The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-01-18
LIMIT
OF Time Yet to Be
Fixed
TO TURN IN STOCK.
Rumor of Fight Between
Two Mammoth Wire Trusts.

The time limit for the filing of stock
certificates of the Washburn & Moen
Company with Messrs. Rice and Moen,
representatives Of the new wire COM
bine, is drawing to a close. The ma
jority of the stock is already in. 1t is
probable that all outstanding will be
gotten in before the expiration of the
time limit, which is to be fixed by
Messrs. Rice and Moen.
A number of wild stories have been
placed in circulation tending to throw
an air of mystery over the position of
Messrs. Rice and Moen in the transact
ton. These gentlemen, who have vol
unteered their services in the negotia-
tions between the Washburn & Moen
stockholders and the new combine, are
acting in perfect good faith and for the
interests of all concerned.
The actual expiration of the time for
stock certificates cannot be definitely
fixed, as it must necessarily be gov
erned in greater or less degree by
the manner in which the stock comes
in.
1t is desirable that all the stock
should be gotten is an quickly as pos
sible, and it is probable that by Feb.
1 the local end of the big deal will be
perfected. 1t is probable that settle
ment of all the stock claims will not
be allowed to go until the last moment,
and William Z. Rice, president of the
Washburn 8. Moen Company, stated
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stock in by noon today would probably
receive cash for it by the end of the
week This, however, does not mean
that the time limit for the acceptance
of stock certificates expires at that
time. President Rice stated emphati-
cally to Spy man last evening that
the time limit does not expire then, re-
ports to the contrary Notwithstanding
An equally absurd report was printed
in yesterday mornings "Unintelligi-
ble," relative to the cashing of stocks
of the Washburn & Moen company held
by various banks as collateral on
loans The average high school boy
knows that note at bank cannot be
discharged except by cash payment.
The gentlemen representing the big
wire combine in this city announced at
the opening of negotiations Tor the
Washburn & Moen stock that they
would deal directly with the stock
holders in their negotiations. 1t is very
evident that those who cannot present
stock certificate have no part in the
transaction, but the idea that a stock
holder has deposited his stock as
security for loan is absurd. 1t is
the same as if man holding a mort
gage upon a certain piece of property
transferred that mortgage to a third
party as security for a loan. The
mortgage still retains its money value
and when a final settlement on 10 is
made upon it none concerned are
losers. A half-column of head and a
column of story built on the technical
points in such a transaction, is in
keeping with that exquisite news" in
stinct manifested in the publication of
such stories as that Of the Whitinsville
mosquito and fly.
There has been no friction between
the banks and Messrs. Rice and Moen
over the cashing of stock held as Sc
curity. Col. E. B. Stoddard of the
Quinsigamond National Bank, when
seen yesterday, stated that in one case
where a loan of $500 was made, nine or
ten shares Of the Washburn & Moen
stock had been taken as security. The
person who made the loan desiring to
get cash for the stock, sought to do so
by means OF an order but was in
formed that such an arrangement
would not be satisfactory. There was
no friction between the bank and the
Washbu1n G. Moen officials over the
transfer.
Nathaniel Paine of the City National
Bank said that his bank held Wash
burn & Mosn stock as collateral but
there had been no trouble over it's
transfer as far as he knew. He thought
Mr.. Moen and Mr.. Rice were acting en-
tirely within their rights in insisting
upon dealing directly with the stock
holders, and said that banks can look
to no one other than the maker or in
dorsers of note for it's payment. The
reports that any complications could
arise making the stock valueless as a
result of the transfers he characterized
as nonsensical. Legal complications he
considered out Of the question.
President w. r. Rice of the Wash
burn & Moen company, when seen yes
terday, said:
THE circular notice put out by the
directors distinctly states that the pro-
ceeds of the sales of stock deposited
with Messrs. Rice and Moen as custod-
ians will be paid out to the assignors of
the certificates deposited. There is no.
body else to whom 1t can be paid The
matter of arranging between a holder
Of collateral and a depositor of it inter-
ests those two parties only, and Messrs
NEEDLE with their affairs.
Those who turn In their stock prior
to Wednesday noon will undoubtedly
receive their full payment for the same
by the end of the week
"Those who do not turn IL in until
later than that time will necessarily
have to wait for their money until such
time as the parties in interest In the
matter in New York see fit to accept It.
mo party with whom stock has been
lodged as collateral has made any COM
plant to us Of arbitrary treatment" .
Treasurer =. W. Moen Of the Wash
burn a. Moen Company was in Boston
the greater part of the day yesterday.
He was found at his home by a Spy
reporter upon his return to the city last
evening and when asked concerning
the reports circulated regarding the
company and the position occupied by
himself and Mr.. Rice in the transact
ton. he expressed himself as In accord
with Mr.. Rice's statement of the facts
in the case.
There is a report in circulation that
the Federal Steel Company Is prepar-
ing for a vigorous fight against the
new trust. and the result Is expected to
be a reduction In prices on wire goods.
1t was reported at first that the Fed
eral Company would enter the combine,
but they have declared that they want
nothing to do with it, and a hot fight
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