The Birmingham age-herald., 1924-10-23
WATER COMPANY
 ANNOUNCES PLAN FOR FINANCING
Continued { Improvements In Store For Local Properties

Stockholders of the Birmingham Water Work company will meet Novem- Der 21 to create new modern $0,0OO,- 600 mortage in the place of the three present closed mortgages, it was an- nounced by H. H. Horner, ,Fvice pres1- dent of the company, Wednesday, This financing program will leave the com pany free to meet future capital re- auirements through the issuance of bonds, it is said, which. are anticipated to meet the rapid development of the district.
 In speaking of the program Wednes- day Mir. Horner declared that vivid example of the growth of the district and the demands upon the company is shown in the organisations extensions this year. By the end of 1924 new property will have been added sufficient to serve a community of 10000 people. Over 30 miles of pipe line will have been laid and approximately 4,0OO new meters installed.
 ''The building activity which is everywhere apparent in Birmingham has naturally been reflected in large increase in the property extension work of the water company" MT. Horner said.
 .'This year we have laid over 30 miles of pipe lines, more than 40 per cent oi which is six inches sin diameter or larger. We have increased the filtered water capacity at Shades mountain about 25 per cent. Around 4,000 new meters will be installWl this year. This means that in 1924, hew property will be added to the water company which would be sufficient to serve commun ity of 10000 people.
 Expansion To Continue
 'aThere is every indication that ouI company will continually year by year make large additions to it's property and it is of advantage of course, tC consumer and company that our future capital requirements be obtained as economically as possible.
 'In order to do this it is now pro posed to create new modern mortgage in the place of the three present closed mortgages and to issue bonds under the new mortgage to take up and retire all of the present outstanding indebtedness This will leave the company free tc meet it's future capital requirement. by the issuance of bonds under the new mortgage or in stock as the best interest of the company may from time to time appear.
 ''The proposed action involves nc change in the present stock of the com pany, preferred or common, and tht company expects to continue it's present policy of offering it's consumers part nership in the business by offers of it stock for some portion of it's future money requirements, and no doubt thu new bonds will find a ready market 1T local investing circles"
 Market Favorable
 "The present condition of the money market in the country" Mir. Horner as serted, presents a favorable opportun ity to the company to create a new mortgage and issue bonds thereupder il retirement of the present indebtedness and we feel that the company is for tunate, that its sound business condi tion, t.se stability of its earnings. it satisfactory public relations, and its sex cellent prospects for growth, make i possible to take advantage of the ia vorable opportunity for financing pro gram" If
 Mir. Horner also stated that the com )pany's program has ybeen informally discussed with the city authorities anl Alabama public service commission The company lists around 2,500 stock holders.