The age-herald., 1901-10-20
NEW MANAGEMENT
 FOR THE MARY LEE After Long Litigation the Ala bama Consolidated in Control ALL PARTIES ARE SATISFIED The Minority Bondholders Maintained a stiff Front and Received Over
 s6o,ooo In Cash to Give Up
 Their Holdings.
ALL PARTIES ARE SATISFIED

As told in the Age-Herald yesterday the Alabama Consolidated Coal and Iron Company. of which Colonel T. G. Bush known as the Mary Lee coal property, five or six miles from Birmingham.
 The mines had been operated under a receivership for eighteen months past, but negotiations having been completed which cleared the property of all en- cumbrances decree was entered in the United States Court turning the property over to the owners.
 The history of the litigation is inter- esting. The original Mary Lee Company went into liquidation some years ago. It was reorganized by the Jefferson Coal and Railroad Company. The depression came and this company lost money. In May, 1898, the Lewisburg Coal and Coke Com pany was organized by Harry s. Jenkins, Harry Lee and Frank P. Clark and this concern leased the mines and operated them at a good profit
 The Alabama Consolidated Coal and Iron Company when 1t was organized in 1899 acquired majority of the bonds of the Jefferson Coal and Railroad Com
 
 preferred stock Members of the Lewis burg Coal and Coke Company. operating under their lease, which was for ten years by the way, owned bonds of the Jefferson Coal and Railroad Company.
 The Alabama Consolidated tried to pur- chase this minority interest, offering pre- ferred stock in payment. The minority people declined to sell on those terms and then the fight began. They had what they maintained was good valid lease. But the Alabama Consolidated succeeded in throwing the property into the hands of receiver.
 l N. W. Trimble was appointed receiver and he employed Mir. Jenkins to manage the mines which he did with a high de- gree of success.
 Paid $6o,ooo In Cash. When the Alabama Consolidated Coal and Iron Company settled with MT. Jen- kins and MT, Clark who owned the mil nority bonds, 1t paid them in cash, 1t Is understood. little over s6O,OOO
 The Alabama Consolidated now in full possession of the Mary Lee property is satisfied, and so are MT. Jenkins and Mir. Clark. And thus comes a happy ending to noted case.
 Colonel Bush in discussing the trans action yesterday. said his company had owned majority interest in the Mary Lee property for two years or more. but it had been in litigation in suit for fore closure on account of default in payment of interest on the original bonds.
 The extent of this property is 5000 acres. underlaid by what is called the Mary Lee or big seam, and the Black Creek seam. There are 1so coke ovens.
 The mines have a present capacity of 300 tons daily, and the output is now nearly equal to that volume
 There is a standard guage railroad about five miles long connected with Mary Lee, and the mines are well equip ped in every way.
 By acquiring the Mary Lee property the entire extent of selected coal lands of the Alabama Consolidated is nearly if not quite 4o,0oO acres and the company's coke ovens number about 600.
 To Go In Blast Again.
 As to the Alabama Consolidated Coal and Iron Companys furnaces. Colonel Bush said that the No. furnace at Iron ation is out of blast for refining, but will be blown in again within three weeks. Repairs will then begin on No 2. which will be greatly enlarged. These repairs will be completed by the 1st of January. The three furnaces of the company at Ironaton and Gadsden will then have an output of 12,0O0 tons a month.
 The Clifton iron, made at Gadsden is the only iron manufactured in the South. it is claimed, sold exclusively by analysis, and 1t commands price considerably above the Birmingham market.
 Colonel Bush remarked that the affairs of his company had never been in better condition than they are today.
 MT. Jenkins and MT. Lee. who have just disposed of their May Lee interests. are operating coal mines at Carbon Hill in Walker county.