The Birmingham age-herald., 1921-06-22
RECEIVER AND CAR COMPANY NOT SAME
 SAYS |. |. BRADLEY
CorrectS Idea That Old Com pany Has Voice in Man. agement or Stockholders
 May Get Dividends

The Birmingham Railway, Light and Power company has absolutely no control over the properties which that company formerly operated here and has been enjoined by the federal court from interfering in any way with the operation or manage ment of these properties, according to Lee c. Bradley, receiver of the properties of the bankrupt corpor- ation.
 The statement of the receiver was made to correct an erroneous idea that still prevails in some quarters that the properties are under virtu- ally the same control as before the receivership in January 1919. The Birmingham Railway, Light and Pow CT company is not going concern and neither it's officers nor any of It's stockholders have any control over it's affairs. J. S Pevear, general manager for the receiver. operates directly under the orders of the re- ceiver and the federal court and IS representative of the court and it's receiver rather than the stockhoId- CTS.
 Court Officer
 The receiver is nothing more nor less than an officer of the court declares MT. Bradley. He operates and administers the estate under di- rection of the federal court The re- cefVer's records are court records and are open to the public The receiver is responsible for everything thsr has been done in regard to the man agement of the property since Jana ary, 1919, and he alone is responsible. His accountability is also secured oy substantial bond. The corporation IS without voice in any receiver ship affairs.
 Failure to understand this status has even led some to suppose the receiver pays dividends to stockhold. CTS, said Mr. Bradley. Not only has the receiver paid no dividends, aao so far as my knowledge extends, no receiver ever did, but he has not even paid penny of interest on the un- secured debt of the B. R., l.. &s P. Co, amounting to nearly 1,500, GOO. Every dollar which has come into the hands of the receiver has been expended in the service of the public, except about sS00,000 per year on bonded indebt- edness secured by mortgage ana some s65,0o0 paid early in the re- ceivership to creditors who furnished material and supplies necessary to keep the property going.
 $2,oOO.OO Debt
 The receiver in the course of his operation has piled up debt of near ly s2,000,000, largely for rehablita- tion improvements and new equip ment, in addition to the s1,500,005 debt owed by the company at the time of the receivership. This s. 500,000 must be paid or financed be- fore the stockholders can get a penny or even have hand in the control of the properties
 Consuits Court
 "rhe receivership is conducted by the order of the court. By court order appointing the receiver, he oper- ates and manages the property, us- ing his own discretion Tn current matters and keeps the judge fully advised regarding the affairs of the property. Matters of unusual impor tance are presented by special peti- tion. and there have been AZ special petitions and orders of the court since the receivership."
 Numerous petitions from the re- ceiver and orders of the court di- recting action by him have been made public from time to time. These illus- trate fully the close watch which the federal court keeps over the prop erty and the maner in which it in- structs the receiver In an effort to safeguard the interest of the entire public"