The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1907-04-17

Tuesday contained the following,
which VIII be of general interest
throughout this section:
The Naval Stores Export Company,
which has its general Offices and head
quarters in this city, has been reorgan-
lied and is now owned exclusively by
prN1ucers of naval stores.
The reorganization was effected at
the annual meeting of the stockhOld-
ers, at which the following board of
/ directors was unanimously elected: W.
NJ. Toomer, w. j. Kelly, ]. s. Single.
w. ]. Hillman, J. w. Callahan, w. Z.
GUNNER and c. w. Dean.
At a meeting of the board of direC-
( tors, Immediately after sie stOckhOld-
ers' meeting, the following officers OF
the company were elected for the Ell
suing year:
President-W. NJ. TOOmer.
Vice-President and Treasurer
Joseph H Burroughs.
Secretary and Assistant Treasurer
Phillip Winter
! Brought Out Factors.
| Acting upon a suggestion, made in
the report of the president of the COM
pany at the stockholders meeting af-
| ter a considerable discussion as to the
| best course for the company to pur
sue. the factors who held stock inter
est in the company were requested to
name a price for their stock, thereby
relieving the company of any stock
| holding interest other than held by
| producers only.
| A recess was taken for few mo-
ments. and w c. Powell, president of
the Consolidated Naval Stores Com
pany, speaking for the combined stock
interests of the Consolidated Company
the Barness-Jessup Company, and the
IWest-Flynn-Harris Company, stated TO
the stockholders that the factors
would take 171R cents for their stock.
Without further discussion the offer
was accepted and the stock of these
factorage concerns purchased at that
figure.
1t was then declared the sense of
the meeting that the company should
be reorganized on the basis of its
actual assets and should operate in
compliance with the provisions of its
charter.
AS stated above, the company is now
owned exclusively by producers of ma
val stores. No factors have any in
terest in it in the capacities of stock
holders.
On Basis of Assets.
The stock of the company oUtstand
ing will be called in and new stock
issued on Il basis of the assets of the
company. which is about $500, 900; and
the company as soon as the reOrganiza-
ton is effected, will enter actively in
the business for which it was origin
ally organized.
Referring to the reorganization of
the company, the Industrial Record,
which is the official organ of the TUT-
pentine Operators Association, con-
tains the following editorial comment:
Naval Stores Export Company.
THE Record heartily commends the
producing stockholders of the Naval
Stores Export Company for their ac-
ton at the annual meeting in this city
this week. 1t would have been a dis
aster had the company liquidated. and
as it is, the company is now owned eX-
clUsively by producers, and is to oper-
ate along the lines provided in irs
charter The stockholders have been
refused 80 per cent of their stock in
veStment, in cash: the stock on its
original capitalization is now worth 90
per cent Now that the company is to
be reOrganiZed and capitalized on a
basis of its actual assets the Record
expects to see the stock increase in
value until its stockholders are fully
repaid for their original investment
Aside from this. however, the very
fact that the Naval Stores Export
Company is live active corporation, |
owned by the operators, and carrying
on, along conservative lines, the work !
for which it was originally organized !
will be worth millions of dollars to the |
producing interests
The report of Col. W. NJ. Toomer, |
president of the company. upon whose /
recommendation the reorganization /
was effected. is in full as follows:
The Presidents Report.
To the Stockholders and Directors, |
the Naval Stores Export Company: /
Gentlemen:-At the annual meeting OF .
the stockholders of this company, held /
April 10th, 1906, the following resolu- !
ton. among others. was adopted:
BE il resolved that a distribution /
among its shareholders is ordered of |
so much of said cash as is equivalent |
TO thirty per cent of the par value OF |
the stock actually subscribed.
The amount allowed in this dist-i- !
button to any stock subscribed bat 1
not fully paid shall be held by the |
COMPANY until the distribution herein
ordered, together with the amount !
actually paid By the subscriber 10 said
stock. shall be the equivalent Of its
par valUs and all payments made to
under the provisions of
this resolution shall be receipted for on
the stock certificates held by such
The directors OF thi;
are requested and directed to |
execute the provisions of this resofu-
ton"
At that time the company had a
cash balance in banks of s314OSS19.
In accordance with the direction con-
tanned in the foregoing resolution
there was a paid in dividends on the
fully paid stock. $3.50 210 There has
been collected in cash and solvent bills
receivable on account of unpaid stock
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