The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1893-01-19
Is IT RIGHT?
Are the Bondholders Doing
Justice to Big Stone
Gap Lot Owners?
Are They Not Acting Directly
Against Their Own Interest?

| In making it obligatory OH the part OF
Mr.. Thruston to bring suit against lot
purchasers on deferred payments for prop
erty purchased Of the Improvement Co.,
are the holders of that company's bonds
doing Justice to the people who have made
the hard fought battle here and stood the
brunts of the crisis at Big Stone Gap?
The Posi- is inclined to the belief that
thew in this matter, are not oulv doing a
great injustice to the people who have
made Big Stone Gap what it is today, and
consequently made their bonds worth just
whatever they are valued at, but they are
acting directly against their own interest
in so doing.
Suppose Big Stone Gap had been
abandoned aud deserted Ivy those who
located here in the infancy of the place,
as has been the case with many new
towns throughout the South in the past
two years, and today the improvement
Companv's bonds would be as but so
| much blank paper, so far as any value
attached to them is concerned. But such
has not been the case Big Stone Gap is
made up of an entorprsing, determined
class of pcople-the equal Of whom in
this respect is hardly found in any other
town IN The South. They have had hard
struggle of it, it is true, but they have
never weakened, and have all pulled and
worked together like Turks for the sue
cess of the place. They feel that they
have about crossed the low grounds of
"sough and despond," and are now be-
ginning the ascent ofthe hill ofprospcrIty,
provided that necessary help and assist
ancc is accorded them by those who are
in position to either help them forward
or pull them hack.
Take, for instance, Il lot that sold by
the company at 5000. On this lot the
purchaser paid 500 cash and gave two
notes of 800 each, payable in one and two
years. In the dull times through which
the entire county has past for the last
two years, it has been impossible for the
purchaser to improve his property, or to
dispose of it, His notes in the meantime
have become due, and he finds himself
unable TO meet them. Now, is il policy
on the part of the bondholders TO force
| Mr.. Thruston, as trustee OF the company
to bring suit against that lot-owner and
sell his lot at q sacrifice under the lien
retained in the deed from the company?
| In these dull times such n lot, it put 70
force sale would possibly bring 500. In
this case the company not only exchanges
notes to the value Of 5000 for $lo0-gct
ting cash payment Of $33.33l5 and ac-
cepting the second purchasers notes for
the remainder, but it forces the man "to
the wall" who has been one among those
who have done the work of building up
the town to its present growth while the
bond holders set back and drew their
little divide ads created and made for them
by the very class Of men they are now
crushing to death.
Times are getting better now, money is
getting easier; the people begin to see
success smiling upon them, and, with the
incoming tide of prosperity there is every
reason to expect an early advance in the
| value of Big Stone Gap real estate. So,
looking ut it from this standpoint, it does
seem that it would he TO the interest OF
the bondholders to suspend these suits,
for, say, twelve months. AT the end Of
that time they would hold 5000 in notes,
with accrued interest, secured by lien
on property that will then possibly he
worth $500, which, today. if put to force
sale, passes from the company at about
one. third its original price. Can't some
thing be done to get the bondholdcrs to
look at this matter in the proper light,
and cause them to more fully appreciate
the noble efforts of our people in fighting
the hard -foaght battle of the past two
years?