The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-04-02
Iron-Gate.
ANNUAL MEETING OF THE STOCKHOLM
ERS-A GRATIFYING REPORT

lie annual meeting OF the StOcknoiu-
rs of the Iron Gate Land and Improve
nent Company was held at the Compa
ly's office at Iron Gate, ON Thursday
asst.
The report of the President was most |
one. 1t showed that the net I
AVAILABLE cash assets, independent of !
stock in other companies, personal prop
erty. the hotel, its furniture and other !
and the real estate) was
equal to $3.50 for every share of capital
stock outstanding. If the above items
were included, the assets equal five
times the liabilities. With the exception
of $4,000, the Company has no liability
beyond its capital stock.
The progress made during the past
year has been on most substantial lines.
The Rolling mill has been completed
and purchased by the Richmond Stand>
ard Spike and Iron Company, and is
now being successfully operated. Its
payroll now numbers $50 men, and the
machinery is arriving for the Spike mill
and Car Shop Works. These will also
be owned and operated by the Richmond
Standard Spike and Iron Company and
will give employment to an additional
$50 skilled mechanics.
The Farmers Alliance Agricultural
Implement factory is daily turning out
excellent plows and wagons, for which 1T
has large number of orders ahead
They are just getting we'll under way
and expect to largely Increase their pres
ent force as soon as the material can be
procured. The large amount OF work
they have been enabled to turn out has
SO advertised the character of their goods
that force four-fold as large as they at
present employ could keep pace with
the demand AS consequence, they
are preparing to increase their present
capacity, as we'll as the variety of their
goods.
Tie Curry Comb factory. brick yards,
and planning mill, are also busy, and
number of carpenters, brick layers, MAJ
sons, and outdoor workmen are employ
ed. The inclement weather has greatly
retarded building, and has made it al
most impossible to procure material
with the opening of Spring this work
will go briskly on, as number OF cons
tracts have been let and others will fol-
low.
The ore mines and limestone quarries
are being opened, and as fast as hands
can be obtained the force is being in>
creased.
The contract has been closed for a
new, thoroughly modern SO ton blast
furnace, built with view to doubling
its capacity in the future. The founda>
lions are being laid and a large part OF
the machinery has been ordered This
furnace will include the very latest i'm
proyements and will be d model. The
ore and limestone will be obtained d.
rectly at the furnace, and run in this
mine cars from the mines and quarrles
into the furnace stack. The work OF
construction will be rapidly pushed and
it is expected that the fires will be light>
ed before the new year.
AS an index to the general business OF
the town, it may be stated that the
quarterly receipts OF the Post office
would entitle it to be placed on the list
of Presidential appointments.
The. increase of railroad business has
been remarkable. Less than year ago
the depot was located ia box car. To
day the receipts at the station. reach to
between 81 600 and $1,000 per month";
This does not include the prepaid
freight, nor the large o. going ship
ments.s The Rolling mill and Implement
works are now turning out 81 900 worth
of product per day.
The industries in operation and those
contracted for, will employ within the
next six months 600 men. To these will
be added contractors, miners. brick ma
kers and a small army of mechanics apd
workmen engaged in outdoor employ
ment. -
Mr.. j. Yost, President, was re>elected,
as was also the old Board of Directors,
VIZ: Messrs. John Pope, Byrd Warwick,
E. A. Saunders, Otway 8. Allen, VIM. l..
Royal, G. G.. Valentine, John T. Ander-
son, w. s. Fisher. and Merriwether
Jones, of Richmond, 2. M. Nettleton of
Covinston. w. T. McCne OF staunton
and j. Yost of Iron Gate.
Mr.. Yost having declined reelection
as General Manager, the selection OF his
successor was referred to the Board of
Directors. 1t is probable that Captain
Merriwether Jones, of Richmond, one Of
the Invest, most progressive men OF the
capital city will be chosen to fill the va
cancy.4 1t will be an excellent selection
and means progress all along the line.
Iron Gate hasn't been making a great
deal of fuss lately, but she has been do
ing something better. viz: Laying the
foundation for permanent, substantial
development Her industries are built
to succeed and they are succeeding. The
basis has been laid for live manufac>
turing town, where Investments will pay
and the investor feel always secure.
Allegheny Mining and Development
Company.
The interview published to-day with
Gen. Ingalls, will be read by many of the
stockholders of the Allegheny Mining
and Development Company. When
they learn that their attractive and eli
gible property is right in between Cliff
ton Forge and Low Moor, and in sight
of the splendid hotel erected by the
Chesapeake and Ohio Railway Company
on the banks of Jackson River, they
will appreciate the exceptional adyan
tages OF their holdings. 1t is one of the
most commanding and available sites
for a thriving town ia all that rich min
eral section. The company is taking
active steps towards improving ths
and are negotiating for seve-
raj industries adapted to the prevailing
interest in tt al district. The property
would be valuable, located as it is in the
midst of development and improve
ment, and possessing attractions and
for reside nee and business
without manufactures on
it's grounds. but these will supplement
the natural conditions and contribute
to it's success. But for inclement wealth
~, n nn,,,hor Of hnuSaa iDeludinp a mod