The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1890-07-03
1ngalls Itts;n ana Goal Uof6ppahy.

A private letter to the editor from
Prof. X. N. Pool, dated at Boston, Mass,
says: Enclosed you will find the finan-
cial circular of the Ingalls, Iron and Coal
Company, which has just been gotten
out. have completed all negotiations !;
but have been detained here in prep
aration of the company's papers, mort
cages. form of bonds, deeds, and SO
on. This enterprise located on the line
of the Chesapeake & Ohio Railroad will
accomplish a great work for the whole
iron district between Covington and
Waynesboro. Letters and kilograms
from Mr.. Ingalls, to parties in Boston
were great help to me in conducting
the negotiations. have live men and
men of financial power who will aid me
in this work. l expect to return some
time in July with large excursion in a
Pullman car and stop at Waynesboro
for the purpose of locating the points
where the furnaces, rolling mills, &C.,
will be erected We will stop over at
Staunton a day, and also at Clifton
Forge, Iron Gate, Greenbrier White
Sulphur Springs, and then go to our coal
properties in Kanawha county"
The properties of the Ingalls, Com
pany aggregate 10,500 acres of land
5000 of splint, camel, bituminous and
coking Goals in Kanawha county, w. Va,
and 2, 500 of mineral land on the western
base of the Blue Ridge. These proper
ties have been thrown together, and the
plan is to establish plants at Wayhes-
boro to work up the iron ores with the
coal and coke brought from the compa-
ny's mines In West Virginia. The coal
mines are in successful operation, and
the development on the iron property
msures an ample supply of brown hema
tite and specular iron ores.
One million, five hundred thousand
dollars of stock of the three million au-
thorized, will be issued at this time.
With each $500 bond will be given three
shares of full paid up stock, 800 each
par value 500.
From the statement made to us in the
letter we have quoted, we conclude that
all the bonds-$1, 500, 00O-have been
placed, and the company is now ready
for work, or as soon as the necessary
forms and the titles, transfers, &C.,
have been executed.
Referring to the success of these nego-
tfations, Gen. NJ. Il. ingalls,, President
of the Chesapeake & Ohio, says, in let
ter to Prof. Pool:
II am in receipt of yours of the 10th,
and congratulate you on your success,
1 am glad you are going to take some Of
the Boston people down into that coun-
try. l went by Waynesboro a week age
on the morning train, and upon my
word, it is the handsomest place I have
ever seen for a city, and shows many
signs of improvement. As to the value
of the coal properties in the KaaaWha
district, there can be no question that
they are the greatest properties yet un-
developed in this country, for do not
consider the developments there to date
have. been anything more than the
scratching of the surface. With intelli
gent mining and operations, there will
be no trouble in making large output
and at profitable prices"
4 Prof. Pool has been in Boston for sew
eral months for the purpose of coas4m-
mating the important plans it is an
poupced he has effected. The success Of
his negotiations means much for this
portion of Virginia, and hs viii be eati
fled to the thanks of all our people. He
has labored under many difficulties aud
met with innumerable Instructions, yet
he informs u.s. he has overcome them al
and now, in measure, is ready to rear
the reward of his arduous and patient
| work