The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-06
NAVAL STORES MEN
. MEET CREDITORS
Committees From New York and
Savannah Confer Here as
to Liquidation.
SOON TO BEGIN WORK AGAIN
Government Prosecution Under
Antitrust Law Blamed
for Trouble.

committee from the American
Naval Stores Company, of Savannah,
Ga. which suspended business sew
cral weeks ago because. according
to It's officers. attacks upon 1t by the
government had destroyed its credit,
met n committee from tho New York
creditors AT the Jefferson Hotel last
night, to arrange the details OF the
companys litigation
1t was stated at tho time tho liquida-
ton was first announced that the com
pany's assets exceeded the liabilities
by nearly s1.oO0.oo0 and that none
of the creditors would lose by the ac-
ton. Creditors OF the company stated
that they believed means would he
found by which tho business could be
continued without the loss of more
than a few days. Both OF these state
ments were confirmed by a Savannah
member of the company last night
The American Naval Stores Com
pany VIII continue to do business as
before he said. The purpose OF the
liquidation has been made known to
the creditors through circulars. and
no one Will lose a cent"
The committee from New York con
sisted of Pierre Jay, Vice president OF
the Manhattan Bank, and j. e. Frank
I'm vice president OF the Guarantee
Trust Company. Those from Savannah
VI
T.. NJ. Cunningham. counsel
Officers Sentenced to jail.
The government prosecution which
led the company TO liquidate WAS char
acterized by its officers as an In
sensate crusade" Two Of its officers
were sentenced TO six months In jail
and fined $4,000 by the lower court for
violation of the Sherman antitrust law.
while the government was pressing a
civil suit for tho dissolution of the
company.
Confronted with this situation, and
with the marketing of the new crop
OF naval stores almost at hand IL was
stated that the company was unable
TO obtain new capital. while It's re
sources, although large and valuable,
were insufficient to meet the needs OF
It's Immense business. Hence the liaui-
dalton was necessary.
The American and the naval stores
Industry are among the first victims
OF an insensate crusade against the
big businesses OF the country was
the statement Issued by tile score
tary
The civil case which was fled last
summer seeks to dissolve the company
or the theory that IT Is a trust The
case was fled in Savannah. and later
transferred To Atlanta, to be heard
by Judge Pordcc. In it's answer. re-
Gently fled In the United States court.
me defendant company reiterated the
claim Which IL has often made. that IL
mas done nothing contrary TO the laws
of the nation
The American Naval stores Com
pahy WAS chartered in 1906. and was
FORMED by the merging OF several other
corporations, namely: the s. r. Shottcr
company. the Patterson Downing Com
pany and the Antwerp Naval Stores
Company. At the time of it's liouida
ton 1t was capitalized at 100000.
me American Naval Stores Com
pahE ranks rs one OF tho most in
nuentai corporations In the United
states. and has been largely instru-
mental in opening the markets of the
world to naval stores producers Its
assets consist chiefly in immense guam
uties OF naval stores at various points
In this country and abroad.
Inc temporary suspension of bust
ness and the liquidation OF the com
pany's assets. Will, il is stated. make
ii unnecessary for the government IN
press Its suit for dissolution.