The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-10-16
CHATHAM REAL
ESTATE CO.'S MEETING.

Reports Submitted and Omcers
Elected for Next Year.
The annual meeting of the share
holders Of the Chatham Real Estate
and Improvement Company was held
at its office yesterday afternoon at 5
o'clock. Mr.. Charles Ellis was called
to the chair and Mr. F. w. Garden
acted as secretary. A committee con-
sisting of Messrs. G.. A. Mercer, Jr., F.
G. Bell and F. w. Garden was appoint
ed to examine proxies, and reported g.
70S shares represented either in person
or by proxy.
The treasurer's report for the fiscal
year ending June 80. 1903, was read
and ordered spread on the minutes.
President Estill submitted his re-
port as follows:
To the Stockholders of the Chatham
Real Estate and Improvement Com
pany: The report for the year ending
the Both of June shows no material
change in the financial condition of
the company. The surplus amounts
to $l0,022.S0, an increase of $1,47S.64
over the amount reported last year.
During a period of four months of the
year, $4,000 to 100000 laid comparative
ly idle. This was due to a temporary
falling off in the demand for loans,
and loans maturing during the same
period. This surplus, cash, however
earned small amount, the bank in
which it was deposited paying interest
on our daily balances. You will notice,
however, that before the close of the
fiscal year we had not only loaned the
entire amount, but had borrowed $780,
leaving at that date only SS25.52 on
hand
Last spring the board of directors
agreed upon a plan for building houses
on the company's property in Barry
and Garland wards. with the view of
dispesing of its vacant lots. The plan
proved quite successful; twenty-five
lots were disposed of, 9 homes built
and others are in course of con-
struction. These transactions do
not appear in the treasurer's report
for this year, as only a few of the
lots were sold previous to TJune 80. 1t
is proposed to continue this method of
disposing of our holdings.
The treasurer's report shows that the
real estate account has increased over
that Of the previous year S7,231.79, this
is due to taking two pieces of property
for debt. and the purchase Of four
small homes on Thirty second street.
The latter were bought in order to pro-
tect our holdings on that street.
Since the close of the fiscal year,
however, the real estate account has
been reduced about $4,000 by the sale
of lots in Barry and Garland wards,
to which l have heretofore referred.
By authority Of a resolution passed
by you at the last annual meeting the
sariaG ~ GtOcys knnNHrT1 nc nd faT2f'
have been merged, thereby doing away
with the .keeping of separate accounts
for the two series. Series "B" certifi-
Gates arc being changed as fast as they
are presented.
AT the same meeting the directors
were instructed to take into consider
alton the establishing of department
of savings in connection with the other
business of the company and were au-
thorized to inaugurate the same, if in
their judgment il was deemed advis-
able. This matter has received the
consideration of the directors, but no
definite action has yet been taken.
l take pleasure in stating that the
board of directors. the Auditing Com
mittee. and the secretary and treasurer
and his assistant, have been faithful
and jealous in the discharge of their
duties. Respectfully submitted.
j. II. Estill,
President.
The election of officers followed. Col.
]. H. Estill was nominated for presi-
dent and unanimously reelected.
The old board of directors and the
Auditing Committee were unanimously
reelected:
Directors--H. P. Smart, C. H Dor
sett, Lee Roy Myers. H C. Cunning
ham, J. r. Eason. ]. Randolph Ander-
son, VIM. Kehoe.
Auditing Committee-F. G. Bell, r.
G. Gaillard, NJ. S. Baker.
At a meeting of the directors, held
after the adjournment of the share
holders, the following officers were
unanimously reelected
c. H. Dorset, vice president.
VIM. Kehoe, president pro. tenn.
F. w. Garden, secretary and treas
urer.