Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-05
MILLIONS OF MONEY
And Hundreds of Stockholders In
terested in Annual Meetings
HELD IN PITrsBURG YESTERDAY.
Artificial Gas May Be Made by the Phila-
delphia Company.
TROUBLE In THE CAR TRUST COMPANY

The Philadelphia Company held its an
nual meeting yesterday, and, while it was
| interesting all around, in the latter part
there was more excitement to claim the at
tenton of the general public and the stock
holders of the concern. The New Workers
were out for blood, but they got 1t in
homeopathic doses, and whenever they tried
to make point they-fgurative'y speaking
stepped on o banana peel The salary
total, S103, 81 II, loomed up like a rock
which the ship was unable to steer past and
in time was liza BILE to wreck the company.
So thought the metropolltans, and they de-
manded an explanation. Many very
pointed questions were asked. Some had
an idea that certain number of Pittsburg-
ers were feathering their nests at the expense
Of the nonresident stockholders Of the
company. and they said so in lang uage clear
and concise, Treasurer Caldwell is not a
very large man, but he caught large
share Of the kicks. He was thought to be
about twice his natural size, and was ac-
cused OF drawing salaries enough for o
corps of officials of every grade.
why the Salary List Looks Large.
This caused the Treasurer's ire to rise to
such an extent that he aske3 the permission
of his chief, Mr.. Westinghouse, to read the
salary list. A nod of assent caused the
Treasurer to proceed. Mr.. Caldwell declared
that such stories were inj uring the company.
and the best way to silence them was to give
the list which follows: The President and
Vice President receive no salaries; Treasurer.
5000; Assistant Manager, s260O; Genera Man
ager, S3.U00 Secretary, ST. 200 and other salaries
in proportion. The total for officials is S26, 900,
and the remainder OF the sl0S 900 goes to clerks
and all other men who work by the month,
This seemed to fully satisfy the New Workers
on that score.
Another question which agitated the minds
OF the Eastern gentlemen was the supply OF
gas and how 1t could be secured il the natural
sSe New Yeks1
they can dispose of all the stock at
par on g per cent basis. Again they
were met, and President Westinghouse made
very interesting statement in this regard. First
he said that be believed that natural gas can
be secured in paying quantities for at least SIX
to the o fIe
price can be raised to 40 80, 40 or even so cents
per 1000 feet.
They VIII Manufacture Fuel Gas.
Should the natural fuel play out in week,
Mr.. Westinghouse says, the Philadelphia Com
pany would turn in and manufacture artificial
and bring the stock up to par value.
One of the Eastern men suggested that
half million dollars be invested in Government
bonds, so that in case Of failure of gas the
company would not be compelled to borrow
money to begin the manufacture of artificial
gas. Mr.. Westinghouse said in reply that the
present policy of the company is step in that
direction by paying no dividends
The report of the Treasurer shows net profit
of g. l48 l63 "a; the amount expended is 81, ,03e,-
022; the cost of the Belleyernon was S270, 600;
the amount spent for meters and regulation
was sl28 257 l6; the total amount permanently
charged to capital account was S255, $50 The
total amount of undivided profits on March 81,
1891. was 81, 642. 4s7 w. which amount has been
expended in various ways in the improvement
Of the plant Of the company. The assets are
put down at lQ,0S7, l2L The undivided profits
April, 1891, were 81, ,982, 567, making total Of
undivided profits March 81, 1901, of So l3l. .5A
MIR. Westinghouse read his report, which was
entirely satisfactory. The election of officers
resulted in the same old board, as follows:
President, George Westinghouse Jr., Directors,
A. III. Byers, Robert Pitcairn, John Caldwell,
A. Groetzinger, James A. Chambers. Calvin
Wells, II. Sellers Mckee, E, NJ. Ferguson. The
hoard reelected the old officers as follows:
Vice President. A. n. Byers; General Manager,
George II, Browns; Secretary W. D. Uptegraff;
Treasurer, John CALDWELL; Assistant Treasurer,
Z. 8. Pearson; General Contracting Agent,
Matthew Bigger; Auditor Allen Marthens.