The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-20
A SOLID INSTITUTION.
The Chatham Real Estate and I'm
provement Co.'S. Annual Meeting.

| The Chatham Real Estate and I'm,
provement Co.'S. Annual Meeting.
The annual meeting of the stockholders
of the Chatham Real Estate and Improve
ment Company was held last night al
Odd Fellows Hall. Capt. John Riley was
| elected chairman and Mr. F. w. Garden
| secretary M. S. Baker, w. J. Mis-
cally and c. V. Snedeker were
appointed a committee on proxies. 1926
! shares were represented. The officers
reports showing the condition of the
company and reviewing its operations
during the last year were submitted
Col. j. II. Estill s report as president is as
follows:
To the Shareholders Of the Chatham Real
Estate and Improvement Company: It is
very gratifying to me to be able to report
that the company has had another prosper
Gus year Its fiscal year ended June 80, and
take pleasure in referring you to the annual
statement of the treasurer which has been
printed and placed in your hands this even
ing for full particulars Of the company's
financial condition.
In addition to the usual business OF the
company, the board Of directors has had
under consideration two matters Of great iu-
terest to the shareholders, namely, the ques-
ton Of the amalgamation Of the Series A and
b, and that Of declaring an extra dividend on
the stock of Series A from the proceeds of
the sales of real estate.
Pursuant to a resolution adopted at the last
annual meeting of stockholders, the board of
directors, as soon as Series b was declared
paid up proceeded to consider the matter of
consolidating the old and new series Of stock.
A committee of experts was appointed to
review the books Of the company and report
plan for the adjustment of accounts with a
view to carrying out your wishes The com
mittee labored earnestly over the problem,
without, however arriving at a conclusion
satisfactory to the board OF directors.
The directors now have a committee from
their own body investigating the matter, and
it is very probable that plan of equalization
and consolidation will be presented at an
early day that will be satisfactory to all con-
cerned.
At their July meeting the directors consid-
cred the question of declaring an extra divi-
dend on the stock of Series A out Of the pro-
ceeds of the sale of its real estate. The sub
ject occupied the attention Of two meetings
of the board but it was finally decided that
in view Of the condition Of the money market,
it would not be advisable to encroach upon
our reserve funds.
In February last the real estate was valued
by committee of your board of directors
and the entire holdings OF Series offered to
the stockholders at fixed price per lot, pay
able in easy instalments. This plan OF dis
posing of the property was but partially sue
cessful, only a few shareholders awaiting
themselves of the privilege. There we're two
reasons for the failure of the scheme. One
was the tightness Of money, and the other the
high prices asked for lots.
It appearing at the March meeting that
there was more than 800 TO the credit of
each share of stock in Series B, the directors
adopted resolution authorizing the treas
urer to pass that amount to the credit of each
share after the forty-sixth instalment had
been paid in. The resolution of the board
was carried out and certificates Of paid up
stock in Series have been issued to all
shareholders of that class.
1t will be seen by reference to the report of
the treasurer that Series AS undivided
profits June 30, 1889 amounted to S4,375.S6,
and that Series BIS undivided profits July
81, 1899 we're S76i6 0s. Since those reports
we're rendered there have been sold out of in
Vestments No. Dillon Tract) three lots for
s. 900, and out of other holdings las shown by
ma BS LululbLl CttCl SbOChuOllGTl S6NGQ lObS
for $4,000 The company still has thirteen
lots in the Dillon Tract, valued at SO 500, and
1875 lots in Barry and Garland wards.
have no doubt that with normal condi-
ton of business, the real estate of the com
pany will ind ready sales and realize very
large profits to the shareholders in Series A.
1 beg leave to take this occasion to return
my thanks to the vice president secretary
and treasurer and board of directors for their
unhagging zeal in attending to the business
of the company and their uniform courtesy to
its president. Yours truly,
J. H. EsTILL, President.
Mr.. M. J. Solomons, secretary and
treasurer, submitted his report, showing
the condition of the two series, A and B,
up to June 30, the end of the fiscal year
for Series A, and July 81, the end of the
year for Series B.
In series A, the amount due the
Company on loans, June 30, was. S299, 100 So
Real Estate (under rentaD .......... $3.50 Is
City of Savannah for watermains.. 1900 90
Stock Investment
II shares series A / oz4 10
Sundry Interest due. ............... 700 SO
Property AcCOunt--Ofhce Fixtures. 453 30
Investment No. l......... S9,261 %
4......... $3.50 IS
D. ....... 2,363 ~
6......... 1881 50