Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-16

| got out OF 1t on a hard pan enconomlcal man.
acenent than the rapid rise of ats stock in the
speculative market little while ago was any
proof oil the companys substantial prosperity.
The Trouble With the Gas Company.
Tho Advisory Board has kept very quiet,
beyond sending out the formal notice that 1t
could not see its way TO using the $500 600 guar
antee fund to advantage. Its members decline
to talk, as they say that since they could not
use the money, they have no right to speak; but,
SO far as the Electric Company is concerned,
one of the difficulties arose from the fact that
there is about s. 100000 of debt. and that the
preferred stock scheme at the terms onered
would only bring in enough to clear OF about
one-half OF that. The difficulty with the gas
company is that it, too, has been encumbered
by deltedness constantly, although its re-
ceipts have been and are yet enormous. II
there was any way of getting both these COM
panies down to a cash basis and start in clear
or nearly clear, there should be no difficulty in
making them durable and profitable concerns.
There is a general feeling of consideration for
Mr.. Westinghouse, because his enterprise and
energy were highly valuable to the city, but 1t
is keenly felt all around that the future success
OF the companies depends upon eliminating
stock market features and transactions by IN
siders. The Philadelphia Company directors
seem at last to have realized this. If it is true
that at their meeting on Wednesday they pro-
hibited stock jobbing to all officers of the COM
pany, and also forbade ANYBODY interested in
the company to contract for furnishing sup
plies"
A Few of Those Who Would Talk.
James B. Scott said: "The action of the Ad-
visory Committee is by no means a surprise. 1t
had been expected for several days, and, in
deed, l think it the best thing it could have
done haveno fear of the business being DIS
continued If receiver is appointed. On the
contrary. / think there is an excellent oppor-
tunity, with the proper management TO pull
the electric company through; giving the men
employment all the time at full pay and with.
out any jar to the financial condition of the
community.
There is nothing sensational in the action of
the committee. 1t does not mean a financial
blow to the city. Many firm has been revived
from financial prostration through the agency
of a receiver, and am sure the conditions for
such a revival OF the Westinghouse interests
are favorable"
Benjamin F. Fallansbee, of tho same firm,
while corroborating all that Mr.. Scott said.
broke out In another strain: 1T is a wonder to
me-" said he, that the electric company has
progressed as well as it has I have frequently
heard OF the company making large contracts
contingent upon the satisfaction of the pur-
chaser. That left the way open for the pur-
chaser to accept the work or reject 1t, and in
the latter case. the company must certainly
have been the loser. Various other rumors of
extravagance have been ahoat in commercial
circles that. if true, were certainly very dIsas-
trous TO the company's business"
George A. Kelly, director il the Merchants
and Manufacturers National Bank said: Il
have known for two days that the committee
intended to return our contributions. The
whole trouble was, they were afraid it would
not be long until another instalment would be
asked for to make the relief permanent. IL
was the universal feeling all along that the Re-
ceIver plan was the only way out of the diff
Guilty, but Mr.. Westinghouse objected, on the
ground that it would place him in distasteful,
bumiliating position. But there is no dishonor
IN his position, and firmly believe the Electric
Company will be brought ont of the difficulty
all right
A call was made upon A. NJ. Byers. but he re-
fused to be quoted the subject So did
Chairman Walker. of the advisory Committee,
who declared he had nothing to say.
What Mr.. Westinghouse Attorney Says.
Paul d. Grovath, counsel for Mr.. George
Westinghouse Jr.. was seen in New Y ork last
night and. beyond making the following state
ment, refused to say anything relative to the
financial condition of Mr.. Westinghouse's af-
fairs; The rumors regarding the financial
difficulties of Mr.. Westinghouse and the West
inghouse Electric Company, which have been
sent out from Pittsbure during the last day or
two, are very largely exaggerated. Mr.. West
mghouse expects to return to Pittsburg to-
morrow evening, and with the assurance of as
sistance. which he has recently received here.
has strong hopes of relieving the Westinghouse
Electric Company, which is the only one of his
companies in serious financial difficulty The
renorts which have been sent out within the
last day o: two full of errors that it
would not be profitable to discuss them in de.
raIl ,: