The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-01-22
HARD CASH
Washburn & Moen
Stockholders
GET THEIR MONEY.
Flood Of Business for Local
Banks.

Money, money everywhere, Worces-
ter is swamped with money Worcester
people are. saturated with it, and Wor-
cester banks are flooded by it. 1t is
probably only a question of time when
the streets will be paved with pearls
and the street ears run on rails of gold,
when telegraph poles will be made of
ebony and sparrows will roost on silver
WIRES
Such things as these seemed no pipe
dream yesterday morning when after
the opening of the morning mail came
the first rush upon the banks with the
checks in payment for the Washburn &
Moen stock. 1t was a case of hustle and
it is safe to say that yesterday morning
was the busiest in the history of the
local banks. The checks received were
for the most part of large amounts and
those by whom they were received
were naturally solicitous as to their safe
deposit. No time was lost in getting
them into the banks AS the banks close
at 1 O'Clock Saturday afternoons there
was not much time to spare between
the receipt of the checks and their de-
post. The result was practically a. run
in reverse order upon the banks.
The clerks were kept steadily at work
all the forenoon, and when the bank
doors closed at L p. M, about S. 900 600
in checks had been safely deposited in
the vaults. The checks sent in payment
of the dividend on the Washburn &,
Moen preferred stocks were made nav
able by the Central National Bank
amounting to 100000. The effect pro-
duced by the cashing Of these checks
was clearly demonstrated in the busi-
ness of the local clearing house The
clearings yesterday We're $467, 1893. 81 and
the balances $21S, 443.76. A year ago yes
terday the clearings were 1921, 663 16 and
the balances 54,9O6.7S. The checks in
payment of the Washburn & Moer
stock were drawn on the United States
Mortgage & Trust Company of New
York, and their cashing did not OF
course aHect the returns at the local
clearing house.
| An adequate idea of the magnitude oil
the Washburn & Moen transaction car
perhaps best be gained by some COM
| parsons A dollar bill is seven inches
long. The Washburn & Moen payment
10 date amounts to about So. 227 soc
RMS amount, if converted into dollar
| DIS and strung one after the other
| would make a line extending about IS
miles in length, or reaching from Bos-
ton D Springfield. A silver dollar is
about an eighth Of an inch in thick.
ness. If the big payment had beer
mad@ in silver dollars, and they had
been piled one on top of the other, the
result would have been a pile of silver
$3.50 feet high. These comparisons
might be carried down into smaller de-
nominations of the currency, furnish
ing almost incredible results.
| 1t was expected that when the pay
ment was made the local stock brokers
would be swamped with bids on other
| stocks and the placing of new invest
ments. This will doubtless result soon
but there was no change yesterday, as
| the stockholders had barely received
| their payments. 1t is very probable
| that a scramble for fresh investments
will result this week, and it is almost
certain that some money will be fool
ishly invested 1t is probable that
much money will be turned into local
stocks. and there is little probability
that Worcester will lose as q result of
| the big sale.