The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-07
DEAL FELL THROUGH,
---- -
A $5O,OOO,OOO Com
bine Conceived by
Worcester Man.
THE GREAT WOODEN TRUST.
Originated by E. D. Thayer,
Jr., and Ended in
a Wrangle.

The financial journals of yesterday
contained the following paragraph hid
den away in an obscure corner where
it would be unlikely to attract the av-
erage reader:
THE organization Of the National
Wooden Company, with a proposed cap
italization of $50,0OO,OOO. has been de-
ferred until fall"
Behind all this lies a most interesting
story relative to the failure of one of
the greatest attempts at combination
in the wooden trade ever made in this
or any other country. 1t began short
ly after the organization of the Ameri-
can Wooden Company by the manufao-
turers of worsteds. The second pro-
Iect, of a companion combination
among wooden mills exclusively, was
launched late in March by e. D.
Thayer, Jr of this city. The Ameri-
can Wooden Company was to control
the manufacture OF fancy worsteds,
clay diagonals and other products Of
worStcd machinery. Com bination No.
was to handle cheviots, cassimeres,
cloakings, overcoatings and other pro-
ducts of carded wool. Each combina-
ton was to trench but little on the
ground OF the other. The new COM
bine was the work Of Brown & Adams
OF Boston. The name Of the new
company was to be the National WOOL
en- Company, and the management in
cluded in its board Of officers Messrs.
e. d. Thayer, Jr., of Worcester r. r.
Greeley of Hillsboro Bridge, n. H.,
Robert Blealkie Of Hyde Park, II. j.
Beebe of Holyoke, Cyril Johnson Of
Stafford, CT, Galen G. Moses Of Lis
bon Falls, Me-, and John S. Bleakie Of
Sabattus, Me. Among the mills in the
combine was the Worcester Wooden
Company Of Worcester.
The mills definitely included in the
combine controlled by the management
We're Worcester Wooden Co. of Worces-
ter, cassimeres, capital 100000; Mer-
chants wooden mill Of Dedham, cassi-
meres, suitings, cheviots, meltOns, ker-
seys, r. D. Thayer owner; Thayer mills
of Cherry Valley, cheviots and dress
] goods, e. d. Thayer owner; Hillsboro
| Wooden Mill Co. Of Hillsboro Bridge,
! N. H., diagonals, cloahings, beavers,
suitings capital 100000; Robert Blealtie
! Co. Of Hyde Park, cassimeres, capital
5000, 900; Beebe, Weber e. co. of Hol-
| yoke cassimeres, Beebe, Weber & Co.
owners; Riverside wooden mills Of STAFF
| ford, Conn, cassimeres, capital $50 600;
| Central Wooden Co. of Stafford, cassi
meres, $4,000; Worumbo Mfg. Co. Of
Lisbon Falls, Ne, covert cloths, foun-
ces, diagonals kerseys, beavers, melt
| ons, cloakngs, capital $500, 900; Webster
| Wooden Co. Of Sabattus, Me-, cassi-
meres, capital 100000.
This is only a partial list of those
| that we're to be included in the COM
| bination. There were a long list of OPP
| tons which had been secured, including
nearly all Of the leading mills on the
| lines Of goods noted above.
| 1t was announced that no water
whatever was to be allowed in this
| combination, the mills being taken over
at a. fair valuation.
Every Indication led to the belief that
| the capitalization would be placed at
! about $4,000 600 1t was commonly I'M
derstood, among the manufacturers
who had become interested in the prof.
ect, that u. d. Thayer, Jr., of Worces-
ter was its head. All Of his mills were
to be included In the combine. The
greater part Of the preliminary ar
rangements were carried on in Boston.
The underwriting was to be done in
New York.
BY the plan proposed mills were to
be acquired at a fair value, the pro-
moters being paid five per cent Of the
market price.
The preliminartes were effected with
out q hitch at any stage Of the pro-
ceedings. The last meeting was held in
New York on Friday of last week.
Then the trouble began, and the end is
said to have come about with a final
crash in less time than It takes to tell
it.
Some Of the manufacturers present
at the New York meeting stated that
they had received information that one
of the projectors had gone into the deal
simply for the purpose of unloading at
profit one Of his mills that had long
been a losing property. Names We're
called, and the story was denied in a
most emphatic sort Of way.
Correspondence was produced and It
began to dawn on the New England
manufacturers who had gone into the
deal that individual interests were be-
ing served IN a most amazing way.
In less than an hour the meeting had
dissolved and one of the biggest deals
ever attempted in the history of the
wooden trade, involving many millions
Of dollars, had fallen through.
It is stated from most authoritative
sources that no further attempt at the
amalgamation will be made.