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

OH account OF sale OF barrels III, IO0.jU
On account Of sale OF furni-
ture, fixtures, interest and
unearned insurance =. 3,340-6O
Making a total of =. =. .S72, O66.4S
In July and August, 1906, when the
turpenune market showed an unac-
countable weakness and tendency TO
drop below 57i3c- it was deemed nee
cSsary fer the protection OF the inter
ests of the stockholders of this COM
pany, a large majority of whom are
producers, TO go into the market and
invest the available funds of this COM
pany in turpertine. ThereupOn the
company bought, from time TO time
and at prices ranging from 574c,
3,165 barrels of tuTpentine- This in
vestment not only tended 10 strength
en- the market, which imediately show
ed strong upward tendency. but
proved a very satisfactory one on its
merits; for these purchases of turpens
tine were sold at an average of &C
gallon, and the entire transaction
Melted the company approximately
$4,000, and these net earnings on thus
amount were more than sufficient to
cover the entire expense for the year
of the Naval Stores Export Company
and its subsidiary company, the South
ern Warehouse Company, including
salaries, insurance. taxes, and incident
ais. The cash account to this report
follows:
Cash in banks =. ..- ....S 77,035.00
Bill receivable in the form of
demand, interest bearing
notes secured by naval
stores warehouse receipts 23,100.00
Total 80. =. E. ..S100,135.00
Trial balance of April s, 1907, of the
books Of this company, is likewise At
tached. There is also attached a gen
eral balance sheet dated April l, 1902,
of the Southern Warehouse Company,
to which the attention OF the stock
holders and directors Of this COM
pany is specially directed. This is &C
ccmpanied by d condensed report from
the officers of that company. A con-
densed summary of these statements
OF this company and of the Southern
Warehouse Company, indicates that
the two companies have in cash and |
its convertible equivalent approximate
ly 100000. in terminals consisting |
of spirit tanks, rOSin and spirit sheds, !
tracks, yards. etc, at Fernandian, Port |
Tampa City and Pensacola, costing ap- |
prOXimately Sl15, 100000. These term !
inals are in excellent condition, ard |
while it might be difficult to dispose |
OF them readily at actual cost. yet it |
would lie impossible to duplicate them |
at cost,
This company has available for I'M |
mediate use during the producing sea |
son of 1907 and thereafter. d fair /
amount of cash capital, ample term !
Is deemed best for the company to enter |
actively into the business for which it |
was organized. I am thoroughly salts !
fed that the interest of the producers
who are stockholders in this company,
demands that the company should re.
main intact, be reOrganfZed on a basis
which would make its stock worth par
and be equal to the fair value of its
present net needs. It's mere presence
in the market will have a tendency to |
prevent manipulaticns of prices during
the producing season and in this way
earn for its stockholders who are pro-
ducerS, substantial dividends in stable
and sustained prices, and 1 know of
no reason why the company should
not earn and pay fair annual divi-
dendS. I therefore recommend to the
that committee Of
conservatively, the net assets of this
company, that thereupon the capital
stock be reduced to an amount which
shall be equal to the net value of its
assets.
I am not thus satisfied that the in
terest of the factOrage companies hold
lLS stock in this company would be
sUbseTved by tie reorganization and
continued existence of this company,
and therefore in order 10 meet this
condition l recommend that the COM
pany buy at an agreed price the stock
held by the three factOrsge companies
holding stock in this company, so that
it may be hereafter as it should have
been always, a producers company
In support of the recommendation
which I have made l submit herewith
4 copy OF a resolution adopted by the
board OF directors of this company ii
4 meeting held January 26, 1907:
That this board recommend to the
at their annual meeting
IN the second Tuesday in April. 1907
he appointment of a committee 10
and accurately appraise the
assets and fix the liabilities. If any, Of
he company. and that upon the report
Of this committee the capital stock
# this company be reduced to an
amount equivalent TO the next value
If the assets of this company, and that
Eereupon the company enter active
Y into the business of buying. selling
md exporting naval stores and other
vac doing business as authorized ty
"a charter"
All of which is respectfully submit
ed.
w. NJ TOOMER, President.
DEATH SIINnAN MnPNINc