The Birmingham age-herald., 1905-02-25
Ons-FIHh of Tsnnessee's Total Capitalization Changed
 Hands Yesterday
MR. HOADLEY SAYS THEY
 MIGHT AS WELL COME IN
He Is Fighting Like comanche In- dian to Put Project Through and Every Day Contest Grows
 More Interesting.

New York, February 24-(Specia1)- Tennessee Coal 6 Iron stock closed strong today with sales of 46,OO0 shares, or one-fifth of the total capitalization. Within the week, four or five times the total capitalization has changed hands, yet no one knows who has a control of the company. Either side would willing ly pay 115 for full control, the general merger or consolidation under the Hoad- ley plan and management being conse- quent upon the ownership of an actual majority of the certificates. 1t continues to be a contest of intense interest, and had not much stock been loaned to break the market and hold speculation within bounds, there would have been another Northern Pacific pyrotechnical display.
 HoadIey Fighting Like Comanche.
 Hoadley has been in position to make a speculative fortune had he been willing to drop his Soss and Republic deal and sell his Tennessee. But apparently the man means to put through the mer- ger deal and bank upon the underwrit- ings and capitalization of the combina- tion for his proits He is fighting like a Comanche Indian to carry the deal through On the other hand, there Is an organized bank of blue coated soldiers in solid phalanx against him. They are armed with machine guns and are call ing the banking endorsements which are in hearing distance.
 To sum matters up a consolidation of s..ko of fha mingham district Is deemed good busi- ness and a necessity by all parties con cerned. but the contest is now over who shall control and the basis and distribu- ton of underwritings
 The Tennessee people say their stock is intrnsically worth much more than Sloss and that the consolidation shall not go through unless they get what they consider fair propor,-o -onate price.
 Negotiations are in progress tonight. but it may be many days yet, before terms are agreed upon. Controlling per sonalities are playing large part in the contest now The Hoadley syndicate and the Hanover National people are very far apart but Wall street people who fought viciousy today, may get together in loving alliance tomorrow If the profits be fairly distributed.
 The Wall street edition of the Sun this evening gives the detailed facts of the day as follows:
 Calm View of Situation.
 wall street took a calmer view to- day of the southern iron and steel stock situation resulting from the steps taken by the banking and other interests which Joseph H. Hoadley represents in his negotiations for combination of the Alabama fuel, iron and steel industries.
 of and excitement that characterized yesterdays dealings when the street reeked with talk of a corner in Tennessee coal because the Hoadley interests had bought brokers contracts for more stock than could be obtained in the open market. It Is un- derstood that the Hoadley interests loan ed yesterday almost forty thousand shares of Tennessee coal to traders who were short When Hoadley was asked about this today he said:
 HoadIey Makes Statement.
 I've not only stood ready to loan all the stock necessary, but I gave orders to sell all the stock we had on scale up if necessary rather than have a corner . worked.
 Ut would be ridiculous to suppose that for the sake of making a million dollars or so in a Tennessee coal corner, and the I stake in the market, could afford to have a corner panic
 . 'Hoadley was asked if he thought that Wall Street had not some reason for in ferring from such statements as that showing his willingness to sell all the Ten nessee coal holdings of his syndicate that he was engaged in seculative campaign only with the merger deal as a pretext He said: Hardly. It makes no difference to us whether or not the public owns control of Tennessee coal or the Hanover bank interests do, or we do. As the situa- tfon is shaping with regard to the south ern properties sane business man could see no other course than for the Tennes- see Coal company to come in.
 When the time comes an announce ment will be made regarding the extent and purpose of the combination that I am trying to effect All that l am doing is negotiating for the sale of properties and endeavoring to discover in what way economies can be effected by consolida- ton. When I am through it will be for the banking interests in this matter to decide such matters as capitalization. the name and value of the combination and to float it If it requires fiotation.
 Representatives of minor iron and steel companies of Alabama have been calling on Hoadley all the week to get his terms. He spoke of the situation today as though all the little concerns were scrambling to get into the band wagon.
 '.'What is going to be the effect of this deal on the southern railroad situa- tion? Hoadley was asked this afternoon.
 It would have been stunning he said. If all of the consequences had not been taken into consideration months ago, before any steps to merger were taken. The part that every railroad zhouId play was staked out long ago. !"
 E. W. B.
 Can Fix, But Not Increase.