The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-10-21
TO JOIN THE SERIES.
A CHANGE INTHR CHATHAM REAL
ESTATE AND IMPROVEMENT 90.


Amalgamation of Series A and B
Upon an Equitable IBasis-The Com
pany's Financial Cendition-Pres!-
dent Estill's Report-The Old Board
of Officers Unanim ously Reelected.
The annual meeting of the stockholders
of the Chatham Heal Estate and Improve
ment Company was held last night at Odd
Fellows hall. 1t was one Of the largest
meetings the company has ever held.
Very nearly 5000 shares Of stock were rep
resented.
The principal business, aside from the
presentation of the presidents and treas
urer's reports and the election Of
q new board of officers, was
the decision TO amalgamate the
Two series, A and B, of the company. The
directors were authorized to effect the
amalgamation upon some equitable basis.
The meeting organize by the election OF
D. B. Morgan chairman and III. s. Baker
secretary. a committee, consisting of G
H. Remshart, G. A. Gregory and a. S.
Turner, was appointed TO examine proxies.
The committee reported asquorum Of stock
represented. The treesurer's report was
submitted in printed form for the inferma-
tion Of the stockholders Series AS assets
foot up 1924, 725 81, considerably over
$40 600 of which is real estate investments.
The amount due on loaRs Is S275, 965 90.
The capital stock Of the series is $500, 900.
It's bills payable, unpaid dividends, special
deposits and dividends paid last June foot
up $19,3 10. The balance undivided is
S5,4l6 81. Since the annual statement was
made up, the company has sold twenty-five
lots in the Dillon tract for S12, 696 %.
Series B makes showing of Sl58,S5l 70
assets. The interest due on advance pay
ments of stock is S5C5 81. The amount due
stockholders is Sl40, 494, and the undivided
profits $l7852 06.
Col. J. H. Estill submitted his report as
president Of the company.
After referring to the treasureris report of
the financial condition and business opera.
tions Of both series Of the company, the
president confined himself TO matters con-
corning trs management.
You will doubtless agree with me-" he
said, I'm the assertion as to the magnitude of
it's business and the success attending the
operations OF the company since its very in
cePtion. 1t has no rival in the history of
successful mutual loan companies. Ii has
divided no profits with influential promoters
and has had no laws by which to fleece the
ignorant or unwary borrower, but depend
ing entirely upon It's Legitimate earnings, 10
has shared its good fortunes with every
member without regard 30 anything but his
share-h0lding. No bonuses have been paid
TO foreign companies managed by unknown
directors for the privilege of doing business
under a high sounding name"
Referring Co the organization of the CON-
pany, the president said: "Thls company
was organized in 1885, with membership
of 800 and with share list numbering G, 600
Its stock was placed at $50 share, payable
In TnOOkhIv inatallr1oukn ~ doiiar
per share. 1t was over four years before its
capital stock, $500 600, was entirely paid 10,
nevertheless in the six years Of it's existence
Ii has paid to its shareholders $685. $50 rs, a
large part Of which sum went 20 sharehold-
ers who were borrowers, thus returning to
them, pro rata, the surplus earnings. 1t is
NOT very surprising that q company con-
Quoted on such equitable principles should
succeed.
The company has also contributed to
the welfare of many of its shareholders by
encouraging them il providing homes for
themselves and families and developing
habits of industry, economy and thrift"
The remainder Of ssthe report, referring to
the company's investments and manage
ment, is as follows:
The landed investments Of series A have
proven source of great profit, and will
continue to add to the handsome sum
already due to the credit side Of the books
of that holding. The greatest increase in
value Is the property on Anderson and
Price streets. The drainage In that locality
had been very bad. The company opened
streets and lanes through the land and inn
proved the drainage, and to-day it is worth
many times more than was paid for it.
'In O general way, it may be estimated
that our holdings have advanced 100 per
cent. in value. Further on l shall offer
some suggestions about our real estate. In
ifl 80 ,lAar Of Gre ~ IL
estate, embracing all kinds of land, owned
by all kinds of people, there he's not been
dollar lost The securities held by the
company are worth from so to 60 per cent.
above the money at risk.
"Under these favorable conditions, 1t is
net a matter OF wonder that under every
pressure the shares have never gone more
than SO below par and have always been
favored collaterals of the banks.
"The stock is quoted now at 5255.' Dur
ing the financial crisis of the winter Of
1S90-'9l, and the effects of that panic which
have not yet entirely disappeared, the
shares of she Chatham Real Estate and I'M
provement Company maintained their par
value within few points, and were favored
coilaterals with those who had Inouey to
lend. Not only was the credit of the COM
panY not affected by the striBgency Of
those times. but by its liberal and kind
policy toward borrowers, 1t relieved many
a distressed debtor, ana IN that and otAer
ways aided ia preventing any serious, dis
turbaRce in the money market of this city.
1.-The company has sold a number of lots
in the city extension at q very handsome
profit, and several Of the purchasers
have erected neat residences thereon.
II is prepared to sell lots and build homes
for its shareholders on the long iDsrallEnent
plan. The idea is to sell the houses 80 built
at cost, relying on the profit made on the
land for its reconpsnse ia the transaction.
Il respectfully call attention TO the two
issues Of shares, series A aud b, now con-
Quoted separately in the name Of the oem-
pany, and suggest their consolidation Rt the
earliest practicable moment. There are
5000 shares In series A and 3,77l in series
Is. These series are managed. as stated,
separately, and separate accounts are kept
of their business In every detail
''Series A owns considerable real estate
and series none. An amalgamation Of
the two series could be done by selling out
the real estate of series A and dividing the
money realized from the sale among all
shareholders Of that class. This &C.
complished, the amount of the profits on
loans in both series could be ascertained
and averaged, and basis Of union agreed
upon.
up to the close Of the last fiscal year
thirty installnents In series B had been
paid up. Since then four moro installments
have been paid, making forty in all II ap-