The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-11-29
ALUMNI WILL MAKE FULL AND FAIR
INVESTIGATION OF THE LAND SALE
Meeting Of the Executive, Legislative and Advisory Committees Of
the Society Held in Montgomery Yesterday

recent meeting and was advised by COM
petent legal authority that the call for the
meeting should have been made by the
president pro tenn of the board the statute
specifically stating that calls for meetings
should issue from such source. In nus oplh-
ion the recent sale was void. He said that
at a meeting of the exetStive committee
held in Birmingham last Saturday that a
full meeting of the board had been re-
quested to sit at Tuscaloosa on Decemper
20 to either confirm or set aside the recent
sale, as at present there was no legal title
to the lands held by the purchasers
Mr. Bowie asked that II in the recent call
for the meeting a specific object had been
stated for It.
Mr. Wood replied that the statute does
not require such statement He mad peen
informed by Judge William Rlcnarosoh
who was a member of the board, that the
general understanding was that the board
had been called together for the purpose OF
filling the chair of pedagogy and that after
that business was concluded he got up from
his seat for the purpose of retiring when
his attention was for the first time caiieo
to the proposed land sale.
Resolution Authorizing Sale
Mr.. Wood was asked If he had in his pos
session the resolution authorizing the sale
of the lands as passed at the September
meeting In reply he read the following eX-
tract from the minutes of the board OF
trustees of date September o. 1899: After
considerable discussion the following reso-
luton offered by Mr.. Davis was adopted:
Resolved, That the board OF trustees OF
the University of Alabama does hereby sell
to the Sloss- Sheffield company, or to Sol
Haas as trustee for such company, three
thousand, four hundred and forty acres
more or less, of lands of the university IN
township 10, range 6, township 10, range
ATs
10, range Z; and also one thousand and lor-
ty acres more or less, township 1S, ranges
5 and 6, and township 10, range o. Ter the
sum of twelve dollars and half per acre.
net to the university, and on such terms as
may be approved by the president on the
board, not to be less than one-had cash.
deferred payments to bear per cent. IN
terest. The deed to be executed by the
governor of the state the president OF
the board of trustees and counters1gned py
the secretary of the board OF trustees,
who shall attach thereto the corporated
seal of the university.
The governor stated that in the event
There should be no danger OF missing this
sale he would not take any action until
he called the board together again.
How 1t Was Done
Mr.. Wood stated that he had heard how
the resolution had been passed by the
board, but would give it merely as here
say evidence He said that the matter of
the land sale was taken up at o'clock p.
m. and discussed in an informal way until
1890 a. m. before it's final adoption. Judge
Richardson had opposed every point. Col
onel Sanford said that he would like to
have the matter postponed. Richardson
moved to postpone. David said ne thought
the matter might go through now, and the
chairman asked Mr. Davis If he offered
that as substitute to Judge Richardson's
substitute for postponing of the resolu tion.
MIR. Davis said he did. The question then
recurring upon the passage OF the subsu-
tute offered by Mr.. Davis, said the govern
or. He then put the question. 1t Was
carried, and nothing was ever heard from
Judge Richardson's substitute.
Mr.. Wood was asked now many votes in
the board was required to make an action
valid. To which he replied that three
would bind in case there was but five pres
ent. Five is quorum of the board.
He said that ne did not know how the
members present voted as the minutes fail
ito show an aye and nay vote The men,
bers of the board present were Messrs.
Caldwell, Stansel, Sanford, Davis, Rich
ardson and Governor Johnston.
In answer to question as to whether the
June meeting of the board had passed a
resolution declaring against further sales of
the university lands, Mr.. Wood replied that
no such resolution was passed. but that
both Land Commissioner Fits and Presi-
dent Powers had recommended in their re-
ports that the former policy of Leasing the
lands and declaring against further sales
had been referred to a special committee of
which Tenant LomaX was chairman and
that they had reported in favor of adopt
ing this section of the reports The resolu-
tion Withdrawing all the university lands
from sale was passed in June 1896, and had
never been repealed.
DIR. Powers Report
At the conclusion of Mr. Woods remarks
Phares Coleman, also a member of the ad-
visory committee, was asked to make a
statement He read the following extract
from DR.. Powers report on the matter of
land sales which was passed upon at the
June meeting:
1.-THE wisdom of the policy Of your board
in Withdrawing from the market some years
ago the remaining lands comprising the
grant of 1884 seems clearly demonstra ted by
the results of the Aldrich lease. OF the
$3.50 acres of the entire grant, there have
been sold 14,2 6O25 acres, bringing into the
treasury of the university the sum of s201,-
95o.11, average S14.26 per acre. If not
richest in coal, the lands sold were most ac-
cessible to transportation lines, and there
fore they constituted the choice part of the
grant. The Aldrich lease includes 500 acres,
on a royalty for rum f-the-mine coal. This
lease brought to your treasury from May 1,
1893, to May /, 1899 (the last full year re-
pOrted), the sum OF $5,f43.zJ II we accept
the estimate of the state geologist, DR.. Eu-
gene A. Smith, who knows more about these
lands than any other man In the state, that
there Is at least ton of mlnable coal under
each square yard, this GOO acres will yield
900 tons, which at royalty of cents
a ton will bring into your treasury 1903 2s0.
AT the rate at which coal is being taken
out at present, this lease will bring in an
nually $1,000 for r-arly forty years, and the
land will still belong to the university and
have some value.
"Looked a another way, this royalty rep
resents 3 per cent on an endowment of
over 100000 Indeed, / confidently believe
that This royalty can be so managed as to
yield $1,000 year for thirty years, a long
time for bonds to run, and provide after
that a permanent investment of 100000.
Sold at the average rate, this 500 acres