The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-12-02
COMBINE TO GO THROUGH.
NAVAL STORES MOVEMENT IN A
FAIR WAY To SUCCESS.

FnctOrs-Mr. John X. Garnett Says
the Deal Is Certain TO he Made.
Factors and Promoters Evidently
working in Harmony-A Heated
Interview Between Messrs. Garnett
and Chestnut because of the Pub
LEGATION by the Latter of the Form
of Agreement Entrusted to Him by
Mr.. Gnrnett.
Circumstance strongly indicate that the
proposed naval stores combination Is to
be put through, and that at an early date
While the plans are not being given out,
the people interested do not hesitate TO dis
cuss the matter in a general way. and it
is evident that they are very confident tnat
the combination will be Effected 1t is also
plain that the leading naval stores factors
book favorably upon it.
The most significant fact is that the New
York syndicate, which is to take over the
business Of the factors, who enter into the
combination, has been formed, and it's rep-
resentatives are here in consultation with
the naval stores factors Mr.. John X.
Garrett and Mr.. William A. Barber CT
New York, who were here some time since
in consultation with the factors, and VINO
are understood to have secured options at
that time on the business of several
houses, have returned to Savannah and
are now consulting with the factors Mr.
Barber is representative of the syndi-
Gale.
Besides Messrs. Garnett and Barber,
Mr.. George II. Fearons, a prominent cor
poration attorney of New York, is also
here. Mr.. Fearons is a member of the
general counsel of the Western Union
Telegraph Company and the Southern
Bell Telephone Company. His firm also
represents Henry NJ. Flagler, one of the
Standard Oil maguates and owner of large
Florida railroad properties, and Is also said
TO represent the Gould interests. This
has given rise to the report that the Gould
interests are behind the movement for a
consolidation. Mr.. Fearons presence is
evidence that large interests are behind
the New York end of the movement. In
fact, il is stated that the syndicate is
banked by ample capital. and that there
will be no trouble on this score.
In a general way IL is said the syndi-
cate proposes to take over he business of
thetleading naval stores houses, doubtless
paying them literally fer their holdings
What the capitalization of the corporal, on
is to be has not been stated, but it wiN be
up in the millions. When the corporation
has been organized the factorage houses
which have entered into 1t and the pto1uc-
els as wei will he gwen an opportunity
of taking stock. Whether the factorage
conn anits viii receive part payment in
stock for their holdings has not been stat
ed, but they doubtless win as some OF the
leading factors evidently expect TO become
large stockholders. They win not be al
lowed to have it all, however. in fact. it
is said that the New York people consider
IL a good thing and that they will take
care of large block of the stock
The firms which are mentioned on good
authority as likely 10 enter into this con-
solidation are the j. r. Williams Com
pany, the Peacock e. Hunt Naval Stores
Company, the Savannah Naval Stores Com
pany, Hunter, Pearce & Batey, and West,
Wigs & Co., of Savannah, and he Gulf
Naval Stores Company Of Pensacola. GEN
eral rumor has 1t that the options given by
some of the firms have expired but the
heads of these firms are evidently as much
Interested as ever. The Savannah Naval
Stores Company is believed not to have
given any option. This concern is evidently
included in the ca gulations of those inter-
esed, however,
Messrs. Barber, Garrett and Fearons
We're in consultation with the factors yes
terday but no statement of what was ac-
compliShed was given out. The name of
Mr.. b. A. Denmark has been frequently
connected with the movement, but this is
understood TO be due to the fact that the
law firm of which Mr.. Denmark is the
head is counsel for most of the factorage
concerns Interested.
MIR. Ganett who has taken an active
part in the movement from the beginning,
and who is generally looked upon as the
promoter, was asked yesterday for state
ment of the proposed consolidate
There has been too much said in the
newspapers already" said Mr.. Garrett,
land have nothing to say for publication
at present. This is a business movement,
and has for its object the advancement
Of the interests of those engaged in the
naval stores business. Il will be vastly
to the advantage of those engaged in this
industry. There are no details to be given
to the public as yet but when the deal
is completed there will be no hesitancy N
making public the nature and scope of the
organiza ticn"
what is the outlook? WIN the deal be
carried through successfully" Mr. Gar
nett was asked.
I'VE have every assurance that the plan
will be carried through. l am confident
that 1t will be- said Mr. Garnett
Mr.. Garnett sad that he had just re-
turned from New York where he has been
for the last two weeks perfectng he ar
rangements a that end of TIE line. Incl
dentally he said that he had only seen one
copy Of he Morning News during that
time This happened to be one of last Tues
days issue. containing the interview with
Mr.. Chestnut in answer to Mr.. william
and the copy Of the agreement reft with
the firm Of Chestnut & O'Neill and which
MIR. Chestnut furnished the Morning News
for publication. 1t was inferred from what
Mr.. Garrett said that he was offended at
this action on the part of Mr.. Chesnutt
VIII oh he characterized as a bleach of god
faith and he also expressed his dssatis-
faction with The manner in which his name
had been used by Mr.. Chestnut in his in
terview ard his communications to the
newspapers.
AS the result of his feelings in The mat
ter Mr.. Garrett pad a call to Mr.. Ches-
mutt at the laiters office yesterday morn
ing TO- the purpc Sc of expressing MS dis
satisfaction at the iatter's course. The IN
teTview is seid 10 have been a warm one
end the subject of much tack on The Bay.
Various reports had il that the remarks
exchanged by the two gentlemen were
qui e heated and that there was a pros
pacf of earsgife - mia