The comet. (Johnson City, Tenn.) 1884-1916, 1899-01-26
MILLIONS INVOLV we'd.
Largest Business Transaction Made In the
South in Ten Years Has Just Been
Contaminated.

Largest Business Transaction Made In the
South in Ten Years Has Just Been
Contaminated,
The largest business transaction
made in the south for ten years has
just been closed. 1t involves an in-
vestment Of fifteen millions of dollars
and is of vital Importance to upper East
Tennessee and Southwestern Virginia.
1t is consolidation under one own
ership and one management of the
blast furnaces at Bristol, Marion, Max
Meadows, Roanoke, Pulaski and other
furnaces in Southwest Virginia. The
same company has purchased the South
Atlantic and Ohio, and the Bristol and
Elizabethton railroads for which cash
is paid.
The company in the transaction be-
comes the owner Of $4,000 acres of
splendid coking coal lands and also 65, :
900 acres Of ore lands. To sum up, the
new company is the owner of two rail-
roads, nine furnaces, 125,0O0 acres of
coal lands and more than 65, 900 acres of
ore land.
The result of this immense transac-
tion is due to the efforts of Col. E. J..
Sanford, Of this city, and Mr.. Ben Du-
laney of Bristol, who spent some time
in New York few weeks ago in max
ing those who have gone into it ao-
quainted with the property. The COM
pany was organized, 1880, 900 stock
subscribed, and the same amount OF
bonds issued which were sole for cash.
The deal was carried through by Mr..
E. r. Chapman, Of New York, and un-
derwritten by the well-known bankers
Moore and Schley, of which firm Mr..
Chapman is a member.
The Bristol furnace was purchased
something over one year ago by Col.
E. J. Stanford and Col. G. NJ. McGhee.
That furnace, as already stated, be-
comes a part of the new company and
The Journal and Tribune is able to say
that it will be put into active operation
Immediately, under the management Of
Mr.. George L. Garter, who is president
of the new company. Mr.. Carter hst
been president for years of the Garter
Coal and Iron company, and has oper
ated that business with marked sue
cess.
The name of this new company is tn,
Virginia Coal, Iron and Railway com
pany. and next to the Tennessee Goa
and Iron company that has large inter
ests in Middle Tennessee and Nortl
Alabama, in the neighborhaod of Bir
mingham, this is the strongest com
pany ever organized in the south for
similar business.
The gentlemen interested in thi
transaction can command whateve
amount of capital is needed for the sue
cessful transaction of their business
0 and the fact that they have gone int
! it, gives assurance that the iron bust
ness in upper East Tennessee and i
: Southwestern Virginia will be pushe
with vigor and enterprise never be
= fore attempted in that section.
1t may be stated that the gentleme
y composing the company have also mad
$ a proposition for the purchase of tn
i furnaces at Embreeville and Johnso
= City or Carnegie, for which they-ar
ready to pay cash If the price is mad
y reasonable. If they should add thes
: furnaces to their already large propert
they will be operated to the fullest e1
tent, and will probably result in tn
development of other iron interests i
that section now lying idle and unprC
ductive.
: This is good news for the readers {
The Journal and Tribune at Bristol an
|. in Southwestern Virginia, as we'll as /
h upper East Tennessee, and it congratu
e lates the people of that section upo
!. the prospect of an immediate devlol
), ment Of their. great natural resources
S Besides dealing generously with thel
II in the matter of climate, water an
scenery that makes the section pari
IL disc, nature has hid away in the hill
u and mountains rich treasures in tt
I shape of iron and of GOAL to melt an
u manipulate the iron so as to make it 1
:; for mans use. It is rich country, an
!. = this organization of strong capitals
= shows that they so understand it an
~ mean to develop these resources
n once.
II Nothing has ever before occurred tn
& means SO much for Bristol and 9th
ID points mentioned and for the countl
in surrounding these places. 1t will be
at good thing for the whole south, as
e. shows the confidence OF capitalists
st make investments in this section. Aga
The Journal and Tribune cordially co
y graduates the people of upper Es
nc Tennessee upon the magnificent on
co look for the immediate development
nc their material resources.