The Savannah morning news., 1902-09-30
IN A MONTHS TIME.
Continued from Tenth Page)

cation for charter for an exporting
concern, to be known as the Florida
Export Company will be made almost
or quite simultaneously with the APP
plication for a charter for the Con-
solidated Naval Stores Company The
interests of the two companies Will be
more or less mutual, and their stock
held more or less in common, but they
viii be separate and distinct corpora
lions. The capital of the Florida EX-
port Company will be 100000, and its
president win be w. F. Coachman of
Jacksonville. the present head of the
Florida Naval Stores and Commission
Company.
1T is probable also that the supply
business Of the Consolidated Company
will be handled by a separate corpor-
alton. This plan has been followed in
the past by the Southern Naval Stores
Company, the Downing Company and
the Ellis Young Company, for the con-
venience of their Florida patrons.
These three companies own all the
stock of the Florida Grocery Com
pany Of Jacksonville, and through this
corporation they supply their custom
ers. The plan has worked well and
will probably be adopted by the new
organization.
Operators in on the Deal.
In fact the Consolidated Naval
Stores Company will be operated large
ly along the same lines as has been
the Southern Naval Stores Company
and its predecessor the Savannah Ma
val stores Company. This last was the
pioneer in the establishment of a bust
ness which made the opera tors sharers
in the profits derived from the sale of
their products 1t will be so with the
own a large proportion of the stock
There will be no water in the stock
of the new concern. Every dollar of its
capital will be represented by cash or
assets received at a valuation fixed by
a committee of experts. This commit
tee will be selected from the officers of
the companies interested.
$50 far as the consolidation goes, its
principal purposes are the maintenance
of prices and the prolongation of the
naval stores industry this latter by
inducing or seeking to induce in the
operators a more skilful and scientific
method of dealing with the trees. There
will be, of course, a resulting decrease
in the expenses of carrying on the bus
mess, but this was not the primary OBJ
ject of the combination. We want good
prices and long life for the naval
stores industry"
Thus Mr. Powell on the subject of
the consolidation. When it was sug-
gested to him that this diversion of
business would hurt Savannah, he.
gave ready, if not particularly cheer
full acquiescene.
Railroads Are Responsible.
"Unquestionably," he said 1.-THE first
year the company does business it will
divert from Savannah 100 900 casks of
fnrrf, it,r =.
THAT seems rather a pity" it was
suggested.
Why, yes" said Mr.. Powell, "but
the conditions which made the trans
fer of headquarters to Jacksonville i'm
perative were not of our creation. No
body in the naval stores business here
wanted to move, nor would we have
done so had it not been for the actions
of the railroads. When we showed
them the conditions that existed and
asked for better rates, so as to be able
to compete with other ports, they made
the charges for various services of
transportation and storage still more
onerous; when we asked for bread
they gave us a stone. At their door
the responsibility for the removal of
business from long stretch of their
lines, as well as from this port. must
lie.
In Florida an opposite policy has
been adopted. The present differential
against Savannah, and in favor of
Jacksonville and Fernandina from
points in Florida. is ten cents a bar
rel on rosin and twenty cents a cask
on turpentine. l have been informed
that when the new railroad commits
sion goes into office in January the
differential will be increased to twenty
cents barrel on rosin and forty cents
on turpentine l have this from the
chairman of the commission himself.
1.-The commission has declared that
Florida products, so far as practical
BILE, must be marketed in Florida
ports, and it is taking an effective
method of carrying this policy out
Cheap rates make the markets., and
If we would do the business, we must
be where it is being handled"