Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1913-03-19
AMERICAN NAVAL Stores
COMPANY QUITS FIELD
Statement Issued by Big
Corporation


American Naval Stores company today
announced its suspension. 1t issued &
statement showing liabilities of $4,-
100000. 1t claims its credit was i'm
paired by prosecutions in the United
States court as naval stores trust.
A meeting of it's creditors is called
for March 81. E. S. Nash, the presi-
dent, is in Europe, but the company
has issued a 500 word statement.
/ The company issued the following
statement:
I'm the absence of Mr.. E. E Nash.
the president of the company, who is
now in Europe, the secretary of the
company presented the following
statement:
The American Naval Stores com
pany has been forced to suspend. The
company has not lost a dollar and its
assets, at conservative present values,
exceed its liabilities by about $4,000,
900, but the credit of the company has
tslowly become contracted, due almost
entirely to the persistent and contin,
ued assaults made upon the construc-
ton and contractular relations of the
corporation by the government in it's
suits under the antitrust laws.
with two of its executive officers
now awaiting the final determination
of their case by the United States SUI
preme court and the government
pressing a civil suit for the dissolu-
ton of the company and the destruc>
ton of its business, Ga business which
it has taken thirty years of intelli-
gent work to construct and which has
opened up to the producers of naval
stores the markets of the world. il
goes without saying that the company
is in no position to solicit new capital
and must depend entirely upon its
present resources. These resources, al
though large and valuable, with the
companys credit contracted, and with
the marketing of the new crop of ma
val stores almost at hand, are insuf-
ficient to meet its financial require
ments. This situation has recently
! becomes till more acute by reason of
the prevailing financial stringency
throughout the entire world, thus clos
ing to us almost at the last moment
avenues for relief which ordinarily
would have been at our disposal Ur-
der these circumstances and realizing
that there was nothing we could do
to avert ultimate suspension, the
management decided that the best,
wisest and fairest course for the com,
pany to pursue would be to stop op-
erations at once and advise our credi-
tors of our condition. This has been
done, and we have called a meeting OF
our creditors to be held in Savannah
on next Friday, the 21st inst.
The loans of the American, with
its seven or eight Savannah banks,
have always been and are now secured
by ample collateral which is we'll man
aged and no one bank has any excess
; sive amount of paper. There is there
fore no possibility of any loss. Our
largest Indebtedness is in New York
and the east
"At this time our sympathy chiefly
| goes out 10 the hundreds OF intelligent
many of whom have been in our serv-
and faithful employees of our company.
ice a dozen years or more, and wh)
without fault on their part, unless the
company can weather its misfortunes,
will be thrown upon their own re-
sources.
The American and the naval stores
industry are among the first victims
of an insensate crusade against the
big businesses of the country.
This is the only statement that will
be made by the company until after
the meeting of its creditors"
The American has been out of the
naval stores market for the past week