Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1879-04-15
OUR IRON INTERESTS.
ORGANIZATION OF A STRONG COMPANY OF
NORTHERN CAPITALISTS FOR VIRGINIA DE-
VEIOPMENT.

ORGANIZATION OF A STRONG COMPANY OF
NORTHERN CAPITALISTS FOR VIRGINIA DE-
vELoPMENT.
On Thursday last there returned to Philadel-
phia party of eight gentlemen, capltailsts
and experts, who, under the guidance ana III
rection Of r. N. Poole. ESQ.,, had been spending
a week along the line of the Chesapeake q
Ohio Railroad examining the iron ores from
Stanton westward, more especially the Eliza
beth or Eureka" iron property and the eoln-
nemont Furnace and coal property at Qulnhe-
mont. w. Virginia. The trip was emanentiy
satisfactory in every respect and SO laVoraoly
impressed were the party with the 1nexhaustl-
BILE supply and fine quality OF the ores ana all
necessary material for the manufacturing u
iron, preparations for the consummaAoh VI
plans already formed for practical operations
in that section are now being pushed win all
possible haste.
At Ouinnemont is located one of the most
valuable furnace properties in the country,
comprising abundant supplies OF coal with
coke ovens ETC., of the most improved ana ex-
tensive character. The furnace has capacity
of about sixty tons per day, and enjoys repu-
tation for the manufacture of a superior quail
ty of iron. The Charter Oak Life Insurance
Company, of Hartford, Conn.,, invested in this
property upwards of 100000 some years ago, all
of which has been expended in making it SEQ
ond to none of it's kind in the country. Mr.
Pool recently conceived the idea of combining
this vast concern with the Eureka ore proper
ty, in Augusta county, seventeen miles above
Staunton, consisting OF over 1850 acres and
comprising probably the finest deposit OF iron
ore In Am erica in one body. For this purpose
a new company was formed under the title OF
''The Pennsylvania and Virginia Iron and Coal
Company with a capital stock of Sl,O0S,OCO,
ard authorized by its charter to own f00,0Oo
acres OF land. This charter was granted by
Judge Mclaughlin at the last term OF the cir
cult court at Staunton, with Henry d. Moere,
as President; VIM. ]. Deemer, Secy and Treas
urer; o. L. Hatch. j. A. Paxton. and Ihofnas
Cochran, Directors. Withthe exception OF MI
Hatch, who is from Connecticut, all these gen
tlemen are Pennsylvanians of prominence and
capital; Mr. Moore being well known as one
of the leading citizens of Philadelphia, and for
merly representative of the United states In
various important official capacities abroad
and more recently as president of the Perma-
nent Exhibition Company. Hon. Thos. Coch-
ran was Financial Director OF the Centennial
Commission, and is now president of the Guar
antee Trust and Safe Deposit Company of
Philadelphia The other gentlemen are well
known in business circles throughout the
North.
1t is, we believe, the purpose of this cornpa-
ny to erect large furnace on the Eureka ore
property which will be supplied with coke
from Quinnemont which latter furnace will
in turn be supplied with ore from the Eureka,
thus utilizing the same CARS in either direction,
and effecting a combination Of ore. coal, lime
stone, &C., necessary for the manufacture Of
iron, which, for quality, supply and accessible
ity will be without rival, and will bring the
cost of manufacture of that leading product to
figure which will defy competition in any
other section in the United States. This is but
a rough outline Of this magnificent and COM
prehensive project, which we hope to see in
state of active accomplishment within very
short time, and which will prove one of the
most important movements towards the long
looked-for creation of thrift and industry in
our mineral fields that it has ever been our
pleasure to welcome,
The acknowledgment of our superior advan-
tages for the manufacture of iron is gradually
but surely being forced from the representatives
of this great interest throughout the country,
especially in Pennsylvania, where the great
bulk, of manufacturing is carried on. While
iron was flat, with no inducements for the
worker OR Spectator our claims attracted little
or no attention. but now that there is a better
feeling in that branch of industry, and the fl
nancial condition of the country has reached
a healthy condition, capital seeks investment
within our borders through the able direction
and sagacious management of our townsman,
Mr.. Pool, who has done much for this sec
ton. Judging from present bright prospects,
he has but fairly begun to reap for us the bene-
fiss of his heroic application to this great pur-
pose. Through the individual and una1ded
efforts of this gentleman our mineral fields
have become familiar to the wide range of cap
ital from Maine to the Ohio, climate, lands and
resources have been advocated in the great cit
les and business centres, and we feel warrant
ed in stating it as our belief that every dollar
of investment that has found lOdgment in our
mineral development west of the Blue Ridge,
and for that matter, from Fredericksburg
through the Piedmont section during the past
six years, has found its way there directly or
indirectly through the efforts of Mr.. Pool.-Old
Commonwealth.