The Birmingham age-herald., 1923-11-02
UTILITY GIVE N CHANCE TOEND
 RECE:|VE:RSH|P
Complete Reorganization By
 January l Possible Under
 Order Issued Tuesday By
 Federal Judge Grubb Here PAYMENTS ON INTEREST ARE TO 60 BY DEFAULT Issue Of s4,eOO,Oo0 Af-
 fected By Permission Grant
 ed By Court-CouponS Due November l Will Be Paid

Further steps have been taken to-
 ward the payment in full of it's main bonded indebtedness by the re- ceivers of the Birmingham Railway. Light and Power company and com plete reorganization Is expected to come shortly after January l, follow - ing maturing O. the s4,600,O00 re- frnding and extension mortgage G per cent bonds, which Is definitely indicated as a result of Judge w. l. Grubb directing that the receivers make default of payment of interest due, at a hearing held In United States court here the morning of Oc- tober 30.
 Attorney W. B. White of Tillman, Bradley and Baldwin, appeared for the co-receiyers of the B. R. L. & P, company, Lee c. Bradley and J. s. Pevear. Attorney Powell c. White of New York appeared for the bond holding committed.
 The public hearing was aeld on Tuesday with no one present to pro- test against the course affairs have taken, and the matter was quickly settled.
 Of the s46o0, GOO bonds. about three-fourths of the total have been uSllN6Ieu to lBe COiUinAbLte anu engagements made whereby the cou- pons due November l, 1928, are to be purchased from the committee hold ing the bonds. Checks are being mailed to all holders of bonds in all cases where the bonds were deposited with the committee prior to October '3l. Those who deliver bonds to the committee after october a. will hage the4r coupons cared for in the saIae way.
 Members Of Committee
 The members of the bondholders committee are l.. Carroll Root. vice president of Newman, Saunders & Co.,. of New Orleans; chairman, ]. r. But Ter. president of the Canal -Commer- cial Trust and Savings bank of New Orleans; Oscar Wells, president of the First National bank of Birmingham; {; B. B. Veech, president of the United States Trust company of Louisville. Ky, and Arthur " Morton. vice president of the Pennsylvania Com pany for Insurance on Lives and Granting Annuities, of Philadelphia Pa. The secretary of the committee counsel is Powell c. Groner of New York.
 Judge Grubb Tuesday morning au- thorized the receivers to make de- fault of payment of interest due on the refunding sad extention mort gage per cent bonds. Interest was due November l, 1928. following the petition filed 80 days ago in which the receivers asked authority to make this default.
 It was stated at the hearing that about 75 per cent of the total of s4, 600,000 of bonds had been deposit d with the committee for the bond holders. It was also announced that the time for deposit of bonds had been extended by the committee to December l. 1923.
 Arrangements have been made whereby coupons due November l are to be purchased from the committee and checks mailed. Practically all of the bonds held in Birmingham have been deposited with the com mittee and many from elsewhere. There has been some difficulty in locating all of the bonds, hence the extension of the time of deposit to December l.
 Bonds may be deposited either with the Central Union Trust company of New York, 80 Broadway, New York or with any of it's agents; the First National bank of Birmingham. the Canal Commercial Trust and Savings bank of New Orleans, United States Trust company of Louisville, or the Pennsylvania Company for Insurance on Lives and Granting of Annuities of Philadelphia which will issue de- posit receipts for all bonds deposited.