The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-01-28
MAY BE PRODUCERS COMBINE.
SOUTHERN NAVAL STORES COM
PANY ASKS FOR A CHARTER.

Desires to Begin business with n
PaId-Up Capital of 100000 with
Permission to Increase as Desired
TO 5000, O0O-The Desired Charter
Broad One and Gives Conhrma-
ton to the Report That the object
of the Organizers Is to Bring All
the Producers Into One Combina-
ton.
The Southern Naval Stores Company
filed petition for Incorporation in the
Sup rior Curt yesterday. The incorpora-
tors are William c. Powell, William w.
Beach, Alexander Seasons, Bernice f.
Bulard and c. D. Baldwin.
BY the terms of the petition for incor
poration, the stockholders in the prospec-
tive company ask that they be granted
large powers. The capital stock named is
$4,000, and the privilege of increasing
this 10 $3,tCOo0O, in the discretion of the
Board of Directors, is asked
The prospective company wants to deal
in the naval stores business in all of its
branches and to maintain a principal
office in Savannah and branch offices in
other cities of the state and country. Be
sides the right to engage in the naval
stores business, in all its varied depart
mcnts, the general privileges of corpora
tons in this state are asked
The extensive powers specified in the
charter and the large capital to which the
company asks to be allowed to increase
in it's discretion seems to give confirmation
to a rumor which has gained ground since
the announcement of the intended forma-
ton of the company that it's organizers
proposed 10 make of it some thing more
than SIMPLY factOrage concern, and that
it would do business on larger scale than
has heretofore been attempted in the naval
stores trade. Mr.. w. c. Powell, who is
looked upon as the leader in the new
company, announced recently that it was
the purpose of the organizers that the
stock should be held only by producers
and that stock would be sold only to pro
ducers who would agree to handle their
product through the company, the idea
being to insure large and profitable bus
mess
The Savannah Naval Stores Company,
which is now winding up its affairs, was
organized on this basis, and the business
is known to have proven largely profitable
to those who went into 1t. The Southern
Naval Stores Company is evidently intend
ed to carry out the same idea on a larger
scale, embracing a larger number of oper-
ators and a more extended territory. There
win be branches or depots at Fernandina
and jacksonville, and the company will
have facilities at New York for handling
naval stores there. This would seem 10
Indicate that it is the intention of the
company to do an export as well as a fac
forage business
The new company offers the opportunity
to all independent operators 10 come in
and become members of its corporation.
The recent attempt to form
naval stores combine by uniting
the leading factorage firms In ona
large organization having failed, the or
ganizers of the Southern Naval stores
Company may have the same thing in
view, but upon the more reliable basis Of
combination of operators controlled and
directed by men who are themselves ac~
lively engaged as operators, and who
have grown up in the business. Mr..
Powell remarked some time ago, when the
naval stores combine was under consid-
Grafton, that the charter of the Savannah
Naval Stores offered about as satisfactory
basis for a successful combination or
the naval stores interests as could we'll be
devised AS the Southern Naval Stores
Company is simply a cont nuation OF the
Savannah Naval Stores Company on
more extended scale, Mr.. Powell's remarks
would oppear to have had more signli-
canoe than was attached to them at the