The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-10-17
IN IT'S 18TH YEAR
CHATHAM REAL ESTATE AND I'M
PROVEMENT co.
REPORTS 70 ANNUAL MEETING
MAKE SATISFACTORY SHOWING
FOR STOCKHOLDERS.

President EstiII and the Retiring
Board of Directors Unanimously
Re-eIected-The Two Series of
stocks to Be Merged and the Di-
rectOrs Authorized to Use Their
judgement in Establishing a Saw
ings Northumberland EstiIl
and Treasurer Gardens Reports.
History of the Association.
The annual meeting of the
Chatham Real Estate and Improve
ment company last night was large
ly attended. The office of the COM
pany. No. Il Bryan street, east. was
well filled with stockholders. Two i'm
portant matters were acted upon. The
directors, by a unanimous vote, were
instructed to merge the two series of
stocks. AS to organizing savings de-
partment, they were authorized to use
their judgment.
Mr.. D. B. Morgan was chairman
of the meeting, and Mr.. NJ. S. Baker
was secretary. The president, Col. ].
H Estil made his annual report,
which was received and ordered placed
on the minutes.
The treasurers report. which was
printed and distributed among the
stockholders, was also ordered placed
on the minutes. eiasa,-
The president. directors and Auditing
Committee We're unanimously re-elect-
ed. The officers of the company are
as follows:
PRESIDENT. H. Estill.
Vice President-C. H. Dorsett
President Pro Tem-SWm. Kehoe.
Secretary and Treasurer. w.
Garden. ,.s- .-- -
Direotors-H. T. Smart, Lee Roy
Myers, ]. Randolph Anderson c. H.
Dorsett, H. C. Cunningham, VIM. Ke-
hoe, J. r. Eason.
Auditing Committee-R. G. Gaillard,
M. S. Baker. F. G. Bell.
The Presidents Report.
President EstilIs annual report was
as follows:
Savannah, Ga, Oct. 16, 1902
To the Stockholders of the Chatham
Real Estate and Improvement Com
pany: This is your 18th annual meet
ing AS far as l know this company
is the first building and loan associa-
ton that was organized on a purely
mutual plan, where all stockholders
are of equal merit. and where the same
rules apply to all borrowers. In other
words, it has no preferred stockholders
or borrowers.
trust that ! shall be excused for
referring to the early history of the
company. On May p, 1885, pursuant to
call published in the Morning News,
about fifty citizens met in the Metro
politan Hall to consider the question of
organizing a real estate and building
association. Mr.. Alfred Haywood was
elected chairman, and Mr.. w. G. Wal
Ter. secretary. Mr.. NJ. j. Solomons. by
request, outlined a plan for the or
ganlzation of mutual building and
loan association, different from those
then is. existence, but predicated to
some extent on one then in operation
in another city. There was a fun and
Tree discussion of the project, and the
outcome was the appointment of a
committee 10 prepare and submit aeon
stitution and the bylaws for an asso-
citation on the lines indicated by Mr..
Solomons and others.
On June %, an adjourned meeting
was held, and the committee on organ
lzatlon presented it's report which was
adopted. The name given to the associ-
alton was that which is now so ia
miiiar to every citizen of Savannah
VIZ: The Chatham Real Estate and
improvement Co."
ON Aug. II, another adjourned meet
ing was held, at which several amend
ments to the constitution were
PRESENTED and agreed to:
among them one that has been a great
safeguard to the company. 1t provides
a permanent auditing committees. in
dependent of the board of directors.
that shall examine and report monthly
on the condition of the company.
AT meeting of the board of direc-
tors held Aug. 10, 1885, Mr.. M. ]. SOL
ONIONS, who had been elected president
resigned, and was elected secretary
ana treasurer and on Aug. %, 1885,
the present incumbent was elected in
his place. --.-..------
The authorized capital stock was
100000, of which only $500, 900 was sub
scribed al the organization of the COM
pany. The additional 100000 was not
issued until later. On the 9th of April
1889, the board of directors, to meet
demand for money with which to
make more loans, authorized the issue
OF STOCK 10 the amount provided for
IN the charter. Subscription books were
scarcely opened before the entire gfssue
or stock was subscribed. In fact rtiou-
Die the amount of stock would not have
satisfied the demand, and the direc-
tors had to request subscribers for
large blocks of stock to reduce their
subscriptions so that people of smaller
means might obtain shares.
The company was organized on a
plan By which it's stockholders receive
lair rate of interest on their invest
ment, and those who borrow pay no
more for their loans than is neces-
sary for a dividend to the stockhold-
ers, and taxes, office and other ex-
penses.
The company has not been a great
money-maker, and it was not intend
ed to be by those who organized il.
but 1t pays dividend of per cent
per annum to its stockholders, and has
hlled the city with homes for the peo-
pie, built by the people, and owned
by the people. 1t is mu-
tual company, all stockholders
standing on the same footing.
their money being utilized in helping
those who are endeavoring to helm
themselves.
At the request of the directors I in
vite your attention to two matters re-