The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-08-13
Stockholders Meeting.

Moor on the 9th of August, the proceed
ings of which will be fonnd in another
column.
The meeting was harmonious through
out, and as the result of full and frank
discussion of all the points involved in
the condition of the Company. a resolu-
ton approving the management for the
past year and re-electing the old Off
GERS for the ensuing year, was unani-
mously adopted. Capt. Shepperd and
Capt g. A. Mushback explained every
thing connected with the administration
of the affairs of the Company. and both
told the stockholders that the Board
had done what it could for the promo
tion of the interests of the Company,
and now it was for the stockholders to
do their duty With the arrearages on
stock subscriptions paid up, the Compa-
ny would be in position to place valuable
industries on the property without con
tracing one dollar OF debt. And with
one or two small plants, or one large
one, the value of the holdings of each
stakeholder would be advanced far be>
You'd what his stock cost him. There
were no Indifferent lots placed in the
drawing They were all eligible and
available and SO located as to be favorably
affected by any Improvement that may
be iGlaugurated. One gentleman, largely
interested in the Company, was so well
pleased with the lay of the land, the sur
rounding conditions and the assured flu
ture value of the property, that, he said,
neither his stock nor his lots were for
sale. He wanted them as All invests
ment, as he confidently expected to see
in the near future developments in the
district, in which the property was SO
centrally located that would make ey-
cry foot of ground desirable, and have
a saleable value twice the sum paid for
the stock Others expressed "A like cons
fidence in the future of the property, and
a like satisfaction with the condition of
the Company.
The policy of the Company has been
to proceed cautiously and not to be
driven by the clalnors of Il few to I'M
deltake improvements beyond the
means in sight to carry through. 1t
was very desirable that an industry
should be secured appropriate to the
iron product of the immediate locality,
and negotiations were entered INTO for
that purpose. 1t was thought at one
time that terms would be agreed upon,
and if such had been the fact, compli
ance with the stipulated conditions
ggould have been contingent on the ar
fearages on stock subscriptions being
promptly paid up. Recent action taken
by delinquent stockholders i'll other
Improvement companies, calculated.
II not designed, to embarass their ope>
rations and make impossible their sue
cess, admonished the management of this
Company to proceed slowly and eau
tiously, to the end that neither the Com
!,any nor the parties representing the
Industry would be placed in a position
III embarrassment and trouble. 1t was
thought best for ali the interests involved
lat every step and every interest should
l3e carefully considered, the condition
of business throughout the country
bought over, the relation of the stock
holders to the enterprise, and the en-
i5arrasslnent that would follow, were the
Company not able to comply with its
contracts by reason of the failure Of de>
linquents to pay what they owe. These
considerations were carefully weighed,
and the Board determined not to assume
the responsibility of closing any con-
tract until the stockholders themselves
had been consulted
For these reasons there have been no
contracts closed; the Company is on
safe grounds and can pay all that it
owes, with assets that will be largely in
creased in value, as business confidence
returns, and the resources of the Compa-
ny can be made available to induce
industries to be located on its res
ervations The whole matter is now in
an encouraging business shape, and it
will be the aim of the management to
keep it in that condition.
The property OF the Company is one of
the most eligibly located and attrac-
tive in the State. Its surroundings all
point to its increasing something
that can be relied on, even should no
movement be made on the part of the
Company to assist it. A furnace plant
adjoins it that turns out 500 tons of
the best of pig metal every week; that
has monthly payroll of $4,000 or $780,
600 and that is considered one of the
most successful industries of the kind in
the Union mining company close by
that now employs over 100 hands and
will soon give work for 200 or 300, and
ship from 300 to 500 tons of ore day;
with the c. g. O. Railway Company
gradually filling up the gap between
Clifton Forge and Low Moor with shops
and enterprises related to the vast
needs of that great corporation; with
thousands of acres of the richest mineral
lands in the country separated from it
by the surveyors line and all inviting
capital and enterprise for its develop
ment; and with the growing dissemina-
ton of knowledge of the material wealth
of the district attracting the atten-
ton of men of means and sagacity, there
is nothing, in view of these things, that
can prevent this property from be-
coming an important industrial seat,
and being soon placed on the line of
progress and prosperity. 1t lies in the
center of the richest iron district on the
continent-a district that will eventually
be one of the largest iron making local
tiles now known, and the repository of
more natural and created wealth than
any other similar area of territory in this
or any other country. 1t is an ideal spot.
Every one who sees and examines it con-
cedes this and that the natural advan-
tages it possesses will so attract and i'm
press capitalists as to cause them to avail
of them.
Business Outlook.
The business outlook for the fall is very
promising From all the eenters of trade
the opinion is given out that active OPP
erations in all lines will commence in
October. and that an extraordinary sea-