The times. [volume] (Richmond, Va.) 1890-1903, 1890-12-17
REMARKABLE SUBSCRIPTION.
ACTION OF STOCKHOLDERS AT
HowARDsvILLE. VIRGINIA.


HOwARDsvILLE. VIRGINIA.
Organization of the Virginia Steel, fron'
AID Slate Company. and the Prospect
of the Rapid Development of Its Prop
ertv.
HowARDsvILLE. VA. Dec. 16.-lSpecial.l
A meeting Of the stockholders Of the VIZ
ginia Steel, Iron and Slate Company, OF
Richmond. was held here yesterday noon.
Hon. w. ID. Dabney, Of Charlottesville,
presided, and Mr.. J. q. Hankins was the
secretary.
The principal business transacted was
the purchase OF property from the promoters
of what promises 10 be one OF the most re-
muneratlve enterprises ever organized.
When the meeting was called TO order
about f200,000 worth OF stock had been
placed.
Only a few minutes had elapsed after
the stockholders had adjourned before
s45o. 900 worth OF stock were subscribed for.
This tremendous demand for an interest
in the operations and rewards OF the con-
Germ was caused mainly by the discovery
of the yastness OF the wealth contained III
the company's property.
IL was learned that the supply Of ores OF
superior quality was practically inexhausti-
BILE.
And those who were present and looked
over the company's ground saw the evil
dences OF more prospective development
than had been claimed for most of the
young but rapidly growing towns In the
State.
The company was organized for the ma
terlal advancement OF what naturally IL
one Of the richest beds Of Virginia.
The property is ninety-One miles from
Richmond, in and about this little village,
which, as most people know, 10 on the
Richmond and Allegheny railroad.
1t is only ten miles from the Virginia
Midland railroad, and road is projected
from Charlottesville through here TO some
point on the Richmond and Danyille.
1t is the grand centre OF valuable farming
lands.
1t contains about 1000 acres on small
plateaux, desirable hills, and elevated
fields.
II also contains from 1900 to 10000 acres
of immensely valuable mineral land. con-
tanning magnetic. specular and brown
hematite iron ores, which are equal in
quality TO any discovered in the United
States.
There is an abundance Of such timbers as
oak, poplar, pine, hickory, beech, and birch.
The scenery Whereabouts is beautiful.
The noble James winds listlessly below,
but the town site is sufficiently elevated to
keep out of the way of its encroachments.
1t is spIendidly adapted for manufactures
and business buildings.
Manufacturing sites are plentiful.
Water powers are strong and convenient,
| for the company has over two miles OF
river, with head Of from twenty to twenty
| five feet.
Near by are large and valuable lithia
springs. the waters OF which are SAID to
equal the famous Buffalo Lithia.
On the crest of one Of the hills large
| hotel is TO be built.
In the distance on one side can be seen
the top OF the Southwest mountain, COM
| monty known as Mount Alto.
Many enterprises of industrial nature
| have already been contracted for.
Among them will be wood pulp, a pa
per, and terra Gotta pipe mandatory.
Then there is to be tannery, an iron
found and machine shops, and a steel
plant and rolling mills.
Also a wood working, a cotton and a
woelen factory, besides numberless slate
and lumber mills.
These enterprises will give the company
a market for its mineral and other products;
and alss good prices for town lots for en-
ployes.
The place cannot help becoming a large
and prosperous city.
1t has all the elements necessary for a sue
cess as commercial achievement.
Mr.. Thomas Z. Williams, a recognized
authority as a mining engineer and geolO-
gist, after he had examined the mineral
properties at the request OF the company.
made a highly complimentary report and
evincPd a strong desire to take some shares
of stock.
In few days the ground will be sur
veyed, and laid off into lots and streets.
A map Of the property is now being pre-
pared.
After the survey and the maps are finished
there will be a sale Of lots.
Persons who take stock in the company
now do not miss the ground floor very
much, as the saying goes.
The people at the bottom Of these indus
trial enterprises usually reap rich returns.
The stock is sold at as reasonable terms
as could he wished.
Par value is 800, and but s. are required
on each share at the time Of subscription,
and not more than $40 each month until the
stock is paid up.
1t is thought that not more than fifty per
cent. of the par value Of each share will be
called for.
With every two shares goes one lot, and
with every twenty an additional villa site,
not less than half an acre.
All money accruing from the sale OF stock
is used for the improvement of the property.
The first annual meeting Of the stock
holders will be held the second Wednesday
in January next.
In Major Jed HOtchkiss' geographical
and political summary" of Virginia, he
says, that the ores OF Piedmont Virginia
are valuable; its beds of magnetic iron ore
are numerous throughout its extent, notably
in Albemarls, Nelson, etc.
Recent operations here have exposed some
twenty-five parallel veins Of iron ore, vary.
ing in width from five TO sixty feet.
The ores are specular, magnetic, brown
hematite, micaceous, and manganiferous.
Analyses made from these veins show 66.32
metallic iron.
A test Of the strength of pig iron from
these veins, made by the United States,
showed that il resisted pressure Of 10000
pounds to the square inch, which proves it
superior 10 the iron made In Pennsylvania
and New York.
The ores belonging 10 this company are Of
an excellent quality for making steel, and
are 40 situated that they can be cheaply
mined and worked.
The magnetic, hematite, and specular
iron ores Of the company are abundant, not
TO mention the lead, manganese, and other
ores also found.
The company also owns large amounts Of
slate for mantels, hearthstones, &C., being
soft and easily cut.
Mr.. Williams, the mining engineer Of the
company, who is now making openings on
the property, says that the property not
only opens up TO his highest expectations.
but that be is continually making new and
valuable discoveries.
For Sale.