The morning news., 1899-12-04
THE PLAN NOT ABANDONED.
cowBINE PROMOTERS EXPECTED
TO RETURN SHORTLY.

An Effort to Bridge over Temporary
pftches-Who of the Local Factors
Viii Be Cared for in the New Cor
noratiOn an Interesting Point.
southern Men and May Represent
southern CapitaIists-WOuId Be
Unfortunate for the business 10
Pass Into the Hands of Eastern
capitalists, Says Mayor Myers.
The promoters of the naval stores COM
bine are expected to return to Savannah
shortly with revised. plans prepared to
prosecute theh' efforts. for the consoiida-
ton of the leading factorage. houses. 1t
can be stated positively That whether The
factors interested nor the promoters have
any idea of abandoning the scheme at
present.
There have been some temporary bitches
which those concerned will endeavor to
adjust 1t is still claimed that the Han
is vet in embryo and that it has not been
given definite shape. This means pcob-
ably that the terms on which the factors
are 20 enter the consolidation have not
been definitely agreed upon.
M is desired to retain the control and
headquarters of the combine at Savan-
nah. and if this be provided for the scheme
may go through. The question as to
who Of the factors now prominent in the
business here are TO be given controlling
p eition in the new company is likely to
l.. loo kor lofi
ment is reaciIed. There are number of
acuye nlen in the business here, few, if
any of WAom would be willing to give up
entirely business with which they are
thoroughly acquainted and which they
have found so much to their satisfaction,
as sell as to their profit. The question
of providing for these men is likely TO
prove a Iificult question for the organ
izels Of the combine.
THE men who are behind this move
meut are intelligent business men," said
a prominent factor, who is favorable TO a
cousolida Ion, ''and they would not think
of atompLng to carry on the business
without the aid of experienced men who
have proven their capacity. This might
be arranged for by electing one of the
largest stockholders, probably New York
man, as president, with several local vice
presidents, to take charge of the different
departments of the business. The services
Of all the men now engaged in the busi-
ness as factors would not be needed of
course. Some of them would doubtless be
willing TO withdraw with their protits'
Two of the men who have been men
toned as likely to occupy prominent po-
sitions in the new corporation are Mr.. j.
p Williams of the J. p. Williams Com
pany, and Mr. John r. Young, of the Ell
is-Noung Company. Mr.. Williams has in
sisted throughout that he would not en-
ter into a combination which was not con-
trolled by Southern men. Should he be of
fered the presidency of the new corpora
ton he would doubtless consider this de-
mand as satisfactorily complied with. As
the Nestor of the naval stores business
in Savannah, he would be entitled to con-
sderation in the formation of a new COM
pany.
The claim that the new corporation, if
formed, will be controlled by Southern
men, ii seems, is not without foundation
The promoters are all Southern men, and
the parties with whom they are dealing
in New York are doubtless most of them
Southern men who have been interested in
the movement by reason of the fact that
they are acquainted with the conditions
surrounding the industry. Mr.. John K.
Garnett, who seems to have been the prime
mover in the scheme, is a well-known
South Carollnian, who was in business in
20 'siAlAieltl Apt a NUMBER years. ana sun
mas business interests here Mr.. Garnett
has been quite successful in interesting
Northern capital in various enterprises in
thls section, and doubtless expects to ac-
complish still further results on this line
Inc BARRIERS are a well-kRoWn South
carolina family, and Mr. w. A. Barber
leIt the city Saturday for his old home
at Chester, S. c., where he intended stop
ping en- route to New York. Mr. Barber
Is young man of evident ability and
made a fine impression upon those who
came IN contact with him here.
MT George H. Fearons, who was here
win Messrs. Garnett and Barber is a
prominent attorney and business man Of
New York. Mr.. Fearons is a Kentuckian,
VINO mas resided in New York for a num-
yer Oh years. He is vice pres
trust companies and is said to be
d multi-millionaire. He represents the
western Union Telegraph Company, the
pen Telephone Company and other large
interests. HIS presence at this time is
SAD TO have been due to the fact that he
mao oeen in Atlanta for the purpose of
opposing legislation hostile to the corpora
uons which he represents, and that his Wis
IL mere was simply an Incident, due to the
iHcl mat he represents parties who are
Interested in the movement
Inc name of Mr. John H. Parker, who
"'s az one time one of the leading naval
stores factors Of Savannah, but who is
no" wealthy capitalist of New York,
mas oeen mentioned as likely to be as
socated with the enterprise because of his
acqualntance with the industry and the
'rullons surrounding it.
ne proposed combination is not regard
e Win favor in business circles outside
Vi hose directly interested. 1t is pointed
Gu. mat 1t would injuriously affect bank
,n7 ana insurance, as well as other trade
nlttests' which would be affected indi-
s9Uy Dy the throwing out of employment
number of men who now receive good
sSeHtIes' to say nothing of the deadening
vtgct upon the business life of the city
""Nn would result from the elimination
number of firms which now contri-
,' y"ie Iarge'y to the city's commercial ac-
uylly and progress.
mayor Myers, when asked for his opin-
r, wi oil the effect of such a consolidation
sa1g spou me business interests of the city.
na ra'l' i believe It would be exceedingly
s-.o' luhate for the city for the naval
NJ business to pass into the control Of
w., Nlerh capitalists. If the factors wish
~ ioItn a combination of fhafr ovur In or