The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-13
"BUSTED room" RECALLED.
How Northern Capitalist scooped In
"a $4,000 Bonus.

The postofice at Basic City, Va. has
been RELOCATED from the presidential
class 10 the fourth-class.
This simple statement conveying the
information that this Office has ceased 10
produce enough revenues TO entiue IT 10
a place I'm the presidential class also has
wider meaning, says the Washington
Star. 1t records the rise and fall Of q
boom" Those who are familiar with the
great real estate boom which swept over
southwest Virginia a couple OF years ago
will remember Basic City, the magic
town" that sprung in few months from
cornneld and meadow land 10 a plated
CITY. With streets avenues and bOulevards
laid out, with sites fixed for factories,
iron furnaces. rolling mills and blocks or
business buildings.
People were assured that Basic City
vas To be a second Pittsburg, and they
nocked there 10 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 es-
tate took place daily. People seldom
bought a single lot they dealt in whole
squares al a time. TO be sure, there was
very little actual money handled In the
transactions. \ small cash payment was
usually made and notes given for the
balance. The man who gave the notes
never expected 20 meet them; the prop
erty was sure to rise in value right along
and he would dispose Of II at a profita-
bic advance TO some newcomer later on,
leaving the latter 10 attend 20 The final
payments.
The same properties changed hands
many times in a month. advancing I'm
price upon each transaction. Finally the
price reached the point where the first
cash payment was beyond the pocket Of
the spectators. 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. A Northern capital
ist'-that fearful and wonderful creature
looked upon with awe in the South and
supposed TO represent fabulous sums OF
weaIth-came to Basic City. II is said
ne represented himself 10 be manufac-
turer employing several hundred hands.
He was delighted with Basic city, and,
bv love. had half a notion to move his
factory there. This idea was encouraged
and finally the boomers offered him free
site for mis- factory and $4,000 bonus 70
come. the bonus 20 be paid when the
factory building had progressed as far
as the windows Of the first story, TINS
being taken as evidence Of the Northern
capitalists good faith TO continue the
work.
The offer was accepted, and while the
vorkmen were engaged In eXcaNauhs
for the building the boomers stoou
around and did a rushing business In
Ceiling lots in the neighborhood, which
would be enhanced in value by the pres
enca of the factory. The work went mer-
rilv along. and when the building was
completed to the windows or the trst
story ne collected his bonus of $4,000.
The next day he left town, and that
was the last seen Of the Northern cap-
talist II cost him probably 5000 TO
build up 70 the windows OF the hrst
story. -, .,,oh
The Basic City of those days when
bloomed and blossomed as a rose mas
sadly faded and withered rustilhg us
dry leaves mournfully In the chill wind
~ adversity which signs through the tree
tons signing for the northern capitalist
who never returned Gone are the pros
nervous boomers with their giit-edseu
rroDhecies of a golden future for ne
magic city. departed are the cheertui
real estate dealers with their rat waHels
and bland ways in which they closed
transactions aggregating hundred lhou-
sand as urcOncernedty as a man puya'e
six street-car tickets for a quarter. Inc
houses are deserted. the streets grown up
with weeds and the walls or unfinished
buildings stand out against the sky IKE
gaunt specters.
Each day the remaining boomers so 10
the station TO meet the Northern CAPT
talist. but as the train whrls of and no
canitalist alights they turn away and
gaze sadly down the dusty road and think
upon the good old times gone by