The Birmingham age-herald., 1923-04-26
PEOPLES FORUM
Apathy and National Defense


 To the Editor of The 'Age-H erald:
 We wish to express our appre- citation of the excellent editorial appearing in your paper on Sun. day. April 22, under the caption, Tn Washington's Time" We agree most heartily with every sentence, and, while we believe the pacifist to be menace to the safety of the country. we also be- lieve that the indolent. apathetic citizen who does not take enough interest in the defensive meas ures taken by congress to find out occasionally what is being done, is as great menace as the pacifist. It would be greatly ap- preciated if you could devote an editorial to the subject at some early date. The recent deplorable cuts in the army and navy was not done on account of any press ure by the pacifists, but on ac- count of lack of interest in na- tional defense by the public. Again assuring you of our appre- citation of your excellent edito- rial, we remain. sincerely yours.
 T. S. MOORMAN,
 Lieutenant Colonel Infantry.
 S. O. MATHEWS,
 Lieutenant Colonel, Q. M. c. Office of the Organized Reserves.
 Birmingham, Ala, April 24, 1923.
 Al to Power Valuation
 To the Editor of The Age-Herald:
 I have read with interest your editorial in Saturdays issue under the caption. "Revaluation Is Proper" I agree with you, and, to the average layman, with the facts before him. there Is no al- formative. I have before me three sets of figures, the first two ta- ken from what 'purports to be a condensed statement from the re- port made by MT. Mcdonnell, en- gineer representing the Alabama Public Service Commission in the recent valuation of the properties of the Alabama Power Company. The other set of figures is taken from what purports to be com plete cost analysis sheet, prepared by Engineer F. James, checked by F. E. H. The figures of each set referred to are given to cover the cost of the Alabama Power Company's properties known as Lock 12. In McDonnells report we find that the power company claims In it's valuation as follows: Phy- | sical construction cost. that is, l the money spent for labor. land, | overhead. etc. $4,s21.- 334.77. And further claim for intangible assets of $4,S94.291.04, itemized in part as follows: Cost | of organizing, taxes, legal ex- pense, issuing stock. bankers and | brokers commissions. etc, making | company of S9,715,625.S1 The | second set of figures of McDon- nelrs report shows as follows: construction cost, s4,S19.- 3S4.56. Estimate of the overhead claimed by the company only part should be allocated to Lock 12 amounting to ss50,0o0.00. Giving l total of McDonnell's valuation of $5,669, 9,3S4.56.
 In the figures of the cost ana ysis prepared by E. James and checked by F. F. H., we find: Physical construction cost calcu- ated in detail totals only. s3.769,- ,25.0o. and this includes items of overhead, of s64,- 10000 and fixed fees of s75,000.00. The difference between the claims of the power company in what ourports tU be it's report to the and the actual cost of Lock 12 as shown in the cost ana ysis prepared by James amounts o an increase of nearly twenty i've per cent, or S1.0o1. All Add to this excess the amount claimed as overhead. s4.S21,334.56, we have a grand total of s5.872,- S49.33. In other words, from the cost analysis of E. James checked by F. E. H., it appears that for every dollar expended for land. la oor., etc, every part of equip nent of Lock 12 the company claims to have expended s1.5O for expense for which t appears common stock has been ssued, and is held en bloc by a holding company, making 1t al most impossible for the commits sion to properly value this stock.
 It seems to an average layman hat the commission is to be com nended and encouraged in their efforts to get correct valuation ,f these properties.
 r. Nj. CARLISLE. Ala, April "A. 1923.