From the Logan Democrat of Logan, WV, comes this bit of information relating to coal companies in Logan County, printed on May 17, 1917:
BIG DEALS FOR COAL IN LOGAN ARE BEING MADE
Public Service Corporation Buying Huge Prices for Local Properties
Public service corporations which must have coal whether school keeps or not are becoming big investors in Logan county coal and many big deals are about to be made. Most of the business is being done at the Frederick hotel, Huntington, which at this time is swarming with Logan county operators and representatives of big interests.
So far, the following companies are as good as sold.
Loma Mining Company.
Cora Mining Company.
Island Creek Colliery Company.
The following companies have been optioned and are regarded as good as sold:
Ethel Coal Company.
Flynn-Haislip Coal Company.
Bengal Coal Company.
The Loma Mining Company and the Cora Mining Co., are reported to have been sold to Cleveland and Western Coal and Coke Company for $250,000 apiece. The Loma Mining company was capitalized at $100,000 while the Cora Mining company was capitalized at $50,000 so the investors in both corporations will clear up a handsome profit on their investment.
In the case of the Loma Mining company $100,000 already has been deposited in a Huntington bank to insure the deal so there is no chance of it falling through. The final papers in the Cora Mining company may not be signed for a few days yet but it is regarded as good as sold as it is a valuable property for any public service to own. Both companies have well developed seams of coal and are capable of great productivity. Island Creek Colliery sold for $475,000.
The Ethel Coal Mining company at Ethel, W.Va., is working on three operations. It is reported to have been optioned at $1,250,000 and the company notified by those holding the option that they intend to exercise their rights in the near future. It was not possible to get the amount of the proposed sale of the Flynn-Haislip company.
A.H. Land, the well known coal operator of Logan county, at present is in Washington, D.C. It is said that he is there on a big deal but it is not possible to give details.
Among the operators from this county who have been in the throng at the hotel Frederick during the last few days are Jack Dalton, H.T. Proctor, Fred Haislip, Al Litz, E.H. Butts, attorney for several Logan county operators, Riley Lilly, attorney for several Logan county interests, B.L. Holland, George Aldredge, Billy Aldredge, Tom Wilson, J.J. Ross and others.
Make Vast Sums
Logan county operators are now in a position, according to reports, to clean up vast sums of money on their investments. The public service corporations who have been depending on the open market have found that it is absolutely necessary for them to go into the coal mining business on their own hook in order to insure their supply and they are doing so.
At the hotel Frederick, many big deals have been pulled off for mines in Boone, the N. & W. territory as well as for Logan. A number of deals affecting Logan county interests are anticipated in near future.
The buyers of Logan mines intend to operate them on a bigger scale than ever before. They have the money to do so and intend to employ for it that purpose so that the general prosperity of the county is on a more solid foundation than ever before.