The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1892-03-09
MINERAL WEALTH OF VIRGINIA.
Letter of j. Allen Watts to the
journal of Finance.
The South Needs Northern Paper to
Give to the World tho Truth In Re-
gard to This Section-wildcat Schemes
Conference.-The Wonderful Mineral
Wealth of This Section Capital Is
Needed just Now

Tho following letter of ]. Allen
Watts, Esq, of Roanoke, to the Jour
nal of Finance, of New York, is given
editorial prominence by that publica-
ton. In speaking of the letter the
Journal says:
Since inaugurating its new policy
looking to an impartial exposition of
the opportunities offered investors in
the South the Journal of Finance has
been in receipt of letters from every
section OF the South expressing in
dorsement of the plan and desire to
cooperate in the good work. To give
an idea of the truth of the fact that
the South needed at the North lust
such critical friend as tho Journal of
Finance is to it, we append letter
from Mr.. j. Allen Watts, a leading at.
torney of Roanoke, Va, who writes:
AS citizen OF Virginia and the South write
to thank you for the course which Won have
determined to pursue in regard to this section of
the country. "
Our chief want Mt present is some paper like
yours that will speak and give to the world the
absolute truth in regard to this section of the
union: Tn: truth is all we desire, and vii that
unparalleled prosperity.
The, great trouble that we have had to con.
front heretofore has been wildcat schemes booms
without any foundation to them, blowharfs that
have gone to the North and elsewhere and made
representations which they abs olutely un-
able to carry out, thereby bringing the Whole
southland Into disrepute and dscrcdit among
tnosc VINO had put money into Soutl ern enter
prises. III your paper could succeed in orraniZ-
ing Southern loan and trust company as suc-
gestcd, Il would be of incalcuablc benefit, not
only to the South but to the whole country, as
anything that increases the taxable values and
prosperity OF one section IL OF necessity bound To
increase the prosperity of the whole country.
- tersons IN inc North and those who have had
no opportunity to examine the resources OF this
part OF the United States have 10 conc-r ton of
It's greatwcalth. In aradius of 100 miles of this
town can be found gold, iron OF nearly every
description and quality, from the rich magnetic
10 the brown hematitc, manganese, lead, zinc,
In: copper. p!rites. kaolin; marble of half
dozen different kinds and qualities from the
olack Numdan to the motif dkind that is mined
IN tennessee; glass sand foundry sand, building
lime stone Tor nux in furnaces, mica asbestos
ithogrsphing ., stone slate, bo,h roofing
produces tho finest tobacco grown i'm this conn
ry and prolific crops Of all the cereals 1, myself
knowingof one field OF 100 acres surrounded on
three sides with woods. which necessarily drew
rom IL TO some extent. producing 300 bushels
OF wheat without pound OF fertilizer. This, OF
course was exceptionally good, but 1t shows the
capacity and capablity OF the soil We have
timber OF nearly every description; walnut chest.
mentiont d, and in IA dozen places In the Same
radius almost unlimited water power il Furnished
ny the james, New and Roanoke rivers In nd
olton to other IL minerals there Is n fair quantity
Of coal f"""J
just outside OF the radius we have the enor.
nous POcnhOnt coal fields which are now snn
plying the finest steam coal known i'm this conn.
try, by the use of which the steamship Tentonc
was enabled to break the record for crossing the
Atlantic Ocean. '"o
All OF this natural wealth is in an area where the
cilin . - salnbrions; neither too warm too
co ,H,. absolutely healthy, and the water pure.
IL, IN southern States, rs from what have been
informed and believe, there arc number OF other
places that could make almost as good n showing
as the enc have lust described
NOW inc question Will be naturally asked,
why. with all or this enormous wealth of timber,
OF mineral, or stone and with such q climate ~
aescribed,there should not be manufactures and a
teeming population: The answer is that these
efforts to develop these resources have in many
instances, been mistnkcn; that q suspicion has
always poem harbored In the minds OF capitalists
asulhst southern investments
II your paper can remove this suspicion md
prnR to the notice OF capitalists and induce them
TO put money into this almost virgin field you
inc sc whose money is invested. 1t requires capt.
tai and 1t requires that they should know who is
whcre, nor can il be made under nil cjrcum
stances. Some OF the deposits are smaller than
Sh some ricner than others, some less acess
be considt red in making investments.
Another thing will have 10 be considered and
taat Is the tendency that has existed heretofore
or capitalizing everything started The effort
mas neen made TO get rich on stocks, and the cap
italzation, as rule, represented two or three
tlInes the value of the property. There are nnm
bers of people down here would take pleasure i'm
giving accurate and full information concerning
theee tninge; on the other hand there are mum
Ders OF people who vii take pleasure in talking
the stranger in and your paper will separate
the wolves from the sheep, and Introduce and
bring into more prominence these things that are
good and denonncc those that arc worthless If
this is done, the very best results will follow;
otherwise destruction and ruin must he the ont.
come.
MIR. SPRINGER,s CONDITION.