The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1880-02-12
NO. 81
Iron Boom in Virginia.

Iron Boom in Virginia.
PROGRESS OF THE BOOM-SO4tE FACTS AM
FIGUREs-ONE MILLION DOLLARS Al
READY INvESTED-THE RAPID ADVANCE
: IN PRICES, &C., &C.
Correspondence OF the Richmond Dispatch
/ LYNCHBURG, JANUARY 81, 1880.
propose to give to-day some facts and
figures, which will probably astonish the
readers OF the Dispatch, as to the magnitude
OF operations in iron-ores in this section,
especially in the James River Valley botl
below and above Lynchburg. These ores
are of the magnetic and specular kin d
adapted to the manufacture direct of steel
and their great richness and abundance hav-
ing become known to the iron-Workers Of
Pennsylvania, the result has been that ar
''on to Virginia" has commenced, which has
already resulted in heavy investments, and
which promises great things for this section
Money is ready to take up all these lands at
good prices, and, indeed, the prices are now
becoming speculative, increasing in some
instances at ratio which reminds one OF
the silver-mine speculations Of Nevada and
the gold-fever of California. The thing to
be regretted is that these
ORES ARE BEING SHIPPED AWAY
instead Of worked here. Virginia would
then get the full benefit of her treasure. But
furnaces will be built as soon as the Clifton
Forge connection is completed, so that cheap
coal can be had, and this valley will then
become a beehive of busy industry, of
which Lynchburg will be the centre. I have
grouped together some of the facts of the
case as far as developed, which cannot fail to
interest all who love Virginia and desire to
! see the revival of her material prosperity.
The statements, think, will be found cor
rect as far as they go.
The Edgar Thompson Steel Works, of
Pittsburgh, have made
EXTENSIVE PURCHASES AT GREENwAY,
on the river below Lynchburg, and have
entered into contracts for a very large guam
tity of ore, to be delivered at their works,
Mr.. Andrew Canague, member of this
| wealthy concern, was here few days ago
examining the mines with view of making
| further purchases.
| Mr.. Dunlap and his associates have bought
| the Stapeton Mill, below Lynchburg, the
''Maudo mine, and number of other
| neighboring iron properties. They are min
ing quite extensively and shipping to the
| Edgar Thompson Company UaG the canal
and the Virginia Midland railroad. Their
| contract, believe, covers two or three hum
| dred thousand tons.
| General Grubb representing the million
aire Coleman estate of Pennsylvania, has
purchased half-interest in the Munford
Iron-Works of this city, and also some
valuable properties below Lynchburg, for
| which he is to pay
ABOUT ONE HUNDRED THOUSAND Doll
This property is at or near Riverville.
Mr.. Poole, representing himself and other
Pennsylvanians, has purchased %, 900 acres
of land near Buchanan, for which they paid
$25, 900, Astounding in the richest specular
ore, which they will mine on an extensive
scale for shipment, and are already at work.
They will build railroad of about a mile
and half in length from the mines to the
canal.
Mr.. Jesse Adams, the well-known con-
tractor, and others, have leased one or two
mines at Greenway, and are mining and
shipping largely.
The James River Steel and Iron Company
General Hartranft, OF Philadelphia, presi-
dent-have bought for about $100,000 the
rolling mills four miles above the city; have
put them in thorough repair, and in few
days will commence work filling
HEAVY CONTRACTS FOR STEEL RAILS
and spikes. They have also leased in
Franklin county and on James river large
draw their raw metal.
Several other parties, representing large
capital, have also bought or are negotiating
for valuable properties on the river, the
particulars of which [ anl not able to give in
this letter, which will probably aggregate
more than quarter of million of dollars.
These parties have already paid out many
thousands of dollars on their contracts. The
celebrated MAYORS of Boston are believed to
be interested in these purchases. feF. 81
Messrs. Farley & Read of Pennsylvania.
are working several mines below the city,
and have large contracts for one. 1886
Mr.. r. F. Mason, superintendent, is ship
ping some 1000 or 1900 tons of ore per
month from Pittsville, Pittsylvana county,
to the Pennsylvania Steel Company. These
are Bessemer ores,
YIELDING ABOUT SIXTY PER CENT. OF
METAL.
The Arcadia Iron.Works Company, il is
said. have entered into a contract with
Messrs. Station & Son, of Buchanan, for the
delivery of 800 tons of ore on the canal, to
be transported north, which will occupy
more than year.
In this county (CampbelD, on the line of
the Virginia Midland railroad, eighteen
miles from Lynchburg, extensive deposits
of manganese have been discovered, which
are now being operated by the Messrs. Ro-
bertson, OF this city, who have been pioneers
in working up the iron interests of this Sec
ton. ~
To this list of operations and operators
others could be added, but for the present
forbear.
AS an evidence OF the
RAPID INCREASE IN PRICES OF MINERAL
LANDS
of this section give the following instances,
among many others: Ss
One piece of property recently sold for
$500, and before the deed was executed was
resold for 81 900.
Another property sold for $4,000 which
few months ago could have been bought
for one third the money.
Another sold for $4,000 which the past
year changed hands at $4,000.
Another sold for $4,000 for which the
owner paid $3.50; it could not be bought
now for $25, 200.
These facts and figures could be extended
into much longer list, but these sample
cases will show how
THE BOOM" is BOOMING.
Other portions OF the State must feel a i
lively interest in these developments, for all I
portions of Virginia will to greater or less
ovfont chor 70 in tho hanpfits which thew i'm