Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1886-12-24
A TRUE STORY
WHICH is so WONDERFUL
as TO BIZ ALMOST IN
CREDIBLE.

From the Washington pnt

! y Ian ~ AfNfs -'f ID l''' "
S. and f. G. Gordon, brothers OF
Governor Gordon, Of this state,
found themselves on a bluii over
looking the Tennessee river, below
tlhe Muscle shoals and near Tuscum
lila. They determined 10 ionnd a
town on that bluff. In three months
they had bought up the adjacent
lands. organized a stock company
with 100000 capital, tackled the
name of Sheffield to the bluil' and
began to build waterworks. The
scheme was advertised largely. The
beauty of the site commended it,,
outlying coal and iron fields sup.
ported it, and in about eight
months the first sale Of Sheffield
city lots was held,
EVERYBODY WANTED TO Buy.
That sale has never been eQualed
in sacred Of profane history. Tho
three or four houses on the site OF
the projected town were crammed
with buyers. Two or three steam
boats that had found their way up
the Tennessee river swarmed with
eager purchasers. The woods were
full of them when the sale began one
morning, and lasted three days.
At the end Of that time S2S3,0O0
had teen realized for the lOts-ncar-
ly three times the entire capital
Less than fifteen acres was ex-
hausted. A triangular lot, 60 by
100 sold for $500. Much of the
land averaged $4,000 an acre, with
but three houses in sight. Con.
servatlve men would sit all day on
butt of a water barrel in an open
field, with not a fence in sight, and
pay 500 a front foot for corn rows,
with last years corn.stalks still
standing in them. At the end Of
the third day the sale was stopped.
In the meantime the stock which
had cost twenty cents was selling
for $40.
FORTUNES IN BIRMINGHAM.
Now look at Birmingham's rec
ord. Mr.. Josiah Morris, a Mont.
gOmery banker, put S30,0O0 into
Birmingham about ten years ago.
lie has drawn over $500, 1000 cash
dividends on his thlrty-thonsand
dollar investment mp to The first of
this year. His dividends for the
first eight months Of this year were
$50, 900 on his original investment
of $4,000. For this 100000 lie
has had 100000 in stock issued to
him. This is now worth s., 100, 600
for what cost HIM $50, 600 ten years
ago and on which he has drawn
more than 100000 in cash div.
idends. The speculation in Bir.
mingham was something like that
in Sheffield. The Elyton Land
Company formed a stock company
with 100000 capital The com.
pany bought s 900 acres of land |
at the junction of two railroads. lt /
issued 100000 in bondswth which |
to improve the property. With the /
first sale of lots the bonds were re-.
tired, and the city has since been
built by proceeds from it's land sales.
The company OWNS now, including
its public works, more than 1000.
600 of cash assets, and the 1000
acres Of the original purchase has
scarcely been touched. Every acre
it sells or gives away increases the
value of the remalningacrrs, SO that
the real value Of the stock is meal
For year or two Blrm.
ingham was city Of magnificent
distances. Colonel George Adair,
the veteran auc.ionccr, who man.
aged the first land sale, found him.
self lost in the woods ON lhr even.
ng Of the second day. Tie dIScoy-
cred one of his surveyors pages,
with tag llNing from II. near 10y.
| pom examining IL h. found that
he was at the corner Of Fllty-thrd
md Fourth avenue.
80 much for those two samples
IF town building in the South
Nothing can be found in the West
% equal them. In the meantime
Atlanta has doubled hes manulac-
-uring Industries ~ The live years
her last census aud
doubled her population.
Chattanooga stands nearly rs well.
More than 5000 miles Of railroad
ire now under contract or are be-
ng built in tho three states Of
Georgia, Alabama and Tennessee.
Excursions from She NOrth and
West arrive daily in All lnta, scat.
.ering from this centre TO all parts
If the South and seeking all man
Ter investments. \ million dollars
las been invested in marble mining
alone north Of Atlanta. Three
lines the largest marble cutting
works in the World are at Mariet-
"a, and take from one quarry not
ess than eleven or more than eigh-
cen cars of marble per day. y
Inarry Of verd antique, from which ,
| diamond drill took a core I'M
broken eighteen feet in length, has /
ust been discovered. In the past
six years $500, 100000 Of values
nave been added to the twelve
states, and those who oh.
serve most closely believe thar the
great movement has just beg.