The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-01-19
Of Washburn & Moen
Stock
is MADE TODAY.
Officials in New York With
$4,000 Shares.

The first big batch of stock of the
turned over to officials of the Ameri-
can Steel and Wire Company in New
York today.
President Rice and Treasurer Moen
of the Washburn & Moen Company,
who are the representatives of the
trust in this city, went to New York
yesterday afternoon. At a meeting
with officials of the new combine today,
Messrs. Rice and Moen will turn over
to them the stock certificates already
turned in, and after these have been
examined and certified to, the amount
of their value will be turned over to
the asslgnees probably in the form
OF a check, and upon the return OF
Me ssrs. Rice and Moen to this city
payment will be made to the stockhol-
ders, whose holdings have been turned
in, payment being made on the basis
of $215 per share of preferred stock
Messrs. Rice and Moen left Worces-
ter on the 5.06 express and before their
departure were exceedingly reticent as
to their plans and the plans of the
big combine. An attempt was made to
see Mr.. Moen before his departure, but
he refused to see The Spy reporter
who called at his Office. A few mo-
ments later, he jumped into the wait
ing cab and was hurried away to the
depot with barely time enough to spare
in which to catch the express.
Neither Mr.. Rice or Mr.. Moen would
state yesterday just how many shares
had been turned into them. From other
sources, however, it is learned that
practically all of the local holdings were
secured before they left the city yes
terday. This means that they now hold
about $1,000 out OF the total 10000 shares
of the Washburn & Moen stock. The
money value Of these holdings can
readily be figured at $215 per share. 1t
is possible that the entire lump sum
may be turned over to Messrs. Moen
and Rice and that to them will be as
signed the work of paying the claims
of each individual stakeholder, although
it is more probable that payments Will
be made direct to the stockholders ~
check from the headquarters of the
trust in New York.
With the local stock turned in, the
work Of preparing for actual business
under the new regime will be pushed
hurriedly forward, the aim being to get
everything in hand before February /.
With the stock of all local holders who
desire it caShed, the wishes of the
outside holders will be satisfied
at leisure. 1t is possible that be-
fore the return of Messrs. Rice and
Moen to this city, some definite
understanding will be reached relative
to the official management of the new
combine. 1t is hardly probable that
there will be any very great changes
made locally, although 1t has been re-
ported that Mr.. Rice may withdraw.
There is little doubt that Mr.. Moen
will be accorded a high position in the
management of the big union and he
will probably have charge of the manu-
featuring headquarters, which will un-
doubtedly be located here.
Some feeling has arisen between the
promoters of the interests of the en-
velope combine in this city and those
interested in the wire combine, and as
result the interests OF the stock
holders in the Washburn & Moen COM
pany have not been advanced as rapid
ly as might have been possible had not
such a circumstance arisen. The en-
velope people, anxious to secure all
possible financial backing for thea. in
terests, have urged upon the stock
holders of the Washburn & Moen COM
pany the advisability of cashing their
stock and applying it to holdings in
the envelope trust. The wire people
have naturally resented this move, and
some inconvenience t. the stockhod-
ers has resulted. No serious trouble
between the two big combines is looked
for, however