Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-23
The Amount Thus Raised Will Surely Tide
Over the Electric and Manufactur.
ing Company.
A CIRCULAR TO THE STOCKHOLDERS
Stories Tha. Gained Circulation Yesterday Denied BY
AL Ccrcarred.


he said, in answer to questions submitted to
him on sheet of paper, "but look to Pitts
burg for a substantial cooperation, and l
feel that such cooperation will be accorded
by those who are interested in maintaining
this industry in Pittsburg woul Id like to
say that there were full reasons why the
Advisory Board should return the checks
Tor the subscriptions. 1t was obvious to them
and to me that the sum of $500, 900 was made
quate without the aid of the stockholders
and creditors, and on this latter point the
committee had reasons to think that the aid
that has now been largely offered would be
withheld. Ny only objection to the action
was as to the time"
Mr.. Westinghouse further said he under
stood from Mr.. Bannister that the local
creditors were doing their best in the matter,
and that everything is moving along SWIM
mingly.
Official Circular to the Stockholders.
An official circular signed by Mr.. West
inghouse, was issued from the Office of the
Electric and Manufacturing Company, yes
terday 1t states that 20, 500 shares have
been subscribed and assurance given which
will bring the amount to $4,000. The con-
dItions are that at least 10000 shares be
taken, and the time has been extended to
January 81.
The circular further declares that the
placing of 40, 900 shares will entirely relieve
tine company of its financial difficulties and
place it in a position to push its business.
In closing it says: "You can feel assured
that the conditions upon which your sub
scriptions is asked make il entirely free
from risk"
Secretary Uptergraf was asked regarding
a statement published Yesterday morning to
the effect that the Foreign Airbrake Com
pany, Limited, of London, had decided to
pay Mr.. Westint house a salary of $50, 900
year and S24O, 600 for Improvements. which
was ga tidal wave of success from across the
ocean," 1t was also said that the payment
of the latter sum is to be made by the
issuance of tenn porary loan bonds. A smile
spread over the countenance of the Secretary
as he replied:
Tidal Waves That Travel Slow.
''That would have been news several
months ago, as that business was all at
tended to last July. Circulars may have
arrived in the city yesterday. but none came to
this Office. However, a matter that occurred
SO long ago could have no bearing on the pres
ent difficulties"
Other officials who were interrogared on the
subject remarked that it made good stuff to
fill up on in pinch. as it could no: in any way
affect the present condition of the company
Another story secured slight circulation yes
terday to the effect that Mr.. Westinghouse had
given his personal attorney. William Scott,
deed Of assignment to take effect If the Eastern
trip proved unsuccessful Everybody in po-
sition to know laughed at the idea, as Mr..
Westinghouse wen. to New York with the firm
conviction that he would meet with abundant
success. The attorney himself declared that
there was no foundation for the story, and Mr..
Westinghouse seemed to feel that this was the
first occasion for levity since his troubles began.
He denied the whole story, ana declared that
not an iota of truth could be sfted from the
chah.
Success of the Local Creditors Committee.
The local creditors committee reported yes
terday that its success is first class and that
everything Is moving for the best interest of
all. The majority of the creditors see the mat
ter in the favorable light and are subscribing
for nearly the full amount of their clairas.
while can't give any figures" said ]. B.
Haines, Jr., yesterday, Il can assure you that
the most sanguine expectations of the commit
tee are being realized. have an appointment
to see Mr.. Bannister might, but am not ready
to make any report to him."
Two gentlemen who came out of the office of
the Electric and Manufacturing Company yes.
terday afternoon were holding an animated
conversation. They had Just had personal in
terview with the officials and seemed TO have
gotten some inside Information. One was
heard to remark:
s'Oh everything is all right now, and there is
...nw to-
Under present circumstances it is all right"
replied the other gentleman, but it certainly
looked bad for q while"
That seemed to be the general feeling yester-
day. and the talk in financial circles was GER
tainly very favorable to the company. People
were apparently very much pleased at Mr..
WestInghouse's success.
Plenty of Orders on Hand
a. Mel Harding. manager of the railroad
departm mt of the company, was asked how
they were fixed for work. A pile of orders
about six inches in depth was produced as a
most forcible answer on the side of good busi-
ness.
In the railroad department." said he, I'VE
are working all our men on full time but in
some of the other departments few men have
been laid of. Orders are coming in daily,
though we have had no very big orders lately
We don't call them big until they 60 above
s2o0,G00 Street railroads are being put
IN III jill pshILS VI tuc COunIIy, ana
we have just received an Older from
Seattle, Wash. There is no distinction in the
sections in which electricity as a motive power
except that the far South seems to he behind
the other sections of the country. We have
orders from the extreme East as well as from
the far West.
Electricity has only been in use as a means
of locomotion for a very few years, but in that
time it has come to the front very rapidly. 1t
is certainly the best motive power where the
grades do not reach 10 feet to the 100 yards On
hills, of course, cable has the advantage
though on curves electricity goes ahead
again"
Another Suit Against the Company.
That tile creditors in the surrounding small
cities are not gaining confidence very rapidly
was evidenced yesterday by suit filed against
the Westinghouse Electric and Manufacturing
Company by the Chicago and Erie Stove Com
pany of Erie. The amount claimed is Sc 652 d
for goods furnished the defendants from Octo-
Der to December 26 last.
A representative of the above firm was in the
city the other day and when the condition of
affairs was explained to him he felt perfectly
creditors in E1e.
Mr.. Westinghuuse's New York business has
not all been finished. and he will probably re-
turn there immediately. A great many more
shares are yet to be sold but after the good
start made il is not thought that great difficult
ties will attend his later efforts. The rapid
change for the better caused considerable
favorable talk In financial circles yesterday,
and all seemed pleased that the outcome has
been SO satisfactory to all concerned.