The Washington times., 1902-06-18
NEW COMPANY TAKES
HOLD OF KRETOL

has already bought %. .i9S shares OF Kro-
tol stock leaving outstanding H,592
shares. much of which is now in New
York. he said, ready to be exchanged.
Chartered in f;ew Jersey.
Mr.. Rrowne said that the new COM
pany had been chartered under the laws
OF New Jersey, with a capital stock OF
$500, 600. fully paid and non -assessable,
ana tat reliable people stood ready to
furnish the money.
Miss Fauntlero- asked Mr.. Browne il
the mone- was % be paid in bulk or
raised bv the sale Of stock in the new
concern.
Mr.. Browne stated that the latter
would be the case, whereupon Miss
Fauntleroy saroastically said:
"Ah. more lambs are TO be fieeced."
Continuing. MIR. Browne stated that il
anyone wanted their stock sold after the
exchange had been made a method would
be found for accommodating them. and
no one would lose anything. The new
company he said, had sufficient influence
TO put the product on the market, where
as the old company has not.
NJ. Anderson supplemented the re-
marks cf Mr.. Browne by stating that
there was danger of suits being instituted
against every stockholder of the Kretol
Company for stock held and not actually
paid for. He further stated that the
Kreto, Company was practically in
solvent.
MI Chase was in favor of selling the
plant and other assets of the company
for the purpose of paying off its indebt-
edness, which he said Gid not exceed
5000. and then manufacturing kretol.
The large building he said. is a foolish
expense, and Re thought kretol could be
manufactured IN two rooms of ordinary
size.
Arraigned Mr.. Browne.
Mr.. Chase then arraigned Mr.. Browne
in scathing terms. He had grown tired.
be said of "glittering generalities." He
then read several extracts from a report
submitted by Mr.. Browne some time since
and branded each one as false. asa said
that Mr. Browne knew they were false.
He stated that the people now holding
Krctol stock had been fieeced by mis-
representation. and with this statement
he turned to Mr.. Browne and demanded
to know il Mr.. Brownies present object is
to 90 into other elds and fleece other
lambs. He said that il WIS not until a
receiver had been appointed and Wash
ilgton chemist had been brought to this
city that kretol had been actually manu-
factursd at TIE plant.
Referring TO tire fully paid and nom
assessa5le stock" of the company. Mr..
Chase said that the claim made for the
stock WIS not true, and that the officers
of the Kretol Company had never uttered
a truth from the time OF its inception
Mr. Chase then took from his pocket
a letter which he said was from LADY,
sixty years old, and who had parted
with the savings of a lifetime on the
strength OF letters sent out by the COM
pany. He stated that she is now penni-
less and prostrated over her loss The
object of the organization of the Kretol
Company, he said. was to sell stock, and
he said that he did not propose to stand
for any more chemical schemes.
Mr.. Chase continued his arraignment
of Mr.. Browne, and, concluding. said
'If you have the interest of the Kretol
Company at heart. as you claim, why
don't you pay the 100000 you owe it. and
for which the officers hold your unin-
dorsed note? The old company and tho
new are both stock-selling concerns, and
/ dot not propose to stand by and see
my clients robbed.
Harmony Urged.
Mr.. Frank E. Anderson urged harmony
and said that If the New York concern
was not as it was represented to be the
court OF this city would pro-
tect the Kretol stockholders.
Mr. Chase was of the opinion that the
courts Of this city would have nothing
to do with the stability of the New
York concern. He believed it to be an
other dream" and that the stock Of
fered did not have a dollar back of it.
Mr.. Mehan, of Washington. one of the
largest stockholders of the Kretol Com
pany, sad that he realized that the
stock was of no value, and that the Kre-
tol Company was now $4,000 worse of
than when it was placed in the hands of
a receiver. He was of the opinion that
If the stock of the new concern proved
to be worthless it would be nothing
more than an even trade.
After a long harangue. the report Of
the committee was taken up, it was re-
eeived. there being but one dissenting
voice.
Mr. Browne. when asked by one of the
stockholders who was putting up the
money for the new concern refused to
state. Once before he had been caught
mapping he said, and he did not intend
to get caught again.
The meeting hen voted to accept Mr..
Brownies plan, but the vote had little
as the transactions will be
individual