The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1916-12-09
FR|CK BUYS BLOCK
Of THOMPSON COAL
IN GREENE COUNTY
Pays Between S6,O0O,OOO and
S7,000,00O for 10000
Acres.

PITTSBURGH, Dec. ga sale Of
10000 acres of coal lands held by
Josiah V. Thompson, former banker
and coal land Spectator of Uniontown,
was announced yesterday in Pitts.
burgh by A c. Robinson, chairman Of
the Josiah v. Thompson Creditors
committee. According to Mr.. Robin.
sons statement it looks as If there is
chance of clearing up the whole
Thompson financial ENHANCEMENT, for
while the $6,000,000 to $7,000,000 for
which the acreage is sold is only about
one-fifth Of the value of all the Thomp
son coal holdings in Greene county.
Mr. Robinson says that other import.
ant negotiations are under way and ar
early conclusion is anticipated. The
statement follows:
THE Josiah V. Thompson creditors
committee announces that the money
Is in bank for payment of taxes on
the coal holdings OF Mr.. Thompson,
and that sale OF some 10000 acres
Of coal in Greene county, for be-
tween $6,000,000 and $7,000,0O0 has
been made to the II. G. Frick Coke
company. Other important negotia-
tons for sales of coal are under
way, and an early conclusion is an
tiCipated. There will be sufficient
equity above the specific Indebted
ness on the property sold to pay the
interest OH the secured Indebtedness.
which will be available when the
deeds have passed. and the commit.
tee will press the matter 10 as early
a settlement as possible
The appraisers employed by the
creditors committee found that Mr..
Thompson owned 5S.4O3 acres of coal
land IN Greene county. valued by them
at 1851 800. Although Mr.. Robinson
would not change the language OF his
formal statement 1t really means that
the equity left above specific indebted
ness on the land will be sufficient to
pay the three years taxes due on all
the Thompson holdings, including that
remaining unSold. and all the back in
terest on all of his secured indebted.
ness. OF course. there remains hun
drCdS OF thousands Of dollars of unSe.
cured Indebtedness, but with the mort.
gagors satisfied the unsecured CrGdi-
tors will pluck up courage from the
statement that other important nego-
tiations are expected 10 come 10 a con
rlusiOn soon. The secured creditors
to whom Mr.. Thompsons holdings
were mOrtgaGcd had pledged them.
selves TO give Mr. Thompson an extern
sion of three years, il the back inter
est were paid.
Two years ago Mr. Thompson ap.
pealcd to Henry G. Frick to purchase
some OF his coal lands. so he could pay
the interest on the mortgages and pay
some Of the interest due to the farm.
prs Of Greene county and scores Of
persons about UniOniown who had
loaned him money on his note Of hand,
without security, so that he could pur.
chase more coal lands.
Mr.. Prick referred him to the late
Thomas Lynch. then president of the
II. {. Prick Coke company. but Mr..
lynch refused 10 deal. Il was said at
that time in UniOntown that Mr..
Lynch still resented the fact that Mr..
Thompson had bought coal lands out.
side the original Connellsville coke
region and demonstrated that praC.
tically all the coal in that region was
as good COking coal as that under the
huge acreage of the recognized coking
coal deposits owned by the Prick com.
pany. 1t is through Mr.. Prick that the
present sale has been consummated,
he working from his office In New
York and through trusted friends
hprn