Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-07-12
RESULT OF A BOOM.
The Basic City Post Office Reduced to the
Fourth Glass
How Town Lots Were Sold on Paper-A
Northern Capitalist Qui,tly scooped
in . $4,000 Bonus.

The post Office at Basic City, Va, has been
relegated from the presidential class to tho
fourth class.
This simple statement conveying the Informs
tion that this Office has ceased to produce
enough revenues to entitle it to place in the
presidential class also has q wider meaning. II
records the rise and fall Of a "boom." Those
who are familiar with the great real estate
boom which swept over southwest Virginia Q
couple Of years ago will remember Basic City, the
magic town" that sprung in few months
from cornfield and meadow land to q plated
city, with streets, avenues and boulevards laid
out, with sites fixed for factories, iron
furnaces, rolling mills and blocks Of business
buildings.
People were assured that Basic City was to
be a second Pittsburg and they focked there to
invest in corner lots. Land which had lately
been appraised by the acre as farm land was
suddenly held for sale by the front foot as
building lots. Enormous transactions In real
estate took place daily. People seldom bought
q single lot: they dealtin whole squares!at time.
To be sure, there was very little actual money
handled in the transactions. A small cash pay
ment was usually made and notes given for the
balance The man who gave the notes never
expected to meet them; the property was sure
pose OF IT at profitable advance to some new
conner later on, leaving the latter to attend to
the final payments.
PRICES ADVANCING.
The same properties changed hands many
times in a month, advancing in price upon
each transaction. Finally the price reached
the point where the first cash payment was be-
yond the pocket of the speculators. Then the
transfers stopped. The last man in the deal
"held the bag
There is only one instance quoted where the
Basic City boomers are alleged to have been
worsted. northern capitalist" fearful
and wonderful creature looked upon with awe
In the south and supposed to represent fabulous
sums Of wealth-came to Basic City. 1t is said
he represented himself to be a manufacturer
employing several hundred hands. He was
delighted with Basic City, and, by iove had
half a notion to move his factory there. This
idea was encouraged and finally the boomers
offered him free site for his factory and
$4,000 bonus to come, the bonus to be paid
when the factory building had progressed as
far as the windows of the first story, this being
taken as evidence OF the northern capitalists 8
good faith to continue the work.
AN OFFER ACCEPTED.
The offer was accepted, and while the work.
men were engaged in excavating for the build
ing the "boomers'' stood around and did q
rushing business in selling lots in the neighbor-
hood which would be enhanced In value by the
presence Of the factory. The work went mer
riiy along, and when the buiiing was completed
to the windows Of the first story he collected
his bonus Of S25, 900.
The next day he left town and that was the
last seen Of the northern capitalist. 1t cost
him probably $4,000 to build up 10 the windows
Of the first story.
The Basic City Of those days which bloomed
and blossomed as rose has sadly faded and
withered, rustling its dry leaves mournfully in
the chill wind Of adversely which sighs through
the tree tops. signing for the northern capital
ist who never returned. Gone are the prosper
ous boomers with their gilt-edged prophecies
Of golden future for the magic city, departed
are the cheerful real estate dealers with their
fat wallets and bland ways in which they closed
transactions aggregating a hundred thousand
as unconcernedly as a man buying six street
car tickets for q quarter. The houses are de-
serted, the streets grown up with weeds and
the walls Of unfinished buildings stand out
against the sky like gaunt specters.
Each day the remaining boomers 70 to the
station to meet the northern capitalist, but as
the train whirls off and no capitalist allghts
they turn away and gaze sadly down the dusty
road and think upon the good old times
gone by.