The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-10-09

and drawing of this hotel was made and
circulated with other Zig Stone Gap lit
erature, and it was among the leading
features to advance and increase The price
of property.
In referring to and speaking Of these
promises of the Company which it has
failed to carry out, do not wish to create
in any degree the idea that it was NOT hon
est and sincere in chem ut the time, but
the stringcncv in money matters during
the past eighteen months has not only
affected the private individual, but has in
like manner affected large corporations,
! thus bringing upon the Improvement
Company It's inability to carry out its in
tentons.
Now, the time has come for some action
TO be taken looking not only to the relief
os tie Company, hut also to that OF its
debtors, My idea, as suggested before,
OF The Company accepting its bonds in
payment Of debts due from purchasers Of
property is, it appears to me, the best and
most feasible plan under the circumstnn-
ccs 1t the bondhodcrs would instruct
r. &. Ballard Thruston, trustee, to receive
the bonds Of the Company in payment On
/ NN'''S 1"S ANi HAOPNi's ~ THi 't'uN,
an arrangement of the kind would GER
tuiniv prove beneficial in more ways than
one. 1t would at once establish and create
ready market for the bonds of the Com
pany, and he tie meai.s of bringing about
new life and activity in the town. Extra
and renewed efforts would be made on the
| part OF debtors to meet their indebted
ness, vino, under the present circum-
stances, can see no way out of their fnan
cal embarrassment. By adopting this
plan the unpleasant and disastrous fca-
ture of selling lots under the hammer
would he avcrtcd, and the price OF prop
crty at the Cap would be upheld, which
would not only prove beneficial to lot
owners, but to the Company as we'll.
1t is we'll known that if lots here were
PIT up to-day and sold at public auction,
they would not bring anything like their
actual value. The Company should, and
| am sure il does recognize the fact, that
an auction Of this kind would prove det-
rimental and disastrous to the interests of
the place, and, in connection with the hard
times that we have ex pericnced for so
| long, would give us Il set back from which
it would take us years to recover.
III cONHcCtiOil VIII iHfS ~
should he remembered by the bondholdcrs
that ut present Here is no market what
ever Tor Inc bonds Of the Company, there
fore they can not now be placed on the
market at any price; but, by adopting the
plan suggested, the bondholder will be
enabled to find a ready purchaser at say
fifty cents on the dollar-possibly more
for his bonds. Let the Company say al
what price it is willing to receive these
bends as payment Of amounts due from
lot purchasers, and let the debtors to the
Company buy hem in open market al
whatever price ithey can secure them.
1t should also be remembered by the
hondhoders Of the Company that these
utstanding bonds represent So. much in
dcbtcdncss against the Company. AS
these bonds arc purchased by parties who
owe the Company it will enable the bond
holder to exchange what now to him only
represents Il nicely printed piece Of paper
for ready cash; as they are paid in on
amounts due the Company, every dollar
so paid in ana cancelled will cnt down the
outstanding Indebtedness of the COmpa-
ny and increase to the same extent the
value OF the balance of the Mnsold bonds
and property still on hands,
As an illust ration, say there are I,000,-
GaO outstanding bonds, and deferred pay
mentS to he amount Of say $50O,00O due
the Company; by an arrangement of he
kind, assuming that the bonds can he
purchased at fifty cents on the dollar, and
accepted by the Company at face value,
this would place into the pockets of the
bondhoders $3.50, 600 in cash, it would re-
leve the debtors, it would increase the
value Of The remaining $500,0G0 Of bonds
to fully rs much as the $l,000,000 now
represents, it would give every one inter:
cstcd here new life aud energy, and, |
firmly believe, place our town on such
basis as to enable US to stem the current,
pad take GU: deserved place 81 HE head
! OF all ,Ec Mcw towns oil the South.
These ideas and suggestions are put be-
fore the public with the nope that they
may lie The means OF putting some one
else to studying this or some other plan
for the consideration of the Improvement
Company. W. +. HARRIS.