The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-10-17

curing your action. The first is the
merging of the two series of stocks of
the company. The first series repre-
sents the $500, 900 originally issued, and
the second the 5000 900, issued in 1889,
to increase the capital stock to $5000O0,
the amount provided for in the charter.
These issues are known as Series A
and b, and while the business of each
is kept separate on our books the
loans are placed unfortunately in
either of them. as there may be money
on hand to meet them. By reason of
real estate investments made before
the issue of the Series b stock, the first
issued, or Series A stock, had the most
value. The sale of the greater part of
these investments. and the accumuIa-
ton of real estate by the Junior stock,
and the approximation in value of the
surplus and undivided profits of the
two issues. have caused the board of
directors to recommend that in future
there shall be only one issue or class
of stock. There is no apparent reason
why a distinction should continue to
be made in the certificates of stock
holdings. 1t is not necessary or adj
visable. This consolidation will not
make 1t necessary to issue new certifi-
Gates. except as is now the case when
there are transfers of stock.
The other matter is the proposition to
organize a savings department. There
are. 67S stockholders, many of whom
have savings to invest, and it is be-
lieved they would prefer to intrust
their money to this company. saw
ings department can be readily man
aged in connection with the present
business of the company, and, for the
present, without additional expense.
A resolution authorizing the incom-
ing board of directors to carry out
your decision is all that will be neces-
sary if you desire to take action in
either or both of these matters.
The Office of secretary and treas
urer so long filled by the late Mr.. Sol
onions, remained vacant in respect to
his memory until the 18th of Nevem-
ber when Mr.. f. w. Garden was elect
ed to the vacancy. Mr.. Garden has
been with the company since 1891, dur
ing the greater part of which period
he was assistant secretary and treas
urer, which made him well qualified
to occupy the important position to
which he was elected. l take pleasure
in stating that he has given entire sat
isfaction to the board of directors and
myself, and is a most efficient and in
dustrious officer.
Mr.. c. S. Connerat one of the orig
inal directors, died on the 2Sth of De-
attentive officer, and a warm friend,
and we parted with him with heart
felt regrets.
The vacancies created in the board
of directors by the deaths of Messrs.
Solomons and Connerat were filed by
the election of Messrs. j. Randolph An
derson and John r. Eason.
Since the last statement the real es-
tate accounts have been reduced $15,-
053.90, though the real estate sold
amounted to $26,525. This difference
between the reduction and the sales is
due to the taking on of additional
property, on which the company had
loans. All the property taken back is
under rental.
The surplus is $S.544.16, being an in
crease of $2157.99 over the previous
year In addition to this amount, s4,-
074.00 has been carried to undivided
profits. Y
The Auditing Committee, besides it's
regular monthly examination, has
during the past year examined all pa
pers, deeds, insurance policies, ETC.,
belonging to or in the possession of
the company, and also into the condi-
ton Of its loans and accounts
The financial. condition of the .corpor-
alton is fully set forth in the statement
of the treasurer for the year ending
June 80, printed copies of which are
before you, and 1 respectfully refer you
to it for details. 1 would state that
the cash on hand, shown in the re-
port, has ben satisfactorily loaned.
Respectfully submitted,
a4 j. III. Estill, President.
The Treasurer's Report.
The treasurer's report for the year
ending June 30, made the following
showing as to Series A:
To loans .......... $3.50, 427 20
To Office furniture
and fixtures 49,. 302 SO
To interest due :. 2,7S4 II
To real estate 49,. 1850 81
To cash on hand =. 1888 51-$3l7, 794 IL
BY due stockhold- tst
ers :. ......... $500, 900 90