The times. [volume] (Richmond, Va.) 1890-1903, 1891-04-09
THE HEST-END COuPANY.
Annual Meeting Interesting Report OF the
Prcsident-Ofiicers.

Annual MISUNDERSTANDING Report OF the
President-Of Officers.
The annual meeting Of the stockholders of
the West-End Land and Improvement Com
pany was held Yesterday noon at the Office OF
the president. 1903 east Main street Mr.. II.
l.. Staples was made chairman.
Tho president Major James II. Dooley.
made the following report;
THE year 1880 ~ has been period OF
great prosperity IN your affairs, and its results
have been very satisfactory.
I'VE have sold during the twelve months
from April I. 1890. 10 April |, 1891, 3,sil 'front.'
feet Of lots for the aggregate price ot so0,-
557. 81. for al Of which we have received cash
and bills receivable, the latter OF which are
considered 10 be amply secured and most OF
them GOOD. even If not secured Icy real estate.
"Our sales have been not only satisfactory
in amount. but the profits thereon ought 10
crafty the most sanguine of our stoekhoid-
ers
In detail they are as follows: LIZA front
feet in Auburn, $50. s76-proit, S1.2l per cent;
473 front feet. Martin property. s5.36O.sl..
profit. 67.9 per cent. 50 front feet. Ball
property s3500-proht. 54.32 per cent: W
front feet, Bell property. s3.l95-protit, LII
per cent 800 front feet. BOwe property, co.
s60-proft 81 ~ per cent; .l60 front feet,
Bowe property. -, S,s6O-loss, $3.50
TuE ApPAkESr Loss.
I'm explanation of this apparent loss on l,lbO
feet of the BOwe property 1t is necessary 10
state that the Bowe property comprising
5000 feet, was bought by the company at an
average price Of Sl26O per foot.
I'VE sold last year, Just before the annual
meeting. 1000 feet Of It 10 the Richmond.
Fredericksburg and Potomac Railroad Com
pany for $4,000, or more than lOO per ceh''
profit.
The J. lG0 feet sold at an apparent loss was
the worst pant of il. and we have nearly 5000
feet of the best part of It left. when IL De;
lieved 10 be worth nearly as much as was paid
for the whole property.
1T Il also proper to state that IN the pronts
on sales of Auburn we include the old build
ings. for which the company paid nothing.
Likewise in tho sale of the Ball property
the old building is included which cost the
company nothing.
In addition 10 the above we have sold one
of the new houses on the Bell property, with
ninety feet of ground. The ground Is ln-
cluded in the above sales.
"AH Of the foregoing sales were made
during the first SIX months OF the hscal year,
with the exception Of ninety feet OF the Mar
tin property
THE PANIC.
1.-The panic of last fall put stop to opera
tiOns i'm real estate throughout the country
generally.
market.
There is good reason 10 expect that with
the advent Of spring weather there Will DO
revival OF activity in the market.
During the year, IN accordance with the
instructions Of the stockholders, the Board
of Directors purchased 1900 shares Of tho
capital stock of the company at an average
price Of $3.50 Is per share. costing an aggre-
gate Of S3s,iz74O.
In the spring of 1889. Immediately after or
ganizing. the company sold 200 shares at an
average price OF s27. .l66, showing proht to
the company of 81 AS per share on the 200
shares sold. besides having the use OF the
money for an average time Of more than hfteen
months.
The company now has on hand assets as
follows:
Real estate at schedule prices. s5ll Lbs 81
Cash N bank. ,o@ 800 20 20
small loans. s......................... io"""'
Cash and call loans. .................. sslsS5 70
Notes secured bv stock .....e........... 5i2 II
Cash call loans and notes .............. s5i2s5 20
Total assets, including real estate .... 5oo7ooE
THE capital stock Of the company has
been reduced 10 1922 shares-t33i $50
The amount 10 the credit Of the improve
ment fund 8 10. .iO3. 10 which Is included in
the above statement Of cash and call loans.
COST AND VALUE.
1T will be interesting 10 know that tho
cost of the real estate now on hand stands the
company 727l, lO5l0, while its schedule value
Is soil .433.O3.
III you deduct from its cost the sum Of
S5f2GjOg. which you have on hand IN cash,
bills. &C.. II will stand you 1916, ,S43.0l against
a schedule value Of s5ll 1883.
Your expenses and taxes during the gear
have amounted sl.492.58.
This would be much more than Offset by
your interest account.
1t would be unwise az the present time 10
predict what will be the course Of the real
tate market IN the immediate future, as there
are forces at work IN the financial affairs Of
the world. the result OF which no one can fore
see.
But it is entirely safe 10 say that your prop
erty is So located that every year which passes
must add 10 It's intrinsic value.
The city of Richmond has never shown 40
many evidences OK growth and development
as during the past twelve months.
rwFNrY-sEvEN PER CENT.
From 1880 10 1890 its population increased
27 per cent. and real estate in the West-End
went up during the same period from to 600
per cent within the limits Of Clay Ward.
Lee district now occupies TO the city's
growth very much the same relation which. in
1870, was occupied 10y the western part OF
/ Clay ward.
1T IS not unreasonable 10 expect that during
the decade ending in 1900 the city of Rich
/ mond will increase good deal more than II
| per cent. and that the property ot this com
/ pany upon a very moderate calculation. VIII
/ show an increase Of from 3 70 COO per cent
The increase Of values IN real estate de-
/ pends not only upon the growth Of the popu-
latiOn, but Just ~ much upon the growth OF
wealth and business.
No judiciOus observer can fail 20 note that
| the growth of wealth and business in this city
/ during the past five years has been much
/ greater in proportion than the increase ot
! population.
1T Is fair 10 calculate, then, that this ac-
emulation of wealth and the means Of pro-
ducing wealth viii in the current decade have
q strongly-marked influence upon values, and
I result IN favorable comparison with the IN
crease If the past decade'
] The following resolutions were then adopted;
Resolved. That the president be. and he is
( hereby authorized 10 advertise for zoo shares
! II the stock of this company, 70 be purchased
from the lowest bidder.
Resolved. that whenever the directors
shall deem il advisable 20 buy the stock OF the
/ company they may appropriate any funds Ia
| the treasury 10 that purpose, always rocelving
in cash or bills receivable an amount equal 10
the Improvement fund. All bids shall be
made under seal and opened in presence Of
the board.
Resolved. That the Board Of Directors be
authorized. in their discretion 10 accept the
stock Of the company in payment of lots here
after sold at such rate as they may think
! best"