The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-11-04
The TOWN THAT DIED.
What Beiell an Alabama City Reads
Like a Tale by Poe.
Palaces Sold for Song-The Pricking
of This Municipal Bubble Made Beg
gars Rich and Millionaires Poor.


Copyright
Montgomery, Nov. S.-The story of Fort
Payne, Ala, recently the pride Of
| so many New England people, is a thrill
/ ing tragedy and pointed lesson to en-
| thusiastic investors in distant properties.
The company that doomed this i'll
/ starred town was organized in the fall of
1883. 1t was looking for iron and coal,
and in the vicinity of a little village on
the Alabama Great Southern railroad it
found both in richest profusion. 1t was
in the beautiful Wills Valley, with noun
tain ranges on either side-Lookout on the
east and Sand mountain on the west.
In selecting the officers of the company
care was taken by the prime movers in
| the enterprise to choose from various
points men of influence in their own dis
| tricts-men of sterling integrity and
| honor. New England was thoroughly can
vassed, for it was in this section that the
stock was principally offered. Such was
| the faith in these men that within a
month four of the five millions-the sum
originally fixed as the capital of the com
pany-was taken. In January, 1889, the
| prospectus went forth; 1T is the inten-
ton of the stockholders and officers of the
! Fort Payne Coal and Iron Company to
build a manufacturing city in the Wills
valley at Fort Payne, and if the results
| obtained in other localities, many of
| them with far less advantages, can be
| taken as a criterion, the accomplishment
of the object can readily be attained. The
| company has laid the foundations broad
/ and the pntpTnriSp with
| whose financial skill and judgment are a
| guarantee that the ineXhausuble re-
| sources of this fine property will be care
| fully developed, and, as a natural result
| of such development, a city will rise in its
| midst" etc.
! Early in 1889 the pioneers arrived in the
| village and began the foundations of the
| new city. Broad avenues and streets
were laid out and carefully graded; build
! ing went on with great rapidity; houses
! sprang up as if by magic; more preten-
! tous homes, with beautiful grounds,
! quickly followed; many more were care
! fully planned-to be built when the ex-
! pected fortunes were realized.
Young men from our various colleges
! eagerly sought positions with the COM
| pany, and really charming lot of people
| became settled there. 1t was called the
! New England of the South" and truly
it might be, for from each and every
! town, village and city were culled the
| men of means or influence.
| As the mining and manufacture of iron
! which was everywhere so abundant was
| to be the principal feature, iron working
plants and furnaces were established
| Coal was everywhere, too Coking coal
| was discovered, and coke ovens were
| built. rolling mill and steel plant was
| equipped Stove works. a basket
| factory. and an ice factory a fire
clay works, a hardware plant. and
!
! lshed within year.
| A complete system of sewerage, water
works, and a fine electric plant to illumne
the city followed. Fine hotels We're built
and beautifully fitted with every comfort.
| An academy with well selected torps
| of teachers was established, for here was
! to be a center of learning as well as of
| industry. Churches were built, and an op-
era house
In eighteen months from the time of
starting the prophecy set forth in the
| prospectus was fulfilled for a model city
stood in the place of cotton fields.
The taxable property increased during
this period from $1i6, 633 to 50, 10000
The northerners who had gone there
to dwell were enthusiastic over the place.
| They were making money rapidly in their
! real estate ventures, and fast as one
sale was contaminated, another was ne
! gotiated.
The scenery was delightful, with its
| rock glens and falling waters. The
| mountain ranges were picturesque at ev-
| cry turn. Old Lookout had many memoir
| les to the soldier; riding parties explored
hills where all was novel and strange.
| Within twenty miles there were untrodden
forests. The climate was mild, the tenn
| perature equable for healthfulness it
could not be surpassed. The nights were
cool
Excursion after excursion had been
| planned and executed during these eigh-
| teen months bringing from New England
homes hard-earned savings to be depos-
tied in the "Elctric City" These excur-
sions were always lavishly arranged.
After a delightful journey from Boston,
| the vestibuled trains-often twelve in num-
| ber-would arrive in the early evening of
! the second day, when the twinkling lights
| Of the little city shone out brilliantly. The
visitors were taken at once to the famous
! hotel the dining room of which was most
| attractive It's walters were well drilled
and a we'll known chef from Boston at
tended to the cuisine. The guests were
enthusiastically welcomed. and well enter
tanned. What wonders were shown them!
! They subscribed eagerly to everything.
! Ioath to leave, they returned home com
! pletely under the charm of the place, and
! carried the tale of wonder to their friends,
inducing them also to invest.
A year passed, and instead of marvel
nands for more money. The investors
must protect their interest, so more money
was raised, many homes being mortgaged
/ to do this.
When the company had drained one
section 1t reached out in other directions.
A Jolly party of Chicago business men
found the place very attractive,
and inv ested considerably in the new
| enterprises. But willy business men
from the northwestern cities were not
caught They came, and saw, but were
not conquered, and to-day have reason
| for congratulaton.
Times began to change; money, once so
plentiful and free was harder to get;
stiu the people had faith in their wonder
full town The soon began to criticise the
MANAGEMENT. Too much money had been
expended on a fancy railroad to the coal
lands. IT was a pretty ride up the steep
mountain. quite novel, yet complaints
were heard. The great furnaces that
we're TO make such wonderful steel and
iron were obliged to shut down for LACK
1 Of funds.
Some Of the officers Of the company.