Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1890-01-03

pany's land and ON the purchase lii which Il
located Basic City. And there are othel
manganese mines in easy reach of elephants
including the famous CrImora mines.
There is nothing lacking to make it al
iron manufacturing city.
The locality is noted not only throughout
Virginia but throughout the South for its
healthfulness. Within quarter of mile
of the line of the city there are already
churches of three denominations, schools, &
military academy and a female college
Within the city and belonging to the com
pany is a nice hotel in operation.
1t is in direct railroad connection with
the great ship yards at Newport News and
at Norfolk, the great locomotive establish
ments at Richmond, and in twelve hours
of Philadelphia, and the establishments OF
New Jersey, New Y ork and Boston.
AS COMPETITOR WITH ALABAMA
IRON.
Alabama iron has already undersold Penn.
sylvania iron and Basic City iron will un.
dersell Alabama iron from it's superior adj
vantages of location. Sheffield and Florence
Ala, use Pocahontas coke, costing them
according to published statements, 49, 9OpeI
ton at furnace. The same coke at Basic
City will cost about $3.50. Brown Hema-
tite ores of same grade cost SLIGO per ton at
Sheffield, while at Basic City they can he
bought not to exceed 81, so per ton, making
a difference of $500 and over in favor of
Basic City in production. Then in the
transportation of the product to New
Y ork, Basic City, 900 OIL more miles nearer
and within 125 miles Of tidewater, can Law
her iron down at about $3.50 per ton.
while Alabama furnaces have to pay So rs
per ton, making a difference of $1.25 per
ton in favor of Basic City in transporta-
ton. So in production and transportation
to eastern markets, Basic City has the ad-
vantage of over $500 pei ton in her favor
over Alabama for the same grade of iron.
THE COMPANY.
The men who form the company are well
known. The President is Samuel Forrer
of Augusta, man widely known as identi-
fed with the iron interests. Edward Nc
Mahon, one of the Vice Presidents, is one
of the largest railroad contractors in this
country. Another Vice President is Ed
ward Echols, who represents Augusta in the
Senate. Among the Directors are Arista
Hoge, City Treasurer of Staunton; G. A.
Holt, of the large milling firm of Witt &
Holt; NJ. A. Booker, large hardware
merchant; John Winter of Iowa; J. A.
Wise, E. S. Dinlzle, J. E. Sanger and J. F.
Bowman, all well known to our people.
THE PROSPECTUS.
The property is capitalized at 100000
The stock is sold at $50 per share, having
a par value of 500, and at the sale of lots,
this stock will be taken in payment at it's
par value of 800. The company proposes
to aid in the establishment of manufactures
by giving sites and loaning money at low
interest to those who establish them, and
taking mortgage as security. Up to this
writing, applications for sites by the fol-
lowing manufacturing interests have been
made-an iron furnace, tannery, car
rage factory. a rolling mill, a car factory,
a wagon factory, ar agricultural nipple
ment factory and steel works.
The company's land in Basic City will
make 5,796 lots, which, if put at the low
price of 5000 a lot, would make 81, 159, 200.
The stockholders actually pay in money
into the company $275.OOO, of which $780,
600 remains in the treasury for plants, &C.,
thus leaving them a clear profit out of the
81, 159, 200, of ST 1854 200, besides the mineral
lands.