Roanoke daily times. (Roanoke, Va) 1886-1890, 1890-05-11
PROSPECTUS OF THE ROANOKE
[ WATER POWER AND LAND
COMPANY.

The Roanoke Water Power and
Land Co. owns 200 acres of land, ~
ing on the Roanoke river, adjoining
the corporation limits, and about one
mile from the City Hall. The BeltL inc
railroad, as staked out and adopted
by the Norfolk and Western railroad
for early construction on the south
bank of the Roanoke river, runs
through the property, thereby devei-
oping, for industrial plants between
the railroad and the river, sites that
cannot be surpassed.
One of the significant features OF
this enterprise is that the company
absolutely controls, upon is own estate
the entire flow of the Roanoke river.
The ground is very favorable for the
rapid and cheap construction OF
canal whereby water power may be
furnished at a low cost to manufactur-
ing enterprises. 1t is proposed TO
build this canal at once, and to estab-
fish, at the earliest possible day, all
electrical plant to furnish light to the
property and vicinity, power to street
railways running to and through the
city, and what is more important than
all, to distribute small power to the
houses of workers" both male and
female, located ON the company
property.
1t is proposed to connect the estate
of the Roanoke Water Power and
Land Company by iron bridges with
the streets and boulevards OF the
Mountain View and West End Land
Companies tracts, two of the most
attractive suburban additions TO
Roanoake city.
1t is believed that this enterprise,
combining the facilities afforded by
the railroad and the river. in conJunc-
ton with thegreat natural advantages
of the site, means the establishment
of O new industrial centre in Roanoke
that will prove most attractiveato the
outside world, and largely and rapidly
advance the coming of what is now a
certainty-that Roanoke is to be, at
no remote day, the principal indus
trial city of Virginia, if not of the
South.
The completion of the Roanokesand
Southern railroad, now an assured
fact, connects the Southern Atlantic
Seaboard by bee line with this To-
cality, and opens direct communlca-
ton with the high grade ores and
irons of Eastern Virginia and North
Carolina.
The terms upon which the public
are offered an interest in this enter
prise are entirely novel, inasmuch as
the promoters and managers do not
receive any compensation until the
moderate amount of capital, which
they propose TO associate with them,
is absolutely secured and remunerated
The Capital Stock of the Com
pany will be. ..................$3 $3.50, 900
OF whichthere will be Prefer
red Stock. .............. ........ > l0u,UuO
And common Stock. $500, COO
OF this 100000 OF common stock ana
100000 of the preferred stock have
been issued for the property fully
paid for, leaving a remainder IN the
treasury for future use, Of S9O,OO0.
The preferred stock will be entitled
to a per cent. cumulative dividend
before any dividends can be declared
on the common stock. The preferred
stock will be receivable at any time at
its cash value in payment for bust
ness and residence lots TO be laid out
and placed upon the market. II, at
any time within two years, the holder
wishes to exchange secured and pre-
ferred stock for Il speculative one, he
can, by giving up his preferred stock
for cancellation, receive IL return
therefor an amount of common stock
equal to the preferred stock rein
quished In making any sales OF
lands, the charter requires that pro-
portionatepart of the proceeds thereof
shall be set aside, so that every dollar
of outstanding preferred stock shall
be properly covered by this sinking
fund before any dividends can be de
clared on the common stock. In con-
sideration of the absolute security
given to the preferred stock holder,
the company reserves the right. after
two years, to retire any outstanding
preferred stock at par and accrued
unpaid dividends.
1t is believed that Il more honest,
legitimate and attractive proposal
cannot be made to the investing pub
lie. The promoters of this enterprise
are confident that large ultimate
profits can be made by conservative,
energetic and methodical manage
ment. They do not seek spasmodic
BOOM" but q steady and valuable
growth. The property they control
is admirably located and naturally
favorable. Business enterprises will
be confined to the broad, elevated and
sandy plateau lying between the ian
road and the river. Residence lots
will be located ON the rounded, wooded
andbeautiful foothills to the westward
and southwark The drainage of the
whole can be made perfect at mod
crate expense.
In order to give people of moderate
means an opportunity OF becoming
interested where their money is Sc
cured and available at any moment
for the purchase of home, the par
of the stock, both preferred and con-
mon, is placed at $20-twenty-fve (25)
per cent. to be paid upon call after
the allotment of the stock, and the
balance in monthly calls of ten DO
per cent.
In no event can the capital stock
exceed $350,000, but may, and proba
ably will be, largely reduced by can
collation. Of the preferred stock used
in payment of lots purchased and re-
tired.
The preferred stock can only be
placed at par-the proceeds to be used
in making the place attractive and for
the establishment of industries. In
view of recent sales OF adjacent prop
critics, it will be seen that the pre-
ferred stock to be issued is far below
the present value of the mere land
without any improvements.
Only 100000 in preferred stock will
be offered for sale. This will meet all
deferred payments on the land, giving
it in fee, and place $4,000 in cash in
the treasury as working capital, to
be only used, if actually needed, il
adding value to the property.
The right to subscribe will remain
open until June LIST, 1890, and the stock
will he allotted accordiuCr tO r,riOrjtx-