Clipped From Pittston Gazette

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Clipped by kinnelon59

 - of as - to in in e of in the of be times" and...
of as - to in in e of in the of be times" and keep it up, too. THE OLD FORUK O VI, tOMl'ANV. Its I'heiiomonnl Siiroos I'm tleiilnrs of Uie lleeeut Transfer of St oi k. The recording iu Wilkesbarre hint week of a mortgage against the Old Forge Coal company, for 520,000, signifies he purchase of the John A. M - ttis and Johu Flynu interests, the above mortgage having been given chiefly to raise the purchase purchase money. Overtures for the purchase of the Meats & Flynu shares having been made from time to time daring the pnst year by parties iu control of the Newton Coal company, but the offers were not deemed satisfactory by Mears & Fly nn until early this week, when the parties wishing to buy came forward with a proposition that induced induced acceptance. John A. Meats and the Flynn estate own an equal number of shares in the Old Forge Coal Co., and in the deaf just consummated they each receive receive $157,000 for the interest. Their original investment in the property was 7,000 each, aud since the works were - started they have each draw u out of the concern as profits about S50 000, so that their net profits on the investment is about 200,000. The Old Forge Coal company was organ ized about eight years sgo, the plant consisting consisting of a shaft and breaker on the old Columbia tract at the head of the canal The success of the venture has been phenomenal. phenomenal. Shortly after the work was started, by reason of a strike in the Schuylkill region, there was a pressing de round for coal at high prices, and th? Old Forge works b - ing capable of a large output, output, the owners were able to make immense profit from the situation. The original holders of the stock of tbe company are E. L. Fuller, John A. Mears, John Flynn, C. L. Craue, Thos. Ford and Wm. Repp. The three first named held a qnarter interest each, aud the three last together the other quarter interest. About a year ago Messrs. Craue, Ford and Repp sold their shares to Frank - T. Patterson, of the Newton Coal Co., for $104,000. Ihe acquirement of the Mears & Flynn interests also by the New ton Coal Co. makes the two corporations identical and iu the future they will be under the same management, with John B. Law as general manager.

Clipped from
  1. Pittston Gazette,
  2. 01 Sep 1893, Fri,
  3. Page 3

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