The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1913-08-10
ED FOR BENEFIT OF
ALL INTERESTED.
THIS COURSE DECIDED UPON
All Local Creditors are Invited to
Meet With Special Commitsse Hav-
ing Matter in Hand at Oglethorpe
Hotel on Next Saturday.

Brunswick, Ga, Aug. 8, 1918
To the Creditors of the Yaryan Naval
Stores Company:
Believing that the creditors of the
Yaryan Naval Stores Company should
| be organized, the Brunswick creditors
have held several meetings. and direc.
ted the undersigned committee to call
a meeting of all creditors. At the re-
quest of the Brunswick committee,
Messrs. James S. Bradley, Jr., and II.
w. Stetson, two of the Receivers and
Mr.. G. c. Smith, General Manager,
met with us and submitted statements
o. the operations SO far as the stats
tics had been compiled at that time.
They stated that expert accountants
had been employed to make a finan.
cial statement as Of May oath, 1913,
the date when the Receivers were ap-
pointed, and have since furnished the
Committee with n copy of that re-
port. The financial statements show
liabilities of 1869, 1851 and assets
(other than patent right, consisting
almost entirely of plants and manu-
featured products, valued at $2,121..
S6l65. They have assured us of
their willingness to furnish to the
creditors all possible information and
state that they will be glad to havo
suggestions from the creditors.
The company owns two manufac.
turning plants one at Gulfport and one
at Brunswick, but the Receivers
deemed it advisable to close the Gallf-
port plant, and are continuing to op-
crate the Brunswick plant.
There are many questions of vital
Importance to creditors that make 1t
imperative in our judgment there
should be a meeting and organiza-
ton of the creditors, in order that we
may fully consider the various phases
involved in the status of the company
that have direct bearing on those
Interested.
This company is the largest produ-
Ger of wood rosin and spirits In the
world. With the Gulfport plant closed
the company still employs about one
thousand men, including managers
and heads of departments; many OF
these are experienced and experts in
their particular departments, as they
necessarily must be. The company
mas built up, at great expense, u large
demand for products.
Everyone familiar win the naval
stores business knows that the market
has been extremely demoralized since
the beginning of the liquidation OF the
American Naval Store Company, and
prioeS have been ranging lower durno
the past few months than for many
| years.
| The policy of the receivers has been
| to reduce the cost OF operation to the
minimum consistent with efficiency
and they have made very large reduc.
tions in the operating expesse. They
are also experimenting in the process
of manufacture and claim to have
greatly reduced the cost in this de-
partment.
! You can readily recognize there.
fore, that the question of the continu-
ance of operation of the plant by the
receivers is one Of vital importance
to creditors.
There are many arguments in sup
port Of the continued operation, thHs
keeping the company going concern
for reasonable time in the hope Of
a return to normal market condition
in the fall. On the other hand some
Of the creditors think the plant should
not be operated.
! 1t is impossible for the creditors
to consider and act upon these mat.
ters except in a meeting where they
will have all available Information
and can exchange their views, and
therefore we respectfully invite all
creditors of the company to meet al
the Oglethorpe hotel in this city on
the 18th day of August, 1918, at IL
O'Clock a. m.
The Brunswick committee will give
no tile creditors the information
which has been furnished them by The
receivers, including copies Of the re
pcrtt which thp receivers filed In
court. We will also request the re
3 ceivers to be in the city on the da,
OF the meeting, 50 that If creditor,