The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-11-07
THE COMBINE OPPOSED.
CHEsNUTT & O'NEILL REFUSED TO
SELL OUT.

Offer to buy Made by Messrs. Gar
nett & Barber Was Not Entertafn-
ed-They Hold the Producer Would
Not BE benefited by n Combination
of Naval Stores Interests-Mr. Ches-
mutt Gives His Views-Insists That
Such "A Combine Would BE n Trust.
An Exporter Says n Combination
Could Not Drive Them out of the
BUsiness-They would RetaIiate by
becoming Factors as Well as Ex-
pOrters-He Claims Savannah
Would BE Greatly Injured.
The naval stores combine is not likely to
have things oil its own way. One firm
has come out strongly against 1t. Messrs.
Chestnut & O'Neill are opposed to the plan
of combination. The claim has been made
that all the others in the city, or at least
all that have been approached by the rep
resentatives of the interests behind the
scheme, are ready to turn over their bust
ness to the combine.
Mr.. ]. b. Chestnut, of Chestnut G.
ONeill, said: Much has been said about
the proposed naval stores combine
call it what you please. but it
means trust all the same. 1t is
said that all the corporation fac
tors favor it, but we wish it I'M
derstood that Chestnut and o. Neill, do
not, although we have been asked TO name
a price for our business along with some
Of the other factors, who appear anxious
to sell out to the trust, and why not, if
they can get the price they ask? say g for.
one, or more, if possible.
"Of course, it would be a nice thing
for those wishing to retire from business
But is 1t right that we should sell our
Gus toners TO a combination or trust COM
posed of Northern capitalists? Suppose it
is a fine opportunity for us to unload our
customers who are in debt and get
handsome bonus for the independent OPP
orator, and good will of our business; is
it right that we should march them up
like so many sheep and sell them bodily
TO a trust for a consideration, perhaps dou-
bic what they owe us. and then contend
like some of the factors, that 1t is a good
thing for the operator? We say No
TRUSTS are dangerous. They may hold
out 10 be producer that prices of naval
stores will be enhanced, and it may APP
pear so for awhile, but how long will it
last? After the producer is sold and
bought by trust, he belongs to them 10
do as they please with. We have only to
view it in this light. If factors sell out
the producer. he viii be in the hands of a
monopoly. WIN that monopoly say that
turpentine can be made at SOC or soc per
legation? They may say the latter price Is
enough, and where will the operator be
that IS the question? Isn't it reasonable
70, hot -
the operator like they have to the factor,
and say, We want your business He
may be so in debt 10 the trust that they
may say, Step out you have had the
factor, he may rot be in position TO sell
OUT at a prize say TWO for one, and get
big bonus for his good WILL for that
will be transformed nto i'll win and remain
on his hands, perhaps, as the only asset.
We understand that some factors have
bought up thousands of acres of land for
turpentne purposes. Yes, and had they
not, producers would be better off, for
these purchases of factors have done more
to run up the price of timber than any
thing else. But the factor is looking ahead,
and now that he is about to unload the
operator on a trust, you may expect him
to want two prices for his speculative tim
Der If he has any such.
mo, we are not selling out, but expect
TO keep right on in the factorage business
operators have read both sides, that of
| factors favoring a trust, and why? the
answer Is in the bonus expected, and
our not favoring it because we believe il
viii be detrimental to the producer, pro-
ducers win agree with us that no trust or
| combination of this kind is wanted and
If it is formed, the Independent operator
wifl at least, not patronize it.
| I'VE may call attention 10 the fact that
| since the agitation of this trust, our spot
and future market has declined"
| A gentleman connected with a leading
| firm of exporters of naval stores said he
| did not desire his name used in connect
with anything he might say on the subject
| of the combination, but he declared that
| if any combination thought it could man.
age 10 drive his firm and other exporters
| out of the business there was a great mis-
take being made. He declared that there
| is no reason apparent to his mind that
would prevent a bit of retaliation on the
! part of the exporters If the combination
! should be formed and attempt to make
| good the threat of driving the exporters
out Of the business.
Why" said he, there is no reason why
we should not get into their business as
factors with just as great facility as they
J could usurp ours of exporting. We could
! get in touch with the producers and vet
| retain our hold on the expectation of ma
val stores. Any talk of driving us out
doesn't hold good. to my mind.
I'VE have received no offers from the
representatives of the syndicate or what
ever It is that is trying to buy up the
! factors business. Messrs. Garnett and
Barber have not called on S. p. Shotter
& Co, Paterson, Downing & Co. or the
Standard oil Company 1t surely is not
| thought that they could drive all these
companies out of the export business"
The gentleman evidently discredits the
| report that Messrs. Garnett and Barber
are acting for the Standard Oil Company.
| either directly or through the Central
Trust Company, in their efforts to secure
options from all the naval stores factors
in Savannah. 1t has been rather current
ly reported that the Standard is back of
the combination movement, though @
prominent factor said that he does not
share the general belief.
Continuing, the exporter said he believes
nothing in a business way could befaIl
Savannah that would initiate so strongly
against her interests. He is confident the