The Birmingham age-herald., 1911-07-20
PRESIDENT CULPEPPER EXUM Who Left for New York Yesterday to Work for Lively Bidding on the Bond Issue


 would be made at his personal expense.
 q want to get first-hand information as to the financial conditions" said MT. Exum.
 ''I am deeply interested in handling this bond issue to the best interests of Bir- mingham. And I am somewhat fa- miliar with financial houses in New York I decided to make the trip. I have not the slightest doubt but that we will be able here in Birmingham to secure a fine price for our bonds because of the changed management of affairs. and by reason of the extremely healthy finan- cial conditions The conditions every where are ideal for the large sale of bonds we contemplate. Birmingham has always been highly esteemed in the finan- cial markets of New York and Chicago, and I believe this esteem has not been reduced by any means. I will be absent about one week.
 The trip of President Exum Is expected to be of great value to the commissioners in handling the sale of bonds. He will
 
 wealth which ordinarily do not seek mu- nicipal investments, and In this way the acme of rivalry and interest are ex- pected to be noticeable in the bids to be opened August 22 for the s1,ao0,000 is sue. He will, while in New York, receive suggestions from bankers of note as to the most desirable attorneys of standard reputation to secure an opinion from as to the legality of the bond issue here. As the legality can be established be yond the slightest doubt, the commits sioners have ordered that the bond be lithographed at once. The denominations will be 5000 each. It was at first de- cided to await the bids before having the bonds printed, but then it was suggested that purchasers would want their bonds at once when they were awarded. In or der to save two or three weeks in print ing, the decision was reached to go ahead with the printing.
 The indications are that bids will be rolling into Birmingham as soon as MT. Exum reaches New York and inserts the ads. in financial papers and personally confers with some financial houses. The bids are to be opened next month, and within a day or two thereafter it is ex- pecter that Birmingham will be richer by far than she has been in many years. The money as generally understood. will be applied to the liquidation of the floating deficit of the city.
 A great deal of interest has been ere ated in the commission and other circles over the alleged irregularity in the Mont gomery commission bill and the chances for that enactment to be declared void It is held here that there is a fine legal point involved in the question. It is said to be the contention of the opposition that Governor o'Neal held the bill two days longer than he should have held 1t before taking action, and one of those days was Sunday. which, it is argued. renders the bill invalid because it was he,u over the long period
 Commissioner James Weatherly, 1t will be recalled, said the bill was all right and gave his reasons. However. he said yes terday that some points had been over looked. and he desired to correct the for mer opinion. While MT. Weatherly admits the existence Of me legal polnt Tn the Montgomery proposition, he Is firmly of the opinion that no danger is surrounding the local commission bill. as the Mont gomery situation has not the slightest bearing on the local enactment. His formal statement in that respect i follows
 since making my former statement have noted actual contention of MT. Ar rington, a prominent attorney of Mont gomery. as to what. In his opinion, con stituted the defect In the Montgomery 1 commission bill AS l understand 1t, | his contention Is that the legislature ad- l iourned on the 22d day of the month and reconvened on the 29th day of the month, one of the intervening days being Sun day. which would make the 18th the last ] day of the six days during which the