1t had bestowed on him by re-
electing him for several successive terms.
Treasurer Solomons, in his report, gave a
summary of tue associations tina lcial
affairs. During the fifty months that it has
been in operation loans we're made upon
real estate aggregating 1855, 320, particl-
pated in by lS9 stockholders. Fifty-four
borro wed to relieve previous incumorances.
Seventy-four houses have been built for
rental ana other purposes, while homes
have been built or bought by the remaining
sixty-one stockholders. There has been
returned to the stockholders, represented In
four annual dividends, covering a period
from the inception of the company, $40, 243.
The expense necessary to carry on the
business of the company has been
$l3,4Ol &C.; this sum includes salaries, rent,
taxes. license, stationery, etc.
Five hundred eignty-three stock
holders hold the 5000 shares, which repre-
sent TO each an average of 10 35-100 shares,
or about $507 80. The policy pursued in
the recent erection of dwellings, aud their
pro npt and sati factory sale, is an evidence
of the confidence felt in the oper atoms of the
company, and the demands made upon its
facilities
The following statement shows at a glance
the financial condition of the company: