Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1890-05-09
THE GROTTOEs COMPANY.

the election of officers and a Board OF Di-
rectors. The principal Office of this COM
pany will be at The Grottoes Station of the
Shenandoah Valley Railway, Augusta and
Rockingham counties, Va, las the place is
crossed by the line of these counties), and
there will be the Office OF the General Man
ager and of the Treasurer as soon as the
company S excellent hotel is opened to the
public. which will be about the 9th instant,
when It's new bathrooms, heating and Other
first-class modern appliances will be COM
peted. For the present, the office will be al
346 East Main street, Staunton, Va.
The officers elected We're: Major Jed.
Hotchkiss, of Staunton, Va, President :;
Frank E. Randall, Esq, Of Aldrich Court,
Al Broadway. New York City, General
Manager; A. NJ. Howison, of Staunton,
Va, Secretary Charles Catlett, Of Staun-
ton, Va, Treasurer, and Major III. NJ.
Bell and Captain R. H. Catlett, of Staun-
ton, Va, with the President, as the Exec
utiye Committee. The Board of Directors
embraces the above named gentlemen and
Mr. J. Herbert Bramwell, of Elkhorn, W.
Va. Captain Henry B. Harnsberger, of
Port Republic, Va. land Mr.. A. D. Wright,
of Charlottesville, Va.
This company begins operations with
three million dollars of capital stock i'll
shares of the par value Of one hundred dol
lars each; the maximum capital allowed by
it's charter is double this amount. 1t pro
| poses to devote the proceeds of one-haf Of
it's capital stock to the development of its
property by subscribing to industries and
in other ways. Now it offers to public
subscription fifteen thousand shares of its
! stock on the most liberal terms; selling this,
issue of it's stock, par value 500 share, al
$50 share, payable SIS in hand and then S.
a month until the $50 is paid. The buyer
of five shares has a right to purchase an al
lotted building lot for 800, payable So
down, $25 by the time of allotment, $25 one
year and $25 two years thereafter, with in
terest. Each buyer of 25 shares of stock
has the additional privilege of buying d
villa lot for $3.50 on same terms of payment.
The third and fourth payments on lots can
be made with stock at it's par value.
The basis of the operations of this com
pany-the foundation upon which its stock
rests for it's intrinsic value-consists of
about Thirty Thousand Acres of city site,
mineral and timber lands, lying in the
very widest and best portion Of the famous
Valley of the Shenandoah, extending for
miles OIL each side Of the Shenandoah Val
ley Railway (soon to become the main line
to Washington and the n orth Of the great
Norfolk & Western SYSTEM, and but four
miles, by river valley. from the Valley
Branch of the wide-reaching Baltimore q
Ohio Railroad. This company's property
includes nearly Five Thousand Acres of
well drained and almost level land, lying
at near LOO feet above sea-level, as well
adapted for all the purposes OF great III
dustrial and residential city as any that
can be found. On these lands are now a
large number Of substantial dwellings and
other buildings, a large hotel with modern
conveniences, including electric lights, a
saw and grist mill with a first-class electric
light plant, run by water power, another
great water power for future use, the
world renowned Weyer and Fountains
Caves, known as The Grottoes of the
Shenandoah, the Weyer splendidly lighted
by electric lights, hundreds of acres Of
parks of original forest trees, miles of the
South River of the Shenandoah and numer-
ous mountain streams for an abundant
supply of water, one of the most attractive
sites imaginable for a grand resort hotel
one 1000 feet above sea-level and com
handing view of valleys and mountains
embracing thousands Of square miles. To
these add Twenty-Five Thousand Acres Of
adjacent mineral lands, extending for
nearly ten miles along the western slope of
the Blue Ridge and having within them
vast quantities Of the best Of iron and
manganese ores; fire, tile, brick and other
clays in abundance, glass-sands limestones,
both basic and calcarous, building stones
aud great variety of timber adapted to
many purposes, and it will be seen that
this great self-contained estate has an
intrinsic value far beyond that at which it
is capitalized, that being at but an average
Of $500 an acre for the whole with all its
improvements included. AS matter of
fact the property without further improve
ment now pays pei cent. on the valuation
Of 500 an acre.
This company, which has been preparing
this enterprise for two years, is now ready
to place it's stock on the market.