Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-04-13

~ ASOA 6RAAAzdtlOA VI tnC CLnpLO
Coal Company appears to have had for
one of its objects the crowding out of
some Of those who were originally con-
nected with the enterprise. The new
directors were chosen this week, and
the ~presidencv has been given % Vim.
P. De Arniitt, Of PittsDurg He is a
practical coal op araror, with % years
experience with tie New York aud
Cleveland Gas Coal Compan:y, and it is
said that he has never had a strike
among the men under him. Mr.. De
Armttt is expected to arrive in Wheel
ing Monday, after which time he will
look after the practical end of the en-
terprise.
The following Associated Press tele-
gram was sent out late yesterday morn
ing:
GAINESVILLE, Ohio, April 11.-W. M.
Carr, vice president of the Eastern Tube
Company, returned from Wheeling to-day,
where he and his associates in the Empire
Coal Company disposed of their options on
thirty thousand acres of coal lands in Bel
mont county. secured last July, at a price
under $50 an acre, to Pittsburg and Bos-
ton capitalists, for 81, 500, 900. The deal net
ted the gentlemen interested s950,00 profit.
Mr.. L. P. Newman, the financial pro-
moter of the Empire Company, was
very indignant concerning the state
ments made by Mr.. Carr, when a Reg
lister reporter showed him the telegram
at the Mcclure last night.
"The first time / saw Mr.. Carr" he
said, was when he came here. this
week to tender his resignation. Mr..
Carr and his associates had nothing to
do with the financing Of the proposition
which resulted In the purchase of the
acreage and mines in Belmont county.
The options never stood in the name Of
the Empire Coal Mining Company as
represented by Mr. Carr. and whatever
options they may have had, have long
since expired. All that Mr.. Carr and
his associates had to sell was simply
a charter. which myself and associates
purchased to save the time necessary
in organizing a new company.
THE claim was made by Mr.. Carr
that he and his associates made a profit
Of $3.50 900. This is absolutely untrue.
Less than five per cent. of the amount
stated by him, was paid to him and
nine Others"
1t Is apparent that some Of the gem
tlemen who have been associated In
the enterprise, and who are no longer
connected with it, are not pleased with
the changes which have taken place.
The owners of the land, however, are
presumed to be concerned only in Sc
curing payment for their property on
the options held by. the company, Mr..
Newman claiming that the old options
held by Carr and his associates having
expired January LIST.
Upon the question Of payment for the
coal territory involved, Mr.. Newman
said:
I'VE hope to complete The perfecting
OF our titles by Saturday night. The
original deeds were prepared in a Slip
shod manner If we discover nothing
more serious than we have already,
which is extremely unlikely, we hope
to make payments in full to all inter-
ested parties On Monday of next week.
About the report that the money
is not here? Well, you may say that
every dollar requisite for payment for
the coal properties is IN the banks in
st. Clairsville, Bellaire and Wheeling.
The amount is in excess Of 81, ZOO, 900.
At no time has the financial question
been the that has bothered us. We
have 324 deeds, exclusive Of deeds to
mining property, and we required the
assurance that they were properly pre-
pared"
Mr.. Newman said he preferred to
have President De Armitt talk about
the plans of the company with reference
to the development Of the Belmont
county coal property. He said in gen.
eral terms, however, that the company
expects to bring the capacity to 3,000,-
600 tons a year instead Of 500, 900 tons,
as at present. To do this would neces-
state the employment of about 1000
men.