Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-03-15
The Signal Company Directory Met
Yesterday in Philadelphia and
Elected E. b. Goodman
IN SUCCESSION TO A. 7. ROWLAND.
George Westinghouse Makes a Lengthy
Statement Regarding the Affairs
of the Company.
Al PER CENT AIRBRAKE DIVIDEND.
Electric BUSINESS Reported to Be Progressing Very
FsvOrsbly.

Signal Company met in Philadelphia yes
terday, and reorganized, as stated in yester.
DAVIS DISPATCH that they would do.
a. T. Rowand's resignation was accepted,
and E. h. Goodman elected in his stead as
President. and General Manager Sigourney
Butler, of Boston, who was elected as Vice
President, rendered his resignation as such,
IN favor of Mr.. Rowand. The conditions on
which the new Vice President holds Office
are stated to be that he shall only hold such
authority as may be vested In him by the
President On this understanding, Mr..
Goodman being a Westinghouse man, the
arrangement cannot be regarded as other
than a complete recognition of Mr.. West
iughouse and Pittsburg interests.
At the opening of the meeting it was stated
informally that any action which might be
taken would be with the purpose of further
ing the best interests of the stockholders.
Mr.. Row and's written resignation was read
and accented, and Mr.. Goodman was then
unanimously elected President. Owen B.
jenkins rendered his resignation as a di-
rector. which was accepted, and Mr.. Rowand
was elected Vice President.
Personnel of the New Board.
The new board is as follows: E. H.
Goodman, President and General Manager;
a. T Rowand, Vice President; H. C. Terry,
Sigourney Butler. Edwin T. Waters, w.
Shane and S. B. Fitz, Directors. The as
sistant treasurer remains as already an
nounced, but the treasurership is still va
cant 1t was generally rumored yesterday
that Mr.. Rowand would seek the office.
The reason given for the Encouragement of
the board. Immediately after Mr.. Westing
houses appearance on the scene, are as
already given in these columns, but there
is. in addition, alleged TO be grave reason
why the change should be made. The fol-
loving statement was issued yesterday from
Mr.. Westinghouse:
Nr. " MestinChouse has until now refused to
make any statement concerning the Union
Switch and Signal Company On his return to
PitJsburg he received full account of the pro-
ceedings at the election for directors and the
result of the conference on the Qay following
the election. After carefully considering the
situation from all sides, 1t was decided by Mr..
Westinghouse and his associates to have a con-
ference with Mr. Waters. one of the Boston
directors, and his lawyer, in oTGer to ascertain
whether they had made the necessary financial
arrangements to carry on the business and to
provide for maturing paper. No adequate
plan seems TO have been thought out or at
least nothing substantial was suggested.
They stated that the new man
acement was determined that NJ. Westing-
house should Lot under any circumstance have
a seat on the board, which of course implied
that they had no need for his assistance III any
manner. They were assured by Mr.. Westlng
house that he would be gratified to have the
business proceed regularly, and that legal pro-
Ceedings to test the validity of the election
were not contemplated. Many points needing
very immediate attention were put before Mr..
Waters and his advisor and some of the press
ing difficulties likely to result from the eleva-
tlon OF Rowand to the presidency were ex-
planned. All statements and movements teno-
ing to effect injuriously the prosperous condI-
tiOn of the company were deprecated.
The Intentions of Mr.. Westinghouse.
Mr. Westinghouse feels that he has now been
freed from all responsibility concerning the
management of the business, and naturally
cannot and probably will not be asked to give
any further advice or help of any kind. He
has no intention of nominating any person to
represent him on the new board and will take
only such reasonable action as may be needed
TO protect his interests. He is unable to learn
that the new management have made adequate
provisions to carry forward the business, and
TO properly protect the credit OF the company,
which has been well maintained in the past
In the event OF a failure on the part of the new
management to protect the credit OF the COM
OF the stockholders To prevent serious losses
that Will result.
M Westinghouse mindful of the possibili-
ties, has already perfected a plan for the reOr-
Canlzaton of the business of the company that
VIII guard the interests of all in an equitable
manner. should such a course become neces-
sIry in order TO maintain the business which
has been brought TO prosperous condition.
Mr.. Westinghouse and his associates sincere
ly hope the new management will make tinan-
cial arrangements that will prove his present
uTOuDuleSS. a would
advantage in many ways.
Concerning the proposed resignation of MIR.
ROwand and the election of Mr.. Goodman. il |
may he said that Mr.. Goodman enjoys the con- |
1idence of the customers of the company and |
OF the community at large; but his election to
succeed Mr.. Rowand is not bv arrangement
with Mr.. Westinghouse, though he pointed out
at the interview referred to that if they had |
selected Nj. Goodman instead of Mr.. Rowand
they would have done wisely, because Mr.
Goodman enjoys the fullest confidence of him
self and associates.
Mr.. ROwand Still in Poor Health.
Mr.. Rowand was unable to be present at
the Philadelphia meeting, by reason of the
sudden illness referred TO in Yesterdays
issue OF this paper. He was still confined
TO his bed last night, but his relatives said
that he was improving, and not in serious
danger. 4 dispatch from Philadelphia re-
garding the meeting of the company, says:
The directors of the Union Switch and Signal |
offices of II. A Terry and reorganizeG, as out
lined In yesterdays DISPATCH. A L. Rowand |
becomes Vice President, with limited power, |
and L. II. Goodman succeeds him as President. |
=. 3. jenkins resigned as a director. The new |
arrangement is regarded as particularly pleas |
ing TO the Westinghouse adherents as well as |
the most beneficial to the interests of the /
stockholders. Among many OF the stockholders |
in the city Rowand's position toward West |
Inghouse is bitterly denounced. The reason |
urged for A. I. RowandS withdrawal |
was the refusal of the Pittsburg banks |
holding the C0mpany's collateral, to do business |
with Rowand Henry {. Terry said in speak |
ing of the matter; Il regard the outcome of the |
meeting a compromise between Rowand and |
Westinghouse, and one which will undoubtedly /
result in the financial betterment of the COM |
pany In my opinion ROwand, by resigning the |
Presidency, gave abundant evidence of his |
earnest desire to further the interests of the |
company. 1t is undoubtedly true that with |
Mr Rowand as President. there would have |
been considerable difficulty with the Pittsburg /
banks. which have loaned large sums of money /
to our company The most amicable spirit was |
manifested throughout the whole meeting
An Unpleasant Episode Passed Over.
The impression in financial circles yester- |
day was that very unpleasant episode has |
been disposed Of Mr.. Goodman's s reputation |
is such as will restore confidence in the |
minds of the business communitv, and it is |
expected that the affairs of tine company
will now proceed with smoothness Mr.. |
Westinghouse was busy in his office all day
yesterday. Advantage was taken of his
presence in the city to hold 4 quarterly
meeting of the directors of the Airorake
for the purpose of declaring the
quarterly dividend. This was done, and
per cent, or 16 per cent per annufl, declared,
PAYABLE on the 10th of April.
The impression which obtains in some
quarters that the Electric Company was rot
doing very good business was controverted
u