The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-04-02

world the advantages and attractions OF
Clifton Forge, as well as the marvellous
natural wealth of the surrounding coun-
try.
Arrangements are being made to pro
vide ample water for domestic use, by
charging the facilities of the present
water works company, and adapting it's
resources to the, accommodation of the
new buildings that are going up in va
rious localities on the property.
The Clifton Forge Building and Bank
ing Company is putting up number OF
houses, and but for the inclement wealth
er would now have thirty or forty ready
for occupany.
/ 1t would make this communication,
already extended, too long to go into u
detailed statement of the financial condi-
ton of the Clifton Forge Company
/ Suffice it to say, at as solid learned
from an inspection of the books. verified
by information l gathered from the Gen
eral Manager, Capt. l.. Harman, that
/ the Company has paid for eoeay foot OF
| tie ground that 2cds placed en- tie lot
draining, and that the only real estate
debt is two deferred payments of some
/ thing over S., 900 each on the Murray
tract, of about 150 acres, just south OF
the town of Clifton Forge, on the south
side of jackson river. and very valuable.
This property was not placed in the
drawing, as it had not then been ac-
quired, SO learn. 1t is capable of plot
ting at least 100 to $50 eligible building
lots, and it is believed to contain extern
sive deposits of iron ore, which il, ON
examination. is found to be so, will
add largely to the yalfe of the Compa-
ny's property.
A full and complete report of the
financial and business condition OF the
Company will be made to the stockhold-
ers at their annual meeting on the 10th
of April. That will show assets, inelu~
ding cash on hand, bonds for lots sold.
stock unpaid, reservations for industrial
plants, Murray property, Nc. exceeding
liabilities, including the &4e0,o0e stock
issued, by probably $4,000 or more
A detailed statement of the entire condi-
ton of the Company, as it will be pre-
scented to the stockholders, cannot fail
to remove doubts which have been
aroused by false and prejndiced state
ments, and regeal 2 state Of things
that will be gratifying and satisfactory
to every reasonable stakeholder.
This general reference to the Clifton
Forge Company is based on present val
ues 1t does not comprehend the GER
tain advance of values which must fol
low the development and improve
ment OF the district of which Clifton
Forge is the centre The statement Of
Gen. Ingalls, in the interview published
in the Manufacturers Record, and that
of Vice President Axtell, as quoted
above, indiexe what is expected by
these two prominent officials of the
Chesapeake and Ohio Railway Cons
pany, who sspe9s what they were talking
about, and have the ability and the
agencies by which to make their predie-
tions realized friiitase.
There are other cooperative in:iuen.
ces, which will largely contribute TO the
advancement of all the interests of the
Clifton Forge Company and the entire
district, of which Clifton Forge forms a
prominent and important part. The
great Douthatt survey, enhsaeing near
Iy 100000 acres of mineral and timber
lands, bounds the property of the Cliff
toa Forge Company, north and east. |
have been informed that all English
syndicate is considering a proposition to
purchase and develop it. Ii this ruinoF
should be resolved into a fact, it would
largely add to the value of the Compa-
ny's possessions. 70 develop its eastern
part would be to geek al es.tiet through
the Kincaid property, owned by the
stockholders of the Clifton Forge Com
pany, and mean the establishment OF
one or more iron furnaces on this prop
erty, where the Chesapeake and Ohio
would be accessible The natural route
for the Davis system of railroads, seek
ing Gu outlet to the west from Pitts
burg, would be down either the Cow
pasture river or Wilson creek, apd
thence forming a connection with the
Richmond and Allegheny division OF
the Chesapeake and Ohio system at
Clifton Forge. apd thence eastward.
Indeed, whatever Improvement and
development occur to utilize the nasii
raj wealth of the district, must necessa-
rly Contribute to the growth and pros
perity of Clifton Forge, Whether it is
n+,,sa ,I..n, K .as.f. Al Oh
Iron Gate and the projected furnaces
there; the development of the iron ore
mines of the Clifton Forge Development
Company; the contemplated improve
ments at Bessemer and Glen Wilton;
the extensive mining operations at Rich
! Patch; the various industries secured at
{Joyington; the railroad to Healing
Springs from Covington; the rnmored gil
gantic enterprises on Potts creek, which
contemplate furnaces and other indus
tries; the plants being negotiated for by
the Allegheny Mining and Development
Company at Low Moor; the immense
business of Low Moor and Longdale
Furnaces, and the numerous other indus
trial projects that will spring up to utii-
ice the wealth OF fhiis marvellous region
ALI will prove factors, either directly or
indirectly, in the improvement and
growth of Clifton Forge.
When it is considered that thirty out
of thirty seven furnaces in Mahoning
valley are idle; when the reported stag
nation OF the iron-making industries.of
Ohio, Pennsylvania and the Lake re
gions, resulting from the Development
of Virginia and the South. where all the
elements are present to make iron
cheaper than it can be made ia the 10
calities named, it is not surprising that
Gen. Ingalls, and Mr.. Axtell have SO con
| fidentiy predicted great future for
Clifton Forge and ,,he district in which
it is located; for with the sgfgaces will
come, in the course of time, the indus
tries to consume their products, and
convert them into higher forms and
into all the articles that go into the con
sumption of iron. Nothing short of a
| financial cataclysm could arrest the de-
yelopmept, progress, and prosperity of a
section SO endowed with natural resour-