1907 - Purchases Iron Mines

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Roanoke Times - June 19, 1907

PURCHASES IRON MINES

Virginia Iron, Coal & Coke Co., Gets Possession of Ballou Property

  Kindrick, Va., June 18 -- Special -- Grayson county of this State, and
Ashe county of North Carolina, are in a state of excitement over the
purchase of the Ballou iron mines, located in the latter county, by the
Virginia Iron, Coal and Coke Co., of Bristol. The purchase price was
$56,000 and the deal was consummated only Saturday, the day of the
expiration of the option.
   There was much interest manifested in the deal, and it probably means
more for this section of the country than anything that has happened
recently. It assures a railroad, which means that the other resources such
as copper, marble, water-power and iron, will be developed and exploited.
Promoters are active and investors are eager to secure some of the
properties which are open.
   The Ballou iron mines are celebrated for their richness. This ore took
the first premium at the Paris Exposition, and attracted much attention.
Several syndicates have endeavored to secure control of the property, but
heretofore to no avail. Over this mine there has been much litigation, and
it was only recently opened for sale.
   There was a rival company whose representatives where waiting with money
in hand to purchase the property in the event that the Bristol syndicate
failed to purchase. It was rather a warm skirmish that passed between these
two companies in their efforts to secure a first option. However, it is
claimed that near the Ballou property are other veins of iron of equal value.

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- Ron Davis, Roger Link