Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1892-07-16
NEW HAVEN CAPITALISTS

Were Interested in 1.-the TallapoO-
sa Land Company, in Which Much
Capital From New England Was In
vested-Mer.ed Into Another Com
pany 1t Has zone to the w aII-The
stockholders Will Get Nothing.
A fairyland scheme in which New Ha-
ven people were interested has just met
with miserable collapse. The Tallapoosa
Land company was organized a few years
ago, and in it many New Haven men invested
money. New England capital, in fact was at
the back of it. A special car went from New
Haven and the excursionists looked over the
land there. Among those who went were Col
lector of Customs Kellam, ex-Lieutenant Colonel
Lee, Captain c. G. Ford and many others. The
plan which started out SO auspiciously soon
showed signs of disintegration, and was finally
merged into the Congratulations company.
The officers of the new company were promi-
nent northerners. Its president was General
BENJAMIN F. Butler, and among its officers were
tional bank; J. W. Hyatt of Norwalk, Conn, ex-
treasurer of the United States; Thomas C.Smith,
president 1 Of the Seventeenth Ward bank of
New York Contract com, any, and other we'll
known business men. An advisory board in
ernor Taylor of Tennessee The main offices
were in the Globe Guiding in Boston, and branch
New York Offices being at No ii vail street. WV
. Yesterday morning or at at a gathering OF the
was announced that the company had been
handed over to receiver, 9. A. Norton The
company's capital was represented to be 81 5oO,-
are more than Il, 900 stockholders.
Receiver Norton says that the company really
ran a factory in Wallngford, this state, who
lives at the Fifth Avenue hotel. 1t was he who
got out the fairyland advertisements and took in
the SnancRr n
ton According to Mr.. Norton's story Spencer
made his appearance in Taliapoosa, Ala, six
organized the Tallapoosa Land company. A
short time afterwards he organized the Piedmont
pany, and finally the Georgia-Alabama Invest
ment and Development company, capitalized at
ana f9r%sd BY put
issue Of 81. 500 900. Spencer and his friends hav
ing control of the finances sold out their stock
loaded up with stock which could not be disposed
Of Mr. Norton says that if the property were
would lose every penny Of their investment-the
total of which is about $780, 900. 1t is not known
how the names of prominent northern men were
secured to figure in the scheme as officers.
Receiver Norton advised those present rather
than to sell to form committee to represent
thereupon appointed: c. e. Nicholas, Catskill;
William Norris Morris Newark, n J.; AdolPh sterne,
81 M New and Dr.
ject and report the best line of action to be
adopted. There are several large bills against
the company, nearly. 100000, for printing
says the company is in debt to the amount of
S25o,00O. He believes the best plan would be to
form new stock company to buy stock at 20
cents q share, and SO pay the debts. A meeting
will be held on Monday in Boston of stockholders
in that vicinity. Receiver Norton proposes that
committees appointed in all the big cities shall
be in communication and arrange for joint
meeting for definite action. The land and plant
at Tallapoosa, Ca, Receiver Norton claims, is
worth over 81 ,0oO, 600 If the company reorgan-
izes he says, he is willing to place his last penny
in the enterprise.