Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-17
Filings at an interval of six months.
'ndor will receive e65,0 900 6. per cent
'ntures, bearing interest as from Janus
80, and at least $4,000 ordinary sh.
ully paid) in part payment of the /
Iase money.
THE TEMPTING BAIT.
The prospectus then goes on to say:
This company is formed to acquire and
THE TEMPTING BAIT.
The prospectus then goes on to say:

The prospectus then goes on to say:
This company is formed to acquire and de-
velop an important freehold estate in Eastern
Kentucky, bordering on West Virginia; one
block of about 5000 acres, described as lying
between the Levisa Fork of Big sandy river
and the Tug river; the other blocks of together
about 6S, 900 acres, as on the left of the Levisa
Fork, with the Elkhorn Valley lying to the
south, and along its boundary, near to the we'll
known break in the Pine Mountain range,
Pound Gap.
1t has, of course, not been possible to obtain
survey OF this large tract of land, which the
company is, in fact, formed to explore but the
directors have had before them reports (ln-
Guiding report by Mr.. John h, Proctor, the
State Geologist, collected for the purpose of
the projected Louisville. Cincinnati and Vir-
ginia Railway and other information, and
there appears every reason to believe that coal
Will be found in large quantities throughout
the estate, that large quantities of valuable
timber exist on it. and that iron is to be found
in its vicinity, and possibly within its own bor-
ders. The directors believe that directly one
out of the many commenced or projected lines
touches the property, which may happen at
very early date, the value of the land must at
once be enormously increased.
CONTAINS EVERYTHING BUT DIAMONDS.
The directors considered it advisable to have
a special report on this property from Prof
Proctor; they accordingly instructed the New
York representatives of Messrs. Slaughter and
May to obtain it. and the following cable sum-
mary, dated 4th January has been received:
Consider land in question equal to any for
valuable Goals for COKE gas and domestic uses;
forest of valuable hardwOods; ores of the coal
measures present on lands and ores of superior
quality contiguous in abundance, assuring
local market for coke"
The map accompanying the prospectus,
which is compiled from map of the Ken
lucky Geological Survey and q map re-
Gently issued by the Norfolk and Western
Railway, is intended to show the position of
the existing railways and the extension be-
lieved to be projected, and when these are
completed they would open up this section
of the country. They are as follows:
The Clinch Valley Extension of the Norfolk
and Western to connect with
The Louisville and Nashville at Norton only
about Is miles south of Pound Gap.
The Kentucky Union, built as far as Jackson
in process of construction over the Blue Grass
country, presumably 20 Pound Gap.
The South Atlantic aud Ohio, almost COM
pleted.
The Louisville Southern, stated to be already
at Beattyville: projected down either to Pike
The Chattaroi, completed to Richardson, con-
tinuation projected near to the western bound
ary of the larger block, and
The projected Ohio extension OF the Norfolk
and Western Railway, from Ironton to Elk
horn. contiguous to the eastern boundary of
the larger block.
THE HAPPY PROMOTER.
Exactly how this paradise is to be origin
ally secured by the company does not ap-
pear, but the following extract may throw
some light on the transaction:
Mr.. Taylor, the vendor, who is also the pro-
moter of the company, has purchased by con-
tract below mentioned, the freehold estate
with all the mineral timber and other rights
attached, and has fixed the price for the resale
of the same to the company at 9l35 600, which
includes his profit and is to be paid as to 9l5 coo
in cash, 965,OOO in first mortgage debentures,
925,215 in fully paid ordinary and deferred
shares, and the balance in cash or fully paid
ordinary shares at the option of the directors.
The following contracts have been entered
into. viz: / Dated 1th December, 1889, between
Lewis Roberts OF the one part, and Francis
Robert TAYLOR of the other mart: and 2 dated