The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-08-13
Allegheny Mining and Development
Company


the Company at Low Moor, on the 9th
of August, Col Thos. Smith, of Fau>
q uier, III the chair.
Messrs. j. r. Cation, F. G. Brown and
]. w. Perry, We're appointed a commit
tee to ascertain the number of shares
reported that there were 1861 shares
represented in the meeting. The report
was read and ordered to be filed.
The chair announced that there being
majority of the stock represented,
there was present the requisite number
of shares to constitute them legal
stockholders meeting.
The President of the Company subs
mitted the following report, which was,
on motion, read and ordered to be placed
on file.
PRESIDENTS REPORT
To THE STOCKHOLDERS OF THE ALLIE
GHANY MINING AND DEVELOPMENT
! COMPANY:
The papers herewith submitted by
Captain H. Shepperd, General Manager,
and Captain John McQuaide, Treas
urer, of your Company, will show the
financial and business condition thereof
| 1t was deemed advisable in the inter
est of the Company that the Layue tract
OF land, containing about 1T acres, and
| separated from the original holdings of
the Company by Jackson river, should
/ be purchased. Consequently, under in
structiOn from the Board, John Nc
| Quaide and s. M lost, closed contract
with the authorities of the G.. g. O. Rail
way Company, for that property at
what was regarded favorable terms for
your Company Thisnecessity grew out
of a failure, unforeseen by your Board, to
secure as many lots out of the available
grounds for plating, purchased from E.
l.. Karnes, as the interest of the Conpa-
ny required. BY this purchase the
company obtains 684 lots, making it's en-
tire lot holdings 1874 At fair average
valuation these lots ought to bring to the
Company $1,000 to 100000, especially
/ SO if negotiations are concluded for one
or two suitable industries, besides about
| rs acres of ground as reservation for
! industrial sites.
! Negotiations have been pending with E.
j. Bird, Jr., of Ironton, Ohio, and George
L. Scott, of Glasgow. Va, for the loca-
ton on the Company's reservations for
industries, of Nail Mill and Muck
I
600 when completed and ready for oper-
alton. These negotiations have not been
concluded, because there are essential
differences between the parties, Messrs
Bird and Scott to the preliminary agree
ment heretofore entered into, and your
Company, as to the substitution of a
joint stock company or corporation in
the stead of said Bird and Scott in the
final contract, to be based upon the
preliminary agreement. The Board, who
have been dealing with Messrs. Bird and
Scott as individ uals, have not seen their
| way clear to accept Joint stock compass
ny, yet to be formed, and whose re-
sources are consequently wholly un>
known, in lieu OF said individuals.
Moreover, the complications which
have arisen in other similar companies
to yours, have caused distrust as to all
such organizations in the public mind,
and raised a question with your Board
whether it would be prudent, under all
the conditions prevailing, for them to
consummate the negotiations, were 9TH
er obstacles removed, without first CON
sulting the stockholders To comply
with the terms and conditions of the
proposition from Messrs. Bird and Scott
it would require that delinquent stock
holders should promptly pay up their
arrearages. With these ON hand, the
Board could safely proceed to the com
pletion OF the negotiations and II differ
ences should be adjusted, secure a very
valuable industry, which would employ
between 200 and $50 men-two thirds of
whom would be skilled workmen. An
other consideration bears upon this sub
ject. At this time there is widespread
want Of business confidence throughout
the country. 1t is not believed there is
substantial cause for this distrust, and
that by October, at furthest, there will
be a revival of confidence and business,
and that activity in real estate invests
ments and lines, will return. The coun-
try was never in a more healthy tinan-
cial condition, but money is held close
at this time, and consequently all such
enterprises as that of the Allegheny
! Mining and Development Com pany
should govern their movements BY the
! financial pulse of the country
While your Board is clearly of the
opinion that the securement of the in>
dustry in question, would be a great
benefit to all interested, it is equally
clear in the belief that it would not be
prudent to undertake it, unless delin-
quent stockholders manifest DISPOSE
ton to meet their obligations promptly.
| For these reasons, the matter has been
left for the determination of the stock
| holders, and to it their attention is re-
specially called,
| Work has been progressing for several
weeks, in an economical way, to explore
that part of the property which it is be-
lieved, holds large and valuable deposits
of iron ore. AS yet there have been no
developments that would warrant the
| assurance that such values certainly ex
list to a great extent. The location of
the property and its geological relation
to well tested iron mines in the inme-
date vicinity, justify the conclusion that
a large body of ore may be found. But
this must be demonstrated by pick and
shovel, and it will require patience and
! money to do it.
The Hotel is progressing fairly WELL
and when completed and furnished will
cost about $4,000, The necessity for
the erection of this building grew out
of the fact that the Karnes building,
ample for the present wants of the Com
pany, was consumed by accidental fire.
Fortunately for the Company an insur-
ance policy on the building and furni-
ture had been issued on the day of the
fire-the papers having been delivered
| in the morning and the fire occurring in
the evening. BY this fortunate coinci-
dence the Company saved about $4,000.
which was paid by the company inwhich
the property was insured, and covered
into the treasury.
In the opinion of your Board, this
Company has good property and all
that is wanting, for every stakeholder
to realize a reasonable profit on his in
vestment, is to comply with his contract
and exercise patience and confidence 1t
is essential to success that all arrearages
should be paid promptly, and with that
done, the way will be clear for such i'm
provements as will result in common
benefits to ALL
The Board cannot control the tone
and temper of the business of the coun-
try, but must yield to the influence of
the conditions that prevail, and do the
best they can under existing circun-
stances. This they have done and it now
remains for the stockholders to do their
duty. Respectfully,
The Treasurer submitted the following
report
RECEIPTS.
Received from Stock Assessments, In
Surance on Hotel Burned and all
other Sources. S135 Ssg III
DISBURSEMENTS.
Paid Commissions to Agents. ..........$ 49, 1876 so
Commissions to Real Estate Agts 1,GOO GO
s.IlU