The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-09-03
BIG Land Transaction.

Big Land Transaction.
We learned some months ago that NJ.
Erskine Miller, and associates, had pur-
chased q large body of mineral and tins
Der land in West Virginia. but at that
time were not at liberty to mention it in
the VIRGINIAN We notice, however, in
the Manufacturers' Record, the follow
ing paragraph:
Mr. NJ. Erskine Miller. of staunton, one of the
foremost men in Virginia, who has tor years
been heavily interested in coal mining has in
connection with H. II. Fay, OF Boston, K. H.
Grocer, OF Philadelphia, and other northern
capitalists purchased 100000 acres of coal and
timber lands in West Virginia, the reported
price being 81 100000. Mr. Miller writes to the
Manufacturers Record confirming this purchase
This large sale only emphasizes the statement
recently made in the Manufacturers Record that
shrewd financiers instead OF being frightened
by money matters are quietly making heavy in
vestments in southern mineral and timber
lands, approaching the fact that prices are now
lower than they viii ever be again, for the ten
deney is steadily to higher valuers.
These lands are located in the coal
belt of West Virginia, ami are underlaid
with rich seams OF bitnminous, canned
and other Goals peculiar TO that section.
They are very valuable and will yield
millions efdolars profit, in the course Of
their development.
The coal of West Virginia and the iron
ore of the district, in which Clifton
Forge, Va, is so centrally located, are
destined to command much larger atten-
ton from capitalists than has heretofore
permanency about such investments,
which do not attach to stocks and bonds,
and surplus wealth will seek location in
well proven mineral properties now in
the virgin state, or developed sufficiently
to demonstrate their intrinsic value. in
preference to less substantial inters
ests, which have heretofore commanded
it. 1t has been about eighteen months
since Hon Peter McLaren, Of Toronto,
Canada, purchased the Douthat survey,
of nearly 100,0 0G acres. The price paid
was $500, 600. Within six months after
the purchase, he was offered S500.G0 for
the property, as we have been reliably
informed. but declined it, He is now
negotiating with an English syndicate
for it's sale at price reaching into the
millions. If the negotiations should be
closed and the purchasing party develop
the mineral interests of the tract, it
would yield an enormous return even GA
that basis. 1t is great iron ore property
and will be developed some day, as ma
ture never intended that such endOw-
ments should lie forever dead and use
less This land reaches from Clifton
Forge to Covington on its southern
jackson river valley as to contribute to
the growth and wealth of the towns
located on its borders, in proportion to
the extent of the development made.
1t is so with other properties closely
related to Covington, Clifton Forge.
Iron Gate and Low Moor. Every ton
of ore taken out adds to the advantage
of these towns. and tends to the ultimate
fact that this must become a great iron
center, with Industries contingent upon
iron dotting the whole section from
iron Gate to Coyington. We have here
tofore more fully presented these views,
and each day confirms US in the belief
that that which has been said was only
prophetic of what viii be in fact
We have "a goodly heritage, and we
should be fully awakened to its apprecia-
ton Mineral districts, however, nor
towns, are built up in a day. Labor,
patience and money must be appropri-
ated to their development. A few years
ago no one thought Of Iron Gate as a
town site Now it is the seat of several
very important industries, with grow
ing population. No one dreamed of en-
tering the hills surrounding the Kayser
farm for iron ore, to supply furnace
right on the ground. Now the Iron Gate
Land Company and the Clifton Forge
Development Company are. doing that
very thing and will be amply remuner-
ated for their outlay, while a blast furn-
ace is being constructed to consume
the ore. No one then thought that IA
mining plant would be established at
Rich Patch, which cost 100000. and
that shipments would be made at a
rate of from 60, 900 to 100000 tons a year,
Yet this is now the case Other props
critics will soon be placed in the same
important condition wealth producing
enterprises, contributing to the progress
and prosperity OF the section and the
profit of those who embark in the de-
velopment,
With the Warm Springs Valley drain
ed by railroad. as is now the fact, and
the Potts Creek region penetrated by a
similar improvement, exposing contin>
uous mineral wealth. and capital coming
in every day almost to assist in the
work, it must be donbting Thomas
indeed, who does not see in the near
future a wonderful section, throbbing
with industrial activity and alive with
the enterprise which capital and skilled
knowledge will undertake for the work
of improvement and development.