Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-04-20

The deal for 10000 acres OF Bel
mont county coal lands has at last been
consummated by the Empire Coal
Mining Company. A large force of at
torneys have been busy recording the
deeds in St C~lairsville for several days.
Yesterday the work was completed,
and orders were given to the deposit
tories of the company, banks IN Wheel
ing, Bellaire and st. Clairsville, for
the payment of the purchase money.
1t is understood that the money for
the three mining properties embraced
in the deal is already in the hands of
the former owners.
The old owners Of the Rose & Nor
gan, Pittsburg & Ohio Coal Co., and
Neff mines will continue to operate the
properties for thirty days under the
supervision of President De Armitt, of
Pittsburg. There are two mining prop
critics not embraced in the deal, which
the company will probably acquire.
The mortgage on the property will be
filed in st. Clairsville within a day or
two. According to officials of the
company, it is the purpose to develop
the property and make its annual coal
output about five times what it is at
present. The property embraces 80, 200
acres.
Mr.. Sol. Schoyer, Jr., of Pittsburg, at
torney for the company, said to a Reg
lister reporter last night:
1T would be u~nbecoming in me to
speak at any length, because of my
professional relation to the Empire
Company, as generally such matters
are subject for disclosure by clients.
This ] can say, however, that all the
properties have been taken and paid
for. A great deal of misrepresentation
exists as to the sums paid, and while
/ would not be at liberty to state the
aggregate sum-, l can say that the ne
gotiations have been conducted in a
name to admit of no inflated prices,
and the gentlemen who have interested
themselves in the project are excep-
tionally close business men, and have
pursued straight business procedure.
Their investment in the property
has been made for the development of
the coal business in the field. They
have provided a very large working
capital in cash, and the company will
start it's operations on a sound basis
for the transaction of a larger business.
LAS to the item in the evening pa
per that there was a hitch in the nego-
tiations, it was evidently based on a
misrepresentation. There was no hitch,
taken was caused by the great amount
of detail necessary in closing so large
and important a transaction. AS re-
CARDS the purchase of the property,
there never has been a moment of time
when we were not ready to close the
transaction. The delays arose from
other causes and the very tedious task
of revising the work previously done,
respecting the titles of the property to
be conveyed"
Mr.. Schoyer's intimation that the
company would accept no inflated
values, has a reference no doubt, to the
disappointment of the original promot-
ers. They were not in a position to
finance the scheme, and when it came
to dealing with the Empire Coal Min
ing Company, they received much less
than they expected As their profits.
The officials of the Empire Company
would not tell the amount actually
paid, but said it was a fair remuner-
alton.
Financial promoter l.. f. Newman
will depart this morning for his home
in Springfield, Mass. He stated last
night that the amount of money dis
trfbuted in the purchase Of the 10000
acres and the three mining properties
was about s125, 600.