The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1894-02-22
GOT RICH ON CREDIT.
Shrewd Pittsburg Man Realizes For
tune Out of Nothing.

American shrewdness is well illus
} trated in a real-eState transaction that
occurred at 4 small town not MANY
miles from Pittsburg says the DiSpatch
! Of that city. On capital of IS cents
! a man possessed himself of 1920. 600
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 IS
cents in his pocket He realized that
7 something had TO be done Having
+ place where he was always sure 0f
/ accommodation he wasted no time.
but on the very day he met his loss he
/ began to look about to turn something
I up.
( For long time he had noticed
2SS acre tract of land adjoining a town
/ of 5000 inhabitants which he thought
would make a great real-estate invest
menl. He went 10 the agent of the
estate and secured Il 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 plat out in 1,6)) lots and
charged him $3.50 for his services.
This, likewise credit. He thought it
would be a good idea to have street
railway located. and as time was mon
ey in his case he succeeded in getting
charter through, being a friend of
the governor in those days.
He next announced through adver-
tisements obtained on credit that he
desired to sell a number Of lots at $3.50
each, conditionally; chat is, no money
was to paid on the purchase until he
had broken ground for the location of
some manufactorv employing not less
than 200 men. When such a factory
was started the buyers were to hand
him half the purchase money. In
eighteen days $50, 900 worth of prop
erty was disposed of to some of the
most solid citizens of that town and
Pittsbur@. great deal being sold in
| blocks. About this time the creditors
who had favored him were beginning
to press for their money, so in order
to hasten a cOnSummation of his plans
he called upon a prominent manufact-
urer Of PittSbur@ and made INN p
proposition that if he would move his
works TO this point he would give him
50 much ground and cash bonus be-
Sides
All this time the promoter had moth
inc but his 10 cents, and creditors
were pressing him on every side. The
manufacturer refused to locate until
he received 4 deed of the properly.
/ The promoter here met another diff
Guilty. He couldn't get a deed until
he paid for it. He finally saw way
out of it, and asked the manufacturer
if he wouldn't begin digging for the
foundation, 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 Il couple Of days he
had Si2, 500 in his possession. With
this he was able to pay the manufact-
urer his bonus, to settle all his debts,
and by placing several mortgages to
purchase the property. He now has
four manufactures under way. two
squares of railway laid, and 1920 lots
left. after having paid for everything
and allowing himself 4 liberal salary
besides.