Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-06-30
THE PEANUT TRUST
The Combine Believed to Have
Been Consummated.
Norfolk Dealers Visit Nem York For
Confercncc-Bonded at Five NIL.
lion DoiIars-nr. Gwathney Oner.
ed tho Presidency.

The Peanut Trust again seems n
certainty. Just at time when many
thought 1t had about fallen through
the promoters have appeared compla-
Gently upon the stage Of Industrial ac-
tivity and are all but ready to an
nounce the actual consummation of the
gigantic combine which is to practical
ly corner the peanut market of the
world.
Even some of the owners of the Vir-
ginia plants, who were enthusiastic and
anxious enough to sell In the beginning
had begun to look upon the combinbe
proposition as a chimera of some more
wind than-capital New York specula-
tors. One prominent Norfolk peanut
man has several times openly stated
his disbelief in the heralded combine.
ana several owners over the State have
been known as doubling Thomnses in
regard to the trust. 1t Is even said that
some rof the houses refused to extend
former options when last requested for
an extension, so strongly had they be.
come convinced that the deal would
not be successfully contaminated.
PROMOTER NOT DISCOURAGED.
Nevertheless, MIR. Charles e w. Smith.
the New York promoter. was not dis
to materialze on schedule time. That
gentleman kept working on the original
plan for cornering the "goobcr'' mar
ket. Last week he summoned q num-
Der of the Virginia peanut clearing
house owners to New York TO assist in
the completion of the details incident
to the organization of the trust. These
gentlemen vert to New York the first
part of the week. and 1t Is now said
that the organization OF the combine
h0 C n&I,< 4
ter Is being drawn up, and the presi-
dency has been offered to one of the
Virginia peanut men.
THE NORFOLK DEALERS.
The Norfolk dealers who went to
New York to represent the peanut in
terests here were: NIessrs. A. o. Sledgc.
Henry Hornthal and Marx. The Nir-
ginians. with Mr.. Charles f. w. Smith
and Attorneys Brown and Wells talked
over the entire details of organization,
and, IL is believed, practically COM
pleted the preliminary work.
BONDS AND CHARTER
1t is said that the bonds are being
engraved, ana that the charter Will be
filed at Trenton. n. j., within a fort
night or less time.
The bonds are said to have been I'M
derwritten ~ one of the strongest H.
naneial ins = ions In the country, and
the capital Vail he advanced upon them
Wy strung HIHl. BONDS ana
common stock aggregating $1,000 600
will be issued. The charter will per-
init the trust to handle nuts other than
peanuts and all by-products of nuts
grown in all countries. The name of the
combine will be as first suggested-the
American Edible Nut Company.
OFFERED THE PRESIDENCY.
Mr.. p. d. Gwathmey. president of the
Gwathmey Bunkley Peanut Company,
of Smithneld, one OF the largest of the
factories. has. it is said. been offered
| the presidency of the new company.
He has not decided whether or not he
will accept, but 1t Is believed he will.
ADVANCE IN PRICE LIKELY.
The trust will be financed in New
York, where five directors will have
| their headquarters. The mechanical
department will remain in Virginia and
will be managed by four directors, who
will be of those who have heretofore
| successfully managed plants which are
now taken over by the trust. Peanuts
have been advancing for some months,
from natural causes there being an
active demand and scant supply. When
| the trust begins operations. which IL
VIII In a week or So the nuto, it is be-
lieved, are likely to take another rise