Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1902-06-18
THE KRErOL COMPANY.

Ine etocknol0ers oil tue kfetoi Ouem-
ical Company, of this city, which was
placed 10 the hands OF receiver by the
court, of Washington and this city on
March 10, held an adjourned meeting
yesterday AFTERNOON for the purpose OF
receiving report relative to the reor-
gsniz,tion OF the company. The meet.
ing was one OF the most stormy ever
held by the stockholders.
The meeting was called to order
shortly sfler O'clock aud remained 10
session until after O'Clock. Rev. Alex
ander Kent, d. d OF Wasbir gtop, pre-
sided. There were tbirty-four stock
holders present By this number 2l,-
SIT out OF $1,000 shares OF the stock
were represented.
The OBJECT of the meeting was ID re-
ceive q report which was expected from
the mmittee appointed at the last
meeting ID present q plan for reorRsn'
izing the company. The commit 'e
submitted q written statement to the
effect that they had held four ettlogs,
aud, having understood that the Ma
tioDal Dsinfectant Company, OF New
York, had absorbed majority OF the
stock of the Kretol Company, had come
to the conclusion that II was useless TO
submit any plan for reorgan z alton. 10
concluding their report they stated that
Mr.. Rollo w. Browne would outline
plan by which each holder of Kretol
stock could dispose OF 1t to the NJ tlonal
Disinfectsnt Company, OF New YORK.
At this point one of the stockholders
wanted to know by what right the
COMMITTEES had shifted its duties to some
one else.
This produced its natural effect, and
Miss Fsuntleroy took the floor, and In
the course OF her remarks she stated
that although Browne was member
OF the committe he had failed to attend
any OF the meetings, but had been
meeting the members privately.
Mr.. Frank E. Anderson, counsel Tor
the company, took the floor and de-
Tended the action OF TIE committee.
He asked that Mr.. Brownies plan be
listened to carefully. 10 the course Of
his remarks be was interrupted by one
OF the stock holders asking him II the
plant In this city was earning any
thing. MIR. Anderson replied that 1t
was not, and subsequently stated that
the receiver had been compelled ID
borrow So 900 on the building for the
purpose of meeting the expenses.
This ttatemel was received with sur
prise by many OF the stockholders.
Mr.. Anderson then went into details,
explaining why the plant was not pay
| Ing under the receivership.
Attorney George 5. Chase, oil Wash
iugton, who represet Is the tt)ckhold-
ers. severely srrsigneG Rollo w.
Browne, who is the promoter OF tne
com pany, as we'll as the committee for
| failure to report plan for reorganiZi'
| ton.
MIR. Browne admitted that for sew
eral weeks past he had been working
quietly, and 10 an apparently mysteri'
Gus manner. He denied, however,
thst there was any thiOg to be hidden.
he said that he had put his shoulder
to the wheel ID keep the company out
| of the courts. Had he not done 80, be
said, within ninety days every director
OF the company would be brought be-
| fore the eo1rts. He stit'd further
thst at his own expense be had gone to
New York aud organized tle National
Disiufecsaut Company, which now bad
pledged to ii 81 per cent OF the stock OF
ihe Kretol Company. According to
his plan, stock in the New York Com
psny, worth 500 per share, was to be
given 10 exchange for Kretol stock to
the extent OF the actual amount paid
to the latter company for stock. He
claimed tnst the stock OF the new COM
psny was worth $40 per share, and
that company could do business far
better than the old company, which is
now In the hands of receiver. The
new company, be stated, has al
ready bought % 49S shares OF Kre-
tol stock, leaving outstanding 1852
shares, much OF which is now in New
York, he said, ready to be exchanged.
MIR. Browne said that the new cOT'
pauy had been chartered under the
laws OF New Jersey, with a capital
stock Of $500. 900. fully paid and nom
assessable, and that reliable people
stood ready to furnish the money.
Miss FauDt llroy asked MIR. Browne
II tae money was to be paid in bulk or
raised by the sale of stock In the new
concern.
Mr.. Browne stated that the lsltsr
would be the case, whereupon Miss
Fauntelroy saroatt icalIy said A: "Ah,
more lambs are to be Il seced."
Mr.. Anderson supplemented the re-
marks Of Mr.. Browne by stating that
there was danger of suits being inttl'
sd against every stockholder OF the
Kretol Company for stock held and not
actually paid for. He further stated
that the Krttol Company was practic-
ally iDsolvent.
Mr.. Chase was 10 favor OF selling the
plant and other assets of the company
for the purpose OF paying of It's In
debtedness. which he said did not ex-
coed Sl5, 900, and then manufacturing
kretol. The large building. he said, is
a foolish expense and be thought kretol
could be manufactured 10 NO rooms OF
ordinary size. He arraigned Mr..
Browne In scsthlDg terms. He had
grown tired, be said, OF "elttering gen.
erslities.p he then read several ex-
tracts from report submitted by Mr..
Browne some time since and branded
each one az false, and said inst Mr..
Browne knew they were false. He
stated that the people now holding
kretol stock had been h,eced by mis-
represent alton, and with this statement
he turned to Mr.. Browne end demand
ed to know II Mr.. Brownies present
object is TO 20 into ether fields and
fleece other lambs. Referring to the