The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-07-11
THE TALLAPoosA COMPANY.

III n0CSlV0b CCu10 obLSn6LOh rTOm
Stockholders in Chicago.
A year ago, says the Chicago Tribune of
Friday last, 1.-THE Georgia-Alabama Invest
ment and Developments Company" circu-
lated throughout this city pamphlets that
were attractive in illustration and enticing
from literary point of view. They told
of property as beautiful as it was ex-
tenslve, in Tallapoosa. Ga, and with glass
works and iron furnace in full blast and
operation.
The advertising literature said the com
pany was incorporated under the laws of
Alabama; that its capital stock was 81 800
900, and that knowing ones could purchase
shares rated at and fully worth $40 each for
much less money.
Several knowing citizens of Chicago did
purchase shares at SO SO each.
The list of officers OF the company, as
published, would assuredly be to anybody a
guarantee that the project was bonanza
Benjamin +. Butler was president, Col. and
ex-Congressman Logan II. Roots, a banker
of Little Rock, Ark, was vice president and
J. W. Hyatt ex-treasurer of the United
States. was treasurer. OF the score or so Of
directors the name of each was almost
equally well known and distinguished,
numbering as they did United States SEN
ators, bankers, officials. and capitalists.
SLOW DEVELOPMENT
The company did have glass works and
an iron furnace in operation for a time, but
they were shut down last winter, and the
company has not invested or developed
much since. In fact its affairs have gone
into the hands of a receiver, as shown by
an advertisement in Georgia paper ad-
dressed to the stockholders and signed G.
A. Norton, who says he is, as receiver, au-
xious to meet as many stockholders as posi-
BILE to formulate some plan for tue future
and for handling its assets to the best adj
vantage. To do this he announced that be
would be in parlor Q, Palmer house, Chi
cago, July and 8, and wanted as many of
the stockholders in this city as possible to
meet him, ''as the Aalue Of Their holdings
would depend largely upon the action
taken.
There are good many stockholders In
this city, most, if not ali, of them workers
of small means, and one Of them, living on
Throop street, visited the Tribune office to
give his experience with the "Georgi Ala
bama Investment and Development Com
pany.n He was fascinated by its promises,
convinced Of its honesty by the names OF its
officers and directors. Now and again he
bought shares. increasing the number until
he had Invested $400 He thinks when the
future plans OF the corporation are ''formu-
his entire stock for 81. When he first in
vested he was guaranteed, he says, that
even while the process OF developing the
property at Tellapoosa. Ga, was going on
he would be paid selni-annual dividends of
per cent. in October aud April. Last DC.
tober he received a scrip dividend, good for
reinvestlng in the investment company. but
not for cash. April produced no dividend,
not even q scrip one.
A STOCKHOLDERS VIEWS.
sand now said the stockholder, II am
invited to the Palmer house to formulate
some plan to be pursued in the future
which means, l suppose, If do not put up
more money to devslope the resources of
the company that will BIS shut out alto
gether and my stock forfeited. But as 1
regard myself as already out my little
means such action will not much affect
me-"
The stockholder says that there are a
great many others besides himself IN this
city, some Of whom are deeper in it than he
IS One North Side man has 700 shares
All OF them are anxious to know what Re-
ceiver G, A. Notion has to suggest.
Mr.. Norton, the receiver of the company,
arrived 10 the city Wednesday highs
and occupied parlor Q of the Palmer yester-
day. He is positive OF the value Of the
property placed in his hands, aud confident
that If properly worked it will soon prove
rich in results to those who have placed
their money in it.
Individually ne says he is not concerned
in it, beyond the interests ne takes as a cour6
officer to see that the interests of those con-
cerned shall be subserved. The failure of
the company he attributes to the reckless
extravaganza of those who managed IL, and
SAYS that under economical control the iron
and glass plants could be made dividend
- A,,et ba 30
pany owns 900 acres Of valuable mineral
lands
WRECKED BY EXTRAVAGANCE.
The property, he said. cost the stockhold-
ers 81 500, 600, and the total of debts against
it, so far as he can find out, will not aggre-
gate much more than $l60,00O. The old
management, he says, spent $4,000 year
In salaries and incidental expenses, while in
reality the work ought to have been done
for Sc, 900 or $1,000. Il had, for instance,
an agent in this city at salary OF $4,000,
and whose office rent and other expenses
footed up a good deal more than half as
much in addition. Like and still more ex-
travagnnt agencies were kept. up 10 the
other cities.
Mr. Norton said R. L. Spencer Of Con-
neoticut was the prime promoter of the
scheme, and James w. Hyatt of the same
state was also active in 1t. The iron fur
mace cost $4,000. and the glass works
500, 900. The company is the successor OF
the Tallapoosa Land, Mining and ManufGct-
uring Company.
Mr.. Norton says he has no scheme OF his
own by which to save the company from
extinction, but it hos been suggested that
the stockholders liquidete It's indebtedness,
form a new company, and capitalize II at
$3.50, 900. After paying off its debts OF $780,
900, there would be 100000 with which TO
start up the furnace and glass works, and
he thinks they could be made to pay from
10 to - per cent. hereafter.
There are about IL. 900 stockholders alto
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