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The
largest coal land deal consummated in Southwest Virginia since the
boom days of Pocahontas, was closed last Monday between Col. James S. BROWNING
and Mrs. BROWNING of Pocahontas, and Thomas. T. BOSWELL,
of Baltimore and Philadelphia, a well known coal operator of the
Pennsylvania coal fields. Mr. BOSWELL comes into possession of
the famous Browning mines at Pocahontas, which produces the well known
No. 3 vein Pocahontas coal. The terms of the lease include a $200,000
cash payment, which will be made on April 1st, and in addition
thereto, 15 cents royalty on every ton of coal mined during the life
of the lease and 24 cents on every ton of coke made. The minimum
royalty to be paid the BROWNINGS for the first three years i
$22,500 for each year, and after the first three years the minimum
royalty is to be $45,000 per year for the life of the contract, which
is for 50 years, unless the vein of coal is exhausted in the meantime.
The lands embraced in the lease lie north of the top of the summit of
Laurel Ridge, on the waters of Laurel Fork, in Tazewell County, the
acreage of which boundary is estimated to be eight or nine hundred
acres. The coal leased is No. 3 Pocahontas vein with al thickness of
eleven feet of solid coal. The product of these mines has been used
largely by the United Sates Navy, and construction work on the Panama
Canal. Colonel and Mrs. BROWNING own about 4,000 acres of
valuable grazing land, lying near the land leased, but is not embraced
in the lease. There is a clause in the lease which permits the lessee,
Mr. BOSWELL, to purchase the land embraced in the lease within
a limited time for the sum of $1,200,000 in cash and the impression
and belief here is that the lessee will take advantage of this clause
and take over the land in fee simple under this clause. Colonel BROWNING,
under the terms of the lease reserves the right to himself mine the
operate at any time veins No. 2 and 4, which underlie and overlie No.
3 vein respectively. The No. 4 has a thickness of from four to five
feet, and No. 2 lies forty eight feet below No. 3 and has a thickness
of from six to seven feet. On account of the present low price of coal
and coal lands in Southwest Virginia, and the business depression
caused throughout the entire coal fields b this low price, this sale
has given impetus to the coal business in Southwest Virginia, which
will be very acceptable at the present time, as the price of coal has
been so low in the past few months that very few operations in this
section have been able to operate their mines at a profit, and many
are unable to operate at all. Thomas T. BOSWELL is the owner of
16,000 acres of coal land in Bosewell, Pa. and is president of the
Merchant Coal and Coke Co. of Bosewell Pa. Mr. T.C. BOWEN, of
Tazewell the well known lawyer, was instrumental in closing the deal
in behalf of the BROWNINGS.
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