The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-27
BALTIMORE HOLDERS
RESIGN FROM BOARD
Hoadley Sells Control to Scran-
ton Interests
STATEMENTS ARE ISSUED
Pennsylvania Man to he Chosen Presi-
dent Alabama COnsoIida ted and
Local Officers Are to Remain
As at Present
STATEMENTS ARE ISSUED

Baltimore, May 26.-(Special. "A spirited
meeting of the directors of the Alabama
Consolidated Coal and Iron company was
held this evening at the Hotel Belve
dere. Every member was present. Off
GERS were not elected, as had been ex-
pected
After the meeting r. Lancaster Will
liams of the firm of Middendorf, Williams
& Co., gave out the following statement.
authorized by the Baltimore directors:
1.-THE postponed meeting of the board
of directors of the Alabama Consolidated
Coal and Iron company was held this
afternoon at the Hotel Belvedere, the
full board being present Mr.. Hoadley
the president of the company, withdrew
his resignation, heretofore rendered, as
the Baltimore people only consented to
serve upon the assumption that they
would for period of five years be per-
mitted to manage the affairs of the COM
pany. All of the Baltimore directors ten
dered their designations to be acted on at
the regular stated meeting of the board
to be held Thursday, June 2, when their
successors can be elected"
The Baltimore directors are: J. William
Middendorf, Douglas H. Gordon, R. Lam
caster williams, James L. Zelman, Will
liam Ingle, Jr.. and II. F. Meserve.
HoadIey Sells Control
This information is said to have Gre
ated much surprise. The Baltimore direc
tors were reticent and refused to dis
Co. L,aiv ,,fi IN In hi tc
respect. Shortly afterwards Mr.. Hoadley,
who heretofore has owned the controlling
interest of the Alabama Consolidated Coal
and Iron company, announced that he
had sold the majority of his holdings in
the company to a syndicate composed of
the largest coal operators in Scranton,
Pa. A few members comprising the syn
dicate have already been interested in
the company, having possessed consider
able stock.
When asked as to the present status of
the company and his action in dsposins
of the majority of his holdings to the
syndicate. Mr.. HoadIey said:
1.-THE Alabama Consolidated has the
largest coal deposits in the state of Ala
bama Realizing that this development
should be under the best coal operators
| in the country, have succeeded In inter-
| esting the hest coal men IN the Penn
4 sylvai1ia district. sIns order to interest
them have agreed to part with the ma
| 1ority interest Of my stock. While under
| such circumstances the Baltimore diree-
| tors have rendered their designations, 1t
| will probably result in several of the
gentlemen remaining upon the board al
the solicitation of the new holders of the
stock, as the Baltimore interests are en-
titled to large representation in the di-
rectorate.
1.-THE Baltimore interests are to be con-
graduated that the new syndicate mas
become interested and that the company
now will be developed on much broader
and more comprehensive lines than II the
control remained under my direction
have no reasons for leaving the company
other than to take a trip around the
world and to be absent for several years.
7 did not desire to carry the responsibility
of the direction of the company during
nv absence. trust that my relation
will be as pleasant with the Baltimore
men during my holding of a minority
share as 1t was when I held the majority
stock.
",rhe development of the Alabama
coal fields and the distribution or cap
ital throughout the state of Alabama
maans much for the southland. 1t con-
templates the navigation of the war
rior river from Tuscaloosa to the gulf.
TT ia understood that the Scranton COM
bination takes in the Pittsburg inter-
ests who formerly shipped fro mthe lat
ter CITY to New Orleans. but who nave
withdrawn from the gull traae as l.
will be too expensive to furnish this
market as against the Alabama coal
Accommodating the statement of Mr..
Hoadley, anent the transfer Oh inter-
ests to the Scranton syndicate, was the
interesting news that the prospective
president of the company VIII be one
~ the largest coal operators In Penn
svlvania. and that Mr.. Hoadley will
become chairman of the board. The
local mana cement at Birmin CHAM will
remain the same as at present.
Matthews Issues Statement
FL. S. Matthews of Birmingham. vice
president and general manager OF the
Company. issued the following state
ment early last night:
"Joseph H. Hoadley of New York,
who has heretofore owned the control
ling interest in the Alabama Consol-
idated Coal and Iron company, an
nounces that he has sold the majority
OF his holdings in that company to
a syndicate composed OF the largest
coal operators of Scranton, Pa. among
" hom some are already largely inter
ested in Alabama mining lands. One of
the largest coal operators in the Penn
sylvania coal field Is to become pres
ident. Mr. Hoadley remains chairman
of the board.
"The entire board of directors have
rendered their designations to Mr.
Hoadley to be acted upon at the reg
ular meeting Thursday of next week
"The local mana cement in Brming-
ham will remain the same as now.
large amount of capital will be di-
rected to Alabama for development of
enormous coal bodies owned by the
company"