The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-01-17
WILL GO OUT OF BUSINESS.
SAVANNAH NAVAL STORES COMPANY
no WIND UP ITS AFFAIRS.

-. PInce VIII BE Taken by the
southern Naval stores Company. to
ers' Company-ThOse Who Have
noon Prominent In the Old Com
many VIII He With the New Com
nonv-The Company VIII Be on n
large Scale and VIII Have
branches at jacksonville, Fernan-
dina and New YOrk-Mr. C. ID.
baldwin Is Interested in 1t.
rho savannah Naval Stores Company
&c preparing to wind UP its affairs and
r.-ro from business. 1t will be succeeded
~, another and larger company to be
known as the Southern Naval Stores
Companv, with headquarters in Savan-
nah and branches at Fernandina, Jack
sonyius and New York. 1t is proposed to
take in a number of naval stores produc-
srs as stockholders of the new company.
Al the meeting of the stockholders of
me savannah Naval Stores Company the
office Of the company here last week, a
resolution was adopted authorizing the
directors, if in their judgment they felt it
advisable, to wind up the affairs of the
.ompany at their convenience.
President w. C. Powell, in speaking of
This action yesterday, said, ut is more
If a reorganization than a going out of
business When the Savannah Naval
stores Company was organized nine
years ago, it was with the understand
ing that the company was to be composed
strictly of producers. Since that time
some of the stockholders have died. some
have gone out of business, some have
moved out of the state and others have
taken stock in other companies. Owing to
the change in the character of the stock
holders it was thought well to take steps
10 wind up the affairs of the company.
This may be done in the next thirty days
or it may take several months. At the
annual meeting last week a dividend of
ten per cent. on the capital stock was de-
clared and this dividend has been sent
out to the stockholders. No other dividend
has been sent OUT
Corporations usually come to their
ends i'm the courts" said Mr. Powell.
The Naval Stores Company will be an
exception of the rule. After nine years
of very successful business life it will be
quietly wound up by its directors. Dur
ing the nine years of its existence il has
always paid an annual dividend Of never
less than 10 per cent. and two years ago
there was a division of the surplus
amounting to $3.50 a share, after which
a number of other opera tors were admit
ted as stockholders. The book value OF
the stock is now s1,65O, the par value being
SlMo"
The Southern Naval Stores Company
will he organized and controlled by men
who have been prominent in the Savan-
nah Naval Stores Company with one eX-
cepuou. Mr.. C. D. Baldwin, who is prom
inentlY known in the naval stores trade,
having been actively associated for
number of years with the Peacock-Hunt
Naval Stores Company, win be one of the
organizers of the new company. A cir
cular letter, signed by Messrs. W. c. Pow
ell A. Seasons, w. w. Beach and B. F.
Billiard. all directors of the Savannah
Naval Stores Company. has been sent out
10 the stockholders of this company and
10 other opera tors, announcing the inten-
ton of the subscribers of organizing a
company to be known as the Southern
Naval Stores Company, and soliciting cor
feSpondence with those who desire TO
identify themselves with the new concern.
Stock in the new company will be sold
TO producers only" said Mr. Powell, land
1t viii be a condition precedent to the sale
OF the stock that the stockholders shall
give their business TO the company. The
idea is to assure the company of a large
business from the start. The organizers
OF the company are all largely and direct
y interested in the production of naval
stores The new company will be char
tered with a paid in capital of not less
than 100000. but the actual capital will
De much larger. Al operators who have
capital 10 invest and who are willing TO
guarantee us. their business will be well
come as stockholders. The main office of
The company viii be at Savannah. and its
business will be conducted from this point.
There will be a receiving depot at Fernan-
dina and a merchandise depot az Jackson
vile besides facilities for handling naval
stores at New York"
Asked in reference to the report that the
Gulf Naval Stores Company of Tampa and
PENSACOLA would be absorbed in the new
cofporaton Mr.. Powell said that 1t was
Doubtful If this would be the case. The
savannah Naval Stores Company is
iarge stockholder in the Gulf Naval Stores
COMPANY, he said. but so are other cor
poTauons and individuals who may not
care 10 enter into such an arrangement.
me CUFF Naval Stores Company has a
large capital and is well able to handle
us own affairs. he said This company
was to have held its annual meeting yes
terdaN Vice President BuHard of the Sa-
yannah company. who is a director in the
10f company. was on hand to attend the
meeting
I0e change is an important one in the
naval stores trade as the entry of the new
company in the field, backed by large
'dplal and including many of the we'll
'o-do operators among lis stockholders,
may have an unfavorable effect upon the
o'her factorage companies in the business.