Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-01-29

are capable of increasing this output to
600, 00 tons annually, by operating as one
organization with ample working capital,
and by the expenditure of a very moderate
amount for better entries, more cars,
mules, and employment of more miners,
and thereby greatly increase the annual
income.
The earnings of the constituent compan-
les on their present basis, n the esti-
mated result of the first years operation
of the new company are as follows:
Output for 1899, 00,0O0 tons, on the
present earning basis of 30 cents
Income from rents, buildings, mer-
ohandising, 1900
Income. present basis...........:.s 1900
Estimated increase in output during
hrSt year with present equipment,
from 2o, 900 ton to 900, 90 tons;
profit on basis of 80 cents per ton
net on 100000 $3.50, GC
Income, rents, buildings, merchant
dlsllg, etc @,Wu
Estimated profits first soc, 600
FIXED CHARGES.
so on a,000.00 bonds issued
or in treasury. 5000
Sinking fund 2l2%o or $1,000
W0 OF bonds .............-... 1000 $500
surplus GIQ lOT LII i ,UJI
Equal to go on the capital stock issued
n outstanding.
Before the expiration Of the first year
the company ~contemplates opening four (4)
or five 90 new mines, and equipping them
with the highest grade electrical machin-
cry, and introducing modern machinery
and methods in its present mines, fully ex-
pecting during the second year to produce
/ ,S00,0 eco tons of coal and make the follow
ing showing:
INCOME.
1,800, 900 tons of coal at an average
net profit per ton of 80 cents..... "a 600
Income from rents, buildings, mer-
cnandiSlng, loo, DOC
Estimated profits second year.....ss4a. 60,
Fixed CHARGES.
SO on 100000 bonds, issued
si nRf eq fund s5EaS on $1,000. "'0"
So Z" on n s SGa9St Of capital 1''0V
stock issued and out
StdllulIlS ...... ...........-. 1Uu,VVV-E So,UV
For additions to the sinking fund
repairs, surplus, .................. 1856, 00
Large coal companies, especially consol-
idations, value their coal lands at from
$500 to $3.50 per acre: it is reasonable 70
estimate that the acreage of this COM
pany, after contemplated improvements
and developments are made, will be equal
ly as valuable, but estimating this acreage
at $l0 per acre the financial showing at
the end of two years after the company is
organized should be about as follows:
ASSETS.
5000 acres of coal lands, fully
paid for and consolidated into one
working organization, at the val
nation of Slm Dpr 81 M 0O
Investment in mining equipment,
electrical machinery, power
plants, houses, etc................. 800, 600
Cash working capital and surplus
accumulation 49,. ................ 455, 900
1855, 900
LIABILITIES.
81, 100000 60 80 year gold bonds. 49, 81 900, 900
Capital stock issued and out
........"'...-. 'S0'W
Credit to profit and loss............. S5r0U
So, S55, 600
In addressing you this statement of the
situation, it is my belief that l have given
you a conservative estimate of the posi-
bilities in the development of the Wheel
ing coal fields. The entire property is u n
derlaid with a vein of coal averaging five
feet ten inches in thickness, of the same
quality as that found in and about Pitts
burg, and it is estimated to contain 5000
tons per acre. All of the river front prop
erty of the company is available for drift
mining, and there are no difficulties to con-
tend with: water, the leading obstacle in
such operations, being easily handled with
very little pumping. We have under our
control over 100, 100000 tons of coal in this
vein, making no calculation for the vein
which is known to exist some 800 feet
deeper, and which may be more valuable
than the one now opened. We, however,
base our figures OF the well known and
developed value of the "Pittsburg Vein
No. 8 in the Wheeling district and the
satisfactory results now being had by the
constituent companies purchased by this
company. Respectfully submitted,
Yours very truly,
DAVID BENNETT KING.
January 10Th, 1900.
The above statement fully explains
the plans of the new company. The
officers of the company are as follows:
D. B. King, president; j. A. Miller,
vice president; John M. Birch, treasur-
err; w. NJ. Dunlap, secretary. The pres
ident, vice president and treasurer, to-
gether with the following named per-
sons, form the Board of Directors: L.
E. Sands, Wheeling; Geo. w. Darr,
Pittsburg; J.. v. Thompson, Union
town; VIM. H. Hearne, Wheeling; t.
NJ. T. McKennan, Pittsburg; j.. T.
Noble, Claysville.
The company has opened an Office in
room 303, Mutual Savings Bank build
ing. George B. Hanford, who now has
charge of the home office. will be gener-
al agent for the company, with head
quarters at 149 Broadway, New York
City. The authorized capitalization is
$500, 900, with 6 per cent 80 year gold
bonds to the amount Of $1,000. 300. The
proposed present issue of capital stock
is 81, 900, 900, and Of the bonds $500, 900.
The proposed present issue is for the
purposes mentioned in the above let
ter.
Seanor assignment shoe sale, 1915