The Birmingham age-herald., 1924-09-09
AMERICAN HANDS SOON CONTROL
 POWER CONTAIN
New Concern Being Or. ganized To Acquire Se-
 curities Of Company

After 12 years as foreign corpora ton, the ownership of the Alabama Power company will pass into domes- tic corporation during October, pro- yiaed English and Canadian stockhold- ar6 approve a plan worked out an an nounced simuitaneously in New York and Birmingham Monday.
 According to Thomas W. Martin, president of the company, the new com pany. will be known as the Southeastern Light and Power company and will take over the common stock of the present company owned by the Ala bama Traction, Light and Power com pany of Canada.
 z The initial water power developments in Alabama were started in 1912 with funds furnished through Sperling and Company of London, while W. Winans Freeman was managing director. From time to time additional funds were sup piled from London, until the Alabama Power company became we'll known as being owned by foreigners. This criticism has been heard in all parts of the state and 1t is presumed that one of the reasons for the plan to con- vert the company into an American owned company, is traceable to the de- sire to overcome that persistent criti- cism. >i. 'sS s-,N' 1''-'+'i-+f
 President Martin has only recently returned from. London, where he held extensive conferences with the British owners of local securities and it is be- lieyed that plans for the conversion were made at that time. i+.
 Lately the company has been en- gagged in selling its securities to indi- viduals in this state, having organized highly developed investment depart nent under the direction of Tom Bragg, former athletic director of Auburn. The Investing public in this and other states have bought literally of the stocks of fered until, at this time, it is believed that three-fourths If the securities are owned by residents of the United States.
 It is stated in the official announce ment, that common stock and other securities of the Canadian company will be taken over by the company to be organized, and that all obligations of the Canadian company will be as- sumed by the new owners. ,
 The opinion is entertained that the re-arrangements will have no material effect upon the company other than to give 1t the right to be called domestic corporation, as there will be no changes in policy or officials of the company, according to indications at this time
 In the official announcement MT. Martin says:
 Arrangements have been made to organize the Southeastern Power and Light company, an American corpora tiOn, which will succeed the owner ship of the common stock and other se- curities of the Alabama Power com panyt heretofore owned by the Alabama Traction, Light and Power company, Ltd, Canadian corporation.
 Tt was necessary, when the Alabama Power company began its water power development in Alabama in 1912 to se- cure a large portion of the funds out side of the United States. For this reason, a Canadian corporation was or ganized as the Alabama Traction, Light and Power company, Ltd, which be- came the owner of the common stock of the Alabama Power company, and sold it's securities to investors both in the United States and abroad.
 Since the outbreak of the World war, Alabama Power company has been financed through the sale of its preferred stock and bonds in the United States, a large portion having been sold to investors in Alabama where the company operates. Many of the secu- rites which were originally sold by the Canadian company to investors abroad have found their way into the hands of investors in the United States The result is that approximately s7E per cent of the common stock of the company is now owned by the citizene of the United States.
 "The directors of the company have for sometime hnd under cOnsiderat tiOn the matter of the organization of an American corporation and the transfer to it of the common stock of the Ala bama Power company. Final arrange ments have now been worked out and meeting of the stockholders of the Ga madam company will be held in Octo- Der to approve the plan"