The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-04-12
REALTY co, HOLDS
ITS ANNUAL MEETING
The Old Board of Directors is
Reelected
PRESIDENTS FINE SHOWING
Payment of Semi-Annusl Dividends,
Beginning Next July, Is Recon-
mended-The Company Is
Now Out of Debt.
FINE SHOWING

The sixth annual meeting of the stock
holders of the Birmingham Realty com
pany was held at noon yesterday i'm the
offices at 211S First avenue. The represen-
tation of the stock. in person and by
proxy, was unusually large. Those present
were T. F. Kleeman. J. NJ. Caldwell,
Ross c. Smith, David Roberts. a r.
London, John London c. A. Johnston Co
lumbus. Miss.l Culpepper Exum. Frank
Nelson, Jr.. W. w cogbill. George B..
Ward Henry G. Robinson. p D. Kohn
and John P. Kohn Montgomery, A. NJ.
Lynn. Leo X. Steiner. NJ. Y. Joseph,
William Hardie, W. II. Kettig. J. II.
Robinson, William Halls. Jr., and A..
L. Fulenwider.
Ross c. Smith was chairman of the
meeting.
At the conclusion of the reading of the
annual report of President A. L. Fulen-
wider, a resolution eongratulating the
president upon the showing he made and
endorsing the policy and management of
the officers and directors was adopted
unanimously.
The board of directors was reelected
They are: John NJ Caldwell. broker:
James NJ. Donald vice president Han
over National bank Culpepper Exum,
president Birmingham Fertilizer company;
David Roberts, retired iron manufacturer;
A. L. Fulenwider president; William
Halls. Jr vice president and vice presi-
dent Hanover National bank; Alexander
T London, attorney; Henry G. Robinson,
capitalist; James T. Woodward. president
Hanover National bank.
After the adjournment of the stock
holders, the board of directors met and
elected these officers:
A. L. Fulenwider, president
William Halls Jr.. vice president.
Frank Norris secretary and treasurer
e. b. Daffin. assistant secretary and
treasurer.
John London, counsel.
Henry r. Carse, auditor
The operations of the company during
the past year and its policy as to the
future are stated in the annual report
of the president, which is as follows
April II, 1906.
Realty Company
beg to submit the following as my re-
port for the year ending March 81 1906:
Our last annual report showed the total
amount of bonds then outstanding to be
$S34,000. In addition to the above amount
there We're $1,000 of the bonds in the
treasury of the company. Your directors
used some of these bonds in part payment
for the property known as Iakeview
ep ~ cf nar nj in al eyf.
bic location on the southeastern side of
the city. This property was in the heart
of large section of land owned by your
company. and. I'm view of the possible
development of such holdings. it was con-
sidered by your directors a good stroke
of business policy to acquire this land.
The remaining bonds were subsequently
surrendered to the trustee for cancella-
ton.
With n view to relieving the company
from any further obligation to the trus-
tee of the mortgage. your directors ar
ranged to borrow enough money, in an
ticipation of the income during the coV,-
ing year. for the purpose of retiring all
of the company's bonds on January |,
1906, in accordance with the clause pro-
vidng for the payment of all bonds upon
sixty's days notice, and due publication
of the call of these bonds was made be-
fore October l, 1905
When we applied for the satisfaction of
the mortgage we found that the authority
of the trustee to execute the necessary
satisfaction piece upon the retirement of
the bonds was not clearly defined, and, to
remove all question. the trustee request
ed us to procure the consent of the hold
ers of preferred stock to the execution
of the said satisfaction piece, or release
of mortgage.
take pleasure i'm stating that after
the expenditure of much time and labor
we have been able to file with the trus-
tee the consents of holders of preferred
stock aggregating over Sc per cent of such
stock outstanding on January l. 1906. Over
half of the remaining stock is held by
estates which for certain technical rea-
sons were not in a position to consent.
To cover this small percentage OF out
standing stock. your directors nave fur-
nshed the Union Trust company as truS-
tee with full Naturalization, and said
trustee has satisfied the mortgage; so
that your company is now in the con-
troll of its shareholders. 1t is proper to
state we expect to secure the signatures
of the holders of the other small lot
of unassented stock 50 soon as we may
be able to have personal interviews with
snch shareholders who live at a distance
from the city
wish. on behalf of the officers and
directors of TINS company W thdhh th'
shareholders for the uniformly courteous
manner with which we were received and
IN which our requests TO execute these
consents were complied with.
Preferred Stock.
While on this subject ! desire to state
that AT the meeting of your shareholders
beld December 1G 1899, provision was sup
nosed to have been made for the applica-
ton of 25 per cent of the proceeds of sales
to the retirement of preferred stock after
the payment of all the bonds, this being IN
lien of the acceptance by the company
of preferred stock to the extent of 20 per
cent of land sales. We ma that inns
authorization was only permissve; the
resolution reading: THAT % per cent OF
the proceeds of sales of land and property
may be applied to the purchase and can
collation. of the preferred stock OF the
company" 1t is the Judgment of your
directors therefore. as a pledge OF GOOD
faith on the part of the company that
this should be mandatory, and We there
hat a-nl a tAn