The Birmingham age-herald., 1924-01-10

 6 D. m. on Saturday both summer and winter, and the matter will be put up to the merchants for discussion. Representatives of the various or- ganizations seeking the change are to appear before the meeting. of what price the government proba- bly could secure for the hydro-e lec- tric energy which will become avail able on completion of the Wilson dam in July. 1925.
 The nine associated companies pro- pose to organize company to lease the plant for 50 years under the terms of the federal water power act; to agree to pay to the government a rental sufficient to meet all interest charges on expenditures on the project to the tine of its completion. including the sE,000,000 expended during and just after the war. This total, the companies estimate, will approximate s45,000,000, if the gov ernment installs eight contemplated generating units in the hydro plant.
 A sum of $4,500, 900 would be added for the value of the present govern ment steam plant at Muscle Shoals, bringing to s50,000,000 the total on which interest charges are to be com puted.
 s2 100000 Rental.
 On this sum the proposing com panies offer per cent, which would return to the government in the way of rent $2,000.000 year. If the gov ernn.ent should install more than eight generating units, the companies would increase their return to the government accordingly. If the gov ernment desire to sell the Muscle Shoals steam pl%nt, one of the pro- posing companies would undertake to buy it at price of $4,500,000 on terms satisfactory to the government. The at the rate of $300.000 a year. and for the next four years $1,500,000 year, increasing the following year to the maximum.
 During the first few years tue com panies propose to spend not less than s1o.000,0 900 for new transmission lines and equipment to deliver the power for commercial and business uses in the south by means in part of the so- called super-power system, conceived during the war. and by which power transmission lines in the states of Tennessee. Georgia, Alabama, North and South Carolina arc inter-connect- ed. By this plan the companies ex- change power as demands require. and an excess of water power at any one point is made available for pub lie need at other points in the system
 The offer proposes to take all re- sponsibility for operation off the governments hands and furnish free power to operate locks needed to open the Tennessee river to naviga- ton, the government, however, to as- sume operation of the locks.
 Fifty Year Lease.
 The project would be subject to recapture by the government at the end of the fifty-year lease as pro- vided by the federal water power law. The government would have the right tostake possession of the prop erty whenever the safety of the United States demanded for manufac- ture of nitrates, explosives or muni- tions. The offer declares that with the completion of the plan proposed practically all the electric power re- sources of thefsouthern states would be available to the government in time of emergency.
 Should the government decide to sell the hydro electric plant instead of leasing it, the offer declares that one or more of the nine companies joining in the offer today would be prepared to submit a plan to pur- chase 1t and operate it under the terms of the federal water power law.
 A new offer for the electric power to be generated at Muscle Shoals. promising a returns of $1O0.O00. 900 to the government over a period of 50 years, was rendered today by the nine principal associated power com panies of the southern states.
 The offer sdoes not include the nitrate plants which would be left free for the manufacture of fertilizer by Henry Ford, or any one else who could come to terms with Congress; .a n part of the power to be developed at the Wilson dam next year, for the manufacture of fertilizers under such test as the government might pre- scribe.
 Representative Hull of the House military committee really developed the new proposal by his recent re- quest to the federal power commits sion, to invite offers for the hydro electric energy to be developed at Wilson dam in 1925.
 After the submission of the offer today MT. Hull, in a statement, de- clared the Ford offer utterly made quate" and "of doubtful possible benefit" by comparison. He said he would introduce an appropriate reso- lution in the House.
 Claims Offer Inadequate.
 Mir. Hull declared the new offer which proposed to return approXi- mately $100,000,000 to the govern ment over a period of 50 years, leav- ing the whole property subject to re- capture by the government, while pro- viding also power for manufacture of fertilizer, "serves to show the in adequacy of Henry Fords offer" and said that from almost any stand point the Ford offer must now appear of doubtful possible benefit"
 This plan," said MT. Hull, would enable the government to realize an adequate return on its investment and at the same time retain Nitrate Plant No. as a standby for war The government would also retain other very valuable properties, which under the Ford offer would be deeded to the Ford corporation for $5,00O, 900 although it now appears that the gov ernment can get $4,500,000 for the Sheffield steam plant alone. The government already has sold the Cor gas plant for about $3,500,000, so it can therefore realize $s,000,000 for only two units of the Muscle Shoals properties,
 Yet now. MT. Ford would pay only about $1,500,000 as suggested by some for the entire Muscle Shoals plants which cost originally $107000,000.
 This offer enables the government to recover and secure a return on s17, ,OOo,OOO invested in the power dam during the war on which Mir, Ford would pay no return and the ST. 00O,000 would become a total loss,
 Tt should be pointed out that there is nothing in the plan which would debar MT. Ford from carrying out his oft expressed desire of doing something for the farmers by the