The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-13
GOT RICH ON CREDIT.
With Grit and Shrewdness a Yankee
Gets a Fortune Out of Nothing.
From the Pittsburg Dispatch.

From the Pittsburg Dispatch
American shrewdness is well illustra-
| ted in a real estate transaction that oc-
CURED at a small town not many miles
| from Pittsburg. On a capital of seventy
five cents a man possessed himself of
1920, 900 worth of property. Six or seven
months ago Mr.. Blank met with some
| losses in business which cleaned out what
capital he had and left him with seventy
five cents in his pocket. He realized
that something had to be done Having
! a place where he was always sure of ac-
| cOmmodatiOn he wasted no time, but on
the very day he met his loss he began to
look about to turn somethingnp
OF'or long time he had noticed a $50
| acre tract of land adjoining a town of
1000 inhabitants which he thought would
make O great real estate Investment He
went to the agents OF the estate and Sc
cured a ninety day option on the place
for $3.50 He didn't have the money, but
being well-known in the neighborhood,
was given credit. He next engaged a
surveyor who laid the plot off in 81 600
lots and charged him $3.50 for his services.
This, likewise, credit. He thought 1t
would be a good idea to have a street
railway located, and as time was money
in his case he succeeded in getting a
gov srnOr in those days.
He next announced through advertise
ments obtained on credit that he desired
to sell number of lots at $3.50 each, con-
ditionally; that is, no money was to be
| paid on the purchase until he had broken
ground for the location of some manufac-
tory employing not less than 200 men.
When such a factory was started the
| buyers were to hand him half the pur-
chase money In eighteen days $4,000
worth of property was disposed of to
some of the most solid citizens of that
town and Pittsburg, a great deal being
sold in blocks About this time the cred
itors who had favored him were begin
ming TO press for their money, so in order
TO hasten a cOnsummation of his plans he
called upon prominent manufacturer of
Pittsburg and made him a proposition
that if he would move his works to this
point he would give him so much ground
and a cash bonus besides.
At this time the promoter had nothing
but his Is cents, and creditors were
pressing him on every side. The man
ufacturer refused to locate until he re-
ceived deed of the property. The pro-
moter here met another difficulty He
couldn't get deed until he paid for it.
He finally saw way out of IL, and asked
the manufacturer if he wouldn't begin
digging for the foundations, assuring him
the deed would be Forthcoming in due
time This the manufacturer did, and no
sooner was the stone hauled and the
ground broken than the real estate man
called upon his purchasers for half the
purchase money, according to agreement
In a couple of days he had S42,500 in his
possession. With this he was able to pay
the manufacturer his bonus, to settle all
his debts, and by placing several mortga-
ges to purchase the property. He now
has four manufactures under way, two
squares OF railway laid and 1900 lots
left af ter having paid for everything and
allowing himself liberal salary besides