The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1913-04-28
FINANCING ELKHORN
COAL PROPOSITION
PLANsFoR RAISING CAPITAL ARE
At PRESENT UNDER CONSIDER
ALTON.

With the completion OF the final
organization OF the IlIkhOrn Fuel Com
pany, Il plan is being considered 10
finance the Company. The men who
have been elected members of the
board Of directors WELD large inhu-
euce in finance and have wide expert
ence in tile operation OF coal proper
ties.
Clarence w, Watson, former United
States Senator and chairman of the
beard Of directors OF the Consolidation
Ccal company, is president Of the new
Company. The EIkhqrn Fuel Com
pany is largely controlled by Baltt.
more and West Virginia capitalists.
The Elkhorn Fuel Company is in
corporated, updT the laws Of West
Virginia Its capitalization is $7'OOO''
900 per cent. cumulative preferred
stock. $l9,OOO.OOO common stock and
an authorized issue Of $4,000,00O first
mortgage i per cent convertible notes.
The Company has purchased about
900, 600 acres of coal land OF these
some $4,000 acres are in Letcher
Knott, Floyd, Leslie. MasotIln. Pike
and Perry counties, in Southeastern
Kentucky, lying principally on the
waters of Bcave" creek of The Big
Sandy river. About 5000 acres are
In randolph and upshur counties,
West Virginia. These mnd:, adjoin and
lie mainly'to the north OF the large
tract RECENTLY. purchased by the Con
solidatiof Coal yompary, whose en-
ploitation Of Ills new field has sur.
PASSED the expectalionssof its owners.
Railroads are opening the region in
various directions. and vast mining
and coke.making operations are under
way. The ElkhOn region, besides Its
sreat bed of cooking coal, claimed 10
he the most valuable bed OF its kind
in the United States because OF its low
percentage OF ash (as low. as 3 pc.
cent?, Its very compact texture and
very strong bearing surface, in these
respects said to surpass Connellsvillc
coke, aud the absence Of sulphur and
ether dcleteriouS substances, has the
largest deSposits in the world OF can
mel coal OF the highest quality. The
mineral and timber resources of this
great field have been estimated as
equal to those Of France and Great
Britain combined.
In addition 10 the Elkhorn Fuel
Company, The Consolidation Coal Com.
pamy has invested $I9G90.090 in the
Working Of its 100000 acres there, with
output approaching 1O,OOO,O00 tons per
annum, The Berwind interests ac.
Qmrcd 100000 acres recently. The Elk,
horn Fnel Company is acquiring Il
humber Of smaller operating com,
panies inthe locality. Mine and raIl
development already represent $780,,
100000 OF Investment IN this region
Tie lands OF the EIkhon Fuel Com
rmny are reached by the Louisville
and Nashville and Chesapeake and
Ohio railroads. The first traverSes
the Mineral Fuel Company property
owned by the ElkhOm Fuel Compang.
1t is providing 5,OOO cars for this ser.
vice. BY January |, 1914. the Chesa.
poake and Ohio will have completed
its line up. the right fork CT Beaver
creek. tapping the main body of the
tract OF the company. II viii also con,
struct line on the left fork of the
Creek. The baltimore and Ohio rail,
road owns several surveys into the
Nproperty OF the company. The Caro-.
lima, ClinChheld and Ohio is building
an additional connection to Atlantic
Ports from Dante, Va; to junction
with the Chesapeake and Ohio at Elk,
horn City,
ttA = III. ~ 49,. l,aBs ans ~