The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1906-11-01
Trustees From Sacrificing
Large and Valuable
Coal Fields.
aeksoN5s COAL LANDS.
Sought To Save Him and
Creditors a Very Large
Sum Of Money.

Creditors Very Large
Sum Of Money
bill IN equity has been filed in
he United States Circuit Court at
arkersburg by the Third National
Bank of Cincinnati, and the Union
a1ngs Bank & Trust Company, Of
he sane city, through their attoF5
81. d. Archer, Of Parkersburg.
gaiinet John w. Davis, Ira r.
6binson and j. E Sands, trus-
ICES under The general assignment OF
Col Il. Moore Jackson. Of clarks-'
Burg, and others, involving the safe
81 600 acres Of coal land, which
formerly belonged to Col Jackson,
but which, prior 10 his assignment,
lie had caused to be conveyed to
corporation called the Dola Coal s
Coke Company.
IT seems that Col. Jackson. from
the statements made in the bill,
had through endorsements and sure
ttyships, and an his endeavor to start
number of manufacturing instl-I
utions and coal corporations, be-
came involved in an amount ag-
gFegating something over one mil
lion dollars, and his affairs became
50 complicated as to necessttate
general assignment to the above
aamed trustees of oil his property.
70 appears that the Dola Coal &
Coke Company, the corporation to
hieh Col. Jackson had caused the
1900 acres of coal to be conveyed
had gwen general mortgage to the
Security Trust Company OF Wheel
ing, to secure negotiable bonds III
The aggregate. sum of SSloO,00 |
About $2O0, 900 of these bonds had 1
Been. pothecated by Col. ncksop,
and something like 100000 had
been retained as a guaranty to Sc
cure the former partners tof Col.
JSckson in purchase money for the |
coal, and the stock of the icorporQ-. |
ton to the extent of ahout,isa half |
million dollars, was by Col. Jackson |
transferred 10 the trustees; and this
stock, it If alleged. is the PrinciPa!
assest out of which the unsecured |
creditors can hope to receive anw
material part cf their claims.
The blk alleges that the trustees
have given an option to G. A. Coma
sFav. Of Parkersburg, on the coal at
S145 per acre, and that they were
about to convey the coal at that
price to Mr.. Conway; that such
sale would only about pay the I'M
secured creditors, leaving the unse-
cured creditors with only a small
amount of assets to which they could
resort for the payment OF their
The plaintiff banks claim
to be unsecured creditors of Col.
Jackson. their claims aGgregating
S 13, 600.
The biil further alleges that the
coal Of the Dola Coal & Coke Com
pany is worth not less than $22o
per acre, and that sale at this
price, the plaintiffs believe, can be
effected il the property can be sold.I
at public auction, after the liens
against the property have been fulfil
ascertained and determined, and
that a sale at the price which the
bin alleges this properCy i lTNsGp-
aby worth. would amount TO sum
which would fully discharge all the
liabilities Of Col. Jackson in full-
And tlle bill therefore seeks re-
lief from q private sale and ASKS
that TIE property he sold BY thsk
trustees Il public auction after the,'E
liabilities against Col. Jackson, and
The liens against the coal company.
have been fully determined.
Judge Dayton entered an order I
restraining thu trustees from max
ing sale t. Mr.. Gonaway and from VI
maxi ing private sale 81 The properly.
( The coal properly Is alleged TO pc
very valuable, and the only consld-
srsiole area Of Pittsburg coal in the
west Virginia field on the market