The Birmingham age-herald., 1905-02-21
ALL ALABAMA IRON AND STEEL
 PROPERTIES MAY BE COMBINED

bama, with view to large expenditures for building new plants, new furnaces, steel works and machinery enterprises, recognizing that in this way vast econ omies could be secured and Birmingham could be made to take it's rightful place in the metallurgIcal world
 This is the first time such a thorough and comprehensive span of development of the Alabama iron and steel interests has ever been worked out. and its import ance not only to Alabama but to the entire south, cannot be well over-stated
 Leading Properties.
 It Is possible that a number of the lead ing properties will be secur ed within the next day or two, and the movement of which MT. Hoadley has undertaken guar antees that the International Power com- pany will now become one of the greatest factors in the upbuilding of the south, dominating vast manufacturing interests, representing millions of dollars of capital It's entrance into the iron and steel busi- ness of Alabama means much for the Bir- mingham district. It is quite certain that MT. Hoadley will be able to secure the control of all the properties which he thinks are important to his undertaking and worth the price put upon them It Is probable there will be provided, outside of the money required for the purchase Of the properties, 0O0 to S4O,OOO,OW for additional working capital, new furnaces and steel plants.
 President Bush said tonight that he re- garded it as exceedingly important for the entire south that MT. Hoaoley and the International Power company and tneir allied interests had decided to take an ac- tive part in the upbuilding of the Bir- mingham district
 About Hoadley.
 Colonel Busn regards Mir. Hoadley as one of the ablest and most brilliant me- chanical financiers. Hoadley has prob ably as wide a reputation throughout the world for his inventive faculties as any man in the country. He owns the Hoad- ley-Knight internal combustion engine and controls through the International Power company the Diesel engine bus mess for the United States and Canada. Such mechanical talent and financial ability are said to be rarely combined In one man.
 MT. Walter Knight, closely associated with him in his work. was for many years chief engineer of the General Blec- tric company. Very naturally the big railroad and financial houses devoted to the south are watching with keen interest the rounding out of the consolidation plans. and a nur-ber of the biggest bank ing houses in New York. who control the railway situation in the south. are taking a very active part in the furtherance of MT. Hoadley's plans. One of the leading financiers, heavily interested as dlrec- tor and investor in the Louisville and Nashville and Atlantic Coast Line, states that the completion of these under takings would within five years double the entire railroad traffic of the Alabama iron district.
 There are also rumors that the big banking houses which have recently pur- chased the control of the Seaboard Air Line are looking to this new situation with view of securing a special ldentif- cation with and make certain of the Sea boards being an important factor in the handling of Alabama coal and iron.
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