The times. [volume] (Richmond, Va.) 1890-1903, 1899-01-29
VIRGINIA'S FINE
ORE PROPERTIES.
All Arrangements for the Big Organ
ization About Complete,
WILL INCLUDE NINE FURNACES,
Tho Virginia Iron, Coal and Coke Co.
TO Purchase aud Develop Number
OF Valuable Iron Plants in
Southwest Virginia aud Tenn.

4
the financial market ia the early part OF
! this week the South was Interested par
! uculary In the marked Improvement ~
/ cotton. Mondays cotton market was TIE
/ strongest that has been experienced since
/ 1870, and discussing this manifestation DE
| tho Manufacturers Record under date OF
! January 2jd COioncl Alfred T. Shopper
sod, the expert ana authoritative stalls
tician in cotton. OF New York, says:
Public sentiment in respect 90 cotton
| has changed recently. 1t has, I'm my judR-
! ment. been rising for months. inasmu,h
/ as q has persistently Over-estimatcd the
! crop or supply. and naturally overlooked
/ and thus underestimate the increased
| consumption or demand. Recently there
! has beeB better appreciation of the
J fact that the crop Will fan far short Of
! the big estimates. and Il is daily becom-
| ing more evident that its quality will lie
/ the poorest for years. Looking To the
! market for cotton goods we seen an active
demand at higher prices with very mode
/ rate stocks and firm tone 10 the mar
| ket. The production Of a number OF
mills has been sold for some months
ahead. In short, the business Of our
/ cotton mills IS IN a sound. healthy con-
dition. The general business Of the cOun-
try Is increasing in activity in almost
/ every line. and 81 would seem strange n
/ cotton manufacturing should fall short
I in the general expansion. The European
mills. and especially the British mills,
/ are doing as healthy and active a bust
| ness as cur own. There IS every indlca-
{ ton that the mills of Europe, India, Ja-
/ pan. indeed everywhere, viii consume
ibis season more cotton than ever before.
/ It looks 20 me as II the mills OF me word
! would consume 100000 bales or
American cotton this season. and 10 is
/ doubtful II the crop will turn out That
quantity OF desirable grades Of cotton
can11t learn that land has
/ been broken anywhere, not even
On Texas. for the new crop.
| Fdrming operations are late everywhere.
| Sales of fertilizers 10 date In Georgia
are only about half as much as for the
/ corresponding period last season, ana ihe
sales I'm other States are reported to DE
about on the same scale. These uniaVor-
/ able items touching the new crop add
/ somewhat to the strength OF the present
situation. People are asking II the ado
/ vance has come 10 stay. Cotton has been
/ unduly depressed. and the advance mas
/ been legitimate ami logical, and without
! the slightest manipulation OF this or any
/ other controlling market. Cotton is sold
/ below the average prices Of any season,
/ and a considerably further and permanent
advance would be reasonably assured
/ were 10 not for the fear OF "a very large
/ gcre,ge in cotton this spring This IS the
/ 'fv in the ointment. Prices may 90
/ higher on the present favorable tide ANA
I [ think they should but they VIII moi
away quickly should preparations pe
made Cor % large cotton acreage.
VIRGINIA FURNACE INTERESTS.
Additional information regarding the
projected consolidation Of furnace into
rests c.rtercI in Southwest Virginia ls
TO the effect that I'D the Arrange men's
have about been completed Tor me or
~ nizatlDn Of the Nire MIA Iron. Doil ana
Coke Company for the purpose oI PUP
chasing ana dcvel1ulng TO Che utmost exc
.cnt a., number of vamabie~ iron plants
and ore rronertics in Virginia and Ten.
ne.see. A charter has been obtained un-
der Virginia laws with capital stock
of sl0U0OlO. Il which 30 is SAID iha1
e. 600 o0D has been subscribed FOR ana is
e,tod and in addition there VIII be &Nyc.-
ooa Of bonds. It Is understood that me
nronerties TO be- controlled "ill include
MIN, furnaces. some Of which have been
idio III 900 acres OF cOkins coal
lands. Go.NO acres or Hon orc
lands and two r1llroHls uaNeI7-
Ing the valuable mineral lanos teleiIt"
10. AIR T. r. Chapman or the O@ilhlNs
firm Of Moore q Schley' or Ne" i Or
civ and Mr.. George J.. Garter OF fu-
( lasN. Va. we're assoclalea lh '"e 0i-''-'
ton of the new enterprise
q,bie enterprise is an effect OF the gen
orol movement which has made Itself ieit
I'm AN that section of the Soutn' ana Is
becoming almost as pronounced as ih -
s7oh~rna iron regions. IL is manifested
~, I'm West Virginia, where conleh-
,iotod railway extension d. expected 10
aoeo nm vast coal fields I'm the south-
western part Of the state "h.en ~
onlv beeun 90 be developed, anu l"ua
ol'r+-it,,te to the manufacturing import
ance OF Huntington. ...- clio.
a ff,natch from that section SAYS thal
IN t,o r-antfocturing institutions or tnat
section are busy. and the general ar OF
ecfiyitv is far different from that OF
COW r~onths ago. Lumber when ls ore
Of the chief sources Of revenue, is no"
bringing good prices. and the streams are
mn of logs waiting fer the hrst general
rise 10 bring them 20 market. Neiei""','
n,anufactnrers and business men general
w are looking for q prosperous l'i-.
Turning 10 North Carolina, a party on
Norfhern capitalists have during tine
week been inspecting the falls OF the
yodkin. i'm Stanly county, with we"
a. the establishment OF an electric power
,feDt for the distribution OF eiecNic
ro,yor 10 Albomarle. Salisbury ana .~oh-
cord The Yadldn Falls are one on lhe
g~est water powers IN the state, nut
treir renoteness from transportation
iines have heretofore been IN the way oil
their development.
COTTON MILLS.
The cotton mill interests Of North caro-
lima South Carolina, Alabama GeoIsl
and Virginia. IN the facts brought out az
annual meetings OF the directors. sucH
as the s per cent dividend declared 0y
the Lvnchburg Cotton Mills Company me
3 per cent. dividend OF tho BarnesVlhe
fGa.) Manufacturing C0mpony; the earn
,nrs OF the Peoples Cotton Factory or
Nonteonerv. Ala. the handsome surplus
~ the cherry Cotton Mills Of Florence,
Alabama. after paying annual
dividends OF over Is per cent. n year lot
the last five years, che a1o'ti-ia 70 lno
Manchester Cotton MIL. OF Rock HILL s.
q and 10 the Sterling Cotton Alii9' OF
Iraulllnton \. e. are indicating de-
cidedlv lealthy and progressive spirit
,,,ricsl ~ The general activity In the
so,tth finding other expressions IN ex-
cellent earnings OF financial lnsllluuohA'
I'm extension Of railroad lines, particu-
IN rlv I'm the Southwest, and the Efforts az
Charleston. Galveston, Mobile and New
orleans. TO provide the means for reaching
ont 40 the increasing foreign commerce OF
the country.
The following list presents the most i'm
nortant Industrial announcements OF the
Manufacturers Record for The week:
go an timber land COMPANY lotion ice