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Show BIO COAL DEAL WAS MADE SATURDAY The final payment was made Saturday Satur-day morning by the United States Smelting-, Refining and Mining com-piny com-piny for the control of the Consolidated Fuel company, as required in the terms of the' option which was given some a,:o when large interests in the Emery county coal fields were transferred to the former company. By the terms of this sale, the United States Smelting R-?finin and Mining company becomes the owner of more than 800,000 shares of the capital stock of the Consolidated Fuel company. The transaction, it is understood, was for a consideration greater than $1,000,000. President William G. Sharp of the U lited States company has been in Salt Lake City for several months attending at-tending to affairs connected with the transfer of these lands, and the plans for the construction of a coal road to the fields in Emery county. A great deal of time has been given by the officials offi-cials in the preliminary work which will result in an increase of the produc ion 1 from the properties and the providing I of better facilities for marketing the! coal from these and other mines in the : vicinity. j In order to provide funds for 'the' construction of the road and further! development of the coal properties on a I much bigger scale, the Unite 1 States company has floated a $10.000,0!K) guaranteed bond issue. The proceeds from this bond issue it is estimated will be umple to meet the requirements of t ie properties before the enlarged scope of operation is begun. Officials of the company place the earning power of these coal properties at about $2,500, 0u0 per year. At the offices of the Consolidated Fuel company it was definitely learned that an amount greater than ?1, 0 ,'9,000 had been deposited for the control con-trol of the company, and while the old stockholders still had a majority on the ! bo ir o: directors, it is prbaoie at a : meeting which will be held next week j that the controlling ov.-ners will elt-ct a majority of the directors. The United Spates company owns in round numbers about 800,000 out of the 1,000,000 shar-s of issued capital. Business will be conducted con-ducted in the same manner as usual, and it is believe i the Consolidated Fuel OTipany will maintain a separate organization. or-ganization. It is announced that the patrons will be supplied in the same mariner as before, since the organization organiza-tion will not lose its identity. The Black Hawk mine, which is owned own-ed entirely by the United States company, com-pany, is a much smaller proposition than the Consolidated Fuel company or the Castle Valley Coal co i.pany, in which the United States company is interested. in-terested. The coal road will be built to care for the output of these propernes, the greater part of which will come from the Castle Valley coal mine. This like ihe Consolidated Fuel, will in all probability maintain a separate organization organ-ization and the railroad will likewise be another corporation, but under the control con-trol of its builders. The Castle Valley coal mine has been opened rapidly in the past few months under the direction of its manager, James H. Hays, who so! 1 the Orem and o-her interests to the United States company. At this time the output is from 1,200 to 1,500 tons daily, and Mr. Mays says it will be increased as soon as the mine is further developed and the necessary transportation facilities are afforded. The output has more than doubled the last six months. After ihe completion of the railroad, the surveys for which have to a great extent been-completed, the coal situation situa-tion should be better in the winter than heretofore on account of the fact that enough cars will in all probability be kept in service fo supply the demands of local consumers, if the plans under consideration at this time reach a successful suc-cessful consummation Deseret news |