The Birmingham age-herald., 1905-03-07

his associates left for home this after noon.
 They have been here for two weeks or more prepared to carry out their part of the deal MT. Maben, before departure, stated that while he and his friends were more or less disappointed at the results he had no complaint to make and that he felt sure the Hoadley people had been acting in entire good faith through out.
 Fall Down In Essential Details
 The fact which stands out in bodest relief is that MT. Hoadley and the peo- pie he represented have fallen down in many of the essential details As the matter stands now the Hanover Bank party, represented by MT. Woodward, head of that institution, have won out in their fight against Hoadley tempor- arily at least. This victory may or may not put an end to the merger plans. At the present writing the Woodward fac- ticrs Is unquy stionably in a maArity in point of actual ownership in Tennessee Coal & Iron, but inasmuch as they are in absolute control of the directory they will be in a position to raise all kinds of devilment between now and the an- nuai meeting in May
 They might in the interval if so dis posed involve the property in complica- tions from which 1t could not be extri- cated in years. The bankers who were in- terested in the scheme through the ef- forts of MT Hoadley refuse to put up their cash or credit in the face Of the known antagonism of this powerful in- terest while vital issues remain in a state of uncertainty. None of the parties actively concerned in the merger negoti- ation will admit that the deal had been abandoned. and with practical unanimity they say that the proposition may be taken up at any time, although confess- ing there Is slight probability of anything being done until the annual meeting of Tennessee. Coal and Iron.
 Recommended Regular Dividends.
 It may, therefore, be assumed that the deal has been put forward to at least people, if they are in actual control of a majority of the shares as they claim Is the case, may be able to oust the classi- fled directory and elect one of their own selection. As stated before in these dis patches they have competent legal advice that this can be done. They are also ad- holders can be called by a majority ownership and that the property can be leased even against the united opposition of an adverse directory. This all looks very pretty on the surface, but 1t is quite evident that the friendly banking inter- 1. ests allied to the Hoadley party are not entirely satisfied and fear that this legal skinner may have holes in 1t. In other words they will take no chances and will only ante when pending complications are cleared away.
 The Hoadley pretension of vast ability in the matter of cash or guarantees are at this moment in a state of eclipse. Hoadley has not made good in either re- spect At the moment the most the friends of the merger project can say is that. while disappointed. they are still hoping for the best, although secretly fearing the worst.
 Put Of for Two Months.
 The position of the controlling interests of SIoss- Sheffield was emphasized by the action of the executive committee, which recommended that the semi-annual divi- dend of 2il per cent be declared on the common stock and the usual quarterly dividend of 1% per cent. on the preferred stock, both to be payable on April B. This action Is tantamount to declaration of the dividend.
 sloss-S Sheffield responded by another pyrotechnical display in the stock market rising to s1% at the close. net gain of Ax points for the day and jump of SA points from the bottom. Tennessee Coal which hardened steadily arter selling Gown to s7 in the morning closed at 9oh, up 1A per cent. for the day.
 New York. March s-(By Associated
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