The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1889-12-26
Basic City.


Vice President: G. A. Holt, ed Vice Pres |
ident; Edward Echols, ed Vice Presi- |
dent; NJ A. Booker, Secretary; John A.
Wise, Treasurer; j. E. Sanger, E. Smith
Dinkle, j. f. Bowman, John Winter, and
Arista Hoge.
The Company owns six tracts Of land,
aggregating 2173 acres, and has options
on a large area of other properties, in
Guiding valuable minerals, which are
the basis OF the project. The prospec-
tus of Basic City and descriptive state
mont Of its advantages have been given
to the public, and the stock is going off
like hot cakes. On Saturday, before the
printing of the forms necessary for sig
natures could be completed, a rush was
made for the stock, of which 100000
was to be put on the market. Before 10
O'Clock Saturday night and in advance of
the subscription list getting into the
hands of sellers, between 600 and 700
shares had been sold. The prospectus
says:
The entire property of the Con- pany,
including its valuable options, has been
acquired for $69S, 600 of the stock OF the
Company, of which $54S.o00 has been
donated by the owners to the Company.
to be used in developing and improving
the Company's property OF this $780,
coo on-assessable stock is now offered
at $50 per share (par value 5000 and the
Company invites subscriptions to its
capital stock to the aggregate amount
OF 100000, at $50 per share (par value
S10O) and reserves the right to reject
any such subscriptions which may be
made in excess of that sum. The shares
will be allotted to subscribers in the pre-
else chronological order in which the
subscriptions shall be made. The pro
ceeds of this sale of stock will be devoted
to laying out and developing the Com
pany's lands, removing the liens there
from, promoting and establishing man
ufactories and other industries thereon.
and otherwise improving the property;
taking up some of the valuable mineral
and other lands on which the Company
holds options and paying needful and
moderate expenses. $148,000 residue of
said stock is retained in the Company's
treasury to be hereafter put upon the
market as the Board of Directors may
deem best at higher figure than the
above; the proceeds thereof less need
full and moderate expenses to be used III
further developments and improvements
of Company's property. Stock now Of
fered to be sold on the following TERMS
So per share to be paid down at the time
of subscription, and IS per share to be
paid thereafter on the third Wednesday
of the succeeding month, and So per
share ON the third Wednesday of each
month thereafter until the entire $50 per
share has been paid, when there will be
issued to the subscriber a Certificate un
der the seal of the Company, for the
share, fully paid and worcestershire. par
value $780, The second payment of So
per share shall not be called for until
1000 shares of stock are sold. All pay
ments to be made to Company's treasu-
rer or to such agents only who hold au-
therity under seal of the Company and
signature of the President and Secretary,
to receive money for the Company The
Treasurer and such collecting agents to
always execute to the Company bond
with good security before being author
lied to collect or receive any of Com
pany's funds, such bonds to be spread
upon the records of Augusta County
Court, and originals kept by the Pres
dent. In the first sale of lots to be
made the Company agrees to receive the
second half of the purchase money on
such lots in stock of the Company at
par, provided, however, that no frac-
tonal part of share will lee received
by the Company in such payment"
The attention of the public has over
and often been called by the VIRGINIAN
to Waynesboro Junction as site for
city and an industrial centre of large
proportions The public mind was thus
prepared to act upon the first launching
of scheme looking to such a result. 1t
was not surprising to u.s. therefore, that
as soon as the preliminary arrangements
was shown in the project, and that be-
/ fore the printers could get the forms
ready for use subscriptions poured in
for hundredssof shares. On Monday.
| Court-day, large portion of the stock
estimated at one-half of the amount to
! be sold-was taken, and others eX-
i pressed their determination to subscribe.
The basis of this proposed city is the
mineral wealth of the immediate locality
and South River district-we believe the
richest in the South. Brown hematite
and specular iron ores and manganese
are the principal mineral products, with
kaolin, fire brick clay, glass sand, and
/ other valuable minerals, supplementing
/ the ores named.
The gentlemen who have the manage
ment of the Basic City project are well
equipped for the work they have under
taken and will make it success.
Death Of Henry w. Grady.
Henry w. Grady. of the Atlanta Con-
stitutio1. the brilliant young Southern
orator and writer, died of pneumonia at
Atlanta on the 23d inst. Mr. Brady was
i'll when he left Atlanta for Boston to
deliver the speech recently made in that
city. He went contrary to the advice
+ of his physicians and returned quite
sick. His condition continued precari-
Gus, with exceeding unfavorable symp-
toms, until death finally closed the brief
and meteoric career of the gifted young
man. Mr.. Grady was but So years of
age. 1t is only ten years since he first
began to attract attention, and his rapid
rise in the affections of the people las
been without parallel. His message to
his mother in a conscious moment, was
characteristic: IF die said he, Il die
serving the South, the land | love SO
well. Father fell in battle for 1T. am
proud to die talking of it," The funeral
has not vet been dafinitpl V a rranpnd Int