The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-04-25
FIVE FINANC|ERS
VISIT BIRMINGHAM
Party includes Woodward. Gill,
Smith, Meyer and Costor
THEY CONFER WITH BACON
Mr.. Woodward Makes Statement Re-
aardIng Tennessee co.-James
Henry Smith Opposes Mer-
ger-Meyer Talks.
THEY CONFER WITH BACON

James Z. Woodward, president or the
Hanover National bank of New York, ac-
eompanied by Cord Meyer, capitalist and
chairman of the New York state demo-
cratic committee; John Gill, president of
the Mercantile Trust and Deposit COM
pany Of Baltimore; James Henry Smith,
a New York and London capitalist, and
William B. Coster a member of the New
York stock exchange, arrived in Brming-
ham early yesterday morning and spent
the day in inspecting the Tennessee COM
pany's property, and comforting with
President Don H. Bacon regarding the
present condition and future policy Of
the Tennessee company.
These five men, accompanied by Presi-
dent Bacon and other officials of the
Tennessee company, visited the furnaces
and steel works of the company in the
earlier portion of the day, and spent the
later hours in conference with Mr.. Ba-
con. All expressed high satisfaction with
the developments carried forward by the
Tennessee company and abiding faith in
the prosperity of the Birmingham dis
trict.
James 7. Woodward, who Is a formid-
able stoolkhoder and director in the Ten
nessee company and director in the Bir-
mingham Realty company and the Bir-
mingham Savings and Trust company
and who in talking for publication,
is long on condensation and short on
yolubility, made this statement last night
at the Hillman regarding the purpose
and result of his visit here:
Mr.. Woodward's Views.
"Our visit is not for the purpose of
booming, or consolidating, or selling, but
to advise with President Bacon, who has
instituted a systematic plan of improve
ment and development of the Tennessee
Coal, Iron and Railroad companys prop
erty.
ION this company's property there has
been spent in the last four or five years
little over s5,5OO0O0 for construction, and
in the last three years QsO2-190D over
100000 for repairs and maintenance,
which was charged to expense account,
over 30 per cent of which, it is fair to
say represents permanent improvement
making a total of over $7,0O0,0O0 that has
been spent on new construction within
five years.
These developments and improvements
will be continued until the Tennessee
Coal, Iron and Railroad company's prop
erty Is put in such a condition that the
citizens of Birmingham will be proud OF
it, and every property holder in Jones
valley will be benefited"
James Henry Smith, large stockholder
on, at14r
Is one of the constantly increasing num-
Der of Britishers who have large hold
ipgs in American industrals. He is known
in cis-Atlantic as well as in trans-Atlan-
tbs circles as finaneier, amateur sports
man, society man, globe trotter and all
round good fellow-handsome In figure
and feature as well as in feeling. He
hadn't been In Birmingham for nve OF
six years till he came in yesterday morn
ing. Here is what he said last night
about Birmingham in general and the
Tennessee company in particular:
MIR. Smiths Attitude.
I'm enjoying my visit here with Mr..
Woodward and these other gentlemen
meaning Mr.. Gill. Mir. Meyer and Mr..
Coster. MANY and important changes
have been made since | was here before.
| am gratified with the development work
done by the Tennessee company Inc
situation is satisfactory and the future
seems to be exceedingly promising the
possibilities of the companys property
are, in my Judgment, exceedingly great
and will be realized in full in time
mo" said Mr.. Smith, in response TO
an inquiry. IT am not in favor OF the
much-tallzed about merger. There Is no
reason why the Tennessee company
stockholders should favor consolidation.
There are, however, many reasons why
other companies should favor 1t. The
Tennessee company has spent great
deal more money than have the other
companies in development work. There is
no reason why we should let the other
companies have advantage by our ex-
penditures in this line. I was In Mexico
when all this newspaper talk was going
on about the merger, and didn't know
much about 1t. Since I got back I'm
glad the consolidation scheme didn't go
through"
Mr.. Meyer on Politics.
Colonel Meyer, whose vocation is finance
and whose avocation is politics was In
clined to talk more about his avocation
than about his vocation. After COM
mending heartily the work done by the
Tennessee company, in which he is a
director, and saying he and his associates
had great faith in the Birmingham dis
trict, Mr.. Meyer made this little excur-
sion into things political:
1.-THE outlook for the unterrified democ-
racy in New York is encouraging. We
shall elect the next governor of New
York. Our candidate, Judge Herrici,
would have been elected last wear but
for the Roosevelt tidal wave. The pres