Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-08-12
GLASGOW'S OUTLOOK.
REPORT OF PRESIDENT FITZHUoH
LEE TO THE STOCKHOLDERS
A Review Of the situation--Thc English
and Boston syndicatss-Rccom'
mendations for the Future
rspcc,al telegram 70 tho Dispatch.l

in session in called meeting bere to.uay
II il n month earlier than the date Tor theh
animal session. The Board OF Directors
however, in view Of the urgency OF deailnE
with important questions. such as inc
policy to be pursued by the COMPANY ~
collecting its large assets; and' III 'ne
words of General Fitzhugh Lees report 10
the stockholders, in the anomalous ana
unprecedented condition OF the nn ad
markets of the world, 1T was consIIIJiie o.;
proper that meeting should oe hei,r 10;
those who had invested money IA w
ness enterprises here so thar as.Ilc. ,."ns-
NATION m,oht be made into the past trans
actions ~ vour board Of management; SCI
cond. q close inspection OF the assets a.u
Liabilities of the company, as wen 10
confer fully and freely as to the pest coutS0
of policy TO protect your Interests. p,
mote the purposes and successiuiit 80 80
ont the objects for which the hocKoriuso
Company was created. ,o4o ,oars
Possibly no new town OF Ia.e 49,
started out on its destiny under con'''Gt.IT as'
OF stronger pub confidence tnah oias
cow A reason for this was that the enter
nrise had the strength OF the presiuen'y
Of General Fitzhugh Lee. ms neanu |"
guarantee for an answering anu comp
tent administration OF the parent ooH-
nanv's affairs. The site wa q sta,eslc
noint in this part OF the state ior al s ln-
ture railroads. 1.-The topographicai ,J"o
lures of this section OF virginia, III ane
language of General Lees report,
such that railroads must ioiio"
courses. ,,
THEY POINT TO GLASGOW
The North and James rivers Wherever
reached point to Glasgow. The raiiroaus
.bot sooner or later will lead out rom
P;ttsbnrq and West Virginia seeking
southern connections must come through
the oon here. the only gateway II the blue
RIDGE for POO miles south OF Harper's I cry,
through which the North and James rivers
break on their way TO the sea.
The report deals fully with all me iacls
connected with the securing OF inaustri.1I,
..Tbe company was organized on the 25th
Sentember. 1889. subscriptions to itS capt.
tal stock amounting to S473.3OO had peeI
made. Additional shares OF preferred anu
common stock have been issued SINCE go
that at this time the number of shares OF
preferred stock is 4. 1896, or Si99.6OO, ana OF
common stock 1856 shares. o. preferred
stock .O45 shares are paid up, leaving 3,s9l
shares of paying stock. The common STOCK
has oil been paid up. IL IS your duty 10 ih-
ouire how much of this paying STOCK mas
been paid. how much due, and what dispo-
passed into the hands Of your treasurer.
THE PURCHASES.
The report states that the money paid for
the town site and paid and TO be PAID Tor
the two mineral properties purchased will
amount to S45l .54i. That for the purpose
Embarrassing the capital stock contract tor
n million and half dollars was duly signed
last fall with London syndicate composed
of gentlemen of nigh character and great
financial ability. The company was duly
registered and brought out. and as al earn
est of their intentions and purposes E5.OO0
were paid by them into the treasury OF the
ockbridge Company. This was Just on
the eve Of the great financial storm that
has since been testing the credit OF the
worlds strongest money markets, ana pre-
vented the contamination OF th.s contract
with the English.
Hereupon an offer WAS made by the Glas-
cow Investment Company, composed MAN.
" Of Boston gentlemen. to purchase nan a
million dollars worth of Rockbridge Com
pany's stock. To do this the Investment
ment Company proposed to increase us
own capital stock. the increase to be sub
scribed for by New England capitalists
q number Of whom Were already financially
interested in Glasgow. When TINS pToJeci
was taking favorable shape the financial
failure OF Mr.. Joseph Davis, OF Boston,
through whose influence and assistance
this purpose was to De carried out, arrest
ed further progress in this direction.
In the mean time, from the inception OF
the Glasgow enterprise, the board of man
aeement had been active in securing H.
dustries and developing the town.
The total paid for the establishment OF
industrial plants is Sl7S,3lO.7O. Besides
this Sl51,743.97 have been expended IN
LII 90 al o.
light plant, hotel, water-works, houses
etc.
INDUSTRIES PROPER.
The Generals report further saws The
great strides made in the manufacture Of
iron IN Alabama and Tennessee within the
past few years turned attention to the
vast IRON interests of this State. Ii was
ascertained by furnaces already in opera
ton in Virginia that pig-iron could lie
made here as cheaply as 1t could be made
in either of the two States named. with
the advantage of greater proximity TO the
eastern markets. great future, therefore,
was naturally predicted for this section OF
the State, where, In addition TO many Other
advantages, the proximity OF the iron here
| in the mountains and their foothills
might ultimately bring about results as
great as those, for instance, IN Pennsyl.
yania and Ohio. 1t was properly argued
| that If foreign Bessemer ores could meet
and mix with the natural ores of Penusyl.
yania and Bessemer steel result. the same
could be done here as cheaply Ui1 Newport
News or Richmond, where we were within
| easy reach of the best furnace fuel IN
| America. and good reasons were assigned
why the Bessemer metal should become
one of the fixed products of the South.
| At any rate 1t seemed very possible that
| the Basic process fer steel could be sue.
| cessfully introduced and made available
| for ship-building, boiler plates, rivets,
nails. wire, &C., and for a thousand other
| purposes TOR which it is used. We were
| told that OPEN hearth Basic steel was nc
| longer an uncertain fact, but was begin.
| ming to compete with the Besscmer steel
] in European markets and that its pro-
| duction has rapidly increased III Germany
| France. and England. The southern orei
are specially adapted for this manufacture
| and the Glasgow site rs most desirable
| location not only for the manufacture OF
| iron. but for the manufacture of open.
| hearth Basic steel. 1t is known that steel
can be made by the open-hearth process
containing anywhere from "a TO 3per cent
| of phosphorus, and the analysis OF this pro-
perty will show that pig suitable for this
| class Of steel can be made. The inventor
| of the Basic process recommends the re-
| glOU OttWttu w hooOOAV eHN
as the location for great Basic steel-works
The ore here was being. successfully
mined and shipped TO Lynchburg furnace:
| at the time 1t was purchased by the kock
| bridge Company. The reports of Profes
sor Proctor, Of Kentucky, and Ralph
Moore. of Glasgow. Scotland, show M
estimate of about 100000 tons of ore
| There is no doubt there are large deposits
of brown hematite of excellent quality.
LET HARMONY PREVAIL.
Among the industries secured are tn,
GREAT Southern Stove-Works. 100000 cap
| stalization; Virginia Steel-Car Company
capitalization $500. 900; Glasgow Rolling
Mil Company, 900, 900 Virginia Tannerl
Company; Fee & Fowler Pulley-Works
| Virginia Mantel and Crate Company
Sauier Manufacturing Company. Buffalo
n. Y, and the Glasgow Manufacturing
| Company.
| The Generals lucid and comprehensive
report ends with: And now IN conclu
SION. if / should be asked what, in my
humble opinion. it is best to do under ex
isting circumstances TO protect and pro
| mote our common interests | would re
PLY.
First. Let harmony prevail in our coun
| sells, for united we can succeed: divided
L Il