The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-10-20
AMERICAN NAVAL STORES
co. REPLIES TO CRITICS

shares of the Atlantic Investment
Company was reduced to sixteen per
cent, and sixteen per cent OF the
shares OF tle Atlantic Investment
Company, or the purchasing com
pany, were finally issued TO MeSSrS.
w. f. Coachman, G.. b. Rogers. United
States Senator Taliaferro and others
associated with and interested in the
factorage element. The portion of
this sixteen per cent. allotted to what
mignt be called the Savannah inter
eStS were SOON afterwards transferred
back TO the export interests in the At
lantic Investment Company, it hav-
ing been decided by the holders that
their retention of possession would
prejudice them in the eyes of the pro-
ducing interests. The majority of the
other shares issued, however, includ-
ing those of the gentlemen just
named, were retained as the actual
property of Mr.. Coachman, Senator
TaNaferro, and others, and the reve-
nues enjoyed from taeir 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 is
suance transferred and held by anoth-
er party, but this holding of the
other party was purely nominal, the
shares being-always the actual prop
erty of Mr. Coaclman, 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 addi
ton to the dividends paid.
was one of the corporations indicted
in the former prosecution in the
United 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 otter COM
panies, and they were the beneficial
ries of the profits of the holding
company When their standing and
vocation are considered it can scarce
ly be possible that any one of them
considered this TO be in any way an
tagonistic to the Sherman Act
Naval Stores Export Co. Formed.
Upon the expiration of the contract
with the Consolidated Naval Stores
Company negotiations for a renewal
were without effect, and, as a conse-
quence, the Naval Stores Export Com
pany, under the leadership of Mr.
w. F. Coacnman, entered into active
existence and at once became a very
earnest competitor of the Atlantic
Investment Company, its charter hav-
ing been renewed. Claiming to con-
troll the greater part of the crop, it
declared oper war upon the Atlantic
Investment Company, and the deter
mination to drive it 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 il
self from total extinction, and its
affiliated concerns from grave disas-
ter Fhe humiliation arising from
this termination of their efforts has
ever since ranked in the breasts of
those responsible for the catastrophe,
and affords ample explanation of the
indicative attacks to which our COM
pany has been subjected ever since
Embraced in these attacks is the re-
peated declaration that our company
has used its resources for the pur-
pose of wrecking values of rosin and
turpentine. When it is demonstrate
that the money invested by us, as
a company, and individually in the
factorage and producing branch of
the business, is greatly in excess of
the capital we employ in the market
ing of the product, the falseness and
absurdity of their charges is self-eYi-
dent.
Reasons for Present Low Values.
With regard TO the receding course
Of Dr;PnS he he
and the ruinous values presently pre-
vailing, the causes are natural, and
He who runs may read" These
are: First, Oppressively heavy stocks
carried over from last crop: second,
an increase of Z IL per cent, in
the current crop; third. a heavy fall
ing off in American consumption. due
to the prevailing trade distress.
The net result of these three causes
has been that the worlds visible sup
ply of turpentine on Oct. L, 1908, was
$4,000 barrels, or. TO be exact, o. ,50S
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 no effort to maintain
the price of turpentine AT the value
placed upon it by the Naval Stores
Export Company, II true. 1t is equal
" true that had we GoSe so. ignor-
ing the evidence of a largely in
creased production during a season of
unexampled trade depression follow
ing the financial panic. our own capt.
tai would also have been wiped out
and the industry paralyzed through
the enforced lack of our support.
Withdrawal Would Mean Disaster.
Furthermore, it will be evident TO
those same thinking men. with iudg-
ment unwarped by the sting OF fail
ure, that the attack upon the Amer
lean Naval Stores CcmpanE is an al
tack upon the very backbone of the
industry.
This company. with its resources
and its construction. the fruit of
thirty years of l2bOrious and difficult
education as 10 the requirements
of the business, takes up, pays for
and distributes the receipts at Bruins
wick. Pensacola, Tampa, Mobile,
Gulfport, New Orleans and the inter
Tor Gulf states, totalling annually
$50. O0e barrels, valued at approx
mately $1,000, 600. These receipts are
taken upon the daily prices prevailing
at Savannah, the basic market.