Evening star., 1900-05-02
WINDING UP ITS BUSINESS
WASHINGTON BRICK COMPANY TO GO
OUT OF ExIsTENCE.
Meeting of Stockholders I'm Progress
Today-PropOsition for Purchase
of Plant Considered.

A meeting OF the stockholders Of the
Washington Brick Company was neid this
afternoon, though was not concluded when
The Stars report closed. 1t was called by
the trustees or directors in accordance with
the instructions received at a meeting OF
the stockholders in January last. when the
directors were instructed to take such steps
as might be deemed necessary to close up
the business Of the company. Onexuarter
OF the total output of the local brick~mar-
ket, 1t Is stated, is now being made by
that company, and has been for the past
nfteen years, yet it was realized that the
clay on the property of the company. at
Florida avenue and 18th street northeast,
was nearly exhausted and that, owing to
the growth in the population of the Dis
trict. as we'll as the giving out of raw ma
terial, the days Of brick making within
the District were numbered.
The directors of the Washington Brick
Company had full power to act in regard
to the property. but owing to the fact that
proposition to purchase the personal
property of the company had been made
by new company, known as the New
Washington Brick Company. composed
largely of the officers and directors of the
Old company, it was believed 1t would be
peter to have the stockholders act upon
today was therefore to lay before them
an offer of $4,000 for what is known as
the personal property, which Is the ma
chinery, buildings and good viii.
1t is no secret that the offer is looked
upon with such favor by the stockholders
that it will be accepted and that in short
time the Washington Brick Company will
cease to be an active factor in the brick
business.
Payment of 1ndebtedness.
1t is proposed to use the money received
from this sale to pay OFF the bonded in
debtedness of $4,000, which is secured in
| the property. When that is done the old
| company will have behind it's stock Of $780,
900 nearly sixty acres of land. which lies
between Florida avenue. Bladensburg road,
Mount Olivet road and Trinidad avenue.
The new company will continue the man.
ufacture of brick at the present plant, as it
| is estimated there is supply sufficient to
| last for about three months. At the end of
| that time 1t is expected the plant of the
new company in Virginia near the end of
the Long bridge will be ready for use and
the mandatory will be transferred to that
location. where about PIG acres Of land have
been purchased.
| 1t Is not known what disposition will be
made of the real estate owned by the Wash
fngton Brick Company. but the president of
! the company, Mr.. Theodore l.. Holbrook,
who ls also the president of the new COM
| that an offer will be made fof the purchase
| of the property, the intention being to sub
| divide it into building lots.
New COmpany's capitalization.
The new company is capitalized at $780,
| 600 in stock and there will be an issue of
| S2oOOOO In bonds The stockholders of the
old company will be given an opportunity to
subscribe for the bonds. and they will be
given a bonus of so per cent in the stock,
or one share for each bond. 1t Is esti-
mated that the proceeds of the sale of the
| bonds will be necessary to establish the new
plant on scale required for the amount
of business which is expected to be done
The president, both of the old and the
new compa MES. Mr.. Holbrook, to whose
executive management the success of the
eohtpany in the past is fully credited, ex-
poets to continue the business on the scale
as heretofore At present about one-half
of the bricks made in this vicinity for the
local market come from the plants located
at the Virginia end of the Long bridge. The
Washington Brick Company, of total out
put last year of some sixty millions made
about fifteen millions, while the Herrell
and the Miller yards. both located in this
city. produced about an equal amount. The
balance Of the yards in this city turned
out some five six millions. 1t Is ex-
pected this year the total consumption of
brick will be about one hundred million