The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-01-27

and quality. Our present daily productive
capacity according to careful estimate Jltss
made, is about 800 tons. According 10 'he
estimate of our engineer, we shall DC aoie ~
May LIST, nextto increase this to S00 tons dailv'
and hope therefore by July lst to have an out
put of 1000 tons daily.
We are now making contracts for the SAFE oi
these ores, mostly to parties on the western
portion OF the lines OF the Baltimore o. ONO
Railroad. AS far MS our experience goes, we
Ind an eager and active demand ioEour ores
and could probably sell twice the produc' II
we were prepared to do SO and shipping lacH-
tiles could he furnished We have at present
on our books however, orders tor only ABOUT
$4,000 tons and are waiting actual development
before increasing this quantity.
On these lands, there are, beside the pfo,,'i
Ole shipping ores immense deposits Oh ratieI
low grade ore which could be acVahtaseo"uISs'y
worked in blast furnaces in the vicinity. ms
will be done as soon as supply of coke or
other suitable fuel can be depended upon Ill
sufficient quantity, and with any certainty.
From what have learned by conversation
enquiring of the mineral resources OF Inc james
River Valley, | think that it must before many
years become great iron producing region.
1t will take coke of CoInellsville, or w est VIZ
ginia, will ship in return its higher grade ores,
and will also require shipping facnltles ior an
immense product of pig and other forms OF
iron. There would also be large local Dusi-
ness in limestone and other raw material, De
side the passenger and light freight business,
which must follow upon the development OF
so large al industry.
For these reasons, should suppose that a
snort line of railway such as you nave men-
toned to me bringing the Pittsburg region and
the Cooking Fields fifty miles nearer to these
large and valuable iron ore deposits, could not
fail to be largely profitable; in fact can see
no reason why in the course OF n few years, 1t
should not prove one of the most profitable
mineral roads in the country.
Yours very truly,
WIN. r. HART.
This letter was written bya gentleman not
given to exaggeration and one upon whose
representation the utmost reliance could be
placed. 1t showed how the resources of Vir-
ginia were beginning to be appreciated, and
the wonderful developments that will shortly
be made.
In order to take advantage of this increase
OF prosperity, the Valley road must make an
effort to help itself. 1t must look to its own
energies and not expect outside assistance.
Baltimore and the Baltimore s. Ohio road Lave
paid their full quota. and the other subscribers
to the stock, who are yet delinquent must
come up fairly to the mark. Under the terms
of the subscription, Rocllbridge had a right to
withhold her bonds, in part, until the work
was prosecuted with view to completing it
through the entire county. Lexington and
Stanton were in the same position, but the
board appealed to them to be liberal, that the
enterprise might be pushed forward If some
concession was not granted, Mr.. Keyser feared
that it would be utterly futile to talk of taking
a step forward There must be united and
harmonious effort, in order to achieve success.
On motion the. report was committed to a
committee of seven: Messrs Barclay, Fggat,
Brown, Dold, Burke, Anderson and Gibbs, and
pending its consideration the meeting took
recess until five o'clock
EVENING SESSION
Upon re-assembling, the committee submit
ted its report, through its chairman, Mr. Bar
clay. Ii approved and adopted the suggestion
of the Presidents report to make Lexington
the Southern terminus of the road for the
complete the work to that point, recommended |
that a mortgage of 100000 be placed on the
property and franchises of the road-the mort |
gage bonds to bear interest not exceeding |
per cent. per annum, to run such time as the |
Board of Directors may deem best, and to be |
disposed OF at not less than ninety cents on the
dollar. The report also recommended that
every encouragement be extended the Direc-
tors in their efforts to secure indemnity against
uniriendy and hostile litigation, but made no
recommendation in reference to the subscrip
lions of Staunton, Lexington and Rockbridge, |
leaving that matter to be settled between the
Board OF Directors and the subscribers.
The report was unanimously adopted.
ELECTION OF OFFICERS.
The election of officers being in order, Judge
Shetfey nominated VIM Keyser for reelection
to the Presidency. The election was made
unanimous. In returning thanks for a renew
al of the trust rcposed in him, Mr.. Keyser
stated that year hence, when his successor
was chosen, he hoped and believed the road
would be completed to Lexington.
The old Board of Directors was then nomi-
mated, but Gen'l Echols declined reelection
for the reason that he could not spare the time
necessary to devote to the position. and for the
further reason that he was now holding sim
liar position on the c. s. 0. road, and it might |
be possible that IN future the two positions
might conflict. MIR. Robt. w Burke was then
selected to fill the vacancy occasioned by Gen'l
EchoPs retirement and the remainder of the
old board was unanimously reelected. The
meeting then adjourned.
1t really looks as if the road will speedily be
completed to Lexington. Mr.. Keyser appear
ed very confident that means sufficient to fin
ish the work to that point could be command
ed and that the very advantageous terms
which it seems agreed can be secured with the
Richmond & Allegheny road, will afford
large and remunerative business, as soon as
the line is put in operation. AS matter of
course the Rockbridge delegation was in glee
We learn from the Recorder that Stephen
Myers and c. S. Shumate OF this county are visit
ing friends in Highland.
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