The Leon reporter. (Leon, Iowa) 1887-1930, 1909-09-16
GAINESVILLE COAL NEWS
Contract Has Been Let for Shaft to
be Completed April rs, 1910,
at Cost of $8l,72O.OO.

tions at once. A gang of Burlington
railroad surveyors passed through
Leon Tuesday going to GAINESVILLE to
survey for switch to be built to the
shaft site. The GAINESVILLE News Of
last week has the following to say
about the situation:
Messrs. w. D. Althouse and C.
H. Alderfer, of Norristown, Pa, rep
resenting the keystone Oil & Gas
Company, arrived here Monday, and
announced that they were prepared
to proceed with the sinking of a
shaft and putting in the necessary
mining machinery for operating
coal mine, providing the 10 acre lot
on which the oil derrick is located
could be purchased from T. G. Rog-
ers, and that reasonable assurance
would be given that franchises would
be granted the Company to supply
the town with water, gas and electric.
lights.
These gentlemen had no trouble
to close the deal for the Rogers
tract, title to which will be conveyed
to the Grand River Coal and Coke
Company, the name adopted for the
operating Company, and the shaft
will be sunk on this piece of ground.
The citizens of GAINESVILLE seemed
to welcome the opportunity to have
a corporation furnish them with
clear, pure water, electric lights and
gas witt no expense to the city, and
no compulsion on the people to pay
for them if not wanted.
= -ese gentlemen have a GARTER
under the name of the .Llssouri Elec-
trio, Gas and Water Company for
the purpose of furnishing these
public utilities, but of course it is
understood that this Company will
be operated for the benefit of the
Grand River Coal and Coke Com
pany which will furnish the neces-
sary power.
Messrs Althouse and Alderfer
were SO well satisfied with .ne gen.
erous cooperative spirit displayed
by our people that they wired the
Roberts-Shafer Company, of Chi
cago, contractors for sinking and
eQuipping mines with whom a con-
tract was pending, to consider the
contract for sinking the shaft and
equipping the mine closed, and lin
tstructed one of their engineers to.
come on at once for the purpose Of
stalking out the location of the tracks
to the Burlington railroad. Mr..
Roberts the president of the firm,
came in on the noon train, yesterday,
and the opening of coal mines at
GAINESVILLE is now an absolute GER
tainty.
The firm of the Roberts-Shafer
Company is engaged exclusively in
the business of equipping coal mines,
and we are told, is the largest in this
line of business in the country. The
initial contract price calls for an ex-
penditure of S81,720, and that the
mine will be in operation by next
spring is evidenced by the fact that
the Norristown syndicate personally
guaranteed the payment of the
contract price and the contractors
have furnished ample bond to COM
plete the mine according to specif-
cations on or before April 26, 1910.
The Grand River Coal and Coke
Company has capital of 100000
of which 100000 is per cent GU
mulative preferred stock and the
balance common stock. The pre-
ferred stock, we are told, will begin
to draw per cent dividend on
January l next, and that every cent
paid in for this preferred stock will
go into the mine, and for working
capital so that the men at the head
of this enterprise will have to depend
upon the value of the common stock
COR their profits aside from the
per cent dividend on the preferred
stock, all of which we are told, has
been subscribed.
This, is undoubtedly the largest
and strongest corporation in Harri
son County, and perhaps in NORTH
Missouri or Southern Iowa. Harry
b. Tyson, President, and Joseph S
Rambo, Secretary and Treasurer
both reside in Norristown, Pa. ant
are among the wealthiest and mos
progressive business men of tina
city. Both have been here and mad,
the acquaintance of many of our peo
pie.
That the coal is here in payin,
quantities is beyond any doubt il
the minds of the people of GAINESVILLE
! and that the members of the compan,
have the same belief is evidence,
by the vast amount of money the.
, are setting aside to develope th
i property. 1t means great deal TO
the future of the town as it will
' bring factories and other bushes
2 iCnCSIpIlScS, U0LLoT RAILROAD ldClllClc
2 and much larger population. Gains
r vile should have a population o
3 5000 to 5000 in next half dozel
: years.
e Realestate is advancing rapid
s and great many properties hav
e changed hands in the past few days
i Mr.. c. H. Alderfer one of the leadin
members of the Coal Company, ha
S been seized with the boom spirit an
e purchased from G.. D. Davis the va
y cant business lots on Main an
0 Washington streets, laying jus
: south of the Christian church. Thi
!. is perhaps the most desirable piec
Of building ground in the city
is understood that he paid $4,000
t and he offered to turn it over with
t out profit to our people if they woul
t erect on it a good sized hotel .hs
: will be in accord with GAINESVILLE tw
t or three years hence. The lot has
frontage OF $50 feet on Main stree