The Birmingham age-herald., 1912-06-01
ATTEMPT ID MEET NOTES ON MONDAY Effort to Ward Off Receiver for Alabama Consolidated REACH CRISIS TODAY Proposed to Have Preferred Stock holders Subscribe sl0 Share in
 Order to Satisfy Baltimore
 Trust Company
REACH CRISIS TODAY

Baltimore, May 0l.--tnpecidi.f--- - timore stockholders of the Alabama Consolidated Coal and Iron company may prevent the application for re- eeiver for the corporation, which financially seems to be in poor con- dition. At the end of three meet ings of stockholders and officials Of the company this evening the proposi- tion was made to have the preferred stockholders subscribe s10 a share in order to satisfy the Baltimore Trust company, which holds overdue notes to the value of sssD.ooo. and which de- mands payment by noon Monday
 At an adjourned meeting of the pre- ferred stockholders tomorrow morning at Il o'clock the crisis in the affairs of the company will be reached. when it will be announced whether enough shareholders have signed the s10 agree ment to satisfy the Baltimore Trust company If not. it is probable that creditors will ask for the appointment of a receiver. and that the Baltimore Trust company will offer for sale what might be called third mortgage bonds, but are differently styled by the com pany.
 Schwab Interested
 Incidentally, former President Joseph H. Hoadley. who has the controlling in terest in the Alabama Consolidated company, announced that in a letter he had received from Charles M. Schwab. president of the Bethlehem Steel com pany, the latter had agreed to interest himself in the financing of the Alabama company. MT. Hoadley also made it known that Harvey Fisk & Sons of New York had withdrawn from under writing bonds of the merger commit tee. which planned to merge the Ala bama company with the Southern Iron and Steel company. By this action it is believed the merger will fall through.
 Statements made at the meeting of the stockholders showed that wages due few days ago had not been paid, but also that the output of the com pany's property and the sales were in- creasing daily. and with just enough capital to tide over the present diffi- culty the company would again be in good condition.
 At l.sa clock sneeting of t1s stock holders. called by MT. Hoadley, was held at Hotel Emerson. There MT Hoadley made known the conditions that existed. and stated that it was up to the stockhold- CTS to do something that would prevent the sale by the Baltimore Trust company. He intimated that in the event of the sale New York interests would buy the offer ing
 The report of an expert, employed by Charles M. Schwab, showed that he did not favor the merger of the two above mentioned companies. and that the Ala banla company was better off alone.
 Anxious to Help
 H. W. Coffin of Birmingham stated that the creditors in Alabama were not anx- ious to do. anything that might harm the company, Elt that they wanted some re- turns "ouf people," he stated, "are more anxious to help than to harm.
 These stockholders adjourned the meet ing until tomorrow morning at Il o'clock, and Mr. Hoadley served notice that he must know by noon what had been ac- complisEed.
 At 3:30 o'clock the protective committee of the preferred stockholders, together with a large number of stockholders met in the Fidelity building. The situation was again gone over, and the announce ment made that $41.00o in wages was over due.
 II was then decided to have the protec- tive committee, besides two others. ad- Jour1I, and after debating present to the stockholders some plan of securing enough money to deposit with the Baltimore Trust company 10 ward of the threatened sale, and which would prevent any application for receivership.