The Washington times., 1901-11-16
CONTROL OF LANsToN LOST.
Surprise Here Over the Announce
ment OF Yesterday.

There was a mild sensation in the F
Street coterie yesterday afternoon at the
announcement fn The Times that the
Washington endsof the Lanston MonOtype
Company has lost control for the first
time since the sconcern was organized
Comment was general and varied, but in
no cases animated
As stated in The Times story, number
Of prominent New York financial men
have entered the concern and put up over
a million dollars to rehabiiitate it and put
it on a firm financial basis. They have
done this only on condition that they be
given control
The New York directors of the company
have made the deal during the past
month or more. They retain their inter
est and join the new people. The old New
York directors are William II. Iaffan, of
the New York Sum-" w. II. Goadby.
senior member OF the brokerage firm of
Goadby & Co: J. C. Maben. and
William +. Strong. of the brokerage firm
of Strong. Sturgis & Co. The new
people are not announced as yet, but the
statement is made that they are among
the most prominent of New York finan-
cial men.
The Washington directors that lose con-
troll are J. Maury Dove, President; George
T. Hamilton, Vice President; b. F. Cole.
Secre tary and Treasurer: Talbert Lans
ton. the inventor of the machine, and
w II. Hoeke.
The reorganization of the company will
be very thorough, it is said The general
offices Will be moved from this city to
New York Immediately. New people will
be given the management to a large ex-
sSs Il haf Nr
be continued as president and Mr.. Lans-
ton as director. Men experienced as
manufacturers and as managers are to
be connected prominently with the con-
cern in the near future
There is N,O0J,910 Of unissucd treasury
stock in the company. In addition to this
there are 20.OO0 shares of stock, of 100000
par value, that have never been sold,
though they were. issued some
time time ago. The total of these two
that this amount has been subscribed by
the new people. With this money it Is
proposed to pay off floating debt Of con-
siderable proportions, and to furnish
large amount of cash working capital for
the pushing of the business of the con-
corn.
1t is not intimated that the company
has been insolvent at any time. II has
had a large amount of bills receivable
that have quite equaled the floating debt.
But its cash capital was extremely linn
lieu, ana II WIS TeallZeO tfaI the company
was at a standstill in introducing the
Lanston machine or iI-( asing its bus
mess. II was over the raising of the
new cash that the Washington and New
Y orl directors split 1t is said that the
local people wished to obtain the money
without giving for 1t either the control
or any very large return in any other
form. They have not been able to ac-
complish this, and hence for a long time
the company has been in need of money.
The Washington Lanston people are
said to have known very little of~the deal
for the change of control until it was an
nounced in The Times yesterday. They
knew that an attempt was being made to
raise new capitsl. but did not know of
its success. Tho deaf was only conclud-
ed. in fact, on THURSDAY.
There have been hints in the street for
few days past that there were to be
development" in the I1nston company
in the near future. hui they have attract
ed little attention. as sUch stories have
been circulated often before with moth
ing tangible under them The stock
is widely held here. and its slow decline
in price of recent years has been a great
and 10 some people even
a great hardship The company has never
paid a dividend in the fourteen years of
its existence. At cnes time the stock sold
above par $50 a shore) but recently 1t has
hung around Y.
There was a slight furry in LanstOn
stock yesterday, and a fractional net adj
vance IN price, and II fs supposed that one
or two of the brokers may have had some
intimation Of the completion of the deal
before that time.