The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1908-10-27
E. S. NASH ON THE
NAVAL STORES SITUATION

, 10 per cent. allotted to what might
be called the Savannah interests were
soon afterwards transferred back to
the expert interests in the Atlantic
investment company, it having been
decided by the holders that their re-
tention OF possession would prejudice
them in the eyes of the producing in
terests. The majority of the other
shares issued, however, including
those of the gentlemen just named,
were retained as the actual property
of Mr.. Coachman, Senator Taliafero
and others, and the revenues enjoyed
from their possession, as we are able
TO prove, were highly satisfactory to
them 1t is true that the shares really
belonging to Mr.. w F. Coachman were
for reasons best known to himself,
soon after issuance transferred and
held by another party, but this holding
of the other party was purely nomi
nal, the shares being always the act
ual property OF Mr.. Ccachman, who
received the dividends therefrom
These shares, as well as those of all
other holders not identified with the
export interests, were subsequently
bought in at a substantial premium in
addition to the dividends paid.
The Atlantic Investment company
was one of the corporations indicted
in the former prosecution in the Uni
ted States court. At that time we
had the earnest sympathy of Mr..
Coachman, and the reason for this
sympathy is sufficiently Indicated
Both Mr.. Coachman and his confreres
were fully aware of the nature of the
holding company and of the turpen-
tine Joint account with other conpan-
les, and they were the beneficiaries
Of the profits of the holding company
| When their standing and vocation are
considered 1t can scarcely be possi
BILE that any one Of them considered
this to be in any way antagonisuc to
| the Sherman act.
Naval Stores Export Co. Formed.
Upon the expiration ofethe contract
with the Consolidated Naval Stores
company negotiations for a renewal
were without effect, and, as conse-
| quence, the Naval Stores Export COM
pany, under the leadership of Mr. w
| f. Coachman entered into active exis-
tence, and at once became a very
earnest competitor of the Atlantic In
vestment company, its charter hav-
ing been renewed Claiming to con
troll the greater part of the crop, il
declared open war upon the Atlantic
investment company. and the deter
mination to drive 1t from their field
In this it was unsuccessful, and, after
six months activity, sought and OBJ
tanned such relief from the Atlantic
Investment company as to save itself
from total extenction, and its affiliated
concerns from grave disaster. The
humiliation arising from this termi-
nation Of their efforts has ever since
ranked in the breasts of those respon-
sible for the catastrophe, and affords
ample explanation of the vindictive
attacks to which our company has
been subjected ever since. Embraced
in these attacks Is the repeated decla-
ration that our company has used it's
resources for the purpose of wrecking
values of rosin and turpentine. When
1t Is demonstrable that the money in
vested by us, as company, and in
dividually in the factorage and produc-
ing branch of the business, is greatly
in excess Of the capital we employ in
the marketing of the product, the
falseness and absurdity of their
charges is self evident.
With regard to the reced,ng course
OF prices during the last twelve months
and the ruinous values presently pre-
Vaillng, the causes are natural and
lie who runs may read" These
are; Flrst-Oppressively heavy stocks
carried over from last crop; second
an increase of IL per cent. in the
current crop; third-a heavy falling
OIL in American consumption. due TO
| the prevailing trade distress. The net
| result OF these three causes has been
that the worlds visible supply of tur-
penune on October l, 1908, was 65 900
baffeis, or, TO be exact. Ga, sos barrels
IN excess of that of the same date
last year, and $4,000 barrels more than
at the same time two years ago.
That we made an effort to maintain
the price of turpentine at the value
placed upon it by the Naval Stores
Export company is true 1t is equally
true that had we done so, ignoring
the evidence of a largely increased
production during season of unex-
ampled trade depression following the
financial panic, our own capital would
also have been wiped out and the in
dustry paralyzed through the enforced
! lack of our support
Furthermore. it will be evident to
those same thinking men, with judg-
ment unwarped by the sting of fail
ure, that the attack upon the Ameri-
can Naval Stores company is an at
tack upon the very backbone of tho
industry.
This company. with its resources
and its construction. the fruit of thirty
Ns.N 1-ls