The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-09-10
win cauineton va. be a Big Town 2
SPECIAL Cor. Manufaeturers' BecoFal


eevJSGroE, VA, August 20, 1872.
Ia yefreshtn.. contrast with certain specula
tive tow II schemes, wnjcn either ~ reason y
bad iifst.l agesleflt lack OF moaey q oi5nonesey
f;.il,fne Il Mi. nil town Of Covingoon Of whose
inlproyen 60. the sagacious DeStae9i AA.a i
Is president and the I4eprsssipie - ~
hdkie. Jr.. general inansseI; ~. ~. ~
! CoyingtDn company has not feltmore or less giie
strain or the late hnancial saaking W, ioi
| was there ever oak which bent mol II 1Ie lorna
/ Co. or ship whose tlmbers cfeakea not IA ol.e
| STERN? fut- as only the strongest specimens
still stand after ali the rotten, hollow trees are
laid low ana rs the staunoies5 craft alone may
weather fierce hurricanes at sea- 50 viiiouen ene
recent ordeal this company mas Soiiic ulisoesDi
ed.
This company did not predicate its improve
ments on moneys that it hoped 10 geo' nor aiu
1t rely upon the proceeds of lot sales us cap-
tai stock was ouly s3t0,oGJ of which u INVESTED
$85 $50 in land. nearly S70.000 in fine hotel nov
luli OF glests) and the balaee 7. e1s yga % an,
furnace company, Il brick plant q foauoTy anu
machine shop, and rolling mill. IL Is tfue
some lots have been sold, ABOUT sluoosN worm,
but paid-up stock was mostly taken loi tnese'
leaving only some $2tsl0G0 worth now outStanQ-
ing. This represents substantial conveftlhle
assets, which, in view OF the compieton OF tne
Warm Springs Branch OF the Chesapeake Ohio
Railway and certainty Of the extension hitner
or the Camden system, leie Wesu .lrgila
Pittsburg Rallroad,) snd it's continuation nence
up through tile vast ana reliable iron ore depoS-
Its on Potts creek might be turned into money
hard as the times are said to be. on thirty day S
notice for sum largely III excess oI bhe pan
value OF the stock at present left oQOstaiuing-
Inc furnace at COViHgL01 Is DtlilS PUSH6t 70
completion as rapidly as the workinen can han
die the material the brick plenD is turning Dut
Es5COO first-class brick a week, for the FOUNDRY
aid machine shop the machinery mas all Deeh
purchased and the brick work and masonry
nearly co;nl,:etsd, while the rolling mills fop
which as.otit i..if the machinery has been
bought IN, ID for will be finished so soon as
the furnace -;a-s into blast Moreover new
roller four inili Win o capacity OF 3o parreis a
Gay, will ne running by wd1ef-poWef ny the
second week in september
The Warm Springs Railroad is almost ready
on September 3. This was one OF the most econ
omlcaly built roads ever constructed, and yet
am told by civil engineers it is as well built as
any In the country. The local traffic alone viii
probably make 1t a paying Investment until it
meets the Camden Road and becomes part and
parcel OF great north and south trunk line be-
tween the great iron city of Pennsylvania and
the richest iron ore region III Virginia. 1t ought
TO have been called the Pittsburg Rich Patch
Railroad
have spent the better part OF a whole day
looking at che Industries in course of constrGc-
ton here, and might write page about the fur
mace alone IL Is constructed OF the best mate
rial, and With the most Improved appliances. 1t
viii be twin furnace, with two stacks, which
viii be capable OF turning ont Us tons each dai-
~. That is TO say, the blowing engines, stoves
&C, are being built for twin furnace, but at
present only one stack is being pushed to com
pietion There is a limestone quarry. which
viii furnish the fiux, within hundred yards OF
the furnace, ami J!ie limestone Will be moved to
the .lifr' by grayitation. The foundry and
chine shop will be the best equipped in this part
of Virginia, and will do a great deal of work for
the railroads centering here.
The high esteem in which Covington7S future
Is held by practical men has been demonstrated
during tne last two weeks, within which $4,000
OF the cofnpany'S stock has been sold at par.
When it is remembered that during the last few
months few land company stocks have been
marketable at any price. such activity has great
significance, and all the more SO i'll view of the
TACT THAT Frank Lyman, ESD, OF 1876 Remsen
street, Brooklyn, n. Y, who has more practical
knowledge OF the mineral resources of this sec
ton than any other man in New York, was the
purchase Of 5000 worth of the stock referred
to. 1t Is he who is mining iron ore at The
Stuck, dolly Ann and s'lron Mountain mines
the Joint daily output Of which is now $50 tons
all within six miles of Covington. Mr. VIM. NJ.
McAllister of Warm Springs, was speaking in
nay hearing Of a certain property he had sold
asked him II he got The money for it. Il gOt,''
he replied, something that consider better
than SO much money / got Coyington improve
ment STOCK"
The Chesapeake s. Ohio Railway Co IS build
ing here very handsome passenger station to
cost $50, upon the completion of Which the
voted exclusively to freight. A humber OF new
dwellings are going up all over the conpany's
property, about a dozen of which are being built
by the Baltimore Building 4 Banking Co. The /
bank hers-the Coylneton National which was t
Just about to be started when wrote last from |
this place, is now carrying $l40,0o1 in deposits /
Just now, however the pride and glory of Gov t
lnSton, and, lAdeed, of all the Allegheny noun t
tain country, is the New lntermont hotel which /
is without doubt the finest and most elegantly I
appointed hotel between Cincinnati and the sea. I
The furniture, carpets, silver, china-eyery i
thing is exquisite.
The fare is good. There are bath rooms in I
abundance 1t is lit with gas. The laundry +
{hled with latest machinery does such fine I
work that 1t is paEronized largely even by the |
people Of Staufton The view from the baico- /
MES OF the Intermont is unequalled by that OBJ
tainable az any first class hosterly in the South
The heating apparatus is so perfect that the |
lntermoEtytll be Us popular IN winter rs IN T
summer.
Taken altogether the situation at Covlngton
Is one for great encouragement and c0ngratu I
letion. 1t shows that merit is recognized at all t
times-even iii hard times 1T shows that the |
real development Of Virginia may steadily go
forward at such places nature intended that |
it should go forward in spite of the sniyeling I
up of certain "booms.'
And SO there is every reason to predict that |
Covington viii in few years become very I'M /
portant commercial and Industrial confer.
THOMAS T. GRASTY.