The Birmingham age-herald., 1905-09-21
Will Pay S1OO,OOO Cash for the Gray & Dudley
 Stock
OCTOBER 15 DEAL WILL
 BECOME EFFECTIVE
Gray & Dudley Will Retire From 5lr- minqham Retail Field and Build An other Hardware Factory-Prow-
 ell & Stephenson Talk.

The Prowell Hardware company, with headquarters at No. 2016 First avenue. will October 15 absorb the local branch of the Gray & Dudley Hardware company situated at Nos 1S21-1S23 First avenue.
 According to the terms of the agreement made yesterday between the two firms, the Prowell Hardware company will pay to Gray and Dudley slOO,0O0 and take over the present stock of the local branch of the Gray & Dudley Hardware com pany, or at least so much of the stock as can be purchased for that amount of money
 The Gray & Dudley company, the head quarters of which are in Nashville will retire from the retail hardware business in Birmingham.
 Will Increase Its Capital.
 The Prowell Hardware company, in or der to execute It's present plans, will in- crease the capital stock to $15O,OoO, and October 15 move into the building now occupied by the Gray & Dudley Hard ware company. By the terms of the agreement made yesterday between the two parties to the deal. the Prowell com pany get the Gray & Dudley Hardware companys five years lease on the build ing now occupied by the latter.
 w. J. Prowell the president of the Prowell Hardware company, made this statement yesterday regarding the deal:
 MT. Prowell' Statement.
 Tt is true that the Prowel Hardware company bought out the Birmingham branch of the Gray & Dudley Hardware company, and will take possession of the latter October 15 The combined business will be operated under the name of the Prowell Hardware company. The head quarters of the company will be in the building now occupied by the Gray & Dudley Hardware company Negotiations, which have been under way some time, were closed this afternoon. The terms upon which the deal was made it is not necessary now to state"
 w. F. Stephenson, who is the manager of the local branch of the Gray & Dudley company, and also a stockho1der in that corporation, said
 Gray & Dudley's Reason.
 
 os Birmingham, where the Gray 6 Dud- ley Hardware Co.,, has so long done a successful business, to know what are the reasons why this company will dis pose of it's stock and retire from the retail field in Birmingham.
 "The companys business here has been highly successful, and the head offices In Nashville appreciate the generous consd- eration they have received from their patrons in the Birmingham district. Our company, however, has decided to take this step in order to extend another line of its business, namely, the manufacture of hardware. We already have several hardware factories in Nashville, and con- ditions required that we increase them, in order to get the double profits of sell ing directly from the maker to the con- sumer.
 "To do this the company entered into Co.,, and reached an agreement today by which the Prowell company will take over the local store and so much of the stock as is stipulated in the condi- tions
 Will Retire From Field.
 While there is nothing in the terms of agreement that forbids the Gray & Dudley Hardware Co. to continue in the retail hardware business in this city. 1t may be stated that our company will withdraw from the field here. Our travel ing salesmen will report to the home office in Nashville.
 'Inasmuch as I have been long con nected with the Gray & Dudley Hardware Co. and am financially interested in it. I shall remain with it, even though in doing so I may have to leave Birming- ham. It will pain me not a little to go away from this great city and its good people, for I have friends here, in a business and personal way, that will al- ways be dear to me.
 "In conclusion, let me say that the terms of the agreement between the Gray & Dudley Hardware Co. and the Prowell Hardware Co.,, are, l believe, mutually most satisfactory"