The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1919-11-16
STATEMENT ISSUED
ABOUT BIRMINGHAM
PORT STOCK SALE
Business Men Who Have In
vested in Securities to Sc
cure Warrior River Ter
minaIs Declare Invest
ment Sound

An enthusiastic meeting of the War
r;or River Development committee was
held at the southern club at noon yes
terday and reports were received from
the committees soliciting subscrip-
tions to the Port Of Birmingham COM
pany.
The policy Of the committee in be-
ginning the campaign for funds for
this enterprise was to be very con-
servative in their promises to suoscrlo-
ers as to profits that might be eX-
pected on the investment. 1t developed
at this meeting that it is donation
and that this campaign is in a class
with numerous others that have been
nut on in the city in the recent past.
Some of the more prominent subscrio-
ers objected to this representation anu
claimed that they were subscribing
as a business proposition, that they
did not consider it speculative m
vestment, but a safe and conservative
investment.
In order that the business commu-
nifty be set right on this point the
following shippers and subscribers VINO
were present at the meeting prepared
a statement to be submitted to those
being asked to subscribe to the stock.
Those making the statement being:
George w. Connors, president Con-
nors- Weyman Steel company; J. r. Nc
wane, president American Cast Iron
Pipe company; George G. Crawford.
president of the Tennessee Coal, Iron
and Railroad company; ]. Frank Rush
ton, general manager of the Birming-
ham Ice and Cold Storage company;
w. D. Nesbitt, president Warrant Ware
house company.
The statement follows:
'~rhe Port of Birmingham cor
poration is intended to serve as
link in the rail and water Transport
tation system and expects to be
paid a moderate compensation for
its services, equal to at least
per cent net upon the securities
issued, to provide for the cost of
the facilities constructed and work
ing capital There is sound reason
to believe that the securities is
sued by the Port of Birmingham
company to the subscribers should
net them per cent per annum
after the first year."
1t was brought out at the meeting that
many people have not yet been seen who
could reasonably be expected to sub
scribe for the stock, and arrangements
we're made for a whirlwind finish of the
Negotiations are under way to lease
dc port facilities to the government, and
has been intimated that the govern
ment would be willing to take them over
and operate them on a basis that will
assure the returns mentioned in the
shove statement If, however, the COM
pany should operate the terminals, prece-
dents already established at other places
en- the proportion of the through rate
allowed for transfer costs give assur-
Ence that the operation will be profitable
On next Wednesday another meeting OF
6ae committee will be held at the South
ern club at 1880 o'clock and reports will
be received 1t Is fully expected that q
decided impetus will be given to the
campaign by this new statement OF the
prospects on this investment, and thai
the results will be such that work car
Be Immediately begun
Certain information in hand indicates
that it is imperative that at least one
frame for handling freight be in operation
ut Short Creek by January l.