The age-herald., 1901-01-10
\. |. FULENWIDER
 MADE PRESIDENT Annual Meeting of the Birming-
 ham Realty Company MIR. HALL VlCE-PRtSIDENT I Retiring President Submits Report Showing Operations of the Com pany During the Year-The Other Officers.
MIR. HALL VlCE-PRtSl0ENT

iNOdllS 1OihpdHS lSib iAiSii i'ieSt ing yesterday at noon and elected a board
 of directors and transacted such other bus mess as came before them. President Halls
 submitted a report of the company's op
 erations for the year 1900, which was an in- teresting document
 The board of directors held a meeting i'm medately after the stockholders adjourned and elected A. L. Fulenwider president to
 succeed William Halls, Jr., who declined
 reelection on account of the fact that he
 resides in New York and great many
 things come during the year that require
 the immediate action of the president. MT.
 Halls accepted the vice presidency, how ever, in order that the stockholders and
 the public might know that his interest in the company had not diminished.
 The following directors were elected: F. M. Billing, James Bowron, John M. Cald-
 we'll, A. L. Fulenwider, William Halls, Jr, Thomas G. Jones' Alex T. London, A. M.
 Shook and James T. Woodward
 The directors elected officers as follows:
 President-A. N. Fulenwider.
 Vice President-William Halls, Jr
 Treasurer and General Manager - J. K.
 Mcdonald.
 Secretary-Frank Norris.
 MT. Fulenwider, the newly elected presi-
 dent of the company, is one of the most
 prominent young business men in the city
 and is interested in several enterprises.
 Under his active management the affairs
 of the company will continue prosperous.
 President Halls Report.
 The report submitted by President Halls was as follows:
 To the Stockholders of the Birmingham Realty Company:
 Gentlemen-The first year of your con- pany's business was closed on December 31, 1900, and in looking back over the re-
 suits your president and directors consider
 that the situation is more favorable than
 was to have been expected under the ad- verse circumstances we have been com
 batting during the entire year.
 The reorganization committee and the d. rectors of your company have on your be-
 half continuously fought what Is known as
 the Morris suit through all it's develop ments.
 For the benefit of the stockholders who
 may not be advised to this suit We deem it desirable to give an outline of it here, as
 follows:
 Mrs. Morris prior to her marriage, and during her infancy, was a stockholder of
 the Elyton Land Company, holding twenty six and one-thrd shares. Her guardian ac-
 cepted on her behalf the dividend trust bonds issued by that company years ago.
 and sold some of them in her interest but retained others which were subsequently, exchanged for Elyton Company per cent bonds. After attaining her majority, and after a settlement with her guardian, Mrs. Morris has sought by her suit to set aside the sale by the Elyton Land Company to the Elyton Company as being ultra wires for hnr ctnn sought to make her stock a lien ahead of the Elyton Company which were really also the debts of the Elyton Land Com pany; she died pending the suit, and her husband, as her administrators has follow ed the same course. On their present hold ings of twenty thousand dollars of the per cent bonds, declining to come into the reorganization, they would be entitled to about $10,500.00, in money, as the proceeds of the sale under the decree of the Cham cery Court, which was in fact made to pay the debts of the Elyton Land Company. But in addition to that, they have demand ed the payment of about 0000 for the twenty-six and one-third shares of Elyton Land Company stock which in reality is worth nothing, having been wiped out just as that of other stockholders was by the foreclosure in chancery. While the reor- ganiZation committee and your directors would doubtless have been willing to have made a settlement that would have cost the company 5000 or $3000, over and above the value of the bonds, in order to relic ye the company from the taint on its titles occasioned by this suit, they did not feel that they had the right to make any such payments as are demanded by the repre-
 sentatives of Mrs. Morris.
 There is no question but that this suit has retarded the business of your com-
 pany, and made the sales of real estate less than they would have been under other
 circumstances, and it is possible that the
 company may have suffered in loss of sales
 to the extent of $30000 but we felt that this would not justify the payment demand ed by this litigant. This litigation, in one phase or another, is still pending, and it
 may be some time before it is brought to a final adjustment. So far as the merits
 of the suit concerned, we can safely
 say that when finally adjudicated, the in-
 terests of the stockholders and bondhold-
 CTS of the Birmingham Realty Company will not be in any way adversely affected.
 The company. in spite of this suit, has
 placed itself in position to make sales of
 land by guaranteed titles thereto, having
 arranged with the Fidelity and Deposit Company of Maryland, bonding company to give all purchasers of land bond in- suring the purchaser against any loss or damage by reason of the Morris suit Owing to these conditions of affairs the finances of the reorganization committee and of the company are still intermingled, and we are not in a position to give the stockholders a full balance sheet, but will, far as possible, summarize the transac- tions of the year.
 The total sales of property for the year aggregated $1130 46. The receipts from old claims amounted to $11, 255. .33. The com pany has received from rent $23, S51 54, from which must be deducted the cost of repairs to buildings, $3429. .69; leaving net $20 421 S5. | Our taxes for the year. including license, amounted to $22, 800. 900. The comapny has various parts of the property, at an ex- penditure of upwards of SIS, 900. 900. Through the operations of the sinking fund, on ac- count of sales of property, there have been paid to the trustee of the mortgage. in cash $22 sos. .07 and there have further been deposited with the trustee purchase money notes Ito the amount of $34, 3S9. .62, which as they mature and are pafd will be applied in reduction of the bonded debt of this company.
 ba cl fo fhe thare