The Birmingham age-herald., 1904-08-06
FORM COMPANY ID
 HELP NEW COMERS
$100,O00 Organization Will
 Soon be Launched
BOWRON MAKES A REPORT
Will Be a Capital stock Company of the People to Assist New Indus tries to Start In Jeffer-
 son County.

900 stock company to aid young indus tries seeking to enter the district.
 The club yesterday afternoon endorsed the report of the committee which was appointed to investigate the advisability of organizing this company, and the re- port called for the organization, at the same time giving the specifications.
 The company will not be organized at present. but the organization will be started as soon as a numper or the club members return from their summer va- cations. A big meeting will be held at that time, and as much of the capital stock as possible will be subscribed.
 The proposition suggested by President Jackson was to organize a stock com pany composed of the citizens of Ala bama to lend money to industries seek ing to enter the district, and not having sufficient capital. The following was the report of Chairman James Bowron, of the committees plan of organization, as sub mitted by Mir. Bowron. and the subse- uuent discussion.
 Plan of Organization.
 '1. Corporation to be chartered under the laws of Alabama.
 "2. Capitol to be $10O000, the snares of stock to be $50 par value.
 g. Subscriptions to stock to be paid for as follows: 20 per cent to be paid in cash and $1 per share to be paid monthly thereafter until paid up.
 A. Presidents of the Commercial club and Board of Trade to be ex-ofhcio mem bers of the board of directors, if stock holders in the same.
 1H .at .axz.f -a.... q shall be elected as follows: Three for three years. three for two years and three for one year. Under this arrangement the policy of the company will suf' sr no quick radical changes in management or policy. The name to be the Development company and it's affairs shall be under the direction and control of the board of nine direc- tors, who shall serve without compensa- tion.
 "6. No dividends shall be paid stock holders above per cent until a surplus shall equal the capital stock of the com pany then the dividends out of the earn ings of the company may be declared by the board of directors at such rate as shall by them be deemed proper, provided however. that no dividend shall be paid that shall ever reduce the surplus below the sum equal to the capital stock.
 Will Loan to Firms.
 v. Capital and surplus of company to be loaned to firms, persons or corpora tions on such real estate or personal se- eurity as the directors may accept for the sole purpose of assisting such enter prises, firms persons or corporations to locate industrial or commercial enterprises In Jefferson county.
 '8. All real estate accepted as security shall be situated in Jefferson county, and no loans shall exceed one-half of its value as estimated by the directors. No loans to run less than one, nor more than five years.
 MT Motion then moved that sub-com- mittee of three be appointed to perfect the organization along the line agreed on. and that the chairman of the general committee be made the chairman of the subcommittee, and that the committee be authorized to employ counsel in the preparation of such papers as may be necessary to do so. This motion was sec- onded by Robert Jemison and unanimous ly adopted. The chair appointed T. fl. Motion and Ross c. Snsth."
 This subcommittee acting with Hines Peevy and H. H. Goldsteln. attorneys who volunteered their services free of charge to the club, drafted the articles of incorporation of the stock company. which were read in the meeting yester- day. These articles practically embrace the eight specification in the report of ahe committee, and were left blank for fil- ling in and afixing the signatures.
 The articles will be left in the office of Secretary Gibson in order that the members of the club may look them over and be ready at the September meeting to recommend any changes which they may see fit to suggest.
 Comes Up In September.
 At the September meeting 1t Is proposed to bring the matter up, and after the meeting of the club to open subscrip- ton book for the stock and see if 5,OO0, the amount of capital stock necessary be- fore the articles can be filled, can be sub scribed.
 It is also the desire of the members of the club that the citizens of the coun- ty shall become thoroughly familiar with the conditions and that as many as possi- ble will subscribe.
 It has been suggested that several of the large companies shall subscribe to $5000 of the stock, and thls will give a basis of immediate operation.
 The report of the committee was unan- imousy adopted, and 1t was complimented on the excellence of the report
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 WITHOUT TELEGRAPH WIRES.