Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-02-12
NEW YORK COMPANY
BUYS BIG COAL TRACT
Consolidation Purchases Garter Colliery in Pocahonas
Field, W. Va and in Tazewell and Buchanan
Counties, Va.-Sell $l0,0O0,OOO in Bonds.

NEW YORK. Feb. 1.-The Con-
solidatfon Coal Company announces
that IT has purchased the Carter Coal
Company in the Pocahontas Field.
West Virginia. and In Tazcweli and
Buchanan Counties. Virginia Al
though no figure is mentioned in con-
nection with the transaction, IL is
learned that the Consolidation Coal
Company has sold sl0.00o.O0O bonds
to the National City Company and
Kuhn. Loeb & Co.
No details regarding the terms OF
the offering of these bonds are yet
available. but it was indicated that
an Offering might be made tomorrow.
Text OF Announcement.
The formal announcement of the
purchase by the Consolidation Coal
Company was made from the com :
pany's Office in the AIunson Building
here as follows:
THE Consolidation Coal Company
has purchased the Carter Coal Com
pany, operating In the Pocahontas
Field in Knox and Bell Counties,
West Virginia, and in Tazewell and
Buchanan Counties, Virginia.
This purchase gives the ConsolI-
dalton Coal Company the fee owner
ship of Approximately $4,000 acres or
Pocahontas coal In West Virginia and
10000 acres in Virginia: also 1850
acres of black coal In Kentucky.
The transaction involves tho i'm
mediate taking over of the owner
ship and operation OF the Carter
properties and will furnish the Con-
solidation Coal Company with an am
pie supply OF Pocahontas coal for it's
domestic markets and export trade
In a statement made tonight the
National City Company announced
that 1.-The Consolidation Coal Com
nany has sold TO the National City
Company and Kuhn, Loeb G. Co. s1o.-
100000 bonds which will be offered
soon. The Consolidation Coal Com :
pany is the largest producer of coal
IN tho United States and probably
has tho largest reserves OF bitumin-
Gus coal of any company in the
world. The company has paid divi-
lends since 1855 and It's net earnings
during the last ten years have been
about four times the average bond
interest charges during the same pc
Rod. This is the first public hnanc-
ing done by the company since 1913"
Also Sought by Davis Company.
WASHINGTON, Feb. lit Is un-
'lerstood that the purchase OF the
properties by the Consolidation Coal
Company was the elimination OF
'pirited bidding between that cor
ooration and the Davis Coal and Coke
Company of Baltimore, which is said
10 be the second or third Iargcs,
PRODUCER Of soft coal in the United
'tates. The latter company operates
n Western Maryland and the vicinity
If Elikns. w. Va. and built the Coal
md Coke Railroad between Cum.
bertrand. Md, and Charleston, w. Va
Soth concerns, II is declared. have
he"n making rival offers for the Car.
Ter Company fields for about month
Announcement from New York thai
.he deal had ben consummated At.
'racted widespread interest at tho ma
tional headquarters here of the btu.
minous coal operators.
Value Of Field Explained.
According to officers of the Smoke
less Coal Association. tho eagcrncss
of the Consolidation to get into Pc.
cahontas fields of the Carter Com.
nanY is due TO the fac: that the Con