The comet. (Johnson City, Tenn.) 1884-1916, 1915-10-28
CL|NCHF|ELD
To CONTROL
Y. |. c. & c.
RUMORS or STOCK TRANSFER
WILL INCREASE VALUATION
WILL MANUFACTURE IRON
BenzOl and Pencil Graphite Could be
Delivered by Purchasers at Much
Greater PrOft-SpeculatiOn
As to Plans.

BRISTOL, TENN, Oct. 26.-Fol
lowing in the trend of news of gen
eral development in the iron and
and steel industry and the coke and
coal industry comes further news
from New York touching the stock Of
the Virginia Iron, Coal and Coke COM
many. The latest news-and the same
so freely discussed by the New York
Commercial, would indicate a trans
fer of the stock of the Virginia Iron,
Coal and Coke Company to the Clinch'
field Coal Corporation.
Rumors Of deal of this charac-
ter have been persistent in New York
following the publication of news to
the effect that the Virginia Iron,
Coal and Coke company had closed
contracts with the Dupont Powder
people to supply that company with
carbon graphite and benzol to the
value of multiplied millions of dol
lars.
It is believed that the plan is to
turn the stock Of the Virginia COM
pany largely to the Clinchfield Cor
poration with a view to having the
latter company take up and handle
the big contracts secured. Mean
while, it may mean that the Virginia
Iron, Coal and Coke Company will
continue the iron manufacturing end
Of its business, thus dividing the res
possibility for development as re-
CARDS the prospects for enormous
developments along both the iron and
steel and the coal and coke and BIZ
product lines.
The prospects are, granting that
the Federal governments plan for
National defense goes into effect, that
business will be so flush in all lines
in any way related to this program
and to the program of manufacture
ing munitions of war for foreign
countries that capital will be re-
quired in immense amounts and great
combinations of capital will be nee
essary to carry on the speedy deyel
opment that is being called forth.
New York view:
Activity in the stock of the Vir-
ginia Iron, Coal and Coke company
was apparentlysexplained yesterday
when 1t developed that control of the
property is likely to pass to interests
which control the Clinchfield Goa
Corporation, If not actually to that
corporation itself. The Clinchfeld
Coal Corporation operates in the
same territory as Virginia Iron, Goa
and Coke, and does much the same
character of business, with the ex-
ception of the iron phase of the lat
ter's activities. 1t Is controlled by
the same financial interests as con.
troll the Carolina, Clinchfield ane
Ohio Railroad company. the proper
ties having at one time belonged tC
the latter. 1t was compelled to di'
vest itself of it's coal lands owing tc
the fact that it transported the out.
put which competed with the pro
duct OF other mines along its lines.
Transfer of control of virgins
Coke" to the Clinchield would en-
hance greatly the value of the benzo
and pencil graphite contracts which
the Virginia recently closed with tht
II. |. Dupont de Nemours company
The contracts are flexible, providing
for minimum deliveries, but they ma!
be expanded as rapidly as the Vir
ginia can increase its production
The Ciinchfleld has no contracts, bu
with control of the virginia It woul'
be in position to turn out both ben
zol ard graphite or pencil carbon
and market them through the Vir
ginia, whose own profits thereb,
would be increased. 1t is estimated
that the pencil carbon contract
alone, while promising MINIMUM o
$5,0OO,0 900 for the current fiscal year
which began July 1, can be expande'
TO $l0,000,OOO. The value of the ben
zol contracts is not known but it i
considerable. approaching closely tn
value of the carbon contract. The Vir
ginia's coke ovens of which the ben
zol and carbon are by-products. ar
all In operation. $50 of which hav
been idle, having been put in opera
tion yesterday.
'The clinchaeld Coal Corporation