Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-10
WESTINGHOUSE ELECTRIC.
Favorable Terms Upon Which Stockholders
Can Subscribe to the Incrensed Capital
stock-A FIatrering Showing.

OFFICE OF WESTINGHOUSE
ELECTRIC AND MANUFACTURING Co..,
PITTsBURG, Pa. July 8, 1880.
To the Stockholders of the Westinghouse Elec-
trio and Manufacturing Co.:
GENTLEMEN-Ata a meeting of the stock
holders of your company held this day, the 1ol-
lowing resolution was unanimously adopted
(The vote in favor of the resolution being ST.
467 out of total of VI, 2Ol shares, and no votes
against it):
Resolved. That the capital stock OF this COM
pany be, and the same is hereby, increased from
g. 06O OOU to go OO0 co., s3 600 900 of such increase
TO be issued by the Board of Directors from Time
to time, in Its judgm may seem for the best
interests of the company. but any further Issue 10
be subject to the action of special meeting OF the
stockholders called for the purpose.
The business, actively begun in 1887 was well
settled for the year 1880. During that year the
sales of the company and Its leased companies,
amounted to 81, 362, lis q. yielding net profit
of S729 S07 81, 10 6-l0 per cent on the capital
stock of the company.
Owing to the improvements in the manufact-
ure of our apparatus and the able manner in
which the field of electric lighting has been ex-
plotted by this company, the natural increase OF
the business has brought the volume of our
sales during the last few months to far in excess
of the corresponding period of the preceding
years. At the same time, the completion of our
systems has enabled us to cut off large ex-
penses, inherent to the experimental stages of
the art, and your management has accom-
plished other material reductions In many of
the extraordinary expenses which were una
yoidable in the development of the company's
business.
Besides the natural increase of business due
to the success of our apparatus, and the good
business management Of the company, there
has been opened to us an extended field of
electrical enterprise in the furnishing and
equippng of electric railways. which we are
prepared to enter with apparatus more efficient
in every respect than any which has so far been
placed in the market by our competitors Or
ders for this branch of our work are being re-
ceived in such quantity that we are justified in
anticipating within the next l2 months an ad-
dition in volume to our present sales of ap-
preaching 100 per cent, without a correspond
ing increase of expense. In fact, the business
for the first five months of this year showed an
increase of fifty (0O) per cent exclusive of elec-
trio street railway work; but, taking that into
consideration, an increase of nearly ninety (90)
per cent
Owing to the large investment made neces-
sary to perfect our patent position, and to en-
large our manufacturing facilities to meet the
continually increasing business, your manage
ment has not deemed it wise to enter this new
and profitable field without sufficient means at
its command to conduct the business profitably
and with due regard to your present interests
1t, therefore, takes pleasure in offering TO the
present stockholders of the company The right
to subscribe to the increase of capital stock
authorized at the stockholders meeting held
to-day, upon the following advantageous terms:
One-half of one share for each share now
of the company, at the rate of forty (s40) dol
lars per share, payable in four equal INSTALL
ments on the first days OF August, September,
October and November, 1890. Those who are
entitled to subscribe for half shares may sub
scribe for whole shares; subscriptions to half
shares will not be received. An assgnable
right to subscribe for your proportion of stock
on the above terms is inclosed herewith.
Of the authorized increase of stock your
President has subscribed in the sum of $780,
600, and other parties stand ready to take an
amount equal to what shall have been SUBJ
scribed for by the stockholders on or before
August l, 1890
You will readily see that your prompt action
In this matter will enable your management to
make large profits in this new field of electrical
business without delay.
The earnings of the company are such that
the regular payment of dividends will be made
practicable by the placing of this new stock,
which the stockholders are receiving on basis
equal to a dividend of 10 per cent. on their
present holdings. Respectfully
Westinghouse Electric and Man'f'g Co..
GEORGE WESTINGHOUSE JR. President.
P. S.-A copy of Pittsburg paper containing
the report read at the meeting has been mailed
to you.