The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1906-11-08
Keeps Trustees From Sacrificing
Large and Valuable
Coal Fields
JAcKsoS,s COAL LANDS
1t Is Sought To Save Him and
Creditors Very Large
Sum Of Money.

i
A bill in equity has been fled il
the United States Circuit Court at
Petersburg by the Third National
Bank Of Cincinnati, and the Union
Savings Bank & Trust Company, of
the same city, through their attor-
ney, v. b. Archer, of Petersburg.
against John w. Davis, Ira F.
Robinson and J. E. Sands, trus-
tees under the general assignment OF
Col 7. Moore jackson, OF Clarks-
burg, and Others, involving the safe
Of 1000 acres of coal land. which
formerly belonged to Col. Jackson,
but which, prior to his assignment,
he had caused 10 be conveyed 10 a
corporation called the Dola Coal &
Coke Company.
IT seems that Col. jackson, from
the statements made in the bill,
had through endorsements and sure
tyships. and in his endeayor 10 start
number Of manufacturing insti-
tutions and coal corporations, be-
came involved in an amount ag-
gregating something over one mil
lion dollars, and his affairs became
so complicated as to necessitate a
general assignment to the above
naned trustees of all his property.
It appears that the Dola Coal 4
Coke Company. the corporation to
which Col. Jackson had caused the
1000 acres of coal TO be conveyed
had given a general mortgage to the
Security Trust Company. of Wheel
ing, to secure negotiable bonds IN
the aggregate sum of $500. Zoo.
About 100000 of these bonds had
been hypotheeated by Col. Jackson.
and something like 100000 had
been retained as a guaranty to Sc
cure the former partners OF Col.
Jackson in purchase money for the
coal. and the stock of the corpora
ton to the extent of about a half
million dollars. was by Col. Jackson
transferred to the trustees; and this
stock. it is alleged. is the principal
assest out of which the unsecured
creditors can hepe 70 receive anw
material part cf their claims.
The bill alleges that the trustees
have given an option to G. 4. Coma
way. Of Parkersburg. on the coal at
s145 per acre, and that they were
about to convey the coal at that
price 10 Mr.. Conaway; that SUCH
sale would only about pay the I'M
secured creditors. leaving the unse-
cured creditors with only small
amount of assets to which they could
resort for the payment Of their
claims. The plaintiff banks claim
10 be unsecured creditors of Col.
Jackson. their claims aggresatins
S13 900.
The bill further alleges that the
coal of the Dola Coal y Coke Com,
nany is worth not less than $3.50
per acre. and that sale at TINS
price. the plaintiffs believe, can be
effected if The property can be sold
at public auction, after the liens
against the property have been fully
ascertained and determined, and
fhat 4 sale at the price which the
bin alleges this property Is reas4p-
ably worth. would amount 10 a sum
which would fully discharge all the
liabilities of Col. Jackson in full
And the bill therefore seeks re-
lief from a private sale and asks
that the property be sold BY the
trustees at public auction after the
liabilities against Col. Jackson. and
the liens against the coal company
have been fully determined.
Judge Dayton entered an order
restraining the trustees from max
mo sale 10 Mr.. Conway and from
making private sale Of the properly,
The coal property is alleged TO be
very valuable. and the only consld-
cradle area Of Pittsburg coal IN the
West Virginia field on the market.