The Birmingham age-herald., 1916-01-01
A. B. 6 A. RAILROAD IS OUT OF RECEIVER'S s HANDS AND
 E. T. LAMB IS PRESIDENT
Many Compliments Showered Upon MT Lamb for What He Has Been Able to Do for Road Receiver-Now in Posi-
 tion to Share in Souths Approaching Prosperity

Birmingham will be happy to know that mingham and Atlantic railroad is out ot the receivers hands and that F. T. Lamb is to be president and general manager.
 Many compliments have been showered upon Mir. Lamb for what he has done for the road as receiver, under especially trying circumstances, chief of which was the general depression caused by the war
 Those in closest touch with the road $ affairs point out that he has not made fine showing not only on present busi- ness, but has built well for the future He has built up an excellent organization, has encouraged agricultural and indus trial development along the line and placed the roads affairs upon founda- ton from which it can achieve great things, now that good times are again at hand. The following statement re- garding the passing of the road from re- ceiver's hands was given out at the local Atlanta, Birmingham and Atlantic railway offices yesterday:
 TERMINATED AT MIDNIGHT
 "The receivership Of the Atlanta, Br- mingham and Atlantic railroad, Georgia Terminal company, and Alabama Termi- nal Railroad company, in the federal court of Judge Don A. Pardee, United States circuit court of appeals, will be terminated at midnight December 31, and the new company known as the Atlanta Birmingham and Atlantic Railway com- pany will take charge at that time. Mr. E. T. Lamb, who has been receiver and general manager of the property for the past three and one-half years is president of the new company He, as well as all other officers of the company are not only men of southern birth, put have been connected with the grown and development of the transportation interest of this section for many years
 "All officers and employees now con nected with the railroad under the re- ceivership will be continued in their re- spective positions. The headquarters will remain at Atlanta and two-thirds of the members of it's. board of directors will be southern men residing along the line of it's road in the states of Georgia and Alabama
 The road was sold under foreclosure decree about a year and a half ago and bought in by committee representing the new company. It was intended that the reorganization become effective at that time, but the general business of the company incident to the European var became such that it was postponed
 EXTENT OF PROPERTY
 ''The new company embraces the prop erty formerly owned by the Atlanta. Bir mingham and Atlantic Railroad company the Georgia Terminal company and the alabama Terminal Railroad company. In addition to terminal property at Atlanta and Birmingham it comprises the lines extending from Birmingham to Manches- ter, Atlanta to Brunswick: Seasons to Waycross and Fitzgerald to Thomasville a total of 637 6-1O miles. The annual in- terest charge under the old capitalization was $2365 per mile gross. Under the re- organization plan the annual interest charge is $321 per mile. having been re- duced to a figure which experience has shown the road can reasonably expect to earn, and not based on the cash in- vestment in the construction of the roads As will be seen this represents a large sacrifice on the part of those furnishing funds for the construction of the road.
 ''The physical condition of the property is better than, at any time in it's history and the road is being operated with great economy and efficiency The man agement of tine road under tE' receiver ship has been active in co-ope rating with local interests. state and federal authori- ties looking to improvement of agricul- tural conditions in the territory served by the road which policy will be con- tinued The road has enjoyed the most friendly relations with its patrons and