The Birmingham age-herald., 1911-05-25
PEOPLES PHONE
 COMPANY IS SOLD A. L. Fulenwider and AssO-
 ciates Are Purchasers
PLAN IMPROVEMENTS
New President Says Extension Will Be Built to East Lake and Ef- ficient Operating Condi-
 tions Provided

That he and his associates had pur- chased the Peoples Telephone company and would assume charge of that prop erty between June l and s, was the an- nouncement of A. l.. Fulenwider, a prominent business man of Birming ham, yesterday. He added that the control had been secured on the tele- phone company from Youngstown, O., interests by 30 or 40 local business men of whom he was the leader. | The local citizens have bought a ma- | jority of the stock of the company and will proceed at once to place the prop erty In the most efficient operating con-
 dition. It was stated yesterday that
 the sale of the property meant that
 an extension was to be constructed to
 Pensacola, Montgomery and elsewhere
 as conditions warranted.
 | The sale of the Peoples company to | local citizens is looked upon as one of
 the most important business develop | ments In some time. The new owners announce that 1t will be their aim and
 policy to work in a cooperative way with the citizens and that all the peo-
 
 further Improvements If they so elect. MT. Fulenwider 1t is expected, will be
 named president of the concern, suc-
 ceeding H. M. Stambaugh of Youngs- town, O.
 The board of directors of the new
 company. when it is reorganized, will
 be composed exclusively of Birming ham citizens, insuring, it Is stated, the retention of all monies and revenues of
 the company in this city.
 MT. Fulenwider, who manipulated the trade for the phone property, said yes- terday that experts were examining the properties now and until they com pleted their work he could not correct ly estimate its value. He stated, how
 ever, that he would at d rough glance put the valuation between $500,0 and
 s1,000,0 ,0oo.
 The Peoples Telephone company has been organized here several years as
 an active competitor of the Southern Bell.
 The Peoples has practically 5000 sub
 scribers, and has been earning a high per cent on the inventment. The stock
 holders, however, have been putting the money earned back into the prop erty, as a result substantial insti- tuition has been constructed The fol- lowing statement was given by MT.
 Fulenwider relative to the transac- tion:
 All Birmingham Men "A number of Birmingham's leading business men and myself have secured | the capital stock of the Peoples Home Telephone company. We secured this property from the Youngstown, Ohio,
 owners. They did not have the time to devote to its management and an
 attractive proposition resulted. We be- lieved that the competing company should be owned by local business men so as to retain as far as practical all its money In this city. The reorgani- zation of the company will be affected within a few days after June 1. The
 entire list of officers will be Birming-
 ham men, all the directors will be Bir-
 mingham men, and the company will be a home enterprise solely. "We have now a large list of friends | to whom we render the best possible
 service. Our plant and the physical properties are worth some figure be- tween a half and one million dollars It is our purpose to rush to com pletion the extensions to East Lake and other suburban points. We have con- nections with every suburb between
 East Lake and Bessemer except East
 Lake and that will be completed soon. Cooperation Asked we intend to issue a statement to the business men wherever we touch, telling tn em of our plans to make this a live progressive concern. We will invite them to assist us in financing the further improvement of this prop erty.
 1t is ou' desire to make such ex- tensions out of town as may. be con- sistent and practical The officers of the company at pres- | ent are: H. M Stambaugh, of Youngstown. president; A. E. Adams, treasurer; P. | G. McConnelly, vice president and gen. | eral manager; W. B. Harper, secretary | and local treasurer.