The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-11-13
OBSERVATION-DISCLOSURES

The Chamber of Commerce yesterday
afternoon adopted the 800 club idea as
suggested by L. Sewer, launched a cor
poration which within five years will
have a capital stock of half million
dollars, and went into the campaign for
new industries in a business like way.
Under the plan every person in Birming-
ham who has the good of his community
at heart may subscribe to the stock and
get the benefit of the dividends as well
The chamber left the details of the cor
poration, the manner in which the money
shall be loaned to new industries. and
the number to which the membership of
the club is to be limited to a committee
which President Nelson will appoint This
committee will get busy Immediately and
accomplish the end which has been de-
sired by members of the chamber for
more than five years.
Here is the report of the committee as
finally adopted:
81. We recommend that a committee
or committees be appointed by the Cham
Der of Commerce to effect an organiza-
ton to be known as the 500 club and
to secure subscriptions for the same.
Y. That the organization be regularly
Incorporated under the laws of the state
of Alabama.
g. The committee on organization shall
secure at least 500 members to the club.
"A. That the shares of the capital stock
shall be for 500 each, no person to be
allowed to subscribe for more than 100
shares
IS. That the corporation be organized
with a capital stock of 100000, with the
privilege of increasing the capital stock
to 100000 when deemed expedient.
g. That the subscriptions shall be paid
In cash or in instruments of at least 20
per cent per year, without interest, divi.
dends shall be declared only on stock
which has been actually paid in
u. That In the organization of the 500
club or company an adequate number
of directors be provided. Respectfully
submitted,
wv P. G. HARDING,
JOHN w. SHELLEY,
JAMES BOWRON,
"A. G. SMITH,
IL. SEWER"
The meeting was opened by President
Frank Nelson, Jr., who in a few brief
remarks called attention to the reception
recently rendered President Taft and the
fact that nowhere was the President bet
ter cared for than in Birmingham
He reported that the board of directors
had appointed a committee to draw up
suitable resolutions on the death of Col.
T. G. Bush. "Of course we are all panied
at the death of this distinguished mem
Der and benefactor," he said. He also re-
ported that the committee had been APP
pointed to look into the status of the
Greater Birmingham bill and to take the
necessary steps to insure it's being car
ried out
The report of the committee on the
800 club" plan was then read by Secre-
tary j. B. Babb and adopted by Sec
tons.
The discussion was extended. the minor
points being carefully considered. Among
those taking part were w. P. g. Hard
ing, John l.. Kaul, Sterling Wood, Lee
Nelson, A. H. Ford, L. Sewer, w. H.
Kettig, G. B. Mccormack, Col. T. o.
Smith, Robert Jemison, Jr, and several
others.
All expressed a desire that the club
become a success, and the opinion was
general that it will be great thing for
Birmingham, filing a long felt need.
AS suggested by President Nelson It
will no longer be necessary for a person
seeking to secure aid in locating his in
dustry to induce each local investor to
believe that his proposition Is good, but
by putting his proof before the directors
of the club he will get the actual assist
ance. The club listened to Mr.. Gibbon
explain the pump manufacturing plant
which he is locating here.