The evening times. [volume] (Washington, D.C.) 1895-1902, 1902-03-12
KRBPOL RECEIVER
NOW In CHARGE
VIII Seek Money and Start
the Company's Works.
TROUBLE OVER DIVIDENDS
An Effort Being Made to Interest More
Money in the Federal Banking Com
Pany-Directors Of Rorick Air Cushion
Truss Company Elect officers.

Capt Richard F. Knox the newIy-ap-
pointed receiver Of the KretoI Chemical
Company, qualified today before the Dis
trict Supreme Court by fling his bond. in
the sum of $1,000.
immediately following this action he
repaired to the Offices Of the company at
1928 F Street northwest with Mr. George
s. Chase. the attorney representing the
majority OF the stockholders. and pre-
pared to enter into possession Of the
property.
He stated to a Times reporter that he
was himself unfamiliar with the affairs
Of the company as yet and that until he
had the opportunity Of going over the
books and familiarizing himself with the
affairs Of the company he would be unable
10 make any statement for publication.
i don't know anything as yet" was
his reply TO a direct question.
To Start the Works.
Work upon the books will begin at once.
although the first efforts viii be directed
10 securing a loan and starting the com
pany's works.
One of the officers Of the company said
this morning that the factory would De
in fun operation within week The re-
cent estimate Of the capacity Of the fac
tory at sixty barrels a day was some
what excessive. he thought but there w1s
no question in his mind that il the total
output - the present factory can be dis
posed Of, the company viii be earning
a handsome return upon the investment.
even vita capitalize ton OF 81 0O0. 600.
FMS 20 fHrn~- 4
on by those Interested is the reduction
or the capital STOCK OF the company from
Sl.UUtbtO to $500 COO or possibly less This
may be done by calling in and canceling
that stock which vas issued as scrip div
ldends and by recC pverting into the treas
ury those cash dividends which we're IN
lawfully paid
May Have Some Difficulty.
There is every Indication, however. that
some difficulty may be met with in &C
complishing this purpose. as the manner
in which this money was paid out seems
10 be IN question. The statement Of At
torney Chase. which appeared in The
Times this morning, attracted widespread
attention and was the subject Of discus
sion wherever the affairs OF the COM
pany were being considered.
In view Of a previous statement from
paid out Of the pocket Of Secretary
Browne It is stated that should this prove
true IL viii involve the situation some
what and make the work Of the receiver
more difficult
Federal Banking Company.
The affairs OF the Federal Banking and
Trust Company remain unchanged and no
meeting Of the board Of directors has
been called. L was said this morning
that the delay in-straightening out the al
fairs Of that company was due TO an effort
to interest more money in the enterprise
and sell the full amount OF the capital
stock.
There was a meeting last night of the
directors OF the Rorick Air Cushion Truss
Con. 3any. another OF the allied corpora
tiOns. al the Offices OF the company. 1924
J. Street, last night for the annual cleo
tiOn OF officers. DIT. F. Y. Brooks, of this
city, was elected president, and Mr.. Rich
ard Young vice president Miss Mary
Ferry succeeded Dr. Starr as treasurer OF
the company. The Office of secretary OF
the company was not filled, and Mr.
Browne viii continue TO act IN that ca
pacity until his successor is elected.