The Hattiesburg news., 1913-03-18
rs STATEMENT OF AMERICAN MA
VAL STORES OFFICER AS THE
REASON FOR SUSPENSION.
ASSETS EXCEED FOUR MILLIONS
Announcement of Failure of the Big
Combine Came as Surprse-Believed
by Leading Creditors Affairs Will
Be Adjusted Without Great Loss.

savannah, Ca, March 1S.-Wlth as
sets said to exceed its liabilities by
$4,000,000 to the American Naval
Stores Company Monday announced
that it has suspended business. In a
statement given out by G. j. Deloach,
secretary of the company, he asserts
that the fight the government has
made upon the company and it's Off
GERS has practically destroyed the
companys credit and has made it wise
to discontinue operations. A meeting
of the creditors of the company has
been called for Friday of this week at
a local hotel. The creditors are most
ly bankers, numbering over 60. The
loans to the Savannah banks are Sc
cured by ample collateral.
1t is believed by leading creditors
that means will be devised by which
the business of the company will be
carried on without loss of more than a
few days. News that the company
would suspend came without fore
warning, as there had not been an init
nation in the trade that such a course
was impending.
A meeting Of the Savannah bankers
Interested in the affairs of the Ameri-
can Naval Stores Company was held
here last night and the situation was
carefully canvassed. Afterward it
was stated that all of the loans were
fully secured, as explained in the
statement issued by Secretary De
loach.
The company's assets consists large
ly of immense stocks of naval stores
at various points in this country and
abroad. The company engages exclu-
sively in selling and exporting naval
stores.
Both on the civil and criminal suit
of the United States court the Ameri-
can Naval Stores Company, or its off
GERS, now has interests waiting to be
adjudicated.
In Washington before the United
States Supreme Court Judge Samuels
will today argue an appeal from the
lower courts on the case where two
officers of the American Naval Stores
Company were sentenced to Jail for six
months and fined $4,000 each for vio-
lations of the Sherman antitrust law.
The civil case which was filed last
summer seeks to dissolve the Ameri-
can Naval Stores Company on the
theory that it is "trust." The case
was filed here and later was trans
ferred so as to be heard by Judge
Hardee in Atlanta. Only recently the
=. defendants answer was filed in this
ease.
In it's answer filed in the United
States court a week ago the company
reiterated the claim it has often made
that it had not done anything con-
trary to the laws of the nation.
The suspension of operations and
the liquidation of the companys as
said for the government to press the
suits further.
The American Naval Stores Com
pany was chartered December l, 1906.
Merged into this corporation were
the interests of several naval stores
concerns, namely the S. P. Shotter Co.,
the Patterson Downing Co., and the
Antwerp Naval Stores Co. The com
company is now capitalized at $3,000,-
900. Its chief officers are S.. P. Shot
ter, chairman of the board of direc-
u tors; F. H. Nash, president; J. S. F.
' Nash, vice-president and G. ]. Deloach,
secretary. The concern ranks as one
of the most potent and influential cor
porations in the United States.
A steel rocket containing Rodman
H..