The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1911-06-07
MILL TAlg|.R
Bic GlAIl DEAL |. !
.0|NTBUR5DA|N.
DIRECTORS or PITTsRURe COAL
COMPANY WILL IA EET oND Ac.
cEPT OFFER OF THE OMITTED
STATES STEEL CORP PoRATIoN-
ANNOUNCEMENT BY GARY.

PITTSBURG, June n .-1I hei deal ny
which the United States Steel Corpor-
alton is to secure, a large acreage Of
coal land from the Ptttsburg Coal
Company will be eli esed at q meeting
OF the directors Of the latter corpora
ton on Thursday. That it is already
as good as an accornpii piished fact was
intlmated in a statement made in New
York Yesterday by Judge p. H. Gary,
chairman OF the steel corporation.
The statement OF Judge Gary came
as considerable Of a surprise to some
of the interests affected, not because
III confirmed the fact Of the purchase,
but because Of the revlatien OF the
comparative cheapness at which the
corporation acquires the lands. Ac.
cording to Judge Gary's announce
ment, which it was learned from other
quarters represents the fact of the
case, the steel corporation acquires
$4,000 acres OF coal land for approxii
mately $lS,O0O,OOO included in this
are 1000 acres Of the finest coking
coal in the Connellsyille region, coal
which 1t has been stoutly maintained
by the stockholders In the Pittsburg
Coal Company was worth $4,000 an,
acre, and for which rumors have had
it that the steel corporation was to
pay nearly or quite $50, 100000.
1t appears that the steel corpora
ton is to get this land and in addi-
tion 10000 acres OF coal Of a poorer
duality for $1S,0O0,000, and it, is to
have S5 years in which TO pay for It.
The 1000 acres Of coking coal are In
Fayette county and the title is now in
the name of the Pittsburg Coal Com.
pany. The other 10000 acres are.
partly in Fayette and partly in Greene
county and belong to the Monongahela
River Consolidated Coal & Coke Com
lpany. It is said that 1t lis also. a cox
ing coal, but Of d rather poorSquallty,,'
but as steam coal equal to any i1sthe
3Pittsburg district, 1t has been claim.
cd recently that coal fit for steam pur..
poses alone and of q good ;qtiali " was
wort # 9l'l IN y
5of tlieE stock III tie sAI6neng liel i Coal
Company Is owned by the Rlttsbt1fg
Coal Company, $50 that when itsaCtsl on
the matter at Its meeting Thursday
tile matter will be disposed of, so far
as the coal interests are concerned.
Judge Gary's statements indicate that
ST has already been acted upon by the
Steel corporation. 2
! sSUpsn the 1000 acres of coking coal.
Secured direct from the Plttsburg Coal.
Company there is a coking plant OF
1900 ovens operated by the Colonial
Coke Company. The 10000 other
acres are entirely undeveloped. Ac-
cording. to Judge Gary's statement, the
steel corporation is in need Of more
coke coal by reason Of placing in oper-
alton big coklng plant in Gary, Ind.
The papers have not been signed, but
Judge Gary appears to consider the
mater as good as concluded Thte
steel corporation will have S5 years in
which to pay the purchase price and
will pay interest upon 1t at the rate
Of per cent.
The Monongahela Coal Company dl.
rectors held a meeting yesterday, but
1t was stated that the deal with the
steel trust was not discussed. The re-
port Of President John A. Donaldson
for the fiscal year ended April 30,
1911, was submitted. showed total
production of S,64S,S77 tons, a gain Of
473,2G9 tons over the previous year.
The gross earnings for six months
were .$1,119,310.2S, an increase of
$S44,274.3S over the same period Of
last year.