The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1890-06-07
MILLIONS In IT.
HOW SOUTHWEST VIRGINIA
IS GROWING RICH.
FURNACES, MINES And new TOWNS
To Have Numerous Towns of From
5000 TO 10000 People, Like PENN
syIyauIn and New YOrk-A Won
derful Change Taking Place.


The report of the Virginia Develop.
ment Company for the year 1889,
which has just been submitted to its
stockholders, is an exceedingly inter
esting paper, and furnishes large
amount Of valuable information on
the industrial development which is
destined to make Virginia one of the
richest sections in the Union.
The company has q capita! stock of
$5,O0O,00 and its directors are promi-
nent Philadelphia. New York, Roam
oke and london capitalists.
Its stockholders have great faith in
Southwest Virginia, and have placed
its money freely in thoroughly trust
worthy and tirst-class enterprises.
The Virginia Steel Company, which
it succeeded had a capital stock OF
only 100000, and confined its opera
tions almost entirely to the mining OF
iron ore. 1t WAS organized in Octo-
Der, 1887.
In May, 1889, it was decided TO
greatly enlarge the scope OF the com
l.any, ard changed the name to that
of Virginia Development Company;
This was subsequently done III the fall
of so, and the capital stock increased
to $4,000, 900.
Since then, The company has not
only made large investments, but
been able to pay handsome profits
during the first. year.
Speaking of this, the report says
1t was not expected that the profits
of the company for the first years
operations would Justify any dividend
on the common stock, as a large part
of the company's funds was being
used in the construction of furnaces,
and in other ways which would not
Weld any income until 1891, at the
earliest. Interest was paid on all the
stock outstanding on October 3lst,
1889, at the rate OF 6per cent. on the
preferred and per cent. on the COM
mon. and the profits since then have
been so satisfactory that the directors
declared dividend at the rate OF 6per
cent. per annum, which was pald May
LIST, on the preferred stock, and ON
the amount paid in on the common
stock. The result is extremely Srati-
fving The investments OF the com
pany us shown by report, which Is
made 10y the president, MIR. Rich
ard S Brock. of Phiiadeiphia. are;
SOUTHWEST VIRGINIA IMPROVE
MIMI CoMrANY-S73G,2 jo. Tie to
tal capital stock OF this compNuv is
500 At0. Since January lst, 230.
shares additional iisve been purchased
Ut par, and the remainder, except !,
shares 10 qualify the directors. Will be
purchased.
This company is the lessee OF over
3. 100 acres Of the most valuable coal
land in the Pocahontas Flat-top re-
gion. and is the largest producer OF
coaiy and coke in Virginia. The com
necessary plant for so large a coal and
coke operation. 1t owns the town OF
Pocahontas, consisting OF SIP acres, q
large hotel, 500 tenamert housep,
stores. &c. The population of Poca-
Lontas at present is about 1,0GG. The
net earnings from the business during
the wear $G6. l29. The net earn
ings in 1888 were $l02, 222, 80, the fall
ing Off in 1889 being due to lower prices
for coal and coke and a decrease III
the supply of cars owing to the start
ing up of number Of new operations
in the Elkhorn district. The price OF
coke has been higher during this year,
and it is confidently expected that
the profits for 1890 will show n hand
some increase. This company will
supply coke TO the furnaces in which
the Virginia Development Company
is interested, and to meet this demand
the construction of eco new ovens has
been commenced. The shipments for
1889 were as follows: Coal, 5i2. 5i3
tons: coke, %, 50S tons.
RoRER MINING CoMPANY.-$99 500
The total capital stock of this com
pany is 100000, five shares being
held by the directors. This company
owns and operates the Rorer Iron
Mines and six miles of narrow gauge
railroad near Roanoke, and also owns
valuable real estate in the city OF
Roanoke. The iron ore lands Of this
company comprise about 1900 acres,
on which there are large quantities OF
brown hematite ores. The railroad is
well equipped with rolling stock In cx-
cellent condition. and the company
has all the necessary washing ma
chinery for turn out $500 tons of
ore per month. Additional equip
ment is being ordered for this mine
and it is proposed to increase the out
put to 5000 tons per month The COM
pany has recently sold g. acres of its
real estate in Roanoke for $500 per
acre and is now negotiating for the
sale of the remaining 1Sacres and for
part of its Railroad. The result Of
this sale will be to secure a broad
gauge railroad close to the mines and
thus decrease the cost of mining and
handling the ore.
CLARK SUMMIT IRON NINE, PROP
ERTY AND EQUIPMENT, $4,000. Lo.
Gated in Wythe county, on the main
line of the Norfolk u Western rail
road, eight mile west of Pulaski, with
present capacity of about 9 800 tons
per month, which it is proposed to
increase to 5000 tons. This property
comprises ego acres of land in fee sim
pie and shows very large quantities
of brown hematite ore of excellent
qualities.
ALLIsoNIA IRoNMINEs. LEAsEuoLD
AND EQUIPMENT, $4,000. Located
in Pulaski county, on the Cripple
Graal EyfpDSiOn twplyo nj1ns SOuth