The Savannah morning news., 1902-10-03
3-MILLION COMBINE
WILL BEGIN ITS NAVAL STORES
BUSINESS ON JAN. 1.
ORGANIZED NEXT MONTH.
1T WILL REQUIRE TIME FOR 9TH
ER COMPANIES TO LIQUIDArE.

1Ir. w. C. Powell, Who Is to BE Pres
the Public store of Information rs
10 Its Purposes md PInns-ofhcers
Named in Application for Charter
Not Necessarily Those Who Win
Manage Company's Ahairs-L.ttir
Change Is LikeIy-Morc APpIica-
tiOns for stock Than Can BE Fill
ed-L. Mcneil May Join COnsOIidn-
tfon.
Not until Jan. l, it is probable, will
the Consolidated Naval Stores Com
pany begin business operations. From
the time of its organization, on Nov.
ii, preparations for beginning business
will be made, but probably not until the
first of the year will II actually take
over the assets and trade connections
OF its constituent companies and inau-
gurate direct relations with its CUSTOM
ers and the public.
MIR. w. c. Powell, who is to be presi-
dent of the company, returned yester-
day from Jacksonville, where the in
formal organization meeting had been
held. Mr.. Powell explained that the Of
flcers chosen by the incorporators, a
list of whom was published in the
Morning News, were not necessarily
those who would in the future govern
the affairs of the new company. They
were chosen informally and placed in
the application for charter to COM
ply with the provisions OF the Florida
law on this subject.
"Of course. said Mr.. Powell. ''the
actual and regular officers of the COM
pany can be elected only after the
charter has been granted and accepted
and the company formally organized.
1t is, however, probable that those
named in the application will consti-
tute practically the board of officers of
the company, though there are likely
to be some changes. These questions
Will be determined when the organiza-
ton meeting of the company is held IN
Jacksonville, on Nov. IL"
Many Anxious for stock.
MIR. Powell said that although the
capital stock of the company had been
increased from the $4,000, 900 of the orig
inal plan to $3,OO0,O00 there were many
more applications for stock than could
be granted. Up to the present, allot-
ments of stock had been made only
among the shareholders of the COM
panies which had been absorbed by the
consolidation, though the purpose of
the officers was to sell stock also
among the customers of the company,
on the same plan as has been followed
by the Southern Naval Stores Company
and the Savannah Naval Stores Com
pany which it succeeded.
The Downing Company, of Bruins
wick, has not yet entered the CONSOLE
dalton, but 1t will become a member
at the organization meeting. AS al
ready stated in the Morning News,
however, the Downing Company is the
only one of the constituent organiza-
lions that will not lose it's identity, GO
ing into liquidation only as regards
about one-third of its capitalization.
L. McNeilI May Come In.
Another naval stores factor who was
present at the Jacksonville meeting
was Mr.. Lawrence Mcneil, of Savan-
nah, who is said to be likely to unite
the interests he represents with those
of the Consolidated Naval Stores Com
pany. No positive statement to this
effect, however, could be secured from
Mr.. Powell or others interested in the
organization.
The six companies that are to go out
of business will spend a good part of
the time between now and Dec. 81 in
preparation for final liquidation. In
the interim the value of their assets
will be appraised by a committee rep
resenting all of them and on Jan. l
will be formally taken over, at the val
uation thus fixed, by the new concern.
AT the Jacksonville meeting the appli-
cation for a charter for the Florida
Export Company, which represents
largely the same interests as the Con-
solidated Naval Stores Company, was
also submitted and approved. 1t will
be filed with the Secretary of State of
Florida in the course of the next few
days. This company is to have a capt.
tai stock of $500, 900.
FactOrage Business Solely.
Despite the organization of this ex-
port company, Mr.. Powell vigorously
combats the idea that the CONSOLIDATE
ed Naval Stores Company will ATTEMPT
to do an export business or that the
connection of it's shareholders with the
export company will serve to control
its action or affect its business rela-
tions.
THE Consolidated Company is to do
a factorage business solely" he said
1--WE design looking out for the inter
ests of our customers and propose to
sell their products to those exporters
who offer the most for them. To sell
naval stores on commission to the
highest bidder will be our sole business
policy. The export trade, so far as we
are concerned, will be thing apart"
Mr.. Powell said he did not expect to
remove his residence to Jacksonville
for some time at least. His duties will
necessitate visits to the various cities
in which the company has offices and
interests, but he anticipated being able
TO direct affairs from this city Ulti-
mately, perhaps, he will live in Jack
sonville. He declined to say who would
be in direct charge OF the company's
office in Savannah.