Barre evening telegram. (Barre, Vt.) 1898-19??, 1898-10-10
BIG TOBACCO DEAL.
OrummOnd Company Sells Out to the
American Tobacco Company.

OrummOnd Company Sells Out to the
American Tobacco Company.
st. Louis, Oct. 10.-The much ru-
mored sale of the Drummond tobacco
plant TO the American Tobacco COM
pany was contaminated here. The
price was $3,457 900, paid by. the Ameri-
can Tobacco company in certified
:hecks drawn to the order of Harrison
|. Drummond, president Of the now de-
!unct company. The sale Of the Drum
mond Tobacco company was outright.
There were no stock considerations.
The American Tobacco company SIM
ply paid $3.457,0 900 in cash for the real
estate plant, buildings, stock in trade
md good will Of the Drummond COM
pany and the stock Of the latter ceases
to be of value. The deal was CONSUME
mated by the signing of the various
necessary documents and delivery Of
the certified checks to Mr.. Drummond,
who represented the q other stockhold-
ers. The American Tobacco company
Immediately took possession of it's new
property.
| President Duke Of the American To-
bacco company announces that there
will be no change in the personnel of
The office staff of the concern, even Mr..
Drummond remaining as manager at a
salary and later will become an officer
and member of the board of directors.
| The interest of the Drummond family
in the company was II per cent of the
| cash stock.
Mr.. Drummond was a tired man when
seen at the Planters hotel, but he was
in very cheerful frame of mind. He
said:
THE sale was made outright, there
being no interchange of stock. There
will be no change among employees and
| will remain as manager with salary
I will in tn. near future acquire an in
terest in the American Tobacco COM
pany and will be nGde a director and
an officer. The negotiations have con-
sumed three weeks, but not much real
work was done until last week. Our
hands will not be changed. The Ameri-
ran Tobacco company will continue the
manufacture of horseshoe plug, but will
reduce the price,
Mr.. Drummond was asked If he had
not accepted rather a small price for
the real estate and buildings mo, he
replied, II think not. We carried it on
our books at $455 900, it's cost price, and,
| dlIHOuEH lHe SIouHu HAS Increased III
value. the depreciation in the building
we consider offset that"
| Speaking of the future, Mr. Drum
mond said:
"Reing the head of the family, have
since my fathers death borne the enor-
nous responsibility of the management
Of this business and real estate 1t has
really been too heavy burden, and I
have not been able to devote to the real
estate the attention 1t demanded. Now
[ hope that being relieved of all f1nan-
cial worry in the business and occupy
ing simply an executive position, I will
have a chance to devote the attention
to the real estate that it justly de-
| mands."
President Duke of the Tobacco COM
pany looked satisfied with what had
been done. His statement of the case
comedies with Mr.. Drummond's. "Of
course I'm glad we have got it," he
said. 1T is all settled now, and we are
running the plant. We have given the
nominal government bond required.
have paid about $3,500,0O0 In cash and
are ready for business"
"VVill you now try to buy the Liggett
| & Myers plant?"
mo, l guess not" he replied.
This transaction puts at an end a
long series Of rumors regarding the sale
and the final consummatio ton was no sur
prise. The sale leaves the Liggett &
Myers company almost alone in the field
as a competitor of the American To-
bacco company.