The times. [volume] (Richmond, Va.) 1890-1903, 1890-06-22
BIG MOUNTAIN or IRON ORE.
Big Enterprise and other Big Things ut
Greensboro, ~. e.
JUNE 20, 1890.

Big Enterprise and other Big Things ut
Greensboro, n. e.
JUNE 20, 1890.
Editor Daily Times:
Dear Sir-The writer, with party of
Virginia and North Carolina capitalists, to-
day visited the now famous iron property
and the town lots of the North Carolina
Steel and Iron Company. The company has
been advertising largely with you, but not
One-tenth part of the magnitude and deslra-
bility OF the company's property has been
told i'm their prospectus or i'm any advertise
ment. And 1t il the purpose OF this letter
10 give the public through the columns OF
The TINES some plain unvarnished facts
about the North Carolina Steel Com
pany. To begin with, the party
left the BenbOw House at 7:ij A. NJ.
in carriages behind spanking teams and
inspected the company's twenty-five hun
dred acres of towns lots admirably located
and suited for business and residence sites.
And to say the whole party was charmed
and captiyated. would be putting II mildly.
This property only cost the company about
$50 per acre or about $4,000 for the whole
,, 200 acres. They were offered yesterday AZ
the rate of three thousand dollars per acre
for some Of the lots. The capital stock OF
the company is one million dollars. Inc
land at $500 per acre will more than pay
the capital stock Of the company, and the
most conservative of the party did not value
the land at less than 5000 per acre. This
is but a small part Of the assets OF the com,
pany. They own q ,SOO) eighteen hundred
acres OF mineral lands, containing the rich
est ores in America. and practically mex
haustble in quantity.
After inspecting the town lot property, AT
10 o'clock the party was driven To the cape
Fear and ladkin Valley depot, ana were
taken by the genial, atfable,a and lrrepressiD
Captain J. W. Fry, in his private car, 10
inspect the iron property at ore iilil, lorty
miles below Greensboro. And after arriN-
ing there the party Immediately Invested
themselves Of coats. cravats, and collars
and set out in high spirits to inspect the
celebrated Ore Hill mountain tract oil 5oO
acres. which rises, from stone-tbrow on
the Depot, by gradual ascer [, to the helgl =
of 296 feet above the railroad. And now
begins the most wonderful part OF the "TRIP,
the party, led by the mining expert ANA
general manager of the company. j. y. New
man, who had the geology of Ore Hill ut his
tongues end, and certainly explained II 10
the satisfaction of the party. The wag OF the
party declared Newman's creations were
of more weight than any he had ever seen
they were not ore-rated. And well might
he say this, for the FIRST vein of ore inspected
was one in which an opening had been made
thirty-1ye feet deep, showing width OIL
eighteen feet and unknown depth, ana eN-
tending across the mountain. The second
vein running parallel to the nrst was
twelve feet wide. These two veins, altef
running parallel about quarter OF a
mile, cross each other, and here smart
has been sunk ninety feet deep, showing
the width Of one of the veins at this point
to be over forty feet wide, and from the
structure Of the vein at a depth OF ninety
feet. indicates that il is at least one thou
sand feet deep. And right here will say
this estimate applies to all the veins hereai-
ter described as TO depth. We next traverse
the southern slope of the mountain for one
mile, crossing thirteen distinct veins OF
twelve 10 one hundred feet IN Width, all
of the brown ore variety, except one man.
moth vein of red ore Of "A mile in length ana
eighteen 10 thrty-fiye feet wide ut the dit
ferent openings. All this ore is OF unpa-
ralleled richness, entirely free from phos-
phorus. and the only ore in the south
that will make good steel. Ana
herein lies fortune for the company.
Dozens of experts have rendered their
decision. | will simply say that the vast
ness of the ore deposits in sight ast0unded
all present. The quantity is so great II Il
almost beyond computation, and any Of
your readers who have not seen these de-
pOsits and who may hereafter see them, VIII
say when they do see them that these asser-
tiOns were mildly drawn. After "a three
hours tramp, the party declared they need
ed no further testimony as to the quahtlt.
and quality Of the ore of the company, ana
that as they had already seen more ore IMAM
f..ft
allow their children and grandchildren To-
inspect the other fifteen hundred acres Of
the mineral lands owned by the company
The eighteen hundred acres OF mlnerai
lands cost the company S2JO,WO. ms, WIN
the $4,000 for the 100 acres OF town size
property. makes the total cost OF all the
cOmpany's property aggregate apprVA-
mately $500, 900. They propose to sell SOOO-
900 Of the stOck-use S320,OOO to pay Tor the
property. and the remaining S2cD,OOo 10 I'M
prove the property and build two furnaces
and operate them in connection win the
mines. The general manager demonstrates
by figures that this can be done ana diNl-
dend of II 10 20 per cent. declared
ON the whole million dollars from TINS
source alone When the S6Oo,OW stock Is
taken the company will contract at once
for the erection Of the furnaces ana
then have big sale Of town
lots. and the proceeds OF tne
town lots 90 into the pockets OF the stock
holders. And right here want 10 say tnat
if there is any truth in the testimony OF eA-
perts and Judges of town sites, every snare
Of this stock will be worth over S2Jo per
share inside of two years, some say sgo
per share. The par value is 500 per share
greensboro, salisbury and Durham has
taken $500, 600 OF the stock, and think there
is a move on foot for Virginia capitalists 10
take the other $4,000. and make things
move. The readers OF The TINES are iami-
liar with the names of the officers oil the
company They need no praise or recon-
mendatiOns But | must not fail 10 NEIL
ton the hearty reception, and whole souled
greeting extended 10 our party Dy
the citizens Of Greensboro, OUTSIDE
of the officers Of the company, Mr. w.
f.. Beyille, j. W. scott, Colonel james
Morehead, Judge John A. 0limer' en-
Governor Scales, ;. ;. Brown and 1. l..
yanstory. The latter furnished the superb
teams OF match horses that carried the party
around the town. Pink NanstOry keeps
the hest livery stable ia the south, de-
cidedly the finest teams we nave ever seen
at any stable. ID is treat To ride Dehihd
them. Ia fact, Pink is great. big man III
every sense of the word. but II Would never
have done for him to have been any sinaiier.
If he hlu his nead NOulu uot utfc octh -
enough 10 hold his brains, nor his BODY,
hi, heart. Everything about Greensboro
is going TO b. bigger than 1t Is, and tha'
right fast. Come and see.
A Tampa special 10 the Jacksonville raj
Times-U MON says: There was a murder I'D
This city on the 18th. J. Baker killed a man
named Brown. Both are carpenters. Baker
had loaned Brown some money, ana there
mad been some difficulty recently between
the men about the payment OF u. BAKER
went 10 Browns clearinghouse prepared
10 pick a quarrel with him unless he Paid
over the money, and, finding Brown asleep,
he struck him heavy blow on the neaa
with a piece of scantling. Brown died
shortly aiterward. Baker j. in jail.
AT Americas, Ga, the owner, OF all I'M
iu,proyed real estate IN and near the city
have in hand plan for the organization OF
| n biz company with capital OF Sl,v~,vp'
which will be used TO forward the interests
of Americas and surrounding country. ~
| the scheme is successful, large sums VIII
he spent in advertising the city, III enlara'
inc street railways, water works, sewerage
system. parking the various portions oil the
| -, ant otharWise imprOying IL.