Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-27
FOUR PER CENT DIVIDEND
DECLARED BY THE WESTINGHOUSE
ELECTRIC COMPANY.

The First Semi Annual Payment on the
Capital Stock Due on the 1st of Sep
tember-An Eastern Director on the
Board for rhe First Time.
A special meeting of the Westinghouse
Electric Company was held yesterday in the
Offices of the company to consider the
advisability of paying dividend. It was
decided to pay dividend of per cent on
the capital stock, payable on the 1st of
September. An addition to the Board of
Directors was made in the person of N. W.
Bumstead, of Boston. This is the first time
that nonresident of this city has been
elected to the board. The other directors
included George Westinghouse, Jr Presi-
dent; Robert Pitcairn, George Herbert
John r. Mckinley. II. G. Jackson, s. F.
Kobbe, and II. G. Gordon. The following
resolutions were passed:
Resolved, That, from the net earnings of the
company semi-annual dividend of four per
cent upon the capital stock be and the same is
hereby declared payable September l. 1890 in
scrip Of the company to the stockholders Of
record July 81, $780, the said scrip to be paya-
Bile September /, 1900; to be redeemable after
90 days notice on the first days of March and
September in any year prior to the date of ma
turity. at the option of the company; or to be
convertible into the stock Of the company at
par at the option of the holder; certificates TO
bear interest at the rate of per cent per an
mum, payable semiannually on the first days
of March and September to holders of record;
certificates to be convertible into the stock of
the company only when presented in sums of
$50 or In multiples thereof; and to be transfer
able on the books of the company only in per-
son or by attorney.
Resolved, That the President and Treasurer
OF the company be and they are hereby author
lied to prepare the proper form Of the scrip
herein provided for, and to execute and deliver
the same: that notice hereof be sent to each
stockholder. and that the transfer books be
closed July 81 and August l.
Resolved, "ln view of the suggestion made
by many stockholders that the time is too linn
tied within which the privilege of subscription
10 tne new stock may be exercised; that the
right OF stockholders of record July to sub
scribe for one-half of share for each share of
stock held by them respectively on that date
be and the same is hereby extended from Au-
gust 10 august 70; and that the time for pay
ments to be made for the stock be extended to
the Z0th days of August, September, October
and November; and that notice of this exten-
sion OF time De mailed to each stakeholder"
In the circular issued to the stockholders
under date Of June 4. the management
stated: I'm view of the large increase in the
company's business, and the need for more
capital. the management deem it expedient to
DEFER action with reference to a dividend until
after the stockholders meeting to be held July
"; and the action yesterday was in accord
ance with this understanding 1t is understood
that the form of dividend decided upon is the
result OF conference between the officials of
the company and large stockholders in the
East. VINO nave a very full appreciation of the
magnitude of the electric business and the
necessity for using, for the present, all Of the
earnings OF the company in the extension of
the business. They. however. felt that they
were entitied TO continuation OF the diyi-
dends, which they recommended should be in
the form or scrip.