The Birmingham age-herald., 1904-01-17
PRESIDENT REPORTS ON REALTY COMPANY Available Assets Now Amount
 to$222,452,87
  MANYIM PROVEMEN ENTS President A. L. FuIenwlder Makes Financial Statement to stockhoId-
 ers-WIII Outline Policy of
 Building Homes.
ACKNOWLEDGEMENTS MADE

ers-WllI Ou1llne FoiiCy or
 Building Homes.
 President A. L. Fulenwider of the Bir- mingham Realty company has prepared statement of the operations of the company for the year 19O3 which will be presented at the annual meeting of the stockholders to be held on April 13. Relative to the bonded debt of the company the report says:
 Under the original plan of reorganiza- ton there was authorized the issue of the following securities, as of January l. 19O0
 Prior lien per cent bonds .. ..................S .S55O, OD Gold mortgage 5 per cent bonds .............,.... o9O,VV-Sl'po'VV Of which there were not issued prior lien per
 cent bonds ............... bO,0Oo Gold mortgage per cent
 bonds ........... M,ooo- n,ooo Making outstanding bond
 ed indebtedness ....... I,02sWO Of this amount there has been purchased and cancelled by the trustees to Decem- Der 31, 1902
 Prior lien bonds. .s224,0oo Gold mortgage bonds ...... 141.000 During 1903, prior lien bonds 102,00o During 1903 gold mortgage bonds .. .. ...........s.... 5S,5W
 Making total bonds re-
 tired ...~............. sozoooo
  Leaving outstanding .............. $5O2 800 With interest charge of ............. 25,125 This shows a reduction in bonded
 indebtedness for the year 1903. .s161 500 Tn interest charge .................. S.075 There are held in the company's treas ury the unissued bonds as follows: Prior Hen bonds $50,000 Gold mortgage bonds ....... M, ,0O0-S71 900 As previously reported your directors purchased with surplus funds from time to time and had on hand on December 31 1902:
 Prior lien bonds ..............s5 .s50,000 Gold mortgage bonds ........ s,5oo-s5s50o Of these s3O,Ooo prior lien bonds sS5oo mortgage bonds have been sold to the trustees and for company's uses
 The Union Trust company, as trustee under the mortgage held on December S1, 1903, for redemption purpose the fol- lowing: Cash, s5oSS.7 and bills receiva- ble, bearing per cent interest, s242. s31, ,13.
 Preferred Stock.
 The original issue of preferred stock was $7Oo,oOo. Of this amount sS5. 500 is in the companys treasury retired under terms of mortgage s115,sOo; retired during 1903 ss1,aoo, leaving outstanding s517.9oo.
 Of 100000 of common stock authorized to be issued there Is unissued s400, leav- ing outstanding s1,299,6 500.
 Available Assets.
 The company had on hand Gin addition to cash and bills receivable with trus- tee) after paying interest due January 1, 1904 and all taxes for 1903, applicable to the payment of expenses, interest and taxes:
 Cash .. ....,.........s 7,697.5S Bills receivable, bear
 ing 6 per cent inter-
 est .............. 195, 44S.79 Accounts receivable :. 19,S06. 50-$222, ,452. ST These bills receivable are all secured by first lien on property sold and the accounts receivable are all against re- sponsible corporations and parties and regarded as perfectly good.
 The company has further expended on houses which have been contracted to be sold s11, ,969 50.
 This amount will be absorbed into bills receivable early in 1904.
 From January 1, 1900, to December 3l, 1902, the company expended $252,73OB for street improvements, new buildings, other improvements and repairs. During the year 1903, $44,769.S5 was expended on im- provements, making a total of s297 ,5OO 2S expended for this purpose during the term of office of President Fulenwider The total sales of the company of real estate for the past four years amounted to s1,463, ,93717 divided by years as follows: 1900. $113,o57.49; 1901, s46O,2O217; 1902, s527.- 179.01 1903, s363,534.50. The rented property of the company yielded for the year 1903 S22.51064
 The fixed charges were as follows:
 On the amount of outstanding bonded indebtedness of s502. 800, the annual inter- est charge Is s25.l25. from which may be deducted interest above mentioned $1000- $24,125.
 A total of s1S.22s.77 was paid out in taxes during the year 1903 s17ST.27 of this amount being paid for state. county and city taxes assessed in 1903, and sS51.50 for license
 The report is concluded by the follow ing:
 "Although the company has sold during the year between 10 and 50 ror cent of it's rental yielding property, increased rentals and the improvements made have en- abled us to show an actual increase in our rental account and 1t is my purpose to continue this policy.
 '"rhe large sums expended for street Improvements have made availabls much rroperty otherwise unstable and the amounts to be expended in the future in this direction will be compl -atively small. 'The predictions made in the last an- nual report in regard to the increase of available assets, I am glad to say, have been fully realized and with the approval of your directors shall continue the pol icy of building houses for csl on the in- stallment plan to which I have heretofore directed your attention.
 Tn conclusion I feel that the stock holders have just cause for satisfaction in the condition of the conipanys affairs and may look forward with some measure of confidence to dividend on their stock. but as you all know no dividend can be declared with )ut the conser- of the trus- tee, and deem it proper to say that even If the trustee consented I should regard any movement for the payment of any dividend cn either class of the company's xfr<.< fe. ,,,ff -,o ant hop