Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1890-11-07
A New Development Company ORGANIZED.
MEETING OF THE FREDERICKSBURG DE
yEIOPMENT COMPANY PROMOTERS.

MEETING Ot Tile oIh0 LIZ
vELOPMENT COMPANY PROMOTERS.
i On Wednesday last, the promoters of the
Fredericksburg Development Co. met at the
Virginia Hotel here and organized the com
pany This company, as we learn from its
prospectus, has secured the control by pur'
chase OF option of nearly 5000 acres around
Fredericksburg, embracing the canal with
it's water power; the river water front to
which large steamers and schooners can
come, and the boyhood home OF George
Washington. On the company's land is
an immense deposit of silver pyrites and
vein of quartz, bearing $15 Of gold to the
ton. This gold vein was once mined and
the ore shipped to England. The prospec-
tus says the company is already assured OF
q plant employing several hundred hands
''of such grade of skilled labor that its
weekly payroll would exceed dozen iron
furnaces.
The organization as made on Wednesday
is a strong one and is as follows:
Presidential. B. Rowe OF Fredericks-
burg. MI. Rowe is at present a member of
the legislature, and is widely known
throughout the State as a breeder of fine
Jersey Cattle He is prominent in public
enterprises connected with Fredericksburg
and successful as well.
Treasurer-Peter V. Daniel Conway of
Fredericksburg, well known and promi-
nent citizen.
Secretary-W. S. White of Fredericks-
burg. Mr.. White is the Commonwealth s
Attorney Of Fredericksburg.
The above gentlemen with the following
constitute the Board of Directors :
James PurneII of New York, a wealthy
banker and capitalist.
L. W. White of the New York World,
who has taken great interest in Virginia
enterprises.
S. d. Morton. President of the Farmers
Alliance of Charlotte Co., Va.
Asher Ayers, gentleman well known in
connection with public enterprises in
Staunton.
o. 0. Owens Of Richmond, President of
the Owens Minor Drug Co. there. He is a
gentleman Of public spirit, and the means
to back it.
L. H. Simmons of Roanoke, the widely
known real estate man and capitalist.
Fl. L. Hoover of Staunton, a gentleman
prominent in development enterprises in
this section Of Virginia.
Charles Taylor of Baltimore, large
manufacturer and capitalist of that city.
Among the promoters Of the new enter
prise are Mr.. E. M. Morgan of the New
Y ork Sun, and MI. David Henderson, a
large brass manufacturer of Waterbury,
CT.
The capital of the new company will be
fully equal to it's purpose of making great
improvement at fredericksburg, being
81 ,000,0 600 in 800 shares. The shares get
a residence lot with each; four residence
lots and one business lot with every five,
and so on in proportion to the larger num-
Der of shares. Besides this, the company
proposes to pay dividend Of 5 per cent.
semi-annually to its shareholders. Its as
sets, which are $3,425,000 fully justify
this pledge.
One railroad has been chartered from
Fredericksburg to point on the Chesa-
peake Bay in Lancaster county, and anoth-
Ell to another point on Chesapeake Bay in
Gloucester county. The new line OF the
G. & o. will cross the Richmond, Freder-
icksburg & Potomac Ry. eight miles below
Fredericksburg, and everything points to a
new life and enterprise in the old burg.