The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1890-05-29
THE IRON GATE CO.

y
called to order on Saturday morning,
the double offices of the company were
we'll filed, and four fifths of the stock
represented in person or by proxy.
DR.. J f. Hughes, of Clifton Forge,
was called to the chair and Mr. O. Hile-
man appointed secretary Mr.. Joseph
e. Thropp, of Pennsylvania. the presi-
dent. stated that the report of the gen
eral manager set forth the condition of
the company. 1t was a report certainly
gratifying to every stakeholder and gave
ample evidence of the fact that the in
vestment made at Iron Gate was not
only judicious, but would prove a very
handsome one. 1t had been scarcely
six months since the site of the new
town was cornfield. To-day houses
were dotted all over the low ground,
handsome hotel had been erected. a
number of stores were open, the whistles
noon and night, a large rolling mill was
just ready to go into blast, the founda-
tions were being laid for extensive agri-
cultural implement works and smaller
factories were getting ready to give per
manent employment to labor. Not only
this, but the section all around Iron Gate
was teeming with life and activity
Large Investments were being made,
developments on an extensive scale pro
jected. and he promise held forth by the
= L, l.,
was rapidly maturing into reality. The
stockholders of the company could GER
tainly be congratulated on the location
Of their property, for the position it oc-
cupied and the surroundings OF which it
was the centre guaranteed rapid devel-
opment and assured to Iron Gate a
bright and prosperous future.
The report of the General Manager
and of the Treasurer were then read, as
follows:
To the President and Board Of Directors
Iron Gate Lu7ad and Improvement Co.:
GENTLEMEN:-As the result of the first years
operation of the Iron Gate Land and Improve
nent Company, the Treasurer's report showsE-
Resources. ,$3ls339 OF
Liabilities (SUOcK) Sl,SUU w
Accounts payable. .......... 2,0l7 20
Surplus ...............,....... 234,421 81
$Sl8,3ss 81 $8ls3s9 Oh
The figures afford the best evidence of the
work accomplished during the past twelve
months, and as an earnest of what may reasona-
bly, be expected in the future.
Deducting from the liabilities the $50 shares of
stock held by the. company, and which should be
cancelled and retired, the total liability is re
duced, as OF May 1st 1890, to $6s,9l7.2O
To meet this, you have i'll solvent assets, indie
pendent of land. the sum of $l442390l. The
land values are estimated at $50, 10000. This es-
innate is conservative. The lots are placed at
10000 each, whilst those already sold average
double that sum. 1t is but fair to assume that
with the increase ofspopulatiqn and the opera
tion of Industries already in motion, and those
rapidly approaching completion, to say nothing
of those we expect, will come, also, an increase
in real estate values.
The land east of the railroad Is also estimated
conservatiyely: il embraces in part some of the
most valuable of the business portion of the
| town.
1t has been the policy of the directory, acting
through its executive committee, to reduce
rapidly possible the company's liabilities. To
this end, payments on land have been anticipa-
bic. Under the bylaws it is provided that the
full paid stock of the company shall be redeem
able at premium of 80 per cent i'll the purchase
price OF lots. This feature OF the plan, whilst
it has prevented a dividend during the first
year, has materially enhanced the intrinsic
value of the remaining stock. You have paid
out in the redemption of stock the sum of $21,-
l,0GD, and in the purchase OF stock, before it's
advance, Of s:5. 900, ea, making an aggregate of
So, 5000. Had your capital remained at the
original 100000 90, you could have paid a dvi-
dend of over ~ per cent, and the company
would have been i'll the condition to
day except as to stock liabilities, In other
words, the fund that would otherw Use have gone
| to dividends has been dedicated to reduction
Of the stock liabilities
| These facts and figures afford ample ground
for congratuiatng the directory on the fnan-
cial condition OF the company.
Before leaving this branch OF the report it is
/ proper to state that under your agreement with
| the Farmers Alliance Cooperative Manufac-
turing Company this company is to donate to
| the said Manufacturing Company the sum of
$7,5O0.0o, which amount is payable in instalments
as the work of erecting the buildings progresses.
As none Of this donation is yet due, no mention
OF it is made in the Treasursr's report
IMPROVEMENTS.
The improvements made by the company are
represented principally by q commOlious new
Broom Office building. and by one of the hand
soonest and most complete 4-story hotels i'll this
section. The latter commands view which for
granduer and beauty has rarely been surpassed
! 1t is thorough in construction, supplied with all
modern improvements, except electric lights
has hot and cold Lithia baths each floor, and
| by the time this report is presented, will be
handsomely furnished throughout. Not only
/ do
traction to the place. but we expect it also to
| become fayorte summer resort. Its location,
the scenery which surrounds it, and the rare
combination of mineral waters almost beneath
/ its caves justify us in anticipating that during
the warmer season its capacity will be over
taxed. So satisfied are we OF this that a large
addition has been ordered, the foundations laid,
and before fall the building will be complete.
! The Company has expended considerable
amount in minor improvements and in grading
and beautifying the grounds. This work is not
yet finished. There is still much to be done be-
fore our streets and parks are in the condition
they should be.
Two Building and Investment Companies, The
Iron Gate Building and Investment Company,
and the Harrisonburg Iron Gate Building COM
| pany have purchased respectively l25 and 100
lots, and have erected thereon number of neat
and substantial cottages.
Besides these, individual owners of lots have
not been idle as a glance at the embryo city
shows
MANUFACTURES.
The rolling mill is about complete and by the
time the stockholders meet will doubtless be in
4 active operation This will give employment to
| from 100 to 800 skilled workmeu 1t is already a
large mill, and provision has been made for an
increase of its capacity, SO that we hope to have