The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-10-20
President Nash Writes An
Open Letter to Produc-
erS and Consumers.
HE CLAIMS THAT THE CHARGES
OF THE JACKSONVILLE BOARD
OF TRADE ARE WITHOUT
FOUNDATION taND GIVES A. HIS
TORY OF HIS COMPANY.

President Nash of the American
Naval Stores Co., has issued the fol
lowing statement regarding the
charges brought against his company:
To the Producers and Consumers
of Naval Stores: Our company, since
the naval stores producing industry
entered into a period of depression
and unremunerative values following
upon four years of unexampled pros
perity, has been the subject of con,
slant attacks in the public prints OF
Florida and has been charged with
possessing and exercising the super
natural power of fixing and control
ing eight states, for the purpose OF
crushing the producer.
During the period of high prices,
and consequently of prosperity to the
producer, we were, on the other hand,
attacked by the consuming trade
journals, particularly those in Europe,
as being responsible for creating a
level of values that impaired the
profits of the consumer.
The charges from both quarters
were equally without foundation, and
have, therefore, been ignored by us
in the belief that time would show
their falsity.
InasmUch, however, as so strong
and important body as the Jackson
vile Board of Trade has identified
itself with these attacks, and has
gone to the extreme of dissemlnat-
ing circular letters of misleading
character throughout the consuming
and producing world, We now deem
It incumbent on US, in justice to the
trade as well as ourselves, to take
notice of the charges made, so far as
is necessary to place our position in
it's true light, and at the same time
show to those not already advised
the causes that led to the formation
of the American Naval Stores Com
pany, and at the same time those
that have produced present con-
ditiOns in the trade
History of the Company.
The companies which have been
the chief objects of attack are:
First The Atlantic Investment
Company, and
Second. The American Naval Stores
Company.
A word as to the first named: In
1902 the factors embraced in the
Consolidated Naval stores Company
organized their own export company
with the avowed intention of market
ing their own receipts. Before pro-
ceeding to that extreme they realized
the inadequacy of their equipment
for this heavy undertaking, and made
overtures to Paterson-Downing Com
which resulted in the conclusion of
a joint contract with those companies
to take the Consolidated Naval
Stores Company's receipts at Jack
sonville, Fernandina and Pensacola,
on basis of the Savannah market,
Under legal advice in New York it
was determined that the proper
course was to organize a holding
company, the sole purpose of which
was to issue to current stockholders
of the Paterson-Downing Company
and S. p. Shotter Company their
equivalent number of shares under
the revised interests. This company
was termed the Atlantic Investment
Company" and it's charter was for a
term of two years and three months,
to conform TO the life of the contract
with the Consolidated Naval Stores
Company. We call especial attention
to the fact that this merging of In
tereStS between the two contracting
companies was not the result of our
own volition. While entered into by
US as a measure of self-defense made
necessary by the attitude and initia-
tive of the factors themselves, it was
at the same time urged and pressed
upon us by those who subsequently,,
and to further their own ends and in
terests denounced it as trust"
Other joint account contracts were
made necessary in our own defense.
We never contemplated the violation
OF the Sherman antitrust act Or any
other, and did not suppose that we
were doing so.
Stockholders in Combine.
AT the time that the Atlantic In
vestment Company made its contract
for TWO years and three months
with the Consolidated naval Stores
Company of Jacksonville 10 purchase
from the Consolidated the bulk of its
receipts for the term mentioned. the
representatives of the Consolidated
Company insisted, as a condition pre-
cedent to their making. tie contract
for their company, thar they be as
signed a considerable interest in the
Atlantic Investment Company. which
was the purchasing company. We did
not care to do this and appreciated
the fact that these gentlemen were
becoming interested not only as sell
ers but as buyers, but we finally
yielded to their insistence and their
demand for twenty per cent, of the