The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-05-10

$3.50 in bonds and $3.50 in stock, the
stock to be divided equally between
preferred and common, and the tim
Der owned by a participating company
was TO be valued at 50 per thousand
| in the transfer. The new company is
then 10 operate the property under
the proper officials. elected by the
stockholders, as any Otner lumber
company is operated In financing the
big company sufficient money was to
be raised to pay off the bonded lndebt-
ednesS and the current debts of each
company, and this amount was 10 be
deducted from the bonds issued to
each. No further finanoing was TO be
considered necessary as the addition
al bonds would be held by the original
timber land owners.
Although the meeting was scheduled
for but one day, the interest shown
IN the plan caused the discussion at
the meeting and before the committee
on plans OF estimating and the COM
/ mlttee on financing TO carry final &C
ton over TO the second day. Even at
night committee meetings were held
at the Planters hotel.
Each man preSens was asked to
give the committee the value of his
company's timber holdings on a basis
of $3.50 per thousand feet. and to add
to that a fair valuation for the mill
and other property. The report on
this showed those present at the meet
ing to own property valued at S273,-
OOO,cOO- In response for a request for
the liabilities of each company it was
shown that against the $27S,000,000
there was only a total Indebtedness or
S42 10000 and $14 1000, 600 of this was
for timber and $2S 100000 for floating
and other obligations.
Difference of Opinion Held.
Although the meeting lasted two
days there was but little suggested
TO change the plan offered by the COM
mittee at the beginning, and it proved
impossible 10 bring the organization
OF the proposed merger down TO q
fact at this time. 1t has been eStima
ted that about fifty per cent of those
present were willing 10 join in 40
plan as proposed. Others stated that
they would not take definite acton
without consulting those interested
with them, and there were some pres
ent who, while they thought the plan
good one, were not willing to be-
come parties to the new company IN
less it was so financed that the bonds
could be underwritten and cash paid TO
the holders. The result was that a
committee of twenty-five, among these
some of the most prominent men in
the yellow pine industry, was appoint
ed to perfect plans for organization,
to have a charter drawn and every
thing in readiness when the next meet
ing should be called. The date of
this next meeting was not set but
it is thought that it will. be in about
one months time.
Some of those present at the meet
ing were very positive that such a
company would be formed. They did
not believe that it would be possible
TO get all of those present at the meet
ing this week to become stockholders,
but they did claim that some of those
interested in the plan would form
such a company, then from time to
time take in the properties of other
manufacturers.
All Impressed With Possibilities.
After there had been full discus
sion of the merits and advantages or
the big company it is fair TO state
that there was not a man present at
the meeting but who was impressed
with it's possibilities. The company
could not be a trust controlling the
output and prices of yellow pine, but
it could be a company that would be
a valuable factor in the trade If it
was SO financed that it had no obli-
cations pressing and compelling the
sacrifice of timber, this company
would only produce from its timber
lands the amount of lumber it felt
that the market called for. and wnen
the demand was slack some of its
mills could be readily closed down.
So fayorably was the plan looked
upon and so enthusiastic were some
for its adoption, that it is believed
that a company will be organized. pos
sibIy embracing ten or more of the
very biggest yellow pine companies in
the business. With this as a nucleus,