The times. [volume] (Richmond, Va.) 1890-1903, 1898-10-06
VIRGINIA MINERALS.

We have already mentioned the fact
that a general committee is being formed
I'm the southwest to arrange for meet
ing at salem in the early future Of own
ers Of furnace and mineral properties and
others whose interests lie in that sec
ton. it has been decided in connection
with the proposed meeting to establish
at Salem a permanent collection of sam
ples OF the minerals contained in the
district mentioned. The committee be-
Heve that the establishment Of such
collection will be beneficial to the owners
OF the property sampled. and Mr. w. A.
Smith. who is the leading spirit in the
movement. urges that all persons inter
ested shall send samples TO Salem.
In the same connection the Salem
Times Register reproduces an article from
these columns on the scbiect Of mineral
development in the southwest, with the
following comment:
The Times is unquestionably perform
,oo a great and much esteemed service
for this section Of the State in keeping
tts splendid advantages 30 constantly be-
fore the people and II has our earnest
thanks therefor. We share us opinion,
TOO that the time IS not far distant when
these advantages must be recognized by
outside capital. and nowhere will u pe
more cordially welcomed than right here
in this immediate section.
Several years ago when the boom in
Virginia was started the whole world was
attracted by the wonderful riches OF the
southwest section. That wealth was
never exaggerated. 1t was and is an that
was claimed for it. The boom had
substantial foundation, but unfortunately
took the wrong turn. Men got the
speculative fever and began to lay off
towns and to sell lots at enormous and
ridiculous figures to the neglect Of the
true wealth of the soil.
But this was not the only drawback
to the development of these properties
A number of furnaces were partially
built to say nothing Of other industries
The land companies had not the necessary
cash. but had plenty Of paper. which they
regarded as good, and started ON these
new plants with the reasonable belief
that as their paper fell due they would
receive enough cash 20 prosecute the work
TO the end. But before many of these Inc
dustries we're finished the Barring Broth
ers failed in London and caused
squeeze in the money market With that
the land boom began to collapse, the ic-
tiuous value of lots disappeared. the
land companies were unable TO cash their
paper and most OF these industries were
left in an unfinished condition.
And so southwest Virginia got very
black eye and so its last condition was
worse than the first. But as We have
said. the real wealth of that section was
not exaggerated. Indeed the half has
never. in our opinion, been told. and
while by reason of the unfortunate boom
and the long dun season that followed
the development has been delayed, il is
only a temporary set back and the time
must come, and we believe will come IN
the early future. when all these proper
ties viii be in brisk demand and when the
whole section VIII he aGlow with fur
naces aud other plants which use iron and
steel in the manufacture Of their wares.
Birmingham had a land boom and
setback just as Virginia had, but the
birmingham section is rapidly recovering
Iron manufacturing is going ca at
great rate and mineral properties are
again in great demand. The eye OF
| capital is again turned towards Virginia
and it cannot be long before tho develop
ment will begin. There is a bright future
for that entire section ayf we are glad TO
see that the enterprisiug men of south
west Virginia are now taking proper
steps to induce capitalists to come in and
| invest.