The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1892-04-15

the purchaser of a tenth interest in this prop
ertv has made his last payment, which, as
Fire Brick Co., of keystone Junction, Pa. is
fair illustration of what can reasonably De
expected of an investment in this property.
He says:
sCoal lands in Maryland that thirty years ago were
sold at $50 to 500 per are now worth from sow
to 81 900 per acre, and not much can be Dooght III
those prices. In the pennsylvania district WA ~
the Connelsville or coking coal district, the lana
had options on ut $40 to SIS per acre in 1902 VIII now
bring, and have sold for 900 per acre. also ahas
in the Youghogheny field, on which had options III
1877, at from $13 to 80 per acre, VIII nov sei' i
| $500 to $500 per acre.
| land in West Virginia that sold three years ago
at from SO per acre will bring $40 more per acre
now. These lands are the West Virginia Cehtr'ti
railroad"
| Mr.. George G. Potts, of South Watauga,
Tenn, whose father was one of the founders
of the anthracite coal development, recently
said:
"Coal lands in Pennsylvania, eligibly located and
carving u TO IA feet Of soft GOALS were worth ABOUT
10 per acre forty to fifty years ago: to-day .e same
| $nds are worth from $500 to 81, 5oe an acre.
This wonderful and rapid increase of lou to
300 per cent. in value on good coal property
every year for fifty years is hard to realize by
those not familiar with the history of such
properties, but, nevertheless, such arc the
facts.
PROPOSITION TO SELL NINE-TENTHs OF THE
PROPERTY HEREIN DESCRIBED.
Nv object is to dispose ola nine-tenths uf-
divided interest in the property herein de-
scribed to, say nine different persons, retaining
one-tcnth interest myself; then, after Sc
curing the necessary number of purchasers,
nv plan is to form of the different owners of the
property, company for the purpose of develop
ing and operating the mines. My reasons for
offering to dispose of part of the property
in this manner are: First, desire to make Of
this Company strong and substantial organ
ization by interesting men of large capital
Second, am not in position, financially, to
carry the property alone and wait for the great
increase in value that its owners are sure to
realize before very great while.
Now my proposition is this: In the event,
for instance, responsible party is DESTROYS Of
purchasing a one:tenth interest in the proper
ty, we would jointly enter into the following
agreement:
This Agreement made and entered into this day
f., 1892, by and between G. ~ Harris, OF Vir-
gina party of the first part, and ----- OF ----
party OF the second part
| WirSEssgrH, That VIII ereas the party Of the first
part is the owner OF the Coal. Oil, Gas and Mineral
Rights, with all and full Mining Privileges on One
tuu,e OfC I,nud being
Dickinson county, Virginia. or the waters OF Mcclure
river and Mill creek: and
WHEREAS The said Harris, party OF the first part,
nroposes 10 sell a nineenths interest in said Miner
al Rights and Mining Privileges at the price OF $50
per acre, and the terms and conditions hereinafter
mentioned; and,
WHEREAS, The said -, party OF the second
part. is DESTROYS of purchasing one-tentl undivided
interest therein;
Now, Therefore, in consideration OF the premises,
the said second party hereby binds himself, his heirs
and assigns, after the expiration OF = days from the
date of this Agreement said = days TO be allowed to
said second party as time in which to examine and
investigate the coal lands herein mentonedl to pay
the said first party, his heirs or assigns FOR the
said une-tenth interest above mentioned the sum OF
Two Thousand Dollars, to be paid III the following
way and manner, to-wit:
Five Hundred, Thrtythree Dollars, Thirty three and
onc-thrd Cents Is 533S3lG,) cash in hand upon the
| first party hereto making and passing unto the said
second party good and sufficient deed to the said
one-tenth undivided Interest," and to execute to said
first party two negotiable notes, bearing SIX per
cent interest per annum from date, for the sum OF
S SO. $751; each, payable in nine and eighteen
months respectively, from their date: and TO
| execute at the same time one note for -Four Hun
dred Dollars to C.M Harris and associate OF
the One Thousand acres OF Mineral Rights and Min
ing Privileges herein mentioned. said note to bear
six per cent interest from its date. However, 1t is
agreed and understood by the parties hereto that the
said note for Four Hundred Dollars is to he deposited
in the Bank, Of, for collection, at
| no nj vbanr 10 IN hnco n
common fund and shall belong to the said c. N. Harris
and associate owners OF the said Rights aud Privileges
herein mentioned and is to be used only develop
mcnt fund in opening up and operating the Goa
mines OH the property described above, unless other
wise provided for and agreed upon hereafter by said
Harris and associates.
II is agreed further, by the parties hereto that the
said first party in transferring the Onetent Interest
herein named shall retain in deed for same vend-
or lien same, to secure the deferred payments
| above mentioned.
is also further agreed that in the event the party
OF the second part should not take advantage of TIE
= days mentioned above as being allowed for invest
eating and examining the property, such action shall
be regarded Gs his (the second party's) own neglect
and this contract shall be binding as II he haC
made a thorough and satisfactory examination o.
| sames
Witness the following signatures and seals, the day
and year above written.
invite responsible parties to take an inter-
est with me in this valuable property on the
terms and conditions set forth in the above
form of agreement.
OPERATING AND DEVELOPMENT FUND.
It will be seen that the last payment o.
$500, as illustrated in the above purchase 0f 6
one-tenth interest in the property-which
o.
apart as Development and Operating Fund
thus enabling the owners of the property
at the end of two years from date of purchase,
to commence mining the coal, with fund in
their hands of 49, 600 to be used for this pur-
pose.
! In speaking Of the value and favorable To-
cation of the property, the fact should not be
lost sight of that it is located in the center OF
a great and rapidly growing manufacturing
,fon f,1rip