The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-01-07
In the Attitude of
Officials.
WASHBURN & MOE N
May Enter the Wire Trust
After All.

President William E Rice and Gener.
al Manager Philip w. Moen arrived
home again in Worcester last evening
at O'Clock, after a four days trip t
New York, where they have been con.
sulting with Pierpont Morgan and other
big fnanciers relative to the purchase
OF the Washburn & Moen plant by the
American Steel and Wire Company
commonly known as the wire trust
Whether or not the deal has been con-
cluded, and the Worcester concern has
merged its identity into that of the
| trust, both of the returned officials re.
fuse to say, but the significant fact tC
be noted last evening was that Mr.
Moen refused to deny that the trus
had been formed.
Previously Mr. Moen had made re-
peated and vigorous denials that the
trust had been accomplished. He went
out of his way to affirm that Washburn
q Moen still retained their independ-
ence. But that was before the trip to
New York. Last night a complete
change of front was to be noted. When
asked last evening if he had anything
to say relative to his trip to New York,
and the affairs of the Washburn &
Moen Company, he replied: 81 refuse
to talk on the matter. l have nothing
whatever to say on either matter"
rs your refusal to talk to be inter
preted as a denial that you have en-
tered the trust?" Mr.. Moen was asked.
mo, l will say nothing whatver on
the subject" he replied.
President Rice refused to be seen.
He sent word that he was tired from
his journey and had retired for the
nil ,1N+ II ,tf,.r
The significance of Mr.. Moen's re-
ply would only be observed by one
who has watched his previous inter
views and heard his vigorous denlals.
While his refusal last evening either
to deny or affirm the rumOrs current
about his business, may not rightly be
interpreted to indicate that an agree
| ment between the Washburn & Moen
officials has actually been reached, it
may be taken to mean that Gegotia-
lions are still pending and under con-
| sideration. Had the New York meet
! ing ended in a complete rupture which
| forever precluded all prospect Of union
with the other steel and wire plants,
Mr.. Moen could have had no hesitation
| in telling the facts of the case. His
present reticence can only mean that
an agreement either has or will be
| concluded.
/ IL the wire zeal IS an dcludliIy 1t Is
| certain that the Worcester concern has
not gone into it without securing the
most favorable concessions for itself.
| Never, perhaps, has any one firm more
| completely domineered in the industry
| it represents than has the Washburn
| & Moen over the wire industry.
Every other wire concern in the coun-
try is powerless to profit by n trust
if Washburn q Moen stay out. Wash
| burn & Moen, on the other hand, have
| little to gain by a trust, and will de-
mand large concessions in return for
the sacrifice of their independence. Ru-
NOR last week had 1t that 5000 for each
share of 800 was demanded. 1t was
| further said that the trust promoters
were willing to offer only $1T5.
| ?. W. Moen, it is understood, is per-
sonally in favor of refusing to enter
| the trust and going it alone" having
| complete control of the markets and
being likely to retain it until other and
| larger plants than those now operated
| by the Worcester company can ne
| built and operated. That is a posi-
| years to come, in the opinion of eA-
perts who have inquired into all the
| details of the wire trade. On the other
| hand, if Washburn & Moen ever desire
| to enter the trust or form new ore
they have only to signify their willing
ness to do so. If Mr.. Moen has with
| drawn his objections to entering the
| trust at the present time, it is proba5-
| ly through the influence of President
Rice and the other stockholders.