The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-01
$18,5OO,OOO
IS AUCTION
SALEPRICE
Pevear To Be Head Of
Birmingham Electric
Company
ALL B. r., L. & p. co.
DEBTS TO BE PAID
Tidewater, Without Bid
der, Still Under
Receiver
LOCAL MEN WILL BE
NAMED DIRECTORS
New Birmingham Utility Con-
Germ Win Be $3O,OOO,O00 Cor.
poration On Assets Basis
ALL B. r., L. & p. co.
DEBTS TO BE PAID
LOCAL MEN WILL BE
NAMED DIRECTORS

Sale of the Birmingham Railway
Light and Power company's properties
for $1S,50O,000 at noon Monday to the
National Power and Light company
marked several thingss. the passing o.
the old name of the NIFTY: settlement
of outstanding claims, the greatest auc
ton sale ever held in Alabama as tt
finances and the advent into the loca
public utility field of stock. common
and preferred, without par value.
Epochal, was the word most otter
heard in comments on the great trans
action.
J. s. Pevear, special master for thu
federal court, ,co-receiver, former presi
dent of<the B. r. L. l. p. Co., and tbs
chief of its operations for many years
was designated Monday as the man wht
will be at the helm under the new re
gime, to continue in office as chief ex
eceutive officer Of the organization
Under the new name the utility viii
function from now on. 1t will be called
the Birmingham Electric company
classed as $30,000,O00 institution.
Some 40 men stood with varying ex
preston Monday, shortly after noon
when the ponderous auction sale thai
made a high spot in Alabama CONNER
cial history was touched. Bidding
started at $S,50O,O0O flat. The next bic
was $4,500,OO0 higher. The third bic
elapped on another million, bringing il
to $14,OOo,000. Another million wal
added. Then another! Then million ant
a half, bringing the sum to SIT SOC, 900
The smallest of all the advances cam
then, S5OOO00 more. There were IN al
nine as follows
Is How Bids Were Made
1--$S, 500 600, opening the auction
by +. B. Hatch, representing the Ma
tional Power and Ligh company o
New York, and the Birmingham Elec
trio company.
2-$13,0O0,o0O, by l.. H. McHenr!
of Louisville, KY, public utilities
broker, said to represent some of thu
former owners of the property offered
-SS14. Ooo. 900, by P. G. WOodhead
representing the United Gas and Elec
trio Engineering corporation of New
York.
SIS, OOO, 600 by Mr.. McHenry.
$4,000, 900, by Mr.. Hatch.
6-$18,500, 900, by Mr.. Woodhead.
T-$I7, 500, 900, by Mr.. Hatch.
S-$1S, 100000, by Mr.. Woodhead.
1880, 600, by Mr.. Hatch. Sold
L. B. Hatch, of the National POwel
and Light company of New York, speak
ing for the Birmingham Electric com
pany, who had qualified with cert
fed check for $4,000 to bid in the sale
made the final bid of $18,J0O, 900.
''Sold," said j. S. Pevear, special mas
: ter. conducting the sale.
Other bidders were p. G. Woodhead
representing the United Gas and Elec
trio Engineering corporation Of New
York, and 4. III. McHenry, public utili
ties broker Of Louisville, KY. He mad,
the next to the last bid, the one foi
$4,000, 900.
Others interested
Other directly interested business
men and attorneys present at the sal,
were: w. b. White of Tillman, Bradle,
& Baldwin, the attorney who has han
died preparations for the sale in clos
ing up its affairs and conducting nego
tiations with the city; FL. O. Abel, pres
ident of the National Power and LiGh
company of New York; #. b. Odlum
,.wnssdo,k - that ny.nra =, IN ks1,,i
Philip G.. Kemp Of Simpsin, Thacher 4
National Power and. Light company;
group of more or less interested Biz
mingham men, some Of whom had seel
the street car business in Birmingham
grow from steam dummy between oil,
birmingham and WoodIawn, to til,
present widespread service, having a
great a surface trackage as that in us
in New York. . -
Perfunctory formalities, perhaps
best describe the remainder OF the
business Of the transfer. The sale mat
tiers will be submitted to the fedora
court for approval of Judge w. /
Grub, and, if that approval is given
which is expected, the rest Of the trans
fer will be composed of detailed bust
the transfer is expected before the mid
4 die Of April.
Following the sale of the B. R. L. 1
p. properties, the Tidewater line wa
A offered. There were no bidders for ii
The properties Of the B. r.. i, & p. Co
4 have been operated since 1919 by lie
q. Bradley and J. s. Pevear as co
receivers. ~
Abel Makes Statement
4 Statements issued following the sal
came from several of the interested OF
ficials. President Abel said:
1.-THE National Power and Light com
4 pany, some two or more years ago, &C
quired the capital stock and some o
y the debt of the birmingham Railway
y Light and Power company formerl
owned by American Cities company
Since such acquisition plans hay
been actively considered for a SCUM
permanent reorganization Of the prop
critics. As a step in this reorganiza
ff.aaflMued an Paaa e. caluma 81