The Birmingham age-herald., 1911-09-23
MILLION IN BONDS
 SENT BY EXPRESS Not Valid, However, Until
 Exum Signs GOING TO NEW YORK The Money Will Be Used at Once in Liquidating the City's Indebted ness-Preparing Next
 Years Budget

President Culpepper Exum of the Board of Commissioners will leave perhaps Mon day for New York city, where he will af- fix his signature to s1,0O0oO0 worth of Birmingham bonds recently sold to the First National bank of Birmingham and the American Trust and Savings bank. He will spend few days, however, in Atlantic City with Mrs. Exum and their children, who leave Sunday morning.
 The bonds were shipped from Brming- ham yesterday. the express charges on them being approximately &. Had they been signed here by President Exum be- fore being expressed, which signature would have made the bonds legal, the ex- press charges would have been some u ing over $250. The trip of MT. Exum will accordingly save the city quite a nice little sum.
 The bonds will be received by the Co., lumbia Trust company, and when signed by President Exum they will be deposited to the credit of the city with the Han over National bank. After that formality the purchasers will secure them. In con- nection with the bond delivery. President ". P. G. Harding of the First National bank will leave Saturday for New York city. He will attend to other business while there also.
 The following note was yesterday sent to New York following the bonds; Birmingham, September 20 1911 columbia Trust Company, New York, N. T.:
 "Gentlemen-We are shipping you by today's express, charges prepaid, one thousand Q0OO) city of Birmingham 5 per cent refunding bonds, par value s1oOo each.
 "The bonds need only the signature of MT. Exum, as president of the Board of Commissioners, in order to complete their execution. Please hold the bonds and Mir Exum will call and sign them After his signature has been affixed, you will please execute on each your certi- fieate and deliver the entire issue of $1 900 600, par value, to the Hanover Ma tional bank for account of commission CTS of the city of Birmingham.
 "C. EXUM President.
 "A. o. LANE, Commissioner.
 JAMES WEATHERLY,
 Commissioner"
 Following the actual receipt of money on the bonds, it is understood that the commissioners will liquidate some of the outstanding notes of the city, and then work will begin on the part of the com missioners to reduce the expenses 10 point within the income of the city. Pres ident Exum of the financial department said yesterday that most assuredly the budget for 1912 now being arranged would be handled i'll such way that the com mission could operate the city without the losses that have resulted in the past. He said that the budget would be issued he hoped. within short time, the several department heads being engaged now upon that work. The commissioners, it is gathered, express their determination to operate Birmingham at a greatly re- duced expense, which will be the slogan during the forthcoming work of prepar ing the license schedule and the oper- ating expenses of the various depart ments.
 President Exum Is understood to be of the opinion that crematory and other work involving the expenditure of money should be held up until it is ascertained exactly how much money the city will have for expenses after the pressing ob- ljgations are met.