Wabash Petroleum & Coal Mining - Fountain Businesses

Wabash Petroleum & Coal Mining Company at Covington, Indiana Capital Stock $3,250,000 divided into 65,000 shares at $50 each.  Incorporated under the laws of the state of Indiana.  William Dale of New York, President.  Joseph Ristine, Covington, Vice President.  WD Kerr, Secretary.  James W. King, Treasurer.  Directors: Joseph E. McDonald, Indianapolis, Indiana.  John R. Coffroth, Huntington, Indiana.  Wm. Dale, New York City.  Joseph W. Newlin, Attica, Indiana. Joseph Ristine, Covington, Indiana. KM McDonald, Covington, Indiana. David Webb, Covington, Indiana.  Office – South side Public Square, Covington, Indiana.  The company holds by lease and in fee, about 20,000 acres of the most select coal lands in Western Indiana, bordering both sides of the Wabash River.  Maps of these lands may be seen at the office of the Company in Covington, Ind at the office of Wm. Dale, No 25 Park Place, NY City, at the office of Hon. JR Coffroth, Huntington Indiana and at the office of Roach & McDonald, Indianapolis.  A reference to the report of the Hon. David Dale Owen, late State Geologist, will show that these lands are situated in the midst of the finest coal fields of the state abounding also in salt, iron and other valuable mineral substances.  Near the mouth of Coal Creek where the Company has large quantities of lands salt water has been discovered equal in quality to the Kanawha. This water was procured some 35 years ago by boring, soon after, the Onondaga sale finding its way down the Wabash and Erie Canal, Mr. Thomas, the proprietor, finding himself unable to compete with it, abandoned the manufacture.  In his boring he encountered that which recently disclosed facts prove to have been coal oil.  Those lands all lie in close proximity to the Wabash and Erie Canal some of them upon its banks.  Mr. John McManomy, the business agent of the company has returned from a tour of observation of the oil regions of Pennsylvania, convinced that the lands leased by the company, in Fountain and Parke counties, has, so far as the general formation of the country and the surface indications present themselves a strong analogy in the oil and mineral substances as found on French Creek, Pennsylvania where the greatest quantity and the most valuable oil is found.  Mr. McManomy has purchased for the company the most approved machinery with all the fixtures necessary for operation and is preparing with experienced workmen the speedy development of the hidden treasure of the lands of the company.  All the indices of coal oil, found in local ties where it has been procured, are strongly marked in various localities of the lands of the Company affording every rational prospect of success. The company thinks it unnecessary to make any other reference to the character of the lands, other than the report and map referred to.  $100,000 of the stock, being 2,000 shares is proposed by the Company to be offered in the market at ½ its par value, being $25 per share for the purpose of aiding the Company in a speedy development of the lands.