The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-11-04
HOW TO BRING Money SOUTH. ;
Col. Whatley's Interview With New
England Capitalists.

/ Col J. L. Whatey, president Of the
! southover Land and Improvement Com
I pany, has returned from a trip to New
England, where he went in the interests
Of the enterprise which his company has
in view.
He viii report progress in his work
for which he went to Boston at the reg
ular meeting OF the directors of the com
pany to be held Tuesday, Nov. 10. Col
Whatley had letters to many of the i'm
portant financial people in Boston, and
to those especially who are interested in
works Of progress and development in the
south.
Col. Whauey has had a month of pretty
harI work, and his efforts have been re-
warded in that he has learned what must
be done in order to raise in New Eng
land the capital necessary to start the con-
templated cotton mill on the compauy's
site
Il very soon ascertained," Col. What
ley said, that among New England cap
ltalists there is no such thing as pro-
mlscuous investing i'm the south. The
only way 70 go about raising the capital
for such an Industry is to interest men who
would furnish the textile machinery and
90 the other work in connection with such
"a lAe-iAt 4 VI MS Ldl4ttr AJIdD-I " oOllo
practically offered a subscription of $4,000
to the stock of the company in cash to
promote the enterprise, provided their
looms were put in.
This was put to me in a very forcible
way by Mr.. Edward Atkinson, the we'll
known writer. on whom L called. You
are not going to get northern people to
invest in the south just dry So was
his remark, you must interest beople
Who'Ve got something to make out of it
And l found that true. We are work
ing on that line now. The work is still
going on in Boston, and is in charge OF
Mr.. A. J. Holder, who has secured Mr..
F. a Cumnock of the East Hampton
(Mass) cotton mills to assist him in TAX.
ing up the work just where I left it off.
They have charge Of working up the
necessary capital and will interest such
parties in the enterprise as make a prac-
tice of encouraging them for their own
benefit.
1--WE do not feel that there should be
the least discourag cement in the work
and in fact, have made good progress.
was not deluded into the belief that the
work was an easy one when l under
took it. We are working on a line now
that ought and, I think, will, make the
enterprise successful. AS soon as we
get the 100000 subscribed outside I think
it viii be matter OF comparative ease
to get the $40 900 here needed to make up
the other 100000 Of the contemplated
stock.
Il was much encouraged by some of the
men talked with. Mr. Holder, who has
had much experience in such matters,
said the enterprise viii certainly be
worked up, though it may take little
time to do It. I had a letter to Charles
II. Lowering, one of the most prominent
men in this line in Boston, and found
him so much occupied that it took me
i
him of my plans and the proposed enter
prise here he showed me a desk full of
descriptions Of southern cotton mill sites
and pamphlets ON similar enterprises.
He was interested, however, in the South
over company's project, and said he would
be south in November or December, when
he would stop here and look into the
COmpany's plans"