The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1913-05-25
PROCEEDINGS, HOWEVER. VIII
NOT INTERFERE WITH oPF
ATtcN or THE PLAN
WEE RECENEp SRE NAMED
Bradley President; H. T. Var
n and Judge W. H. FELTON, Ap-
ointed BY Judge speer in United
: States Court Yesterday.

To those who are in close touch
with the affairs Of the Yaryan Naval
Stores company, Of this city, it was
no surprise yesterday when the news
Acame that receivers had been named
ior the company p the United States
seourt at Macon.
There are two reasons responsible
for this status Of affairs in the com
pany; the first is due to the financial
troubles of the American Naval
stores company, which had contracts
for the entire output OF the Bruins
wick plant and which when beset by
sdifheulties threw its extensive naval
stores holdings on the market at sac
riiice prices, followed by den drali-
2ation Of the market generaly. The
other reason, it is said, is due to the
-54s....-.ss sAa. since the troubles Of the
American there has been discord IN
tie directorate OF the Yaryan com
Iapaay Oh the part Of the minority
tockholders as to the policy neces-
ars to meg the changed conditions
has been said that this breech had
Tached such 2 point where some Of
the smaller skekho.ders had openly
threatened receiYership,
f'reaidsnt Jas s. Hrailey and these
allied with him in the company are
majority stockholders and they were
willing, so it is reliably reported, to
make the necessary financial arrange
ments to tide over present difficulties
provided the minority stockholders
would cooperate in such movement
However, it is evident that the co
operation desired by Mr. Bradley and
mis- friends could not be secured from
the other directors and stockholders
President Bradley reached Brunswick
Friday morning and the action al Ma
con yesterday, in which Max Isaac
and A. H. Hayward were the petition
ets, and in which b. Borchardt & Co.
OF this city, appear as plaintiffs. was
brought entirely with the knowledge
and consent OF Mr.. Bradley. he having
reached the conclusion that no other
alternative was open by which the
best interests OF all parties concern.
ed could be preserved
Upon hearing the petition in Macon
yesterday Judge speer appointed
three receivers. They are Mr.. Brai-
ley, the president Of the company
Homer T. Yaryan, vice president and
inventor Of the process used at the
local plant and also a big stockhold,
ers. and Hon w II. FELTON,, former
judge oft he Macon circuit and one Of
the best known men in Georgia.
These receivers at once assumed the
management Of the plant.
Mr.. Bradley Talks.
The people Of Brunswick will be
interested in the statement OF sIr
Bradley, in whom all OF our citizens
have the utmost confidence. Prompt
ly on receipt Of the information that
the company had been placed in the
hands Of a receiver by Judge Emory
Speer Of the United States court
The News got in communication with
Mr. Bradley and requested him to
make statement for the benefit Of
the public. which he cheerfully did,
as follows:
The proceedings which resulted in
the appointment Of receivers for the
Yaryan Naval Stores company were
the result OF the chaotic condition
Of the naval stores market which be-
came so badly demoralized by the
failure Of the American Naval Stores
company
The petition Of B. Borchardt com
pany, the. p1aintiffs in she case, shows
that the sole purpose OF the receiver
ship is to preserve the assets Of the
company, safeguard the interests OF
the creditors as we'll as of the stock
holders, and to keep the plant in
active operation It was necessary to
invoke the aid of court CT equity for
this purpose. Such action, as is well
known Is often taken in the case Of
railroads and other large corpora
tions Under the protection Of the
court the eom@ny viii be reorganiz-
ed and its present difficulties solved.
The people Of Brunswick can rest
assured that the plant Will be operat-
ed Etcfore until the reorganiza-
be affected In this connec-