The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1901-08-09

gigantic movement is on foot
among the mine operators Of the
Clarksburg district and is under such
good headway that its contamination
in the very nearfuture is a certainty.
This movement is the ABSORPTION Of
all the active mining plants and prop
critics Of the entire districtinto single
mammoth combination, to be known
in all probability as the Clarksburg
Coal Company.
Steps were begun to this end about
the time the mining properties in the
Fairmont region were consolidated
into a single combine a few months
ago and much progress has been made.
In fact, the movement has reached the
point where practically all of the OPP
orators have agreed in writing to such
an arrangement and New York capt.
talIsts have been interested to the ex-
tent that they will furnish funds for
a large capitalization.
Col. t. Moore Jackson, president OF
the Plnnickinnick Coal Company, and
Others. have worked the deal up after
several conferences with the New
workers interested in the proposed
combination. They have been very
Quiet in their movements, and, al
though there have been persistent
rumors for months that the properties
were to be purchased outright by the
j. P. Morgan interests, yet but little
light was to be obtained on the sub
ject by the public until a coal expert
and a financier from New York had
thoroughly inspected and examined
the coal and properties. These gen
tlemen we're ]. t. Gardiner, coal ex-
uert, and A. H. Bitmore, fnancier,
whose visit here was announced by the
TELEGRAM last week. Their report
was nfayorably looked upon by the
capitalists whom they represented and
a decision was arrived at the latter
part Of the week TO effect the combina-
tion. Complete arrangeme Its, how
ever. have not been made for the con-
summation Of negotiations and the
deal Will not be closed for some days
yet, prob. bly, not before October LIST,
but not later than the first OF the
wear. However, September lst may
witness the successful naturalization
otthe movement. The options expire
October LIST and 1t is expected that
they will be taken up even as early rs
the latter part of August or the first
OF September and the first payment
paid at THAT time.
The capitalization will reach into
millions but will not exceed live or six
million dollars. Bonds will be issued
in limited amount. The object is to
nut in all the capital needed for the
successful and free operation Of the
properties but not to burden it with
an amount of capitalization and bond
ed Indebtedness, the interest of which
and liquidation would surely prove OPP
pressive or an encumbrance.
The various companies entering the
combine will be pooledat their capital
stock in addition to their improve
ments and the properties will be rated
in the capitalization according to
their commercial values, which has
been or will be agreed upon among the
operators and capitalists interested.
1t is virtually an outright sale Of
the property at something in excess Of
one million OF dollars. or this amount
one third will be paid in cash, one
third taken in capital stock and one
third in bonds. although some Of the
operators, it is understood, will receive
full cash consideration and not enter
into the combine at all. Others will
be ret aimed to operate the properties:
The companies entering this COM
bine are Plnnickinnick and Despard,
east Of the city with an acreage of
1900 acres or more; The Interstate
Coal Company, at Mt. Glare, with an
acreage of 100 acres; the. O'Neil and
2 harrisburg Coal and Coke Companies
near Wilsonburg having 1000 acres;
the Pursglove properties of 800 or 400
acres at Wolf Summit; the Dixie Com
psny near the city, with 300 or more
acres; the Perry Coal and Coke Com
pany at Adamston, having 1000 acres;
the Two Lick Company near Mt.Clare
and number OF properties in the
Remington district, besides several
smaller properties and some coal lands
not now being operated. The total