The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1899-01-26
FIFTEEN MILLION.
The Largest Business Trans
action Made In the South
in Ten Years.

l. The Knoxville Journal and TIL
e June on last Monday morning pub
Y lished the following:
}. The largest business transaction
d made in the South for ten years ha
just been closed. 1t involves an in
vesiment of fifteen millions of dollar
t and is Of vital Importance to uppe
e East Tennessee and Southwestern
Virginia.
1t is a consolidation under one
t ownership and one management OF
l the blast furnaces at Bristol, Marion
Max Meadows, Roanoke, Pulaski, and
other furnaces in Southwestern Vir-
3 ginla. The same company has pur.
, chased the South Atlantic and Ohio.
and the Bristol and Elizabethton rail
roads for which cash is paid.
The company, in transaction be-
comes the owner of $4,000 acres of
splendid coking coal lands and also
$4,000 acres of ore lands. TO sum
up, the new company is the owner Of
two railroads, nine furnaces, 125. 900
acres of coal lands and more than
30, 600 acres Of ore lands.
The result Of this immense trans.
action is due to the efforts of COL f.
}. Sanford, Of this city, and Mr.. Ben
Dulaney, Of Bristol, who spent some
time in New York a few weeks ago
in making those who have gone into
1t acquainted with the property.
The company was organized, 81, 300
600 stock subscribed and the same
amount Of bonds issued which were
sold for cash. The deal was carried
through by Mr.. E. r. Chapman, of
New York, and underwritten by the
well known bankers, Moore e. Schley |
OF which firm Mr.. Chapman is
member.
The Bristol furnace was purchased
something over year ago by Col.
+. j. Sanford and Col. c. VI. McGhee.
That furnace, as already stated, be-
comes part of the new company
and the JouiWot and Tribune is able
to say that it will be put into active
operation Immediately, under the
of Mr.. Geo. l.. Garter,
who Is president of the new company.
Alr Carter has been president for
years of the Carter Coal & Iron com
oany, and has operated that business
With marked success.
The name of this new company is
he Virginia Coal, Iron and Railway
company, and next to the Tennessee c
Joal and Iron company that has large 5
interests in Middle Tennessee and
North Alabama, in the neighbor- y
rood OF Birmingham, this is the b
trongest company ever organized in Il
he south for similar business. e
The gentlemen interested in this b
can command whatever e,
mount OF capital is needed for the CT
ucceSSiul transaction of their bust
eSs, and the fact that they have gone b
ITO 1t gives assurance that the iron II
uslnesS in upper East Tennessee and 81
Southwest Virginia will be pushed tn
nth a vigor and enterprise never ed
eiore attempted in that section. be
1t may be stated that the gentle
en- composing the company have ho
so made proposition for the pur- da
lase Of the furnaces at EmbreevilIe ",
nd johnson City or Carnegie, for all
Inch they are ready to pay cash if co
e price is made reasonable. II they 81,
ould add these furnaces to their IN,
ready large property, they will he ev,
erated to the fullest extent, and tb,
II probably result in the develop in,
ent of other iron. interests in that chi
'tion now lying idle and unpro- re-,
ctive. o.
Nothing has ever before occurred ~,
at means so much for Bristol and VA
Ter points mentioned and for the nI.
lntry surrounding these places. 1t the
l be a good thing for the whole the
nth, as it shows the confidence of roo
'ltallSts to make investments in rop
S section. Again the journal and wa,
'bune cordially congratulates the ain,
pile of upper East Tennessee upon Of !
magnificent outlook for the i'm .,
date development of their material c.n,
Ources.