The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1894-03-11
FATE OF A BOOM TOWN.
Cncer the Hammer II Brings About Three
Cents for Every Dollar Invested.

Cn6er the Hammer II Brings About Thres
Cents for Every Dollar Invested.
The boom town OF Fort PAYNE. Ala.
where millions were invested by New
England capitalists, was sold unda'
the hammer the other day to e. N. Cul.
lom, n Birmingham capitalist, for tho
small sum of $4,000, says the st. Louis
Republic. The purchase includes S0.-
900 acres of mineral lands. 1000 town
lots, and various large industries. In
Guiding rolling mills, furnaces, facs0
ries, hotels and the like.
In July, 1892, the entire property oe
the Fort Payne Coal g. Iron company
was placed by order Of the United
States court In the hands Of q receiver
upon the petition of A. L. Loyles and
others of New England These were
afterward joined by the Old Colony
Trust company Of Boston, trustee. who
asked for foreclosure Of mortgage
for $500, 900. The receivership, though
holly contested in the United States
courts by other New England stock
holders, was sustained
Fort Payne was the first attempt OF
organized New England capital Is
found city In the south, and 10 has
proved fat failure after several MIL
lions have been squandered The town
was built TO order. In the fall Of 1850
W. p. Rice and associates of Bostou
ioated 10000 shares Of Fort Payne
Coal e Iron company stock In Yer.
mont, Maine, New Hampshire. Massss
chusetts, Rhode Island, Connecticut
and New York city at SIS per share Of
500, realizing a clean 81 coo, 600, which
Afterward 10000 shares OF stock re-
served in the treasury were sold At 81
per share This soon went and .
blanket mortgage with bonds aggre-
eating $500. 900 was e xecuted Imrlenss
sums were obtained from the sale of
town lots, which wers also expended
upon tbs town In waterworka, hotels,
railroads, sewer system furnaces, roll
ing mills and all ths sccoutsemeEts Of
q commerc..s al and manufacturing city.
Then camo the boys of financial Do
precision la 1890. and Fort Payne 70
tired and has remained In retirement
ever since. private and corporate ex-
pcnditures having amounted 70 %. Co.,.
900. The expenditures Of tho Fors
Payne Coal d Iron company amounted
70 %. o00. 900, all Of which has been sold
for ~, 600, or for cents On The dollar.
Tho result Of this enterprise has
been disappointing 70 both eastern
people and TO southernsrA the ops
IN losing their money and the other in
the check that - given 10 eastern tn
yestment Fort Payne WAS The hrss o1
. series OF boom towns that sAras %
the front In the south In Isse and 1890,
Middlssboro. Ky, and Hartman
Tenn. being other examples All have
gone the way Fort Payne WENT
eoosssssg IN yhss NsssA
The mania for giving . large nun
Der Of Christian names "a one and Tia
same persoa Is particularly prevalent
In IsaIy. An Italian Rensieman named
who hzs JOS. been natnrsi-
lied . Frenehman. has gfven sone lit
tie trouble 20 the French sorrign ofses
clerk N registering his fall deslgaa-
ton Here IL Ia ysneendo salvatore
Maria Gepnsro Francesca sales Fran
Assist Frzrcesco se Pxole Eoeea
Michele Crocta.eo Emsddio fs~iaais
Gsorsa Giuseppe Gestsv6e Carlo
Gsetaaa Alfonso Giro Andrss Lnirs
0er.ido An.oaio-dtpsra An-
CsnpASsA-Lecdoa ss~A