The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-01-21
RICH NAIL.
Over s8,oOO,oOO in
Checks.
WIRE TRUST PAYS
For Washburn & Moen
Shares All in One Lump.

1t will be a precious mail that is de-
livered in many homes and business
offices in Worcester this morning.
Never before in the history of the To-
cal post Office has so precious a mail
gone out from beneath it's roof. Over
eight million dollars in checks!
The long looked for, much talked of
event has at last come to pass, and
yesterday actual payment was made by
the new wire trust upon about 49, 900
shares of the Washburn & Moen stock.
At $215 per share, the checks sent out
yesterday represent cash value of
about $S,277, 500. The carriers might
well complain staggering about be-
meath such financial burden.
The payment was made yesterday af-
ternoon, and was made by the new AM
erican Steel and Wire Company,
through Messrs. Rice and Moen, the
assignees of the Washburn & Moen
Company. 1t was deemed best to have
the checks mailed here, and they were
issued by Mr. Moen last evening.
Mr.. Moen returned from New York
yesterday afternoon, and the first thing
he IA was to attend to the mailing of
the checks, which were already drawn
up They were mailed last evening,
enc the biggest part of the extra work
which Mr. Moen and Mr.. Rice volun-
tarily shouldered in connection with
the absorption of the Washburn &
Moen Company by the big trust was at
an end.
The work of both Mr.. Moen and Mr.,
Rice has been OF great value not only
to the big wire trust. but to the stock
holders in the Washburn & Moen Com
pany.
The individual rights of each stock
holder have been scrupulously looked
after and justice has been done to all
concerned. Notwithstanding the many
wild reports with which the newspa-
pers have been filled during the process
Of the big transaction, Mr.. Moen and
| Mr.. Rice have steadfastly held to a
course laid down when the deal was
| first entered into, and as a result they
have accomplished an almost incred-
| ible financial feat; a satisfactory set
Element with several hundred stock
holders in a remarkably short space of
| time.
Only about 1900 shares have yet to
be heard from, representing but few
stockholders mostly non-residents of
| the state.
| To all intents and purposes, the big
deal for the control of the Washburn
& Moen company and works by the
American Wire and Steel Company is
at an end, and the new trust is in com
plete possession.
A temporary organization has been
| formed as a result of the conference in
New York this week, but what that
organization is the local representa-
tives of the big trust decline to state.
1T is stated upon authority that nc
definite organization has been formed
and 1t will probably be some time be-
| fore definite organization is effected
| There is every reason to believe how
ever that Mr.. Moen will remain in this
| city as an official of the new trust and
in direct charge Of the works here.
| The outlook for the new combine is
said to be very good and Mr.. Moer
when found at his house last evening
upon his return from New York, stated
| that there is absolutely no truth in the
report of a conflict between the new
| trust and the Federal Steel Company
| The relations existing between the two
big companies are very amicable and al
reports of conflict between them OF
| trouble between the officials OF either
were characterized by Mr.. Moen as
false.