Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1909-05-20
new FoRr PAYNE SCHEME.
NJ. Jouveuat Tries to Induce Randolph
Stockholders to Reinvest.

NJ. Jouveuat Tries to Induce Randolph
Stockholders to RelnVest.
NJ. Jouvenat OF Monroe, La, met
dozen Of the Fort Payne (Ala-) Coal and
Iron company's victims at the parlor OF
the Randolph Inn Saturday evening. His
object was to interest them in a new
scheme for exploiting the fabulous riches
OF that place, in which were buried 20
years ago so many good New England
dollars, whose mourners have ever since
been sorrowing as those without hope.
Lately E. G. Drew, a Southern foater
OF collapsed concerns, has had a rosy vis-
ion Of reviving the Fort Payne enthusi-
asn in the North and, by means of very
alluring letters, has been industriously
blowing on the cold embers of invest
ment enterprise. No fault could be
found With his bellows or kindling ma
terial, but the few sparks that feebly
frightened under his treatment did not
fan into the blaze desired. Now be is
sending around capable representatives.
experts in coal and iron-the great prod
ucts of that region-to convert the
doubtful by persuasive words, enticing
prospect and the force Of personal magnet
ism.
Mr.. Drew's proposition is to form q
new company to be called the Fort Payne
Fuel and Iron company Cinstead OF Coal
and Iron company and to allow the old
stockholders to exchange their worthless
stock for shares in the new company by
paying ten cents additional on every dol
lar Of stock so exchanged. The old
stock was non-assessab bic. as the new is
to barring, possibly, some ten-cent
device like the above.
Mr.. Jouyenat, who is an expert in coal
is also an expert in the plausible pre-
sentation OF doubtful proposition, but
though he angled skiIfully and the willy
old trouts were willing to play around
the glittering bait and examine it on all
sides, it is not believed that be had many
bites.
He began his discourse by lamenting
the absence of a fellow worker, M. W.
Howard OF Fort Payne, whom he de-
scribed as an uncommonly good talker;
whereupOn some one guilelessly inquired
IL it took pretty good talker to make this
scheme work. Mr.. Jouvenat fastened to
6eprecate any such Interpretation OF his
tribute to Mr.. Howard's powers OF ora
tory and then started in to sketch the his
tory Of Fort Payne since the collapse OF
1890. It was then, be said, bought in by
a Mr.. McCollom OF Birmingham for $685..
900, not quite enough to pay the cost of
settlement, including the receivers fees.
The owner took the property and
wrecked it. Everything he could pry
loose was sold. He tore up the railroad,
stripped the hotel, pulled down the tene-
ment houses and put them up again in
Birmingham, where he owns them now.
Finally the holdings were sold to the
DeKalb company that kept them until a
few years ago, when Major Anderson of
Birmingham, connected with the Queen
q Crescent railroad, took up the matter of
developing the resources of Fort Payne.
He persuaded one Of the railroad men to
4 buy out the DeKalb company on condi-
/ tion that Major Anderson should under
/ take to run and develop the mines. The
major unfortunately was soon after
put out OF business by stroke of apo
/ plexy and the property was again in the
market, s135, 900 representing its owners
I valuation of it. Now arises Mr.. Ere G.
Drew, who only knew at first that Fort
I Payne had coal and iron and one of the
/ finest town sites in Alabama. After Wis
i iting the place, he was very much inn
4 pressed with its location and thought it
would be worth while to build it up,
i simply for its advantages as a town, not
caring much then for its mineral re-
sources.
Mr.. Jouvenat was sent there to investi-
gate conditions and found that coal had
been mined in Fort Payne continuously
for the last 20 years, and used in the
town, from Is to 20 tons a day being tax
en- out; while no attempt was made to
ship it away, as that required capital.
He was shown the coal mine and was also
shown a five-foot vein OF iron ore, which
he traced for five miles. He reported tc
Mr.. Drew that there was iron enough
there for any reasonable industry and
coal enough for several generations be
sides a water power that could be devel
oped. He was asked to 60 North and
meet the stockholders but on the first
trip so much disbelief was manifested
that it was thought necessary to have ex
pert opinion on the iron deposits to con
vince the people.
Mr.. Drew employed William NJ. Bow
ron, mining engineer with reputation
in the South. lie made an investigation
and reported that Fort Payne had thu
best iron proposition in the South; bettei
than anything in the Birmingham dis
trict. He said it had a II foot vein o
very high grade mineral in four stratifieC
seams, one everything the other. He als'
said that thes Lookout mountain Goa
field, at a point opposite Fort Payne, hsi
three coal seams known and probably
lower seam not yet discovered. 1t il
three feet on the outcrop, increasing L
100 feet inside the mountain, whose 9OOI
acres are underlaid by coal. 1t is sold il
Fort Payne for $3.50 a ton.
Mr.. Jouvenat made the dazzling state
ment that, with SIS, 900 to put in the de
velopment of the coal field, their OUTPUT
in 30 days would be 500 tons day, OF
which 80 cents a ton could be cleared
profit Of $3.50 day and Of s75, 900 year
The coal alone would pay five pr cent OF
every dollar legitimately spent in For
Payne, and would pay five per cent divi
dends on a million and half. In Ten
nessee, 1856 acres of coal fields are wortl
81, 900 an acre.
: With the best coal aud iron in AlabamI
at Fort Payne, Mr.. Jouvenat could no
, understand why the old stakeholder
should hesitate to subscribe to Mr.
Drew's scheme, il they had confidence il
: his ability to resuscitate Fort Payne an
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