The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-06
TO BUILD A new MILL.
Col. Whatley'S Visit to Boston in the
Interest Of the SOuthOVeT Company.

A Plan Proposed by Which the Com
pany's Stock May Be Put on Sale in
the Eastern States-He and Mr.. Will
son Brought Back an Agreement
Which will Be Laid Before the Di-
rectors at an EARLY Meeting-What
the Company Proposes to Do.
Col J. L. Whatley president of the
Southover Land and Improvement Com
pany, returned from New England on the
Chattahoochee yesterday, where he has
been in the interests of that company, and
their projects now seem assured of sue
! cess, and that too shortly.
Col Whatley has been absent about
two weeks, having gone to Boston and
other New England cities to see what
could be done to advance the interests of
the Southover company, and when he left
he went well equipped to show those who
are interested in such projects just what
| the company was going to do, and what
it is capable of doing. He carried with
him the prospect of the company and
statements showing its present financial
| condition, which is as good as could be
uCollCu 1OI q NbulphiAy VI AOS hAAAN lAO
| older than the Southover Land and I'M
| provement Company is.
THE RESULT OF HIs TRIP.
| Col Whatley went north in company
with Mr.. W. L. Wilson, one of the di-
| rectors of the company, and they made
| arrangements in Boston by which a sale
| is to be found for the stock of the company
when it is ready to be put on the market.
! They obtained an agreement from the
American Promoting Company Of Boston
| by which this is TO be accomplished.
They have not entered into any contract
as yet, but that agreement, which is
| very simple one, will be laid before the
| directors of the company at their next
meeting, which will be called at an early
date for the purpose Of considering It,
The American Promoting Company
gave them a written agreement stating
| that they would undertake to find pur-
chasers for the majority of the stock of
the Southover Land and Improvement
| Company on the condition that the COM
| pany should be appointed the agent of
| the Southover company's business in the
| eastern states, and to continue 80 one
year from the date of the appointment.
| The Southoyer company also is to pro-
| vide that company as its agent with
sum not greater than 81 800 as an adver-
| Using fund to be paid in monthly install
ments of $500. The American Promot-
ing Company is to receive a commission
of five per cent. on all sales of the COM
pany's stock as the subscriptions are paid
in
WHAT COL. WHATLEY SAYS.
eve talked to number of people In
Boston and other places in New Eng
land" sand Col. Whatley, yesterday, "and
found them very favorably impressed
with our plans. We found one or two
things necessary to do, however either to
employ an agent for the company there, or
go there and establish an agency our
selves.
"We talked therefore, with the people
of the American Promoting Company and
found that they were Just who we we're
looking for They gave me references to
people all over the country with whom
they had done business, and the company
has high business standing in Boston. l
think the agreement which they have
submitted a very reasonable one, and
they guarantee to spend the advertising
fund judiciously and exert their best
efforts to find purchasers for the stock.
Everybody we talked TO seemed to think
our scheme good one, but find that the
monetary stringency there has been so
bad and so slow in improving that no.
body is inclined to do much of anything
just at the present time individually.
| learned, however, by adopting the plan
capital very largely from people who have
their money stored in safety deposit
boxes and in the savings hanks where it
is doing nothing so far as accommodating is
concerned. | am satisfied the American
Promoting Company is all right, and l
shall call a meeting of the company as
early as possible aud lay these plans be-
fore them in order to determine what
course we shall pursue
WHAT THIS NtFANs
This means that Savannah will in all
probability have another cotton mill sta
toned out at SouthOver Junction, and
that, too, perhaps, at an early date.
The company has been organized only a
short time comparatively and already has
$50 900 of paid in capital, the payments
being made on the installment plan.
They own about forty six acres of valua-
BILE land at Southover, which is increasing
in value every year, and on that they pro-
pose to build mill for making cot
ton yarns Their intention is to put up
a 0,000-spindle mill to make a prod
uct similar to that which is now being
made by the Savannah Cotton Mills.
This will require a capital of $3.50, 900 to
$500 900, which the company hopes to raise
in the New England states in the manner
outlined above, or through some other
good plan. This will, in addition to the
commercial advantages it will bring
about, bring several hundred employees of
the mill to the city, and will give an in
creased value to the land in and around
that section, which will, perhaps, make
up for more than the investment
Mr. Wilson left Col Whatley in New
York and went to Chicago for two
weeks visit TO the worlds fair before re-
turning to the city
b