The Birmingham age-herald., 1905-02-15
MERCER QUESTION
 MUCH DISCUSSED
Looks as if Corporations Might
 be Consolidated
H0ADLEY IS AFTER Sl0SS
President Maben Leaves for New York TomorroW-lt Is Said That Hoadley and Gates Have
 Control of Tennessee.

e-1
 porations of the Birmingham district be accomplished? was the question most generally discussed in business circles yes- terday.
 In we'll informed quarters 1t seemed to be accepted as a fact that J. II. Hoadley and associates, including John w. Gates, had bought majority of the stock of the T. C.. l & R. R. Co.
 President Don H. Bacon said yesterday that he knew nothing about the reports regarding Mir Hoadleys transactions It was rumored in the afternoon that MT. Bacon had received a telegraphic dispatch from New York confirming the newspaper statements that the control of the Ten nessee company had passed into new hands. but in response to an inquiry last night the president said he had received no such telegram.
 Absolute Control.
 q have it from New York on good au- thority," said prominent citizen not con nacted with the T. C., 4. R. R. Co, that the International Power people, led by !. H. Hoadley, have absolute control of the Tennessee Eompany. Furthermore Hoad- ley claims that his party has a majority of the stock in hand"
 Admitting that Hoadley and his asso- ciates have bought a majority of the stock, the statement that majority of the shares is locked up in Hoadley's strong box, is questioned by many per- sons here.
 "If 1t be true that a control has been delivered to the new purchasers" said q man of large experience in Wall street then the price of the stock will naturally drop. If on the other hand the control has been sold to Hoadley and Gates, but not yet delivered the stock will go above par; it is as apt as not to go to 15O.'
 Alabama Consolidated.
 The International Power company ac- qureC control of the Alabama Consoli- d.ted Coal and Iron company several weeks ago The latter company was re- organized Col. T. c. Bush, who was president under the old regime, was re- elected president and MT. Hoadey was elected vice president. No sooner had MT. Hoadley consummated the Alabama Consolidated deal than he started active ly to work on the Tennessee. It is known that he Is now eager to acquire control of the Soss-Sheffleld company. The majority of the Sloss stock is held : few strong men, including President Maben, Vice President Bryan, MT Par sons. MT. Lowe and MT. Goadby. It would be impossible for a control to be acquired by picking 1t np" on the mar ket. Negotiations would have to be con ducted direct with the big stockholders, who form the directorate. It is under stood that MT. Hoadley has made over lures to the Sheffield people, but is price has been mentioned or any definite proposition has been made that informa tion has not been given out. Mir Maben will leave for New York tomorrow. pre- sumably to talk over the matter with his directors and to see just what Mir Hoad- ley Is Up to. As the Sloss- Sheffield com pany is a steady money maker and is in splendid financial condition MT. Hoadley or any other man who wants to control 1t will have 10 pay stiff price for the stock. Half of the Sloss stock is pre- ferred and pays per cent dividend and most of this preferred has been held as an investment by large capitalists who, 1t is pointed out. would be disincIined to part with it. even at price far above the market.
 Hoadey's Way.
 Discussing the merger question last night a man who has known Mir Hoad- ley for several years said: "I am not advised as to Hoadleys plans or inten- tions, but he is a man who never hes- tates to pay fancy price when he sets out to get control of given property. That is his record If Hoadley. now in control of the Alabama Consolidated, adds the Tennessee and the Sloss- -Shef- field to his string. he would, 1 imagine. have no trouble in acquiring the Alabama end of the Republic. It may be that he will also buy the Lacey Buck and the Tutwiler plants As to the Woodward. that concern probably could not be bought. If the principal corporations are merged by MT. Hoadley 1t Is believed that there will be a compact organization with a man not now connected with either of the companies at the head as chairman of the executive committee"
 Colonel Bush left for New York yes terday afternoon. Just before taking the train he was asked if he knew anything of the rumored merger He smiled and said: 'I have no definite information, but stranger things have happened"
 MT. Bacon when asked If he would go to New York this week replied In the negative.