The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-01-24
CAPITAL FOR NEW INDUSTRIES.
INDUSTRIAL ASSOCIATION WILL
START WITH SI5O,00O.

The Policy of the Association VIII
BE to Encourage Variety of In
dustries-The Association to he In
corporafed with n Capital of $50
600 with Permission to increase
to 81. 900, O0O-Mcssrs. Gordon, Les
ter and stovaI Appointed a Com
mittee to Prepare a. Constitution
and By-Iaws-COl. J. II. Estill
Elected Chairman and Capt. 6. A.
Gordon Secretary.
The committee appointed at the recent
citizens industrial meeting TO formulate
plans. select officers and other
wise arrange the details of the proposed
ustrial association, held its first meet
ing at Metropolitan Hall yesterday ait
ernoon The meeting was a very salts
factory one in every respect. The pur-
poses and scope to be given the industrial
movement were discussed al some length
and several definite conclusions were
reached
Those present at the meeting were Col
]. H. Estin, Capt G. Arthur Gordon and
Messrs. r. II. Levy, l.. Adler, d. Il. les
Ter. c. ii. Dorset. Samuel Meinhard, VIII
liam heQOG, /. 1. ANg1' -NiN44NietN @%''''f7'
6 Krouskoff and P A. Stovall. As sew
eral members of the committee were nb-
sent from the city this was considered
very good showing.
The question of the amount of subscrp-
ton which it would be well to endeavor to
secure was discussed a some length, some
being of the opinion that $780,
COO agreed upon at the recent meeting
at the Exchange was too low figure, ana
that the figure should be placed consider
ablv higher. Mr. Krouskoff suggested
that this figure should be increased by
100000 divided into SIS shares, payable 81
monthly. This would make the smaller
shares mature at about the same time as
the larger shares. and would give the OPP
portunity to many people of small means
to subscribe.
Mr.. Adler thought it would be well to
first secure the $4,000 subscription on the
basis proposed and then take up new Sc
ries later. Mr. Levy thought mistake
had been made in putting the inquire so
low in the first place. The movement hao
attracted considerable attention elsewhere
where the people were in the habit or
going into these things on a larger scale
and criticisms had been made upon the
smallness of the amount which IL was
proposed to raise. 1t would have peen bet
ter to name a larger figure, he thought
for the credit of the city Col. Esull said
that the committee was not rigidly bound
by the resolution. He considered that
II had the right to name any hs-
ure il might seem best. The amount 10
be subscribed and the series in which it
should be subscribed could be left 10 the
committee on organization, he said
Nv think IL a bad idea
to name a larger figure. If the committee
should start out 10 raise $500000 and should
only secure $3.50, 600 to 100000, it would not
be so badly off Mr.. lester discussed the
subject of manufacturing industries and
Savannah possibilities in this line very
earnestly giving a number of instances
coming under his observation where such
enterprises had been very successfully con-
Quoted. These instances could be duph-
Gated in Savannah. He was positive that
a large cotton factory would succeed here
with capable men in charge. over $780,
600 of tomatoes canned in Baltimore are
distributed annually through this port, he
said. There is no reason why these to-
matoes and other similar products should
not be canned here. and this money dis
tributed among our own people.
There is not a vinegar factory in Sa-
vannah," said Mr.. Lester Il was taking
dinner with a friend the other day and
he had upon his table very fine arti-
Gle of vinegar made from Georgia cane
Juice. At the present prices of vinegar
and syrup, it would pay the farmer much
better to convert his cane juice into vine
gar than to boil it down to syrup. The
sugar refinery is institution which we
need and should have 1t can be made a
success. / have a friend in Texas who
went North a few years ago, secured SIPS
0C0 which he put into sugar machinery.
He has made an Independent fortune, and
is now a member of the sugar pool. l be-
lieve however, that nothing would do so
well as a cotton factory. I have letter
here from a friend, who is largely en-
gagged in cotton manufacturing, in which
he gives figures to show the profit there
is in the business. He states that a pound
of cotton, costing cents, can, al a cost
of 31a cents, be converted into seven yards
of cloth worth cents a yard, a return of
q cents for an expenditure of 1912 cents
Mr.. Testers ideas were received with
approval by the other members of the
committee. 1t being desired to put the
movement in definite shape as soon as
possible resolution by Capt Gordon for
the appointment of a committee of three
to select a name for the association, and
prepare a constitution and bylaws. was
adopted. The chairman appointed Capt.
Gordon, Mr.. Lester and MIR Stoval.
Capt Gordon's resolution at first pro-
yided for the naming officers by the
tOhiuAttt6t hiSOf Dul II was As-ClAtQ llbl
II would be well to delay the selection of
officers until the plan and some of the
movement had been more fully outlined.
The question of the policy of the asso-
citation was raised by Mr.. Dorset and
discussed at some length by the members
of the committee The question with the
committee was whether IT. would be bet
ter to devote the capital subscribed to the
association TO the establishment of one
large factory. to be decided upon in ad-
vance, or whether the association should
carry out the original idea of lending aid
TO a variety OF industries Mr.. Dorsett
said thet the former idea seemed to have
met with some favor. il being held that
subscribers would wish to know in what
enterprise their money was to be invest
ed and that subscriptions would be the
more readily obtained when sought for
some particular enterprise.
Mr. Meinhard favored the idea of using
the association to secure a variety of in
dustries. Mr.. Meinhard said that the in
dustrlal movement had his hearty indorse-
Tnent and while he hODed to he excused