Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-21
INCREASE OF STOCK.
Forty Thousand Shares Of Preferred
to Be Issued by the
WESTINGHOUSE ELECTRIC PEOPLE
The President and Treasurer Still at Work
in New York.
LOCAL CREDITORS COMING Up NICELY

From advices from Mr.. Westinghouse in
New York, it was learned yesterday tie
issue of preferred stock in the Electric and
Manufacturing Company will be 10000
shares, and not 80, 600, as originally intended.
This will give the company $4,000, 900 to go
on with when the stock is all placed. Mr..
Westinghouse is still in New York, but will
arrive here tomorrow morning.
The members OF the local creditors COM
mittee were busy again, yesterday, in
seeking to place preferred stock in creditors
hands as against some portion of their
claims. In this regard, Charles A. Wolfe,
Secretary of the committee, said:
''l have no report from other members Of
the committee, but can say that my per-
sonal efforts to-day were fairly successful.
find that the general disposition among
the creditors here is to make such arrange
ments as will best assist the company in its
difficulties. Indeed, found more than one
creditor who declared his willingness TO
wipe the account from his books and begin
anew.
Confidence in the Preferred Stock.
II believe that there is general feeling
that the issue of the preferred stock will
serve to tide the company over its embar-
rassment. There is not more than $3.50, 900
OF unsecured claims here, and think the
holders are, in general, anxious to do what
they can to help out Mr.. Westinghouse.
MIR. Lemuel Bannister. Vice President of
the Electric and Manufacturing COMPANY.
EXPRESSED bImselfas njeased with the outloot
tEverytbino ia nroceed;ng very smoothIv
he said in the evenino. "and / expect that
a day or two will see the affairs of the com.
nany in a more nrom;s;ng condition, We
have freonent di.notches from NJ west-
inrbouse and in one inst receive; he saws
he i, meetinc with snccsss in nIacino the
preferred stock. He has now placed a. 800
shares ia the East. conditional on 30. 600 being
sold and he hos dec;ded IN 1ssne 10 O0(1
more. or 40 D0O altogether cannot saw
locally asT hars No reror. fron, tbe COM
oIttas har;nm thot ~ n,at,sr :, - Tho
ohairnan ras nc L ot - ~ h,t he
nreferred 20 hoIJ 80. ao,t nrt;I
irhrrsdo Ura..;ts,,.
,an.aJ neAS I e''inS iHn i'ISe Isl q
TLL NJ Live :.u. lool0HI es;, >, io0A iof
Iobn M"G;r,a m.Aous s. is,,
versat;on Ia thnt III ~ ;ss &c" ~ LIZ ,.s
rod stooi- ,sa,,ia a -ni;on .Ls - y. sne p'S 80
;ts o"I"-o "ou 'ne 'on'P"AJ 'i'"
~ iAsSihen''
No Necessity for Receiver.
"The first thing that occurs to the mind
of the average CREDITOR" he said, "in such
cases as this, is that a receiver must be ap-
pointed. am aware tnat sectlon 0! the
creditors OF the company are OF Inc opinion
tnat sucn Is the proper course 10 pursue, Dus
apprehend taat there wiz not oe any ne
eesslty ,or II. Inc creoi'ors are mostly sct,
ing WIN great ienlency' anu t9-oay we nau
notlheatlon rom one whose cialm appro4,,
imates S5,o ooo tnat ne woui1 tane preierrea
stock to the full amount; Inc iiaDiHties OF
me company range IN Ine neignoornooo el
s5,ooo,ooo. ana the oulk Oh inns amoans AZ %
secured by the personal collateral VI Ms'
Westingnouse;
including his airDrake STOCK