The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1890-08-22
VALUABLE SUGGESTIONS.
Mr.. James w. Fox Returns from Europe
with Encouraging News, and Suggests
New Plans for our Advancement.
Proctor and the Institute.
AN INTERESTING INTERVIEW.

AN INTERESTING INTERVIEW.
Mr.. James W. Fox, one of the directors
of the Big Stone Gap improvement Co.,
returned last Wednesday night from ten
weeks trip to Europe, and on being inter-
viewed Us to whether or not he saw or
heard of anything Of interest bearing on
Big Stone Gap, he said: ''There is great
deal of interest manifested in England re-
garding the South, and many millions Of
British gold are being invested here.
With marlborough as an English pro-
ject, you are familiar, and you know the
case with which it seems to get all the
tn, money necessary for its large and
numerous projects.
"Glasgow, ex-Gov. Lees town,nea Lex
ington, Va, has recently received 81 $780,
600 for investment there, so was inform
by gentleman who accompanied Col.
Anderson, OF Richmond, to conduct the
negotiations. The money to buy FIVE coal
mines, in one of which l am Interested,
(betwecn 81 900, 900 and 81 800, 0OO) was
recently undorwrittcn in London, and will
probably be paid OYER in October. And
to chow the extent to which these things
are carried. there WAS recently sold (ccn-
ditioncd only apon examination in Man
chester. England, Il ruct of mountain
land on the North Fork OF Kentucky river
q think 100000 acres) for $1,000, 900, that
cost the vendors short while ago only
100000. OF ,nls last was sorry 10 hear,
as I feur the ultimate effect Of such a
sudden und unwarranted rise in values
must be bad. Of these things happen to
hear and know, and there must be numcr-
Gus other Southern projects which nntur-
ally would not come to my cars SO yon
may judge of tho activity in that line.
"But you want to know more particu-
larly of Big Stone Gap. Personally had
mailed some 500 of our pamphlets, pub
lished in June, to the chief iron and steel
manufacturers and coke makers in Eng
land and Scotland, and the large brokers
in the island. and am sure this publica-
ton received large share Of attention.
Dr.. R. B. Whitrdge, of Boston, one of
our directors, and Travelled together, and
we accidentally met in London another di-
rector, Prof. John R. Proctor, who had
been ordered to rest his eyes, with which
he had been having trouble. Prof. Proc
ter has a very extensive and desirable ac-
quaintancc among the iron and steel
makers and the scientists of Great Brit
ain, and after the association which has
it's meeting in New York this fall has ad
iourned, he will bring here u small crowd
of the class of people who will do US the
most good, the manufacturers, whose visit,
we hope, will result in investment and de-
yelopment. 1t is probably needless to try
to bring the whole body, if for no other
reason because of our insufficient accom-
modation. He has slready shown thc
magnetic ores Of Cranberry, aid the cox
ing coal of Big Stone Gapato ;he largest
iron maker in England, who Was unfortu-
nately called away before he had corr
pres ted 1is examinations, bss return
this fall, when his already9yery9 favorable
impression will, we trust, be strengthened
and result in some kind of Industrial ac-
tivity:
eve can secure the money necessary in
addition to what / hear has already been
in effect promised to build the Interstate
Tunnel, or, indeed,to build it outright as Il
British project, but We can't do it on gem
alties. The matter Of charter must be, if
it is not already, arranged the investors
must know the length OF the tunnel, the
grades, and all that sort of thing, includ-
ing the probable cost, based on more rcla-
bic data than We now possess. The survey,
then, should be hurried even to the extent
of having two or three corps of engineers
in the field, so as to enable Us to take ad-
vantage of this favorable inclination of
monied people toward us.
1--WE can, also, under certain conditions,
get 81 600, 900 for development here, with
in four or FIVE months from October LIST,
until which time so many English take
their summer outing away from business
and business cares. The investor there is
not caring so much for bonds and securi-
ties with fixed income, but rather prefers
stocks which have speculative value.
This plan, then, involves the retirement of
our bonds by exchange for stock as
may DO agreed upon, but of its wisdom we
have not the least doubt, and We hope the
other stock and bondholders will SO
agree, rs we most cheerfully do. Think of
it: We now heve tied up in the trustees
hands for the sole benefit of the bond
holders, some 100000 of assets that as
rapidly as they can be made available
should be turned into Improvements in
this place. The bondholders arc almost
invariably stockholders, and as the plan
is simply an interchange of mutual secur-
tiles, repeat, l hope the thing may easily
he arranged. Perhaps our other land
companies which have no bonds outstand-
ing can also do this very easily; if 80,
what development we would have.
DR.. Whitridge and | came over with
young man who has had L great deal to do
with making the resources Of kentucky
known to the world, who has been to Big
Stone Gap several times, and was then on
his way to close out u mine deal in Cali
fornia for 81 500 900; and this fall he is to
bring out a still larger project. He, in
addition to the others Of whom have be-
before spoken, is anxious to get this
money for us. have asked Gen'l Ayers
to come and go over the matter SO that We
can proceed at once to get it in shape.
"This also gives me occasion to say that
/ have no patience with those people in
terested here who expect the company to
do everything. The company now fathers
the furnace, the electric lights, the water
works. its officers and stockholders have
built the dummy line, the Intermont hotel,
and have set the Mountain Park project On