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Show ILL DEVELOP COSL PROPERTY IN CARBOIM National Fuel Company Gives Mortgage to Secure $450,-000-Bond Issue. THINK DEPOSITS PROVED Officials Confident of Rich Returns Re-turns From Investment; To i Build Railroad. Another big coal property in Gordon Creek can3'on, in Carbon county, will be equipped and the coal placed on tho market in thcucar future, according accord-ing to information given out yester-dny. yester-dny. This is the property of tho National Na-tional Fuel company which is in tho samo fields as tho Consolidated Fuel company's mines aud those of tho Castle Cas-tle Valloy company, which wero recently re-cently sold to the United States smel-tor smel-tor interests. A chattel mortgage for $450,000 was filed with the county recorder of Suit Lake county Thursday lor the purpose of scouring an issne of bonds for n similar amount, the money from the sale of the bonds to bo used in developing devel-oping the mining property and constructing con-structing a railroad from a point near Helper on the Denver & Rio Graudo, fourteen miles in a southwesterly direction direc-tion to the mining properties. 'J ho road is not a difficult one to build as there arc no heavy grades. The mines have been developed to some extent, and the owners of the property estimate that the $150,000 will bo . mora than sufiieiont to construct the road and develop de-velop and equip the property. Mortgage Secures Bonds. The mortgage was given by the National Na-tional Fuol company and tho Helper Western Railroad company to tho Utah Savings & Trust company, trustee. The bonds consist of 225 of $1000 valuation valua-tion each and 450 of $500 denomination each. They boar (5 per cont interest and the first are payable July 1, 1017, after which time a part of them bo-como bo-como payable oach year until July 1, 1926, when the lust mature. Tho National Fuel company ia organized or-ganized with 1,000,000 sharos at $1 each. Its officers are: John F. Williamson Wil-liamson of Salt Lake City, president; R. S. MJckol of Chicago, vice president; George W. Higgins of Lndiana, vice president, and J. R. Shrock of Salt Lake City, secretary and treasurer. The officers of the fuel company hold tho same relative olliccs in the ruilroad eompan'. Mr. Williamson is well known hero as a civil engineer, having come to the fuel company from the Westorn Pacific Pa-cific railroad, lie surveyed tho Southern South-ern Utah railroad and bus boen . connected con-nected with other important enterprises. enter-prises. Mr. Shrock helped to organize the Consolidated Fuel companv and was its first secretary, which place ho held for a term of two j'ears. Ifc held a like office with the coal company's railroad. Begin Work Soon. When asked yesterday regarding what had been done at tho property, Mr. Shreck said: ' "The railroad has been located 'and maps filed and approved in tho United States land office. Tho coal lands havo been sufficiently developed to prove that thoy have five separate and distinct dis-tinct veins that will average about fifty feet of solid coal. Arrangomcnts have been mado for the disposition of tho principal amount of tho bond issue. Wo expect to start active work in the near future on tho construction of the railroad. The grade is good all of the way and the surveys show that tho railroad can Ijo run to the mouth of tho mine, thus doing away with the expense ex-pense of providing a tramway." |