The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-04-24
DEFERRED MATTER
Encouragin Signs.

Encouraging Signs.
Among the evidences Of returning pros
perity, may be mentioned the leasing. with
a view to the commencement Of active oper-
atoms, CT tie extensive Gaylord Iron Works |
at Portsmouth, Ohio. Last week, at q meet
ing of the stockholders, the works were
leased to responsible company, member
of which is Jno. Means, Esq, well known
in this community. The lessees are to pay
all taxes and repairs, and take the works
for ten years at $685. 900. They are also to
make considerable improvements about the
establishment. including new oven for the
manufacture OF steel rails, a commodity now
in demand all over the country.
Several Of our Valley men are stockhold-
ers in the Gaylord Works, from one of whom
the above facts were received.
Below will be found an article from the
Harrisonburg Commonwealth, stating that
the Pennsylvania and Virginia Iron and
Coal Company has purchased Quinnemont
and Elizabeth Furnace, with the view Of
operating them in connection, for the man
uIdCluTG Vi IUI- Liz tOHHUHtCtUttU Say
On Thursday last there returned to Phila-
delphia party of eight gentlemen. CAPITA
lists and experts, who, under the guidance
and direction Of r. n. Pool, Esq, had been
spending week along the line of the Ches-
apeake and Ohio Railroad examining the
iron ores from Stanton westward more
especially the Elizabeth or Eureka" iron
property and the Quinnemont Furnace and
coal property at Quinnemont, w. va. The
trip was eminently satisfactory in every re-
spect, and so fayorably impressed were the
party with the ineXhaustible supply and fine
quality of the ores and all necessary mate
rial for the manufacturing of iron, prepara-
tions for the contamination OF plans already
Termed for practical operations in that Sec
ton are now being pushed with all possible
haste.
AT Quinnemont 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 and
extensive character. The furnace has ca
pacity of about sixty tons per day, and en-
joys the reputation for the manufacture OF a
superior quality of iron. The Charter OAK
Life Insurance Company, of Hartford. Conn,
invested in this property upwards OF @6OO,-
900 some years ago, all OF which has been
expended in making it second to none OF its
kind in the country. Mr.. Pool recently con-
ceived the idea OF combining this vast con-
Germ with the Eureka ore property, in Au-
gusta county, seventeen miles above Staun-
ton. consisting of over a, 900 acres and COM
prising probably the finest deposit of iron
ore in America in one body. For this pur-
pose new company was formed under the
title of 1.-The Pennsylvania and Virginia
Iron and Coal Company" with capital
stock OF 100000, and authorized by its
oho rtor to own 100 O00 anrps Of land This
charter was granted by Judge Mclaughlin
at the last term of the circuit court at Stauu-
ton, with Henry D. Moor, as President; w.
J. Deemer, Sec'y and Treasurer; y. L..
Hatch, j. A. Paxton and Thos. Cochran,
Directors. With the exception of Mr.. Hatch,
who is from Connecticut, all these gentle
men are Pennsylyanians Of prominence and
capital Mr.. Moor being well known as one
of the leading citizens OF Philadelphia, and
formerly representative of the United States
in various important official capacities abroad
and more recently as president of the Per-
manent Exhibition Company. Hon Thos.
Cochran was Financial Director of the Gen.
tennial Commission, and is now presidento OF
the Guarantee Trust aud Safe Deposit Com
pany of Philadelphia. The other gentlemen
are we'll known in business circles through
out the North.
1t is, we believe, the purpose OF this COM
pany 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 eth
er direction, and effecting combination oil
ore, coal, limestone, &C., necessary for the
manufacture of iron, which, for quality
supply and accessibility will be without ri
val, and will bring the cost Of manufacture
OF that leading product to a figure which
will defy competition in any other section in
the United States. This is but rough out
line of this magnificent and comprehensive
project, which we hope to see in a state Of
active accomplishment within very shor
time, and which will prove one of the mos
important movements towards the long
looked-for creation of thrift and industry In
our mineral fields that it has ever been ouI
pleasure to welcome.
The acknowledgment of our superior adj
vantages for the manufacture of iron is
gradually but surely being forced from the
representatives of this great Interest through
out the country, especially in Pennsylvania
where the great bulk of manufacturing /:
carried on. While iron was fiat, with no in
ducement for the worker CT SPECTATOR, OIL
claims attracted little or no attention, but
now that there Is better feeling in thai
branch of industry, and the financial con-
tiition of the country has reached a healthy
basis, capital seeks Investment within oul
borders, through the. able direction and sa-
gacious management of our townsman, Mr.
Pool, who has done so much for this section
Judging from present bright prospects he
has but fairly begun to reap for us the bene
fits of his heroic application to this grea
purpose. Through the individual and I'M
aided efforts of this gentleman our minera
fields have become familiar to the wide range
of capital from Maine to the Ohio. Climate
lands and resources have been advocated il
the great cities and business centres, and we
feel warranted in stating it as our BELLE
that every dollar Of investment that has
found Judgment liz our mineral development
west of the Blue Ridge, and for that matter
from Fredericksburg through the Piedmon
section, during the past six years, has fount
its way there directly or indirectly through
the efforts of Mr.. Pool.