Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1891-09-08
West Virginia's Unparalleled
Prosperity.


Under the above caption the Mdn=
ufacturers' Record of the 9th instant
publishes an interview with Governor
FLEMING of this State, from which we
take the following extracts:
ssAnd how about iron ores ?"
eve have quantities of iron ore of
a high grade in various portions OF
the State, and especially in the South
eastern section, to say nothing of the
enormous quantities of ore within the
counties of Braxton, Preston, Jeffer-
son, Berkeley, Morgan, Hampshire,
Hardy, Grant and Pendleton. The
construction of the new lines of rail-
roads now building in our State will
bring these ores into close proximity
to the great coking coal beds; then
we may expects to become q great
iron-producing State. Limestone
abounds everywhere, and we may
safely predict that the iron industries
of the North will be unable to hold
their own against those which we as
suredIy will soon have within our own
borders"
Ex-Governor, you have named few
of the principal cities and towns of
your State, what of some others of
promise?'
Charleston here, the capital city,
is enjoying a most substantial growth !;
many large buildings of iron and
stone fronts are now in process of
construction. Numerous dwellings
are building, too, and yet both bust
ness and dwelling houses are scarce
and rents very high. The wholesale
trading of this place aggregates about
So, 900. 900 annually, and yet we have
only $1,000 people, including the
suburban population. 1 might men
ton Parkersburg which is one of the
handsomest and best points in our
State, and has within her limits q
very progressive people. Charles
Town in the northeastern end of our
State, is growing rapidly, and many
manufacturing industries are locating
there, many of them coming from the
Northern States.
I" What has been the effect of the
stringency of the money market upon
values and business in your State?"
" 1t has merely checked whateve
wild and reckless speculation existed
but legitimate business has continued
just as brisk, and values are even
better than ever before. 1 do not
know of a single investment made
within our State during the past two
years, except wildcat oil speculation,
on which parties have lost or will
likely lose. Property is just as high
to-day and even higher than year
ago. OF all the Southern States ]
doubt if any has suffered less than
West Virginia from the depression OF
the money market"
=
&C How is this accounted for?"
{" Simply because our values have
never been inflated and much money
has come into the State, while com
paratiyely little goes out. Our own
people as rule trade prudently, and
l do not recall single failure of con-
sequence within the past twelve
month"
As the Governor concluded, Secre-
tary of State w. A. Ohley dropped
into the executive chamber and was
introduced. His department has ex-
elusive supervision of the granting OF
corporate franchises under the gen
eral laws of the State, and l asked
him:
GLOW do the corporation records
of your Office show up the business of
the State?"
{" WE'LL" said the secretary, Z" they
present the very best evidence of the
States rapid growth industrially,
financially and commercially. The
number of charters granted in 1889
was largely in excess of the number
issued in any former year, and the
new enterprises chartered to do bust
ness in West Virginia alone during
the last twelvemonth exceed in num-
Der those chartered in the previous
year by, / should say, st least 25 per
cent. An idea of the magnitude OF
new business ventures in the State
may be obtained by the number and
character of corporations chartered
during the first three months of the
current year. Within that time,
from January 1 to April 1, 1891,
there were incorporated 16 oil and
gas companies, with an authorized
capitalization of SO. $50, 900; 10 rail-
road companies, with authorized cap
italization of 81, 78O, 900; II coal and
coke companies, with authorized cap
italization of S7,875, 900; five banks
and banking institutions, with au-
thorized capitalization of 81, 15O, 900,
and al miscellaneous corporations,
such as manufacturing companies,
lumber companies, electric-light COM
panies, building and loan associations,
ETC., with an aggregate authorized
capitalization of SIG, 40, 900"
Mr.. Charles B. Rouss
IV;II D;o;f TLo CLo,,nax1ooL JI,1Jo,, A r.