The Birmingham age-herald., 1920-02-10
REORGANIZATION OF
 B. R., 1. & P. CO. IS PLANNED BY CITY
Officials Believe New Ap- praisal and Elimination of Worthless Securities Will Enable Company
 to Pay

City commissioners of Birmingham
 are now at work on plan for the reor-
 ganization of the Birmingham Railway,
 Light and Power Company
 Commissioner J. Ellis Brown has had
 under consideration for some days a plan
 of reorga nization which he has discussed
 with the other commissioners, with the
 tea of putting the company on a proper
 and safe financial basis.
 Their aim is to secure efficient street
 car service with as little cost to the
 people as possible.
 What they want done is the ridding
 Of the company of all watered stock and
 valueless securities. The plan as nt1y
 considered, and if carried through. wI
 include a complete survey of all the
 Light and Power Company so that a
 proper valuation of it's assets may be
 made.
 To prevent the recurrence in the future
 O. conditions that have existed during the
 past several years. the main idea of the
 plan is to so establish the property that
 returns or dividends cannot be computed
 or, false or worthless securities, or an inflated valuation of the plant in regard to investment.
 In November and December of 1918 the condition of the service was such that it literally was intolerable, it was declared. With more careful handling it could have been one of the most valuable of the pub lie utilities of the city, it is stated. Since then. especially of late, there has been improvement, and under the supervision of the receiver Lee C. Bradley, the inn provement has been constant. The city commissioners can see no req son why public carrier with the great pa tronage the cars have should be any thing but a fine property, and five source of revenue to it's owners. what the receiver has done is considered all sufficient eeidence that the company can be kept in good order, render satisfactory
 service and made to pay well, if the ob- ject of those who will be in charge IS to render public service and run the com pany to that end
 1 At the valuation made some time age the property was listed at a financial consideration in the neighborhood of $l4,- GOO GOO. This embraces it's indebtedness, mortgage bonds and other financial pa pers.
 By putting the street car company Tn the hands of a receiver 1t was riddeo Of it's false securities Now it is be- ing rehabilitated so that it can be re- organized. The dead matter has been cleaned out and it is possible to see just what it has, and what can oe done with it.
 It is believed by the commissioners, and they are working to this end, that if the property is apraised. it's worthless secur- ities eliminated, the plant operated ln- telligently and a fitting return allowed on the actual value, the concern will prove paying investment the citizens will SC cure the sort of service they are entitled 1 to and the troubles of the past guarded l against and the street car company wll 1 be all that it should be.
 1 The commissioners will in the very neal future discuss the matter, work out th'
 details of the plan and in special sessior draw up their findings for presentation as a practical working basis.