Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-28
THE WESTINGHOUSE FUND.
Report of Committee With Conditions of
the Loan - Mr.. Westinghouse Gives
Mortgage Security-List of Subscribers
ond tho Cu

Report of Committee With Conditions of
the Loan - Mr.. Westinghouse Gives
Mortgage Security-List of Subscribers
and the Amounts Subscribed.
There was good deal of talk yesterday
about the Westinghouse Companies re-
organization. 1t was generally known for
the past two weeks that $500, 900 would be
raised locally to help out the Westinghouse
Companies. The formal action, however,
was only taken the day before Christmas;
and yesterday, though the meeting was
private, the report of the committee was
given out, showing under what conditions
the $500, 900 was obtained, together with
the names OF the subscribers. These
latter are mainly banks which had
dealings with the companies, or are
interested in their securities, and
gentlemen who are now or were formerly in
terested in the companies as officials or
directors. The subscription, as appears from
the committees report, is secured by mort
cages from Mr.. Westinghouse; and changes
in the management of two of the leading
companies, the Philadelphia Gas and the
Electric, as heretofore announced in The
DISPATCH, have already taken place, Mr..
George H. Brown, Water Superintendent
of the city, taking the place of Mr.. Paine,
OF the former company, and Mr.. Lemuel
Bannister taking the place of Mr.. Bylles-
by in the Electric concern. Following are
the points of the report of the committee
upon the $500. 600 loan:
The committee finds that an immediate
necessity exists for the application of the
relief proposed; and that the time was too
limited in which to 90 further into the in
vestigation of the affairs of the companies
than the statement furnished. The report
then contains 10 recommendations. An
advisory committee of five is suggested to
receive the loan and distribute it, calls to
be made pro rata as the committee shall re-
quest; mortgages to be given this committee
of Mr.. Westinghouse. upon his property in
the companies, to be h I'D during the existence
of the loan, which is limited to 18 months;
the expense of the advisory committee
to be- paid by the benefciaries of
the fund, the said committee to
have control of the works and Of all moneys
received for the benefit of Mr.. Westinghouse
or his business interests; no portion OF the
fund to be loaned or used until tie commit
tee is satisfied that such reasonable extern
sion of the Indebtedness OF the companies to
be aided has been secured, or of such
proposition thereof as makes it reasonably
probable to the committee that the opera
tion of the interests to be benefited can be
continued and the purpose for which the
fund was raised are likely to be accom-
plished; the option to be reserved to Mr..
Westinghouse to at any time repay the
committee or the subscribers all loans, and
thereby terminate its duties.
The report concludes by the statement
that ''the committee shall not be neld re-
hla for loseaa IN
scribers to the fund through their acts, un-
less such losses arise from the fraud or will
full misconduct of the committee, and that
in all cases a majority of the committee
shall have power to control its action, and
the committee shall have power to fill
vacancies in its own numbers, however
caused"
The report is signed by John Walker.
Chairman; Wm McConway and P. C. Knox.
Following are the subscribers to the $780,
900 loan:
Merchants and Manufacturers National
Bank, s2S.OoO; Citizens National Bank. s2O.OOO;
Iron City National Bank, SIC 600; Mechanics
National Bank, $4,000: Allegheny National
Bank, 20,0OO; Second National Bank, SlSCOO;
Third National Bank, Sl5, 900; Farmers Deposit
National Bank, $50, 900; Peoples National Bank.
So 600; German National Bank, s24 OOO; NaTi0nai
Bank of Commerce, $4,000: N. Holmes &
Sons, $4,000; Diamond National Bank, $1,000;
Masonic n atlonal BANK, SIU,UUU; FIRST National
Bank, $4,000: First (Blrmingbam) National
Bank. S. 1000: First allegheny National Bank,
S13. 500; Robert Pitcairn, $4,000; T. A. Gillespie.
$40, zoo; j. B. Mckinley. $4,000; William McCon-
way, S20 600: H. s. Mckee. $4,000; Thomas H.
Chapman, S5, OOO: William Pick ersgin Jr, s. OOO;
Ell. Goo Imam. s.. 900; Robert e. Gillespie 5000;
Lewis Irwin. 5000: Thomas C. Jenkins, 500;
David Gregg. s5.OC0; E. II. Myers, 5000: U.
Baird Machinery Company, $500; John Dali
zell, s.. 600; A. E. W. Cadman, $1,000; William
Eberhardt, $500; George H. Christy, $1,000:
c. g. Hussey Co., 5000: Paul D. Cravath,
$4,000; Aaron French, 5000; John Caldwell,
Church, Kerr & Co.. $40, coo; G. II. Baxter
s.. 500; c. F. Bingaman, Sl.0OO; Thomas W.
Welsh. 5000; John Eaton, 5000. Total,
Sl52, 900.
The Advisory Committee that was ap-
pointed was John Walker, William Nc
Conway, A. w. Mellon, Edward bravo and
H. S. A. Stewart.