The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-10-16
CHATHAM's ANNUAL MEETING.

coast.
CHATHAM'S ANNU AL MEETING.
The Officers = exports Make an Excel
lent Showing for the Company.
The annual meeting of the Chatham
Real Estate and Improvement Company
was held at the rooms of the Commercial
! Club last night The meeting was largely
attended by the stockholders. Nearly Z 600
shares Of stock were represented in person
| or by proxy.
r. S. Nell was made chairman and Max
Robinson secretary.
The chief business of the meeting was the
hearing Of the reports Of the president,
secretary and treasurer and the election of
officers.
The report Of Secretary and Treasurer N.
J. Solomons showed the company to be in
excellent condition-the total assets OF the
company for Series A are $327, 064 81, of
when $2S7. 500 So is due on loaus, and
IS, 13S Sc real estate under rental.
The investments are sixty lots on the east
side of Price street, south of Anderson,
valued at sc, 759 81; sixty lots in the Dillon
tract on Barnard street, beginning at Sew
enth street and running south to Tenth
street, valued at SIS. us SO; forty-five lots
south Of Anderson street, lying east and
west of the right Of way of the Savannah.
Florida and Western railway, 81 1874 46, and
SIX houses and lots east Of the Savannah,
Florida and Western railway aud south of
| Anderson street valued at s., 701 IS.
| The credit account showed balance OF
undivided profit OF Sl6,665 II. Since this
statement, however. the board Of directors
have declared a semi-annual dividend of
81 rs per share, equal to Z per cent. per
annum. The amount due to stockholders is
S301 $50.
The report for Series showed the total
assets of the series to be Sill 1856. of
which SHOE 50 is loans outstanding.
| There is a surplus to profit and loss Of s10,-
223 95. The amount due to stockholders is
s9S ,ll3. No dividend has been declared on
Series B.
THE PRESIDENTS REPORT.
President Estill submitted his report. as
follows:
To the stockholders of me Chatham Real
Estate and improvement Company
GENTLEMEN-I herewith submit my report as
president of the company. The company has
enjoyed continuance of that prosperity which
has marked It's career from its organization.
IL has in no wav been affected by the money
| striugency that has prevailed throughout the
financial world during the past year, but on the
contrary it has been a valuable adjunct TO the
business Of the city, tnasmuch as it has aided
many of it's stockholders in tiding over the diff
culties incident thereto.
For detailed account of the transactions Of
the company for the year ending June 80, 1891,
l refer you TO tae report Of the treasurer. Since
| that statement was made up the board OF
directors declared dividend of 81 rs per share.
| or per cent. on stock in Series A No dividend
was declared on stock in Series B, for the reason
! that it was not thought advisable to do so until
that stock shall have been paid up, which will
| BE- in about forty-five months. a result that will
| be dividend that will com pensate stockholders
| for any present apparent deprivation. This
series shows handsome surplus, namely, SlO,-
| 223 95
| have bean asked by a number of stock
| holders the reason for the stock of the company
selling below par. The question Is easily
| answered Like stockholders in other com
panies. some of ours have been compelled to
| sell their stock to meet business obligations,
| but an examination of the books, however, will
show that in spite OF the demand for money
| there has been very little stock changing hands
| at recent quotations.
The earning capacity of the stock is con-
| stantly increasing, and, therefore, its value is
| greater every day. Furthermore, our judlcious
| Investment III real estate, made several years
ago, is basis upon which can be figured large
margin of additional profit on the stock OF
Series B has no real estate investments.
Doubtless the board of directors will when
there is an opportunity offered endeavor TO pro-
vide as we'll for the future of Series b as il has
| done with the older issue of stock.
J. H EsrILL
| Col Estill went into statement of the
| standing of the company after reading his
| report, and stated that IN Ms opinion the
value of the stock was much greater than
its present selling price.
The election Of officers was next gone into.
President EsSll was renominated and unan-
imously reelected.
The old board of directors was placed in
nomination and was unanimously reelected
The board is as follows:
II. p. Smart, w. G. Cooper,
Lee Roy Myers, u. G. Cunningham,
c. s. Connerat, William Kshoe,
F. II. Thomson, NJ ]. Solomons
The auditing committee is r. G. Gaillard
c. A. LaMotte aud Max Robinson.
Mr.. NJ. j. Solomons proposed an amend
ment to the constitution, striking out that
portion of section 8 which prohibits any
person from holding over 800 shares of the
stock.
There was considerable discussion of this
amendment, which, it was commended
would tend TO allow few large ssockhold-
ers to get possession of the majority of the
stock and secure entire control Of the CON-
pany. When put to an yea and nay vote the
motion was lost A division was called for,
aud vote according to the shares of stock
represented was taken. The amendment
failed to secure the requisite three-fourths
of the amount Of stock represented.
There being no other business the meeting
adjourned, on motion Of Mr.. Z. s. Woods.
The rooms Of the Commercial Club were
used by courtesy of Reuben Butler, secre'
farY.