The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1886-08-26
Millboro Springs.

Millboro Springs
/. SUCCESSFUL NEUTRALITY-SUSPICIOUS.
AND ITS NEUTRALITY-SUSPICIOUS. PRO.
GREssIvE Ell
MILLBoRo SPRINGS, VA. Aug. "a, 'S6.
In the notes last week dotted from this
retreat, mentioned the presence OF Mr..
James Miller and his estimable wife, from
Ashland. Va. At that time the aequaint-
ance of Mr.. Miller was not as familiar as
it is to-day. At the Springs, where the
company is limited and the-assOciation I'M
by the conventionalities OF what
is called society, or more properly the
offensive weakness and presumption of
shoddyism. one learns more or less, by &C
scraps, the history OF those with
whom he comes in contact. Mr.. Miller is
a Scotchman, but has been a resident OF
Virginia since his boyhoOd, and for the
last thirty years prominent in Richmond
banking circles. For the past twenty
years he has been, and is now, cashier OF
the Union Savings Bank of that city. Its
history is instructive and suggestive and
the salient points Of it are here given in
the hope that they may prove useful to
other communities, where the interests OF
the masses OF the people have not hereto
fore been specially considered. Twenty
years ago, several of the prominent busl-
ness men of Richmond conceived the idea
of establishing this institution. 1t was
taken hold Of eagerly by a few who had
means at that time, and soon received
shape and form, with Mr.. Miller as its
practical manager. The original idea was
to make the capital stock half a million
dollars. with the par value Of the shares
800. About 1913 on the 800 was paid
in and operations commenced. Success
seemed to smile on it from It's birth. The
confidence reposed in the Cashier inspired
the trust of all classes. Business men
and laboring men deposited with it, and
Gov. Pierepont ordered the State funds
to be left in it's care. 1t was soon appa-
rent that it's resources would be ample for
the business contemplated in the original
design, without further assessment on its
stockholders. Consequently the capital
stock was fixed it $25O.OO0 and the par
value of the share at $50. By sagacious
and cautious management, the career OF
the institution, on this basis, has been an
unbroken success. To-day its deposit
line reaches to $500, 900, on which is paid
4per cent-no deposit being received for
less than three months-the discount line
from $500 900 to 100000, and the divi.
dends 10 per cent. annually, with the ex.
ception of last year when it was Is per
cent. The rate of discount is s, 6 and
per cent, according to the character and
time of the paper, and the surplus fund is
over 100000. AS the unvarying rule is
to pay per cent. on all deposits received,
there are times when deposits are refused.
That is the condition now and has been
for six weeks past, because of the plenti-
fulness of money, and the restriction in
loan demands.
Such an institution is an absolute bene-
faction to community. 1t is safe ref
uge for the workingman. who, by econo-
my and industry, may accumulate some
thing over expenses, for he can deposit
his surplus earnings at good interest, and
be continually adding to his deposits and
thus prepare for rainy day. Staunton
should have just such an institution, and if
the proper men would take hold Of the sug-
gestion it would soon mature into an &C.
complished fact. 1t would encourage
thrift and economy with workingmen and
offer a safe deposit for all their spare dol
lars, while it would prove useful to all
classes of business nen.
A brief visit to Longdale Furnace, in
Allegheny county, demonstrated the quiet
progress and success of some of the Vir-
correspondent had occasion to dot down
some observations of that place. It was
then, as now, owned by the Firmstones
and managed by Capt. j. E. Johnston
Then there was one furnace stack, with a
capacity for 80 to IS tons of pig iron day.
Now there are two plants, averaging daily,
the year round, 80 tons of iron. Then, as
now. system. order and well regulated en-
ergy characterized everything connected
with it. Nothing seems to be out of place.
and all the appointments controlled by
sagacious management and intelligent
economy. All the modern improvements
in the manufacture of iron have been in
troduced, and in every department COM
prehensive understanding of the business
is manifested.
Your correspondent accompanied Mr..
Harry Firmstone to the mines, where are
employed some 200 or $50 hands, under the
direction and control of Capt. Lemon, the
s'mine boss" The demonstrated amount
of ore in Brush mountain is estimated to
be sufficient to run the furnace for twen-
ty years, while the prospective quantity,
justified by the examinations and develop.
ments already made, may supply the de-
mand for one hundred years. The ores OF
UlO OpOuluSO Ill Uulc AOuAuoAh esho1y0S W
an average As per cent. of metallic iron,
including lump and wash ore. Some Of it
reaches to 55 per cent, but taking the
whole output, after that which has to go
through the washer has been mixed with
the lump ore, the average is about As per
cent. This is a remarkably favorable
showing, and enters into the reasons why
Longdale has been able to have an unbr0-
ken run for fifteen years, and during all
conditions of trade yield profit.
In referring to this fact, Mr.. Firmstone
remarked, that while there might be an
increase in the price of iron over the low
figures now ruling, all investments and
calculations in the future, to be safe, would
have to be based upon present conditions
for whatever might be the Gibbs and flows
Of the iron trade, it would be very apt to
settle down pretty much as it now is
Where iron can be made cheapest is where
the industry will be established and oper-
ated. to insure success. What has con-
tributed to the success of Longdale is
the fact that the proprietors have their
mines and limestone close to the fur
mace they own their own transportation !;
their own coking furnaces, and are only