The Birmingham age-herald., 1903-01-15
STOCKHOLDERS OF
 REALTY CO. MEET.
President FuIIenwider Reports Co in Satisfactory Condition.
WORKING POLICY OUTLINED
Steady Available Assets Will Increase and Houses Will Be Erected for Sale on lnstallment Plan.
 New Directors.

The stockholders of the Birmingham Realty company held their annual meet pany on Twentieth street The following stockholders were present.:
 Alexander Troy, Montgomery; William Halls Jr., New York William A. Walker E. w. Barrett, W. ". Crawford, Otto Marx, George Ward, John M. Caldwell, Culpepper Exum, Ross c. Smith, H. B. Gray, David Roberts, John London, H. G. Robinson, E. W. Fucker, c. B. Me- Cormick. Robert S. Munger, Birming- ham; John P. Kohn, Montgomery.
 Ross c. Smith presided over the meet ing
 Directors were elected as follows:
 James Bowron, John NJ Caldwell, James M. Donald, Culpepper Exum, An drew L. Fulenwider, William Halls, Jr Alexander T. London. David Roberts and James T. Woodward.
 The new directors are MT. Donald, MT. Exum and MT. Roberts. MT. Donald is a vice president of the Hanover National bank of New York. He takes the place OI M. AlhlilSOl Ol Alldllld WilO found 1t inconvenient to attend tho meet ings on account of pressure of other business. MT. Exum takes the place of r. M. Billing, who disposed of his stock and resigned some time ago and MT. Roberts was chosen in the place of R. S.. Munger, who asked to be excused from serving owing to his frequent absence from the city.
 The board of directors elected these of fisors:
 President-A. L. Fulenwlder.
 President-William Halls, IF.
 General Counsel-Alex T. London.s
 Secretary rreasurer-Frank Norris.
 Assistant Secretary and Treasurer-E B. Daffin.
 Executive Commi.tee-A. L. Fulenwider, Alex T. London, David Robel ts
 Presidents Report.
 President Fulenwider made a most sat- isfactory report. After his introductory remarks the president sad:
 ''The policy agreed upon by your direc- tors, in the line of Improvements has been steadily pursued and there has been expended since the organization of the company, for street and property i'm provements, sewers and new buildings, $252, 4S, with the result of greatly en- hancing the value and stability of the company's remaining property"
 The report then sets forth the financial condition of the company. After deduct ing the amount of bonds now owned by the company and the sinking fund the net indebtedness on December o1, 1902, was $425. 5.9S2.75.
 The original issue of stock authorized was $70o,O00. Of this there is in the treas ury S35,6OO, and retiring under the terms of the mortgage $115. 900, leaving outstand- ing S54S,5O0
 Of the common stock issue authorized, $1,3Go GOO, all but S4C0 is outstand:ng.t
 The company had on hand January 1. 1903, after paying all dues and taxes, cash $2, ,4S2, ,66, bills receivable bearing per cent interest, $107, ,294O1, making a total of s109, ,776.61.
 The total sales of real estate for the past three years amounted to s,1OO, ,4Ss.67; III lJOG, @0Ii,ltJ.Ol. ue Ieutdl ihNOihc iOl 1902 was s22,3S4.79.
 The fixed charge of the company on bonds, etc, is $6e4,OOO. with annual inter- est charge of $30,275.
 City, state and county taxes for 1902 were $19,9e7.42 and license $851.50
 The president closes his report as fol- lows
 During the month of November, at the instance of the executive committee, all the books and accounts of the com pany were thoroughly examined, audited and verified by a competent accountant and found in perfectly correct and sat- isfactory condition.
 Policy of the Company.
 "The large expenditure shown for street improvements and assessments, rendered available and salable more than thirty thousand front feet of your property, from which sales are now being made. It will not be necessary in future to expend any further large sums for this purpose until we conclude to improve other tracts of unplatted or acreage property, and so we may confidently expect to see the avail able assets steadily increase. which will permit us to further extend operations in the line of erecting houses for sale on installment plan, which, deem 1t proper to say, I regard as the true policy for the company to pursue. Our ventures in this line have proven very satisfactory, both in the profitable use of the money invest ed and the enhancement in value of the adjacent property, as well as encour- aging persons with moderate capital to build by means of these advances. for. which the company is amply secured.
 "The operations and conditions O. the company are shown fully and in detail in the report of MT. Frank Norris, secre- tary and treasurer which is submitted to the meeting in connection with this re- pert