The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-20
ANOTHER COTTON MILL.
The SOuthOVGT Land and Improvement
Go. and It's pTOSpeCted Work.

A Committee of Two to Go to New
England in the FAN to Enlist Capt.
talists in the Enterprise.-A $4,000
Spindle Mill to be Built ct South
over Junction.
The Southover Land and Improvement
Company has appointed Messrs. J. l..
Whatley, president, and E. +. Bryan, one
Of the directors, a committee of two to go
to the New England states some time
during the fail for the purpose of inter
esting New England capitalists in the
manufacturing industry in the south.
They are to go any time between now
and Oct. l, but the trip will, in all proba-
bility, be made during the latter part of
the coming month. The object of the
mission will be generally to interest
northern capitalists in the cotton manu-
featuring industry in and around SaVan-
nah, and specifically to interest them in
the prospected work of the SOuthover
Land and Improvement Company, which
is to build a mill for making cotton yarn
on the land owned by them at Southover
Junction.
Hundreds of capitalists have been put
ting out their money in New England at
4 per cent. and less, yet it can be demon
strated to anyoues satisfaction, that
such an investment in this can and will,
II the property is properly managed, pay
s per cent.
1t will be remem bered that the Morn
ING News sometime ago published an ac-
count of the workings of the Savannah
cotton mills as operated under the manage
ment Of Mai L. NJ. Warfeld. That mill
has been paying a dividend of 8 per cent
annually and besides has u large amount
of undivided profits. Its operations have
demonstrated, conclusively, that Savan-
nah, both with regard to climate and
shipping facilities is one of the best
places in the United States at which to
locate yarn mill.
THE CohPANY's CONDITION.
The officers and directors of the South
over Land and Improvement Company, a
list of whom was published in the MORN
ING News of yesterday, are all we'll
known and capable business men. The
company has not dollar of liabilities,
but has $50 600 of paid in capital, which
amount is steadily increasing from year
to year The charter authorizes an in
crease in the capital stock OF the company
to 100000, and the installments will have
carried the amount paid in by the time the
thirtieth meeting is held to nearly $40
600. The capital stock is steadily in
creasing, and every week or two new re-
quests for stock are made. The invest
ment is considered a first class one in
every particular,
The company owns 46 acres of land at
Southovre junction. about four miles from
the city, right on the line of the s.. +. u
w. railway, every inch of which has been
paid for, and it has a large amount of
money out at interest on good security,
hich is paying them s per cent. per
annum.
Mr.. F. S. Lathrop should have been
mentioned yesterday as a member of the
CompGny's directory. He was elected to
fill vacancy at the meeting Tuesday
night and Mr.. &c. F. Bryan was elected
vice president in place of Mr.. e. j. Ken
nedy.
WHAT TIE COMPANY PROPOSES.
Upon the fOrty-six acres of land owned
by the Southover company they propose to
build a cotton factory for manufacturing
cotton yarns similar to the factory of the
Savannah cotton mill.
The above committee will go north
for the purpose Of enlisting New England
capitalists in this enterprise. The mill
proposed will operate 10000 spindles
and will have somewhat
larger capacity than the Savannah Cotton
Mill, Such plant would require an out
lay of $3.50, 900 to $500, 900, but there is
plenty of room for this and several other
mills in and around Savannah, and from
the showing made by the one now in OPP
GRAFTON they would realize large profit
on the investment. The Savannah Cot
ton Mill now supplies the Pulaski Knit
ting Mills, another home institution, with
almost all the cotton yarn they use.
THE CodPANY's PROPERTY.
This property was bought by the COM
pany with view to owning their own
land, and also this factory, from which
they not only expect to derive profit per
Sc, but also to enhance the value of the
land in that neighborhood. They own a
number of lots of land in that
neighborhood, which would be
greatly enhanced in value if such a
large factory were placed upon it.
If the efforts of this committee meet
with success, the company will begin put
ting up the plant at the earliest possible
date. There is no reason why they should
not succeed in enlisting the aid of capt
talists in the enterprise and the chances
are that when the prospect is set before
them, the company will not come away
empty handed.