The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-01-09

the old nt1Batlon IOlioWinB Iiie 1iJ NoN
Company, predecessors of the Realty
Company had been settled and cleared
off the books and over the further fact
that President A. l.. Fulenwider made
a good showing In his annual report
Mr.. William Halls, vice president of the
Hanover National Bank of New York,
and vice president of the Birmingham
Realty Company, was at the meeting. On
motion Mr.. Henry B. Gray was elected
to preside.
Presidents Report.
The presidents report follows:
At the close of the second year of your
companys business, 1t affords me pleas
ure to state that the conditions for the
past twelve months have been very fav-
orable and the expectations of your
directors a year ago have been more than
realized.
Abiding to the presidents report a
year ago: l am happy to state that the
litigation with the representatives of Mrs
Morris has been settled and other law
suits which were at that time in progress
have been brought to termination salts
factory to your company, SO at this
writing We are able to report that there
is no cloud whatever on the title of the
Birmingham Realty Company, to the
real estate or securities acquired through
the reorganization of the Elyton Land
Company and the Elyton Company.
Equities Sold at Auction.
AS this desirable situation has only just
been realized Through the legal sale at
auction on the 7th instant of all the equi-
ties which the Elyton Land Company
might have had to the various properties
which this company had heretofore ac-
quired and at which sale your company
was the purchaser, receiving today deed
thereto), the accounts of the reorgani-
cation committee are not yet adjusted
and, therefore, l am not able TO presen.
TIE following summary of the year s
transactions;
The total sales of property for
the year amounted to..........S 460, 202 IL
The receipts from old claims
amounted to.......... .....,.... 35, 006 81
The net receipts from rentals
amounted to-. ...... 1890. 26.S1S 40
Our taxes for the year, includ-
ing license, amounted to-. 20,SS7 %
Through the operations of the
sinking fund, on account of
sales of property. there have
been paid to the trustee of the
mortgage, IN cash. .............. 206, $685. SS
In addition TO which there have
been deposited with the trus-
tee purchase money notes to
the amount Off,. 1922. 81
Out of these funds the trustee
has retired prior lien bonds to
the amount off,. .............. 132.000.00
And mortgage bonds to the
amount off,. $1,000. 100000
In addition to this 1856 shares (par value
s35, 100000 of the preferred stock have been
cancelled and retired. said stock having
been received in part payment for lands
Sold as per the terms governing it.
This leaves your company's capital as
follows
Common stock. ......d, 300, 900. 90
Preferred Stock. 655, 600 90
Mortgage bonds 1900. 457, 900. 90
Prior lien bonds.... .............. 4OS,00O.00
The company still has in its treasury
$21, 10000 of the above mortgage bonds and
$50, Ooo.OO prior lien bonds.
To Protect Property.
In order to protect your companys prop
erty on Highland avenue. and to realize
on that avenue, the reorganization COM
mittee acquired at a reasonable price on
our behalf frontage of about l. $40 feet
on Highland avenue from other owners
who were anxious to realize on their
1t will be noticed that our net rentals for
1901 were about 100000 more than in
1900, and this despite the fact that during
the year we have some property having
a rental value in 1900 of s7,so0.o0
During the past year the company has
expended on various parts of It's proper
ty ss7.16s.s1 and has paid the city for
street improvements connected Herewith
s24, 3l3 GA, making a total investment in this
line of 81. 4S3.55. This money has been
largely expended on the Highland Ave-
nue. work already mentioned; on Sixteenth
avenue, South, and on Twelfth avenues,
north, and adjacent streets. bringing
thereby into marketable condition a to-
tai frontage Of 2S 1862 feet. This will ena-
BILE us to meet the large demand for resi-
dence property and we hope during the
coming year to more than realize enough
to reimburse for these expenditures. and
thus with a continuance of the present IA
vorable conditions, we should be able
in the near future to retire many more
of our bonds.
On motion the report was accepted and
filed.
Directors Elected.
The following directors were elected:
Messrs. Henry NJ. Atkinson. Fay NJ
Billing, James Bowron John NJ. Caldwell,
Andrew L. Fulenwider, William Halls,
Jr., Alexander T. London, Robert S. Mum
ger. Alfred M. Shook.
The old officers were elected as fol-
lows:
President-Mr. A. L. Fulenwider. Birm-
ingham.
Vice President--Mr. William Halls, Jr.,