The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-15
REALTY COMPANY
MAKES ITS REPORT
Bonds Amounting TO $694,000
Redeemed During Six Months
OFFICERS BUY MORE BONDS
Net Indebtedness of the Company On
June so, 1902, Amounts to 1885,
o4s-cempany Has Made
Many improvements.
OFFICERS BUY MORE BONDS

the operations OF the company IOr the
first six months under the plan ratified
by the reorganization committee Decem-
Der 81, 1901. showing that during the six
months bonds amounting to s6s4OOO have
been redeemed by the trustee. The re-
port, which is of general interest is as
follows:
To the Stockholders of the Birmingham
Realty Con pany:
In view Of the fact that from delays
which were unavoidable no nnal settle
ment could be made with the reorganiza-
lion committee until after December 81,
1901, l have, after conference with your
board of directors. deemed it proper to
inform you Of the operations of the COM
pany for the six months ending June 80,
1902, and Of the present condition Of the
affairs of the company as shown by the
balance of that date. which covers two
years and six months operations.
Under the oil iginal plan of reorganiza-
tion there was authorized the issue of the
following securities, as of January 1,
1900:
Prior lien per cent honGs. $3.50, 900
OF witch there were not
Issued -: ......'.... oO'oOO
Making total issue -. $500. 100000
Geld mortgage per cent
bonds ...... -. ...Sb60, 600
OF which there were not
Issued .....s 49,. ....... NOOo
Making total issue ........... $4,000
Making total bonded indebted
ness ........ ....... 1880. 800. Sl,0zS9OO
MIR
chased and cancelled by the trustee:
Prior lien bonds .......... .$212 900
Gold mortgage bonds -. $4,000
Leaving outstanding -. -. ses4oOo
With interest charge of ......... 34,70O
Your directors hold in the company's
treasury the unissued bonds as follows:
Prior len bonds ............ $4,000
Gold mortgage bonds 49,. A000
In addition to the above your directors.
with the surplus fund on hand from time
TO time, have purchased and now hold:
Prior lien bonds ............ $4,000
Gold mortgage bonds -. 1900
Which yield an annual interest OF 5000
The Union Trust Company as trustees
under the mortgage held on June 30,
1902, for redemption purposes the follow
ing: s.A
Cash ...... 49,. ......... $9,955A
Bills receivable, bearing
per cent ...... ........162,0 900 .e5
s1n, 1856 10
Deducting the amount OF bonds
now owned by the company and
the sinking fund, as above, the
net Indebtedness of the cont
pany June 80, 1902 amounts to-. 45S,043S1
t.iN PREFERRED STOCK
The original issue authorized. 100000
OF which there is in the
company's treasury -. s35, 600
Retired under the terms of
the mortgage los. 300
143.9OO
Leaving outstanding -. -. $3.50, 100
COMMON STOCK.
OF the total issue author
lzed ........ ...... ...... $l3O0,OOO
There is unissued $500. 400
Leaving outstanding ....... 81, 299, 900
In addition to the above, the company
had on hand, to meet current expenses,
interest and taxes after paying interest
due July l. 1902:
Cash 49,. .........$42 615.75
Bills receivable, bearing
per cent $500. 70S93.S9
total of 49,. -. .......... S113, 500 "a
which is ample to cover all expenses. in
terest and taxes and contemplated i'm
provements for two years in the absence
of any serious or long-continued period
Of depression.
The company has expended for street
improvements new buildings, other i'm
provements and repairs:
Since January /, 1900. .$144.190.30
In addition, your COM
pany has paid to the
city for assessments
INN
ments -. -. 49,. 45774.9s
A total OF 49,. s............. .$1S9, 965. %
This expenditure has resulted in OPEN
ing 10000 front feet of property not here
tofore available, and greatly enhanced
its value.
SALES OF REAL ESTATE.
The total sales of real estate for each
year is as follows:
l9OO .,.... ,Sl13,0 57. 40
1871 ...-........... ......... 460,202. IL
lyOz ito date ......... al, 43S. 40
A total of ..... 1884. Cos. 0s
RENTS.
The rented property of the company
yielded for the six months ending
June 49, 1917 .......... ...-.. 81, 3l2. 81
FIXED CHARGES
On the amount Of outstanding
bonded deDt ........ 1854. 600. 90
The annual interest charge is.... "a. 100 90
From which is to be deducted In
terest above mentioned .. 5000 90
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