The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-09-11

| nance the value Of that still outstanding. An
other advantage derived from the plan adopted
by the Tacoma Improvement Co. is, that the lot
owners, feeling that the company is doing all it
can to assist them in meeting thci: payments,
and are very much encouraged, and feel like
going to work with vim to advance the in
terests of the town.
at seems to me that the wiscst course for
the Big Stone Gap Improvement Company
could pursue, would be to adopt similar plan
to that which was So successful ut Tacoma.
1t would not only be to its its benefit in n
nancial sense, but believe it is the equitable
thing for them to do. Many of the lots here,
especially those in plat 3, were sold at high
prices when there was 4 wild fever of srecula-
ton prevailing here. The company has failed
to comply with many of It's promises made at
the time, and it should now come to the relief
of purchasers, not only for the benefit of the
purchasers, but for its own interest.
'My idea is that the Big Stone Gap I'M
proyemcnt Company should accept its own
stock alta reasonable. figure, say at fifty per
cent of its PAR value, in payE:"it Of debts due
it; and that the boniioidcr; shoull authorize
r. G.. Ballard .'hruslon, Trustee, to receive
the bonds of the company i'll payment of notes
due on lots in the town at their par value.
This would enable holders of the stock and
bonds of the company to find ready market for
such securities ut Il reasonable figure. The
advantage to accrue to those owing the compa-
ny, in being thus enabled to buy securities ana
pay off their debts with them at a price above
what they cost, would prove sufficient nccn-
tive to cause them to pay Off their debts to the
company without suit.
at should be remembered by the stock
holders and bondhoidcrs that large part of
those who have bought lots here, are parties
not living here, many having no other prop
crty that could be subjected to Judgment than
their lots in the town. Under the present
condition Of affairs il is well Enown that il
these lots were put UP and sold under the
hammer they would not bring their fall value.
This is especially true Of the lots in plat 3,
nasmuch as they were sold at prices ranging
from five hundred to twenty eight hundred
dollars, and that is not Il section of the town
where most Of the improvements have been
made"
Tie first CARLOAD of iron ore ever shipped
from Big Stone Gap, was sent out on Wednes-
day over the Louisville Il Nashville and Nor
folk & Western railroads to Graham. This
ore was taken from Wallen's Ridge, just on
the southern outskirts of The town on the
property of the Big Stone Gap Improvement
Go. \ thorough test of the value of the ore
will Lc made at the Graham furnace, ard If
the test is az favorable as is expected, large
force Of iEcn will lie put to work mining It..
This is rcd fossiliferous ore, and MIR. j. X.
Tnggart, of the Virginia Coal and Iron Co.,
says It will run nearly fifty per cent of iron.
Big Stone Gapis getting in a fair way TO
demonstrate in practical way what those ex-
perts who have been here have always claimed
that at no other place in America can iron be
made lis cheaply as ut this place.
w. C. Harrington has let the contract for
the building OF II five thousand dollar residence
on Poplar HILL alr. Harrington expects to
move INTO his house by Christmas.
y ::
The extent of the water supply of Big Stone
Gap will be indicated by the following meas
uremcnts supplied hy Tie courtesy OF Nal
colin Smith, City Engineer:
Miles.
u inch pipe from the dam to Z. 29ti 81. 1902
10 +" {" =. Goth st. to L. 9th 81. 2.437
s Z" througli the city, O.Sl5
8" {" l.277
/" O.179