Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-16
ACCEPTED THE PLAN.
The Reorganization of the Westinghouse
Company Completed How Funds
VIII Be Used The Pleasant Valley
Comnanv Declare a Small Dividend

The Reorganization of the Westinghouse
Company Completed How Funds
VIII Be Used - The Pleasant Valley
Company Declare a Small Dividend.
The stockholders of the Westinghouse
Electric and Manufacturing Company at the
adjourned annual meeting yesterday for
mally assented to the plan of reorganization
the details of which have been published from
time to time. There were about 40 stock
holders present and some of the creditors
Ninety-five per cent of the stock was de-
clared to have assented to the plan.
Nothing is now wanting to once more
place the company on a substantial basis
but the execution of the details of the re-
organization scheme. What the share
holders have assented to is: To give up 40
per cent of their stock, aggregating 81, 72O, ,Ooo
for the use of the company. This 40 per
cent as well as the 60 per cent retained, is
now known as "assennting stock
pre- preference over the s per cent Of non-as-
senting shareholders. A million of the COM
mon stock surrendered is converted into pre-
ferred stock, and with 5000 ,0oO now issued
at par makes an issue of $4,000, COO of pre-
ferred stock, Carrying 2 per cent annual
preferential cumulative dividend, which is
given an equal preference on the as assets set OF
the company. The remaining 81, ,720 600 sur
rendered stock remains common asserting
stock.
The purposes to which, both the preferred
and common asserting Stock are to be ap-
piled are Three million dollars par value Of
the preferred stock to be issued for money
and in payment of the company's debts;
$500, 900 par value of the preferred stock to
be left in the treasury of the company to
provide further working capital.
The following is the new Board of Direc-
tors: August Belmont, Henry B. Hyde,
ves of
Adams and Charles Fairchild, both of
Boston, and George Westinghouse, Jr, A.
NJ. Byers and Lemuel Bannister, Of Pitts
MI. Brayton Ives subsequently, inspected
the Electric company's plant He said that
with the additional capital now provided
the company could do very profitable bus
mess. Later in the day Mr.. Bannister re.
marked that the lack Of sufficient capital,
which had before crippled them, now being
the SSomPaRy oHHsd 1
til now. He said that s26, $50 more business
was done in the first IL days of the month
than in the first II days of June.
and Brayton Ives returned East at 4:30
o'clock in the "Glen Eyrer that took them
on board at Wilmerd1ng where they in
spected the airbrake works.
The directors of the Pleasant Valley lines
yesterday declared a dividend of per cent,
payable at the compsny's ofhces on and
after the 25th instant The dividend will be
paid out of the earnings for the past six
months.
The report shows an increase of $40, ,357 IS
in the business of the last six months over
that for the last six months of 1890. The re-
spective receipts were $lSSsS4 A and $685.
526 50. The receipts for last month were
1888 80 higher than for June of $780, the
figures for last month being $50, ,S57 35. The
gross expenditures amounted to $l24 ,046 05,
making the earnings for six months $64,-
O46 o.
A meeting of the executive board of the
Luster Mining Company was also held, but
only routine business was transacted.