The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-01-31
HuNTsvILLE's PROGRESS.
Another Alabama City which Is Grow
ing Rapidly.

lnk hhplulys
Special Dispatch 10 the Appeal
llUNrsyiLLE, Ala, Jan. 30. This, Mad
ison county, is coming to the front ON tho
question OF minerals For the past ten
days experts from birmingham and other
points have been m the vicinity Of New
Market making examinations aud have
discovered line quality OF red aud brown
hcma,ite ore, which, from the indications,
exists in large quantities.
A line quality Of coal has also been dis
covered which from the ouicropings, the
veins must be- several feet In thickness.
These ore and coal lands lic along the
Nashville & Huntsville railroad about sew
cntccn miles north Of this city. As con.
sequence considerable excitement prevails
In that community, and lands arc
being held at sitter prices. There has
also been found within radius Of one
to twelve miles OF Huntsville number Of
iron ore beds which, after thorough test,
have proven 10 be- OF high grade aud Of
fine quality.
Touching the new life that Is manifest
in our city In the various improvements
going on, there IL an important fact,
characteristic alone To Huntsville, which
makes II different from any OF lis sister
booming towns. so far ~ my knowledge
goes, the Improvement companies IN all
the other towns have issued their stock
and bonds from hyc 10 seven aud Onc-half
times the value Of the property aud im-
proycmcnis constituting their basis of
value. Consequently a speculative aud
abnormal price In values must be- reached
before the investor makes his profit, aud
must be- maintained IN order for the man
who holds last Ia save himself. Whereas,
here the North Alabama Improvement
company has issued lis stock aud bonds
upon the basis Of the market value Of lis
property and improvements before any
boom came, aud hence all investors,
whether the first or the last 10 hold, arc
perfectly safe, and future rise Improperly,
which must come ut an early day, aud in
crease with the rapid growth of the city,
accrucs to their benefit IL will be- seen
that this plan will prevent any wildcat
schemes from coming in.
The construction OF the Cincinnati,
Huntsville 4 Birmingham railroad is now
regarded certainty The Tennessee
counties, through which II will pass, will
relieve Il from taxation for twenty years,
which is equivalent 10 a bonus of several
hundred thousand dollars. The counties
that have already voted have signihcd that
they will issue bonds In lis aid 20 the
amount Of near 500, 600. The other coun.
ties, yet 20 vote, will raise this sum Ia
100000. A survey Of the line has been
made aud rights Of way obtained. While
the Alabama counties, by reason Of consii-
tutional Limitation, cannot vote any aid,
individual subscriptions 30 the stock Of the
road can and will DO obtained, making a
sum In the aggregate, 10 aid In the con-
struction Oi this road, OF million dollars.
With this amount Of aid from the people
along the line, large syndicate Of Amori-
can and English capitalists have given as-
surancc that they will build the road. II
will pais through one Of the richest sec
tions Of country In the south In agficul-
turc, minerals, coal oil and timber,
besides having on lis line
eight or ten county seats, which
are prosperous and growing towns,
with a population ranging from 5000 10
1900. The southern terminus Of this road
will be either Birmingham or Brunswick,
Ca, on the sea coast. Hence II will be
seen that this will be one Of the most yalu.
able and important railroad properties In
the south. / have word from all along the
line, and the people are enthusiastic In
favor Of the road and are determined 10
have II. Upon the consolidation Of the
Kentucky, Tennessee and Alabama divi.
sions, for which negotiations are now
pending, 10 be effected at an carly day, q
very wealthy gentleman from New York
will be made president, and the vice.
president and several Of the directors will
be selected in Cincinnati, from gentlemen
who are largely interested In this great
enterprise. 10 II will be seen that the
| clain, that IIuulsyille m the coming rail.