The times. [volume] (Richmond, Va.) 1890-1903, 1890-07-25
CAPITAL ONE MILLION.
Mr. J. J. Newman Talks About the North
Carolina steel and Iron Company,

A meeting Of the committee on manufac-
tories of the Chamber of Commerce and
others interested, was held yesterday after-
noon in the Chamber Of Commerce rooms IN
hear Mr.. !. j. Newman in regard 10 the
North Carolina steel and Iron Company.
This company, the capital stock OF which
is $l,W0.O0O. is situated at Greensboro, y.
c.. and Mr.. Newman is general manager Of
Ofthe concern. Owing to the heavy shower
prevailing at the time O. o'clock, very
few business men were present. Colonel
Cutshaw presided, and Mr.. \. II. Clarke,
general manager of the Old Dominion Iron
and Nail W Orks, gave some facts relative Ia
the ore now owned by the North Carolina
company. lie stated that the ore which
could be- converted INTO Bessemer steel
was on the line Of the Cape Fear and
Nadkin Valley railroad and extended
from Greensb0rO, very near to Wilmington.
''rhe hills in which II is, he continued,
''are not over fifty feet from the railroad.
and are about three hundred feet high and
by the testimony Of experts it Is estimated
that there are 2S,0000OO tons of ore in the
hills.
This ore can be converted into steel at
the least possible cost tar cheaper than at
any other point in the United states. There
are only three places in this country where
ore that can be used for Bessemer steel
is mined-alOng the banks OF Lake
Superior. Cornwall, Pa, and in Wis
cOnsin. \ great deal Of such ore
now used by the Pittsburg iron-works IL
brought from Spain, Algiers, Greece, and
Cuba. The North Carolina company can
put such ore in Pittsburg cheaper than H.
can now De bought there. and when their
iron-works at Greensboro are in operation
they can deliver steel rails in that city ten
dollars a ton cheaper than the price at pres
ent. profit of over four dollars Is still
made on each ton 10y the Greensboro Cont
pany. and about the same profit ls made in
the ore or in the pig iron.
II endorse this company very highly"
continued Mr.. Clarke. although having
no pecuniary interest in the matter, can
not refrain predicting that the company
will do an immense business. and will pay
large returns. Richmond, Of all places.
should be interested in il. for no place South
has such admirable facilities for handling
the ore"
Mr.. Newman also made a statement in
reference to his plans. He stated that
Bessemer steel could be- turned out at
Greensboro for ten dollars ton. The
same steel is now, selling at Pitts
burg for eighteen dollars n ton. "The
ore" he said, sis situated conye-
niently both TO the Richmond and Danyille
system and the Cape Fear and ladknNalley
road. The coke used will lie brought from
POcahOntas, Va. In regard To subscriptions
Of stock, the Richmond and Danyille COM
pany have done something they never did
before, subscribed $4,000.
The Cape Fear and ladkin Valley did
the same, and the company receives the
support Of some of the best known men Of
the south.
Mr.. Newman also explain / the land
sales now going on In Greensboro.
The company he represents have laid out
an entirely new town Just north of the pres
ent Greensboro. and with q plan Of the
place. he described fully and satisfactorily
the intentions of the company.
owing to the limited number present no
definite action was taken. Efforts will he
taken, however, to call meeting OF the
Chamber Of Commerce next week 10 hear
more fully the plans Of the company.
The officers Of the company are: Presi-
dent, James A. Odell; Nice-President,
Julian ;. Carr; General Manager, j. j.
Newman: Secretary, Charles y. BenbOw;
Treasurer, :. II. Wiley; Attorney, Theodore
+. kluttZ; Executive Committee, James
\. Odell, -. W. {. BenboW, Julius 4. Gray;
Financial Agent, Robert Z. Gray. Direc-
tors: A. h. Andrews. second yice-presi-
dent X. and u. K. Il. Company Raleigh;
James \. Odell president Odcll Hardware
Company, Greensboro. y. c.; Julius \.
Gray. president Cape Fear and ladkin Val
| ley Railway Company, Greensboro, y.
g.; Theodore +. klutz, attorney at
law and president OF the ladkin Val
ley Railroad Company, Salisbury, y. c.;
Julian >. Carr, president Blackwelrs Dur
ham Tobacco Company, Durham, y. g.;
ID. ". {. BenhOw, Greensboro. \. g.; Rob-
ert 4. Gray, attorney at law. Ra leigh, y. q