The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1890-03-06
A Great Iron Property.

PATCH IRON COMPANY, recently organ
lied, with holdings of over 5000 acres OF
the richest iron lands in the South, or
probably in the Union The prospectus
is brief, and comprehends a condensed
statement of facts connected with the
property, and is about the most satisfac-
tory description of it that could be made.
We give the space we do to this enter
prise because we believe it is one OF the
most important to this portion OF Vir-
ginia that has been inaugurated. This
property, known as the Wilson Creek
survey, or Rich Patch Mountain, has
long been known as a very valuable iron
ore range, and has attracted the atten
tion of those interested in iron interests
for years. 1t lies contiguous to the
Chesapeake & Ohio railroad, skirting
the track on the South for six or seven
miles, is well located for economical and
successful mining, and forms the back
bone of the Allegheny county iron dis
trict. For its acreage it is without ques-
ton the richest iron property in the
South, and presents more advantages
for profitable mining than any other
mine in operation, or in fact that is
known. The extracts given in the pros
pectus from the report of L. c. Lewellin,
a distinguished mining engineer OF
Pennsylvania, is sufficient testimony to
the value of the property. Yet this is
supplemented by the opinion of mining
experts who have after closely and thor
oughly inspecting the. property, since
the report was made, confirmed all
Mr.. Lewellin has said. 1t staggers the
Imagination to grasp the extent OF the
possible output of; this property, when
it is estimated that it contains one ham
dred and fifteen million tons of ore, aver
aging for the hematites 5429 per cent
of metallic iron, and the fossil ores,
so. 1927 per cent of metallic iron. AT So
and at a royalty of 25 cents per ton to
the company, it would be fraction less
than 29,000,000. Of course it is not ex-
pected that the present company will
live to realize this cOnsummatiOn, as it
is estimated that it will take over 100
years to exhaust the property of its ores.
But is shows the basis of the value OF
the tract-the safety of the investment
and the certain results which must fol
low The minimum number of tons OF
ore-100, 000-to be taken out per annum.
ON royalty of % cents per ton will yield
six per cent ON the capital stock. 1t is
expected, however, that not less than
500, 90 tons of ore will be mined, as soon
erty placed in condition for extensive
working This will be done as speedily
as men and money can do it. The min
ing syndicate is composed OF business
men of large experience and ample capt.
tai, who know no such word as fail.
Accustomed to large and successful OPP
erations as railroad contractors and
mining experts, they have eagerly en-
| tered into the arrangement to which
reference is made. They have force
already on the ground, and will press
the work for all that is in it.
There, too. will be demand for every
ton of ore gotten out. Ores Of the estab-
lished quality of those which have made
this property so famous, are in demand
all the time. The multiplying uses for
which iron is being used, will not only
stimulate enlarged developments, but
will invite additional furnaces to those
now in operation in the immediate
district. With high grade q4es.sflhme-
stone and fuel in close proximity, and
| cheap labor at call, capital will not hest
tate long to avail of these exceptional
advantages A fuel famine is threaten
ed in the Iron districts of England. Coal
and coke there are quoted at double the
price they are in Pittsburg, and the fear
is expressed by we'll informed writers on
industrial subjects, and especially the
iron interest, that England, instead OF
shipping pig iron to America, may have
to depend upon this country TO supply
the deficit there. Iron is now entering
into buildings, in forms that were not
thought of a few years ago; wooden rail
road ties will soon be substituted by iron
ties, as they are in Germany and Swift
zerland at this time. Thousands upon
thousands of miles of new railroad
schemes are being projected, and the
virgin territory OF the South and West
will in few years, be checkered with
these great agents of development and ar
teres of trade. Now we are just enter
ing upon the age of Iron. The inyen
tive genius of the generation is enlarg
ing the field for the use OF phosphofetit
| iron ores, and whereas up to this time
they have occupied but Unite place
in the multifarous forms in which iror
has been used, they will now soon con
stitute the basis for both the iron and
steel manufacture of the couLtry. On
the Rich Patch property hundred fur
naces could be supplied with all the ores
they would need, and basic steel plants
established to avail of the abundance oil
the material that is concentrated here
waiting the application of money and
knowledge for their utilization.
1t is not an unreasonable conclusion
W StsLu0 tlldb lOT NttsEif VI DWCilOy yOs1i
to come the iron interests Of the country
must necessarily be active. The govern
ment has entered upon systematic plans
for building a navy, commensurate with
our power as a nation, and coast defen-
ces equal to any and every emergency.
1t is estimated that within the next fif-
teen years there will be appropriated by
Congress and expended not less than
$500, 100000 for these purposes. This
vast volume of money must, by law, be
confined to our own country, and every
article of steel and iron must be of home
production; and taking this in considera-
tion with the new and diversified uses
to which iron and steel are being appro-
priated, the capacities of the country
for iron production will be fully tested.
1t is not stretch of imagination to
predict that within the next decade
| furnace stacks will be multiplied ten
fold within the district where Rich
Patch forms the centre, and that this
vast rugged mountain of ore, will be
converted into the finished product to
direct and augment the commerce of
the world. From Iron Gate and Clifton
Forge to Covington will be one continu-
of hIJcinaSc aatiVitU fnrnan q