St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-01-18
BUSINESS BROILS.
Westinghouse Makes Statement
Concerning His Firm.

PITTsBURG, Pa, Jan. 17.-George
Westinghouse Jr. returned from New
York this morning to attend the meet
ing of the creditors OF the Westinghouse
Electric company this afternoon. In
speaking of the movement to place the
preferred stock of the company for the
purpose of helping 1t out of its financial
difficulties. MIR. Westinghouse said:
II can say only this, at present. A
subscription for 1000 shares has been
made by one interest. Negotiations are
well advanced for a block of 12,500
more, both conditional upon total of
10000 shares being taken, and | can an
SWer for another 1000 shares. Ii the
creditors of the Westinghouse Electric
company join in the preferred stock
movement as some have indicated they
will, and the stockholders and others to
he benefited take an immediate active
interest, there Is no reason why the re-
tirement of the advisory board should
have more than a momentary effect.
Some of the subscribers to the fund
have already said they would take pre-
ferred stock to the amount of their sub
ScriptiOnS. | am to be in New York
Monday on this business"
The meeting of creditors the West
inghouse Electric company this after
noon was attended by thirty persons, or
one-fourth Of the known creditors. The
committee appointed to examine the
books reported they found $175,OOO due
Pittsburg creditors, and $500, 900 to out
side creditors, in New York, Chicago,
and other large cities. Vice President
Banister told the committee that the
company was going well. affairs were
brighter, and the concern would
soon be on a better paying
basis. All Pittsburg banks are
amply. secured, and all preferred
stock is held as good. A Mr.. BARLEY,
of Chicago. telegraphed to see what
would be followed by Chicago. One
Chicago creditor said he was satisfied to
take the preferred stock. The average
daily business of the company for three
months past was $4,000. and Vice Pres
ident Bannister said with proper man
agement the company will pay 100000
year. H. Mel. Harding, represent
ative of Mr.. Westinghouse. said the ex-
penses had been reduced 100000
per year, mainly from buying small
companies and doing away with high
salared officers. A proposition was
then offered to the creditors to sign,
saying they would accept preferred
stock at par, providing the company can
sell 600 shares at $50 (par). Stock to.the
amount of 5000 was then taken and
$4,000 more promised. The paper will
be sent around to the other creditors.
Some of the creditors present refused
to sign the proposition until they had
consulted their lawyer. The outlook is
much brighter, and it is thought the
company will pull through.
SUSQUEHANNA, Fa., Jan. 1.-THE ex-
tensive numbering firm of Quinn &
Sherman, of Starrucca, Pa, doing busi-
ness at Sinnamaholing, Pa. is fnan-
cially embarrassed. The liabilities are
heavy. The First National Bank of
Susquehanna has filed prior claim in
the courts of Susquehanna county for
$4,000.
PHILADELPHIA, Pa, Jan. 17.-Ellis
& Shaw, auctioneers, made an assign
ment to-day. Liabilities, $4,000; as
sets, $4,000. G. l.. Peterson, a broker,
is in financial difficulty. and the COM
mittee on insolvency of the stock ex-
change announced that the failure was
complete, he being unable to meet his
obligations. George G. Baker, of the
appraisers Office, who was arrested yes
terday cl the charge of attempting to
defraud the government, was to-day
held in $4,000 bail. Ritchie Bros. & Co.,
stock brokers who failed few days
ago, will resume business.