The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-06-03
AMERICAN TO
LIQNOATE ALL
DEBTS IN FULL
REPORT OF THE AUDITORS SHOW
GRATIFYING oNDITIoNS IS
PRESIDENT O'RYRNE REFUTES
SENSATIONAL STORIES APP
FEARING IN THE NORTHERN
PRESS.

Rapid and satisfactory progress has
been made in the liquidation Of the
affairs Of the American Naval Stores
Company, as shown by the statement
CT the auditors made to the officers Of
the company yesterday afternoon, says
the Savannah Morning News Of last
Saturday.
Since the company was forced to
suspend. in March because Of its i'm
paired credit more than 100000 of
the $4,000, 900 secured indtebt edness has
been discharged. The creditors COM
nittee stated yesterday through Pres
ident M. A O'Byrne that 1t confident
~ expects to Hquidate in full within
the next six or eight weeks all of the
secured Indebtedness and to have a
handsome cash balance left in their
bands from the sale of the rosin which
was held by banks as security to ap
ply on the unsecured debts Of the
company"
Malicious Articles Printed.
President O'Byrn> gave out the au-
ditors' statement as ! refutation of the
sensational articles which a few days
ago were published in some of the
northern newspapers. He character
lies them as sensational and mali
cious"
The auditors have just finished their
work and their report received in the
ny the Officers OF the Am6T1-
can Naval Stores Company has not yet
been sent to the creditors.
President OByrne replies to the
statement that the enormous stocks of
the American have been forced on the
market since the suspension at ruin
ously low prices.
LAS a matter of fact, 80 per cent of
the accumulated stocks of the Ameri-
can have been sold at decidedly higher
prices than the present market" he
says. land at prices that were salts
factory to the liquidating committee,
creditors Of the company, but also the
unsecured"
Statement of the Auditors.
Following is the statement:
"The best declaration that the of
hcers Of the American Naval Stores
w7o are Hquidating the company's
business and assets can make to the
sensational articles which have recent
ly appeared in several of the northern
and western papers, insofar they
concern the operations Of the American
Naval Stores Company, is to make
public, which we do herewith, a copy
Of the official audit of the Americans
books as of March 81, 1913, which was
received yesterday by the committee
from Messrs. Warwick, Mitchell, Peat
&c Co, chartered accountants, who for
the last two months have been making
a careful and close scrutiny Of the
books and assets:
New York. May %, 1913.-Mr. NJ
A. O'Byrne, chairman, committee of
American Naval Stores Com
pany, Savannah, Ga. Dear Sir: In
accordance with your instructions, we
have made a veriffcation of the assets
and liabilities of the American Naval
Stores Company and its subsidiary
as at March 81, 1913. We
now submit our report thereon to-
gether with relative statements as de- |
tailed in the index attached hereto:
& The assets and liabilities of the |
following companies are embraced in |
the Verification:
American Naval Stores Company
Of West Virginia
American Naval Stores Company |
Of New York.
=" National Transportation and Ter |
ninal Company of New Jersey.
" National Transportation and Ter |
ninal Company of New York
" 'Seaboard Cooperage Company.
South Atlantic Steamship Line
" The accounts of the European Ma
val Stores Company and its subsidiary |
companies, the capital stock of which |
s owned by the American Naval Stores |
Company of West Virginia, are not |
iealt with in this report, the vertical |
ion of the balance sheets of those |
not yet being complete.
Consolidated Balance Sheet. -.
A consolidated balance sheet as at |
March 81, 1918, of the American COM
)anies is submitted in exhibit A The |
following is a summary thereof:
Assets
Cash, accounts and notes
receiva bIe-free ..-....S2, 26O.619.75 |
Cash balances held by /
banks against indirect
liability on notes dis
counted ............. 1872, 57o.70 |
balance. 1871, 74499
S3,794, 1884
accounts due by officers
and employees .......S SIS, 421.3
Jnexpired insurance, taxes
and interest ....... s5,354.17
Investments ... 1872, sol. 90
liked assets . ATS, 9658O
franchises ..... 100000
S7174,17S.70
Liabilities
Unsecured ..........s25 500, 52211
IN notes receivable dis
counted ... 1,345, 76400
Jnion Naval Stores Com |.
pany (secured) .. 3oo.8523o
s4,24013s41
3alance due to European
oor1aoias e. nA1 s51 Q, !