The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-10-12
TWICE The CAPITAL
FLORIDA EXPORT COMPANY TO
START WITH HALF MILLION.
BIG JUMP FROM FIRST PLAN.
ORIGINALLY THE COMPANY WAS To
HAVE A CAPITAL OF 100000.

pleted Their Flana AT conference
Yesterday Morning Application
for Charter to BE Made mt Once 10
FIOrida's Secretary of State-Prin-
cipaI Branch Office to Be Located
at SavnnB ah--COR Gilman Is Presi-
dent, Young. Vice President, of
New Concern-Understand With
patersOn-DowninE Company Be
Iieved to he Reached.
At a conference of its leading spirits
held yesterday morning at the office
of W. c. Powell, plans were definitely
formulated for the organization of the
Florida Export Company, which is to
handle the export business of the Con-
solidated Naval Stores Company at
Florida ports.
The first announcement of the pros
pective organization of the florida
Naval Stores Company and of its plans
and purposes was made in the Morn
Ing News two weeks ago. This was
before the preliminary meeting of the
Consolidated Naval Stores Company at
Jacksonville and it was then thought
that the capital stock of the export
company would be $4,000
At yesterday mornings conference,
however, 1t was determined to increase
the capital stock Of the company to
100000. An application for a charter
will be made at once to the Secretary
Of State OF Florida. in which the Off
GERS and directors of the company will
be given as follows:
Officers of the Company.
President-W. f. Coachman Of Jack
Eonville.
Vice President-John r. Young of
Savannah.
Directors-w. F. Coachman of Jack
sonville, john R. Young of Savannah,
II. L. Covngton of Pensacola, E. c.
Patterson of Jacksonville, and w. c.
Powell of Savannah.
These officers, of course, are not yet
formally elected, and will not be until
after the charter has been granted and
the formal organization of the COM
pany perfected by the action of the
shareholders. They will then be in
creased by the addition of a secretary
and treasure. The application must
be advertised for a month before the
charter can be granted and the organ
Szation meeting, which will be held in
Jacksonville, win not take place until
some time during the latter part of
November or the first part of Deem
Der. The company will be ready for
business on Jan. 1.
Offices in savannah.
Its headquarters will be in Jackson
vile, but the principal branch office
of the company, in charge of one of
Its chief officers. will be located in Sa-
vannah
",
went into the organization of the Con-
solidated Naval Stores Company are
responsible for the creation of the Flor
ida Export Company. They will to all
intent be operated in entire sympathy
and harmony with each other.
Powell Explains the Plan.
"At Jacksonville, Fernandina and PEN
sacola, as long as they continue closed
markets." said Mr.. Powell yesterday,
1.-THE Florida Export Company will
handle the receipts of the Consolidat-
ed Naval Stores Company at Savan-
nah quotations. Under existing condi-
lions the naval stores market at Sa-
vannah determines the market at other
ports, and whatever price rules here
will be paid by the Florida Export
Company at the Florida ports.
"In Savannah, the only open market
where the company will operate, a diff
ferent policy will be pursued. Here the
receipts of the Consolidated Naval
Stores Company will be sold to the
highest bidder and the Export Com
pany Will have to offer the top of
market in order to secure the goods
Should it chance in the future that
other markets where the two companies
operate, are opened, the system that
will be pursued from the start in Sa-
vannah will be placed in operation"
Mr.. Powell said that the question of
making Jacksonville, Fernandina and
Pensacola open" markets is now be-
ing agitated and that it might happen
that at some time in the not distant flu
ture they would settle prices for them
selves. This would have to be DONE
however, by practically the unanimous
consent of all the factors interested in
the naval stores business.
A Significant Conference.
The gathering in Mr.. Powelrs office
was preceded by a conference at the
De Soto the night before, which may
have an important bearing on the ma
val stores export business at this port.
AT this conference three separate in
terests were represented.
The men behind the Consolidated Ma
val Stores Company and the Florida
Export Company Were represented by
w. -. IOMbll JOIN II. Dung ana A.
+. Billiard of Savannah, w. F. Coach
man and H. A. McEa chern of Jackson
Vile; c. Downing of Brunswick, repre-
scented the Downing Company: the
Paterson Downing Company was rep
resented by e. J.. Nash and George NJ.
Boardman of New York. and Walter
Coney Of Savannah
Decline to Talk.
Further than to admit that the ex-
port business of the Cons olidated Ma
val Stores Company and it's connections
formed the subject matter Of the con-
ference, those who took part in it re-
fused to give out any information or
to discuss what was done or said. The
presence and participation in the con-
ference, however. of the three repre-
Company, of New York and Savannah
and one of the largest naval stores
exporting houses in the business. is al
least significant.
There was an air of satisfaction no
ticeable in the appearance of the con-
ferees and the determination to apply
at once for a charter for the Florida
Export Company, with a capitalization
more than double that formerly deem
ed sufficient to handle the business
reached in less than twelve hours. af-
ter the conference, is another straw to
show which way the wind blows TAX
en- together these circumstances have
inspired a general opinion that the
business relations between the Savan-
nah branch of the Florida Export Com
pany and the Paterson-D Downing Com
-r-sI1 NJ.