Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1890-06-20
THE VIRGINIA DEVELOP.
MENT COMPANY.

Virginia Development Company to
its stockholders is compliment to
the vast resources of Southwestern
Virginia. The Virginia Steel Co.,
which tho Development Company
succeeded, had n capital stock OF
only 100000, and confined it's op-
era,ions almost entirely to tho min
ing of iron ore. 1t was organized i'll
October, 1887. In May. 1889, it was
decided to greatly enlarge the scope
of the company, and the name was
changed to the present name and the
capital stock WAS increased to $4,000,
600. Since then, the company has
not only made large Investments, but
has been able to pay handsome prof
its. Tho stock is held mostly by
Philadelphia, Now York, English and
Virginin parties. Among the various
companies il which the Development
Company are Interested are tho fol.
lowing:
In the Southwest Virginia I'm.
prcvcmcnt Co, to the amount OF
S736,250 out OF "a capital stock OF
$770,000. This company is the les.
see of over 3,TOJ acres of the most
valuable coal land in the Pocahontns
Flat, Top region, and is the largest
producer of coal and coke i'll Yir-
giuia. The company has 400 coke
ovens. 1t owns the town of Poca
hontas, large hotel, 800 tenement
houses, stores, etc.
In the Rorer Mining Co.. 800, 500,
the remaining fvo shares not having
been issued. The company OWNS
and operates the Roror iron mines
and six miles OF narrow guage rail
read nenr Roanoke, and nlso owns
valuable real estate in tho city OF
Roanoke.
In tho Clark Summit iron mine
property and equipment, $4,000.
Its present capacity is about $500
tons per month, which it is proposed
to increase to 5000 tons.
In the Alisonia iron mines, lease
hold and equipment, $4,000. Ii
has n monthly capacity of 1900
tons, which will be increased to
5000.
The Rocky Mount, Smith, Gray.
bill & st. Clair iron ore properties,
$4,000, not yet in operation. The
mine is now being opened up.
In tho Buena Vista Co, $50,OO1
With this stock bonus in town lotr
was given, and the development com
pany received 437 town lots. Those
lots have been sold for $4,000.
In the Buena Vista Iron Co., $780,.
600 of the 100000 subscribed, which
will probably be increased to $3.50,
600. A furnace is being built with
capacity of 125 tons per day.
In the Salem Improvement Co.,
$4,000 of the capital of $500. 900
These industries have already boeu
secured ut Salem Blast furnace, tan
merry, sash, door and blind factory
Noyes brick works, Philadelphia
brick and tile works, Grayely foundry
and machine works, carriage factory,
ice factory, woolen mills, Clemente
sash, door, blind aud building fac
tory, wagon manufacturing company
Pierpont brick works and United
silk manufacturing company.
In the Salem Furnace Co, $50, 600
total capital $3.50, 600, of which 5000
600 is subscribed. A furnace with q
capacity of 100 tons is being built
In the Graham Land & Improve
ment Co., S5O,000 of total capital
of $3.50, 900, all subscribed. II is be-
lieved that Graham will become an
important iron manufacturing cen
ter. Already $4,000 worth of lots
have been cold. The total cost OF
the land of tho company was only
$4,000. The stock has sold as high
as S145 per share. An iron furnace
saw mill, wood working establish
ment, ice factory, -four mill and wool
en- mill have already been secured.
In the Graham Furnace Co., $780,.
600 of the total capital, $235,OOO
which will be increased to $500, 900
A furnace with capacity of 125 tons
is being built.
In the Max Moadows Land & I'm
provement Co, $4,000 of the tota