Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-05-09

pany must look for results in the near
future to it's residence property almost
entirely.
The locality now most available for
this purpose Is on the Southside, and Is
confined to lots lying near the street rail-
roads. Very many of these lots require
to be graded. I would not now recon-
mend any cash expenditure by the COM
pany for this purpose, but this grading
can be done at the cost only of moving
the necessary dirt from lots above grade
to those below, and I am satisfied that
the work can be done and paid for in
other lots. The property thus improved
would be enhanced in value very much
more than the cost of the work. The
consent of the company's trustee could
probably be had upon a proper repre-
sentation of the facts, and l recommend
tnat an effort be made to carry out this
suggestion.
Bills Receivable.
Referring to the statement of bills re-
celvable, you will observe that notes rep
resenting $910,058.46 without interest are
regarded as only worth the value of the
property securing them. No action has
been taken on these notes for the reason
that the company's lien upon the prop
erty can be enforced just as we'll at
later period, when the necessary expense
may be met more easily than at present.
On all these lands the company has paid
taxes Tor the past two years.
one hundred and ninety thousand, sew
en- hundred and seventy-eight dollars
and ninety-seven cents are considered of
doubtful value and are estimated as
worth $165, 1929.
Seventy-three thousand, two hundred
and fifteen dollars and seventy-eight
cents principal and interesD are believ-
ed to be good.
Except in a few cases, where the paw
ers were believed to be able to paw. but
would not, it was not thought good poll
cy on the part of the company to bring
suits but an earnest and steady effort
has been made to reduce amounts by a
pressure Tor substantial partial pay
ments, and, l am glad to say, with good
results, the collections from notes and
interest for the year being $54, 753:89
Rentals
the company owns about lis cottages
ana tenement houses, from which was
received in rentals during the year $13-
6IS.72. the increase in favor of the latter
half OF the year being almost IL per cent.
large number of these houses were
vacant during the past several years
ana were in more or less dilapidated
condition, but as rapidly as they could
be rented to good tenants they have been
repaired, and only few are now vacant.
New Industries.
There have been located in the city
within the past seven months a car wheel
works, a soil pipe foundry, a nut and bolt
works, two iron and brass found,ies a
cotton seed oil mill, tobacco and SNUFF
Factory and number of smaller enter
prises. With the erection of a steel mill.
which am now reliably informed Is an
assured fact, and a very good prospect
for the location of cotton mill to en-
ploy ABOUT 500 hands, can see no reason
to doubt that general conditions will very
soon Improve to such an extent that you
may expect a steadily Increasing demand
for your property at better values.
Donations.
After consulting individually a major
ity of your board, offered to donate two
blocks of ground for the cotton mill al
ready referred to, subject to the consent
of the company's trustee. Several others
offered sites also and it is not yet known
what location has been selected
While as general proposition Birming-
ham has, in my judgment. grown beyond
the point at which 1t should be necessary
to donate land for manufacturing pur-
poses, it is still fact that other towns
and cities are doing so. and in some cases
it appears to be not only a necessity, but
good policy for your company to show a
liberal spirit in this respect. No one ques-
tions the fact that the opportunities Of
fered here for development are uusur-
passed by any other locality, but now
thax this city has just begun to recover
from the stagnation of the past several
years, and other sections are offering
strong Inducements for the investment
of capital, it appears to me to be neces-
sary almost to begin to build anew, OF
see Birmingham left behind in the march
of progress and development.
Bonded Debt.
Since January l, 1885, $4,000 of the
companys thirty-year per cent bonds
were cancelled, and have, with the ap-
prevail of your executive committee, made
compromise settlements of old notes, by
which $4,000 of bonds will be cancelled
within a few days and $4,000 of the unex-
changed dividend trust bonds will be can
celled about July l. The latter are by
the terms of a contract, now practically
In the hands of the company. In this