The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-07-13
WILL DEVELOP COAL
PROPERTY IN CARBON
National Fuel Company Gives
Mortgage to Secure $780,
600 Bond Issue.
THINK DEPOSITS PROVED
Officials Confident of Rich Re-
turns From Investment; To
Build Railroad.
THINK DEPOSITS PROVED

Another big coal property in Gordon
| Creek canyon, in Carbon county, will
| be equipped and the coal placed on
the market in the near future, accord
| ing to information given out yester-
day, This is the property Of the Ma
tional Fuel company which is in the
same fields as the Consolidated Fuel
company's mines and those of the Cas-
tie Valley company, which were re-
| Gently sold TO the United States smell
| ter interests.
A chattel mortgage for $45O,0O0 was
| filed with the county recorder of SAT-
Lake county Thursday for the purpose
of securing an Issue of bonds tor q
similar amount, the money from tne
sale of the bonds to be used In devel-
oping the mining property and con-
structing railroad from a point near
Helper on the Denver Il Rio Grande,
fourteen miles in southwesterly direc,,
tion to the mining properties. The road
is not q difficult one to build, as there
are no heavy grades. The mines have
been developed to some extent, and
the owners of the property estimate
that the $450,000 Will be more than
sufficient to construct the road and de-
velop and equip the property.
Mortgage Secures Bonds.
The mortgage was given by the Ma
tional Fuel company and the Helper
Western Railroad company to the Utah
Savings & Trust company, trustee. The
bonds consist of 225 OF $1,000 valua-
ton each and $50 of $500 denomination
each. They bear per cent interest
and the first are payable July |, 1917,
after which time part of them be
come payable each year until July L,
1925, when the last mature.
The National Fuel company is Or
ganized with 100000 shares at 81
each. Its officers arc: John F: Will
Hanson Of Salt Lake City, president;
r. S. Nickel of Chicago, vice presidents
George W. Higgins of indiana. vice
president, and j. r. Shreck of Salt
Lake City, secretary and treasurer, The
officers of the fuel company hold the
same relative Offices in the railroad
company.
Mr.. Williamson is well known here
as civil engineer, having come to the
fuel company from the Western Pa
cifc railroad He surveyed the South
ern Utah railroad and has been con-
nccted with other important enter
prises. Mr.. Shreck helped to organize
the Consolidated Fuel company and
held for a term of two years. He held
like Office with the coal company's
railroad.
Begin Work Soon.
When asked yesterday regarding
what had been done at the property,
Mr.. Shreck said:
"The railroad has been located and
maps filed and approved in the United
States land Office. The coal lands have
been sufficiently developed to prove
that they have five separate and dis
tinct veins that will average about
fifty feet of solid coal. Arrangements
have been made for the disposition of
the principal amount of the bond issue.
We expect to start active work IN the
near future on the construction of the
railroad. The grade is good all of the
way and the surveys show that the
railroad can be run to the mouth of
the mine, thus doing away with the ex~
nenS1 of nTnpIHlpu }raY ~