The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-10-01
TO DIVIDE A BIG FORTUNE.
SAVANNAH NAVAL STORES co. TO
DISTRIBUTE 100000.

The Company to he Recognized in
January With an Increase OF
100000 in Capital md stOck-Has
Paid Dividends TO stockholders
Equal to the Amount of Capital
stock in Seven Years-It Now Has
a Surplus of Over S2OO,OOO, Equal
in Amount to the Capital stock to
DivIde-The Sort of Cooperation
That Pays.
At a special meeting of the stockholders
of the Savannah Naval Stores Company,
held last night at the room of the Sa-
vannah Board of Trade, an increase in
the capital stock, not exceeding 100000,
was authorized. This stock is to be issued
to Independent naval stores producers in
this territory, who agree to take it at
par, in proportion to their ability 10 con-
tribute to the business of the company.
The new stock is TO be dated from Jan.
/, and will be issued after a division Of the
existing large surplus among the present
stockholders of the company
This move on the part Of the Savannah
Naval Stores Company, in all probability,
ganlze a new cotton and naval stores
commission company here, to be composed
largely of producers in this section. 1t
is understood that a number of those who
proposed entering the new organization
will accept the proposition made by the
Savannah Naval Stores Company.
This move is the eliminating triumph
Of one Of the most successful business en-
terprises ever inaugurated here. The Sa-
vannah Naval Stores Company was or
ganized by the naval stores producers of
this section oct. 10, 1890, not quite seven
years age. Since its organization it has
paid out in dividends to its stockholders
amounts equal to the total capital invest
ed, and now has on hand for division
among the stockholders a surplus greater
than its total capital stock of 100000.
This surplus is to be divided among the
stockholders before the reorganization is
entered into.
las an evidence of the highly prosper
Gus condition of the company, it is only
necessary to state that two dividends of
10 per cent. each have been paid the stock
holders during the present year, one in
January and the other in July. 1t was
the knowledge of these large dividends
that became directly responsible for the
enlargement of the companys business
decided on last night 1t was, of course,
a matter of impossiblity to keep secret the
fact of these dividends, and independent
naval stores producers who were not in
the company began to take steps among
themselves for the organization of anoth-
er commission company here on the same
basis The movement was not entirely
GnCppgGfnl no
ity offered by the Savannah Naval Stores
Company.
President W. c. Powell, of the latter
company, in speaking of the matter last
night, said that a number of independent
operators made propositions to the COM
pany that they be allowed to take stock
in the company on certain conditions.
THE proposition was unanimously APP
proved of by the directors" said Presi-
dent Powell, land it was decided to call a
meeting of the stockholders and lay the
proposition before them. This was done
at the meeting tonight. The result was
resolution authorizing the issue of 100
shares of stock at the par value of $1,000
per share, according to their ability to
furnish business to the company, the pres
ent surplus, of course, to be divided among
the present stockholders. The probable
ity is that all the new issue will be taken
in which case the capital stock of the
ton win be effected at the annual meet
ing in January"
The facts as to the companys business
were furnished by President Powell. There
has been no change in the directory of the
company since 1t began business in $780,
the directors being w. w. Beach of Way
cross, B. F. Billiard of Savannah, r. s.
Thigpen of Valdosta William Pritchett of
Dublin, and w. c. Powell OF Savannah
The officers are w. c. Powell president;
b. +. Billiard, vice president; c. L. Ches-
mutt, secretary.
The following stockholders were IN at
tendance upon the meeting last night: F.
w. Powell of Statesboro G.. A. Powell of
Vidalla, j. Raw.s of Springhaven, r. b.
Edwards of Vienna John H. Powell of
Della, J. w. Powell of North Carolina,
A. NJ. Watson of brownsville, j. j. Lewis,
of Haziehurst, ]. G. Pace of Hazlehurst,
c. w. Deem of Bailey. r. 5. Thigpen of
Naldosta, w B. Johnson of Valdosta. d.
Sinclair of Sinclair, I. @. Coleman of Ly-
ons, w. E. Higgins of Oliver, G. w. Deem
of Waycross, Alexander Seasons of Wad-
ley, NJ. d. Mcneil of Savannah, William
Prltchett of Dublin, W. c. Powell of Sa-
vannah.