The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1908-10-27


ers of naval stores, viii be OF inter-
est in this section generally:
To the Producers and Consumers OF
Naval Stores: Our company, since the
naval stores producing industry en-
tered into a period OF depression and
rnremunerative values following upon
four years of unexampled prosperity,
has been the subject of constant at
tacks in the public prints OF Florida,
and has been charged with possessing
and exercising the supernatural power
OF fixing and controlling values OF
great industry covering eight states,
for the purpose of crushing the pro-
Queer.
During the period Of high prices, and
consequently Of prosperity TO the pro-
Queer, we were, on the other hand, at
tackled by the consuming trade Jour-
mails, particularly those in Europe. as
being responsible for creating 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 Jacksonville
board of trade has identified itself
with these attacks, and has gone TO
the extreme of disseminating circular
letters of a misleading character
throughout the consuming and produc-
ing 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 its 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 company, and at the
same time those that have produced
present conditions in the trade T.
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 Con-
solidated Naval Stores company or
ganazed 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 ov-
ertures to Paterson Downing com
pany and S. p. Shotter company,
which resulted in the conclusion OF a
joint contract with those companies
to take the Consolidated Naval Stores
company's receipts at Jacksonville,
Fernandina and Pensacola, on basis
of the Savannah market. Under legal
advice in New York 1t was determined
that the proper course was to organ
ize holding company, the sole pur-
pose OF which was to issue To current
stockholders of the Paterson Downing
company and S. P. Shotter company
their equivalent number of shares I'M
der the revised interests. This corr
pany was termed the Atlantic In
vestment company" and its charter
was for term of two years and three
contract with the Consolidated Naval
Stores company. We call especial at
tenion to the fact that this merging
OF interests between the two con-
tracing companies was not the result
of our own volition. While entered
into by us as a measure of self de-
Tense made necessary by the attitude
nf
selves, II was at the same time urged
and pressed upon us by those who
subsequently and TO further their own
ends and interests denounced it as
trust" Other joint account con-
tracts were made necessary in our
own defense We never contempla-
ted the violation of the Sherman an
u-trust act or any other, and did not
suppose that we were doing SO.
Stockholders in Combine.
At the time that the Atlantic Invest
ment company made its contract for
two years and three months with the
Consolidated Naval Stores company of
Jacksonville To purchase from the
Consolidated the bulk of its receipts
for the term mentioned, the repre-
sentatives of the Consolidated COM
pany insisted, as a condition preoe-
dent to their making the contract for
their company, that they be assigned
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 we're becominp
interested not only as sellers but as
buyers. but we finally yielded to their
insistence and their demand for 20
per cent. of the shares of the Atlantic
Investment company was reduced to
/ 16 per cent. and Is per cent. of the
shares of the Atlantic Investment
company, or the purchasing company,
were finally issued to Messrs. w. F.
Coachinan, c. B. Rogers, United States
SSe,,at&,. Fra1fofN,.,s, and ~ 1905;