Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-24
OUTSIDE AID ASKED
By the Westinghouse Electric and
Manufacturing Company.
FOREIGN CREDITORS GET A CHANCE
To Chip in to Get Bid of the 10000 Shares
of Preferred Stock.
ANOTHER SUIT FOR A SMALL AMOUNT

The affairs of the Westinghouse Electrical
and Manufacturing Company are moving
along on the road to success and the pre-
ferred stock is rapidly being disposed of.
The local creditors committee made re-
in which it made some suggestions as to the
proper action to be taken. The committee
said in its report:
I'VE, the committee appointed at the
meeting of the Pittsburg creditors on the
17th inst, desire to report that we are
meeting with good results in soliciting sub
scriptions Of the-Pittsburg creditors for the
preferred stock in settlement of their claims,
and we have carried the matter far enough
to feel justified in saying we believe we can
accomplish what we set out 70 do, namely, to
get the majority of the Pittsburg creditors to
subscribe for preferred stock in settlement
"We believe that it would facilitate the
accomplishment of the object that we all
have in view, namely, the putting of the
Electric Company upon q proper financial
basis, if you would Immediately address
circular to every creditor outside of Pitts
burg, requesting subscription to preferred
way, asking them to reply Immediately"
Preferred Stock for Foreign Creditors.
In accordance with the suggestion the
above letter was printed and will be mailed
to tho creditors of the company who live in
! other cities, and it is hoped that there will
be good returns. Members of the company
believe that they will thus get rid Of the
| m, ,ior portinp of the in6ahtad nees
Vice President Bannister was seen at his
| office yesterday afternoon aud is in the best
| OF Spirits He said he considered the idea
of the local creditors committee a good one
aud he acted upon it at once. Everything
is moving nicelv," said he. "And we e1-
pect to see the matters all straighten them
selves out. Of course, there are run,ors
floating about, but that could be expected
under the present circumstances.
Rumors of different sorts were flying
about yesterday, butthe more solid financial
men are beginning to look upon them as
the work of some one Vino has not the most
friendly feelings for the company. After a
story is once started it flies about very
rapidly and gathers strength from every
direction. For this reason the most sensa-
tional stories are now looked upon as the
imaginings of someone's mind.
Affairs Still Look Encouraging.
j. B. Haines, Jr., Chairman of the Local
Creditors Committee, said yesterday that
the members are having splendid success in
disposing OF the stock, but as there has been
no meeting of the committee. the exact
number of shares taken is not known. There
will probably be no full report made before
the time Tor securing the 10000 shares e1-
pires. That will be on January 81, when
everything in regard to the standing of the
company will be settled. Until that time
whatever rumors that may be set afoat will
have no bearing on the company affairs, as
there will certainly be nothing done to effect
the matter one way or the other until every
effort has been made to secure the 40, 000
shares. No one believes that the company
| will be other than successful.
Another suit was entered yesterday against
the Westinghouse Electric Company. 1t
was by the Falls Rivet Machine Company,
of Cuyahoga Falls, o. The suit is to recover
on promissory note for 81. 449 80, givenIOc-
tober 18. 1890. payable three months after
date. 1t Is alleged that the note was pre-
sented and payment refused at the banks.
The plaintiffs also claim s., ,754 % for goods
| furnished.