Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-27
STOCK GOING FAST.
A Large Block Of Westinghouse Pre-
ferred Taken Yesterday by
OF THE COMPANY HERE,
Outside Creditors Also Come Forward and
Lend Helping Hand.
AFFAIRS NOW APPEAR TO BE RIGHTING

Though Mr.. Westinghouse was not in the
city yesterday, matters shaped themselves
so nicely that the dark clouds which have
lowered around the financial affairs of his
immense business concerns for some time
seemed suddenly to part, allowing his CO.
laborers here to again see the clear sky OF
success above them.
Next week will surely see the Westing-
house companies solidly on their feet again,
and their financial basis will be as sound as
ever they were before the waves of trouble
broke against them. This, too, can come
without again calling the guarantee fund to
its aid. This hope is also likely to be real
lied without the assistance Mr.. Westing-
house expects to get while on this trip to
New York.
Pursuant to the request made by the
Pittsburg Creditors Committee in its re-
port of last Thursday, the full text of which
was published in THE DISPATCH, letters
were sent to all the outside creditors, asking
them to take preferred stock in payment for
their claims. With these circulars was sent
copy of the report of the Creditors Com
mittee, signed by James B. Haines, Jr.,
Chairman; also personal letters from Mr.
Westinghouse and Mr.. Uptergraf. These
letters set forth the advantages to be gained
on both sides by the disposal OF this pre-
ferred stock.
Preferred Stock Selling Rapidly.
Results yesterday proved the brilliancy
of the plan. Although the letters. were
only mailed on Saturday, none but favor
able replies were received from all over the
country: One man took $50 shares, another
wanted l7O shares, ana still another laid claim
to ~ shares. Then came a host of smaller
creditors and each took the amount of his
claims. One of these creditors took as high as
5O shares, while the holder of q smaller claim
subscribed for 20 shares.
turned to New York Saturday, and therefore
could not do anything until yesterday. But as
the wires were all down not line of informa-
tion was received from him during the day.
Mr. Uptergraf thought yesterday matters
were In much better shape than ever, and he
wore happy smile when he gave out the well
come information that yesterday alone sub
ce1Ved in PIttsburg Said he:
1T is tive brightest day we have had for q
long time. The stock is bound to go mp. We
OF preferred stock, outside of what has been
done by Mr.. Bannister. All the reports are
coming in more favorable, and II this but con-
bs oS IoJ snd sse OF the week we will
Westinghouse may do in New York. We
have not heard anything from him to-day be-
cause all the wires are down."
Stock Taken Hero and in the East.
The $50 shares Of preferred stock taken yes
terday came in answer to an advertisement ap-
pearing IN Sundays DISPATCH. and has no
connection whatever with that sold by the
Creditors Committee, who may have sold as
much more. AS stock was being taken IL four
different directions Yesterday, the results were
much better than the above figures show 1t
was being purchased by local friends of the
company by local creditors by outside credit
ors, and by the friends of Mr.. Westinghouse in
the East
The turn affairs have taken has caused con-
siderable of a jolihcation among those directly
connected with the company, but hardly more
than among other financial people who are
ANXIOUS that this big concern should remain in
Pittsburg. giant among giant Industries.
Everything is looking we'll now" said Mr..
Bannister. "and We are sure to come out all
right. The friends and creditors of the COM
pany have come forward and nobly helped ir
out. And, of course, the company will not for
get its friends when it again stands solidly on
Its feet. as prosperous as could be wishec."
At the end of this week the full results of the
work will be known, as Saturday will be the
last day on which the preferred stock will be
offered for sale. Tho workers in the interest of
the company will certainly have earned good
share of the prosperity that is to come
A suit was entered against the company yes-
terday. but it was only for small amount,
81. 5S3 II. 1t was brought by the Keystone Ma
tional Bank, of Erie.