The Birmingham age-herald., 1924-03-02
MusgrOve And Associates Announce 5O0,000
 Acres Purchased
HEADED BY FORMER
 DUPONT OFFICIAL
Dauphin Island At Mobile Pur- chased For Handling Ship
 ping To South America
MILLIONS TO BE SPENT
 IN DEVELOPMENT WORK
Holdings In Jefferson, Walker And Winston Counties To Use
 Warrior River Extensively

Purchase of 500,000 acres of coal and iron ore land in. Jefferson, Walker and Winston counties and organization of the Deep Water Coal company with capitalization of approximately $15,0o0,000 was announced Saturday night by |. B. Musgrove of Jasper, c. A. Meades formerly vice president of the De- Pont Powder company, and c. A. Lask, New York attorney and capitalist, the three leading officials of the corporation which they as sert will ultimately become one of the largest in the country. %
 Numbers of the leading financiers of the country are interested and neso- tiations for the outright purchase of several large coal and iron industries in the district, including the Pratt Consolidated, are being completed, it was announced by MT. Musgrove, who is first vice president and chairman of the board of directors. sss
 Mr. Meade has been elected president. He, with Mir. Lask and other direc- tors, have been in Birmingham for two days in conference with MT. Musgrove.
 Actual operations will begin at an early date and engineers will be put in the field immediately, Musgrove said.
 Buy DaupIin Island A.e
 Dauphin island, off Mobile, has been purchased for shipping purposes, and on order already is on the company,s books for many millions of tons of coal annually" for South America, it was ar- nounced.
 The company will operate extensively Ion the Warrior river, Musgrove said, 1 and millions will be expended in opeI1- ing up new mines. A number of new municipalities will spring np in the Ethree 5counties where the holdings aEBi l located, he said.
 Musgrove said the deal has been in progress for nearly two years. Temper ary headquarters of the corporation will be at asper and handsome office building has been completed and now is ready for occupancy, he added.
 All the purchases have been made | by Mir. Musgrove and he announced that he had several million dollars of his own money invested.
 "We will begin at once," he said, Ito operate on the most extensive scale of any corporation that ever entered the Birmingham industrial district.
 Dividing His Time
 MT. Musgrove said his duties as a high official of the corporation would in no way interfere with his race in Alabama for President of the United States.
 II am dividing my time between these two matters,' he said, "and l expect both to be successful"
 Stupendous sums will be spent for equipment, Musgrove declared, and jobs will be made available for thousands of workers. Ng
 The corporation expects to incor- porate sevc~al towns in the three coun- ties and el~ large numbers of homes, stores and the like for the use of the employees. he asserted.
 1 Mir. Musgrove nor any of his as- sociates who were in conference at the Tutwiler hotel Saturday night would divulge the names of all the corpor- ations with which they plan to con solidate.
 "I will say. however, that we will be one of the largest corporations in the district and the country in very short time," Musgrove said. Unlimited funds are behind the project and every man who was offered an opportunity to get on the inside jumped at it.
 The Jasper capitalist said he is the only Alabamian connected with the corporaton, but that plans were taking shape rapidly to give thousands of Alabamians good jobs
 Lask Is General Counsel
 Mir. Lask. the New York attorney, was the director of the conference that came to an end Saturday night. HeN will be director of the corporation and will serve as it's general counsel.
 Right now" the conferring officials told reporters, i've feel safe in saying that we are the second largest industry in the Birmingham district-surpassed in holding only by the Tennessee Coal, l Iron and Railroad company"
 Coal tipples and a vast amount If other shipping equipment will be in- stalled on Dauphin island at once, Mus grove announced. The mine products will be carried to these tipples in the Warrior river. he said.
 The news that Musgrove and the east ern capitalists were conferring in the Tutwiler leaked out Saturday evening, and when reporters visited Mir. Mus grove's rooms the conferees quickly reached d decision to make the details of the big project public.
 Additional announcements will be made ns soon as other plans of the ef- ficers and directors take definite shape, they said.