The speculative fever had me, and sitting in that up-tilted chair I
decided to hit the game for what it was worth before the fever rose with
the rest of the world to its full height, thus giving me the best chance
to be in shape and ready for the crisis. I bought a piece of land
adjoining Buxton and had it cut up into building lots. I sold them all
when the boom came for twelve dollars each. The deals were managed by
local real estate agents, and after paying them their commission I found
that on an investment of four thousand dollars I was six thousand ahead.
Having bought at the right time there never was any danger that I would
lose; while, as I had expected, I came out a handsome winner.
This speculation encouraged me to dabble in real estate on a larger
scale. I realized that it was not like the old days when one waited for
years while the land slowly grew into value, but that with smart,
far-seeing heads at the front fortunes might be made in a single night.
I looked over the map and kept my ear to the ground, waiting for another
favorable opportunity.
I found it at Harwood, where I bought several sections of land, which I
cut up into town lots, holding them, at the outset, at thirty dollars a
lot. As before, I had local land agents interested, who, seeing big
money for themselves, assisted me in all kinds of schemes to boom the
property.
They built—on paper—three railroads, a magnificent union depot, machine
shops and factories, an opera house, and a line of street cars. There
was in reality as fine a bit of water power at Harwood as one would want
to see, and the site had other advantages. We got the attention of the
people of the state turned in that direction by advertising, hired a job
lot of engineers to survey for the three railroads, and got as far as to
start the foundation of a two million dollar college. The street car
lines were brought to the attention of eastern capitalists, who own the
franchise to this day. Outside people put in money and then came to look
after it. One of the railroads was actually constructed, and another
broke ground; the water power was turning the wheel of a real mill; a
handsome court house stood in the public square; there was a hotel or
two on Central avenue fit to grace any little city; there was a
population that had risen from four hundred to four thousand, and more
coming, and every evidence of prosperity, when I sold out my last lots.
I had already seen some of my thirty dollar lots go up to three hundred,
while the poorest land owner in the original town would have made a
fortune if he had held on long enough. But I knew how to quit and when
to quit. With a hundred thousand dollars to the good I retired
gracefully, and before the turn of the tide. There were plenty of
persons in after years to say, “If Weldon had stayed with us the boom
would not have collapsed.” But Weldon did not stay. I knew it was only a
question of time when the inflated values would take a tumble, so I
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