Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-02-02
THE WORK FOR THE ELECTRIC.

Mr.. Westinghouse and His Assistants Push
ing on With Conference.-The Stockhold-
ers Looked to for Subscriptions to Com
plete the 10000 Shares-what They Say
of the Prospects.
The movement in readjusting the affairs
of the Westinghouse Electric Company goes
on with renewed impetus on account of the
return of Mr.. Westinghouse Saturday from
the East. Special attention it is said will be
given thisweek to securing the cooperation Of
the stockholders. The liberality of so many of
the creditors in taking stock for their claims
and their practical unanimity in refraining
from legal proceedings, gives another full
month for perfecting arrangements, as even
if any were disposed to enter suit now
month would have to elapse before judg-
ment. But the officers of the company say
that there is every disposition among the
creditors to promote rather than retard the
negotiations and that if the stockholders do
their part the coast will be Immediately
clear The course of Mr.. Westing house, who
put up about 81 500, 900 of his own property
as collateral for the company, is stated to
have had powerful influence in the East.
II was taken as evidence Of his faith in the
future of the company.
Since his return on Saturday he saws he
is confident of being able to get even 90, 900
shares subscribed in place OF 10000, if the
present holders of the common stock come
forward and subscribe for the preferred in a
small proportion of the common which they
hold.
The Stockholders Expected to Help.
The upward movement in the stock on
Saturday upon the Exchange and the pur-
chase through the week were regarded on
Fourth avenue as a satisfactory sign. The
previous apathy of the stockholders and of
the Pittsburgers interested in the concern
still, however, comes in for some criticism.
THE hesitation of some of the subscribers
| to the guarantee fund, in coming forward to
help, and of the stockholders" said per-
son very close to the management yesterday,
"has been the only obstacle to a quick
settlement. Outsiders naturally held
back where the parties directly in
terested in the company did not
set the example. The Advisory
| Committees proceeding, however. helped
| greatly in one way. 1t showed how largely
| Mr.. Westinghouse had staked his own
means in support of the company. This
action of his, of itself, would have gotten
him the cooperation of all the outside
| for the Iaggard attitude of some OF the
| parties in interest and professed friends
That, however, Is probably over now. We
have already about 81, 900 OF the shares of
preferred already subscribed. Those in in
terest who have hung back will probably
not wait longer"
Mr.. Westinghouse Faith in Success.
| There was fresh talk on Saturday of pro-
posals being made by the other electric COM
panies to the Westinghouse interest with a
view to amalgamation. A reporter asked one
| of the officers of the Westinghouse Electric
| Company as to these. He was answered
"Mr. Westinghouse has all the time been
in position to make terms which to him.
self would be advantageous, but his heart
and mind are wholly set upon making this
company a success of itself. Ee wishes il
to come. out with profit for all the stock
holders. He showed this by putting up his
money when others were inclined to let
things 60. Even the cold water from the
Advisory Committee did not deter him. In
place of letting the company 90 into an
assignment, whereby the creditors and
stockholders both would have lost all OF
much, and q profitable business been
destroyed, his pluck has brought matters to
shape where the stockholders themselves
are now in a position by moderate assistance
on their part in taking preierred stock to
start the concern on cash basis.
| "What did the subscribers to the guaran-
tee fund do since the Eastern subscription?'
Preferred Stock Taken by the Guarantors
Gall of them have not yet been seen, but
| about 5000, 900 of the preferred stock has
been taken by some of them. Others who
have been waiting are expected to subscribe
this week to at least the amount they volun-
tarily offered at the start. When this is
done, and the stockholders have been heard
| from, the embarrassment will be wholly
removed. There will be no danger of the
absorption Of the works by other concerns OF
their removal from Pittsburg. They now
employ about ], 200 men. There is nothing
I in the intimation that Mr.. Westinghouse
felt annoyed by want of support here. He
recognizes that the general public in Pitts
burg realize that his industries and under
taking have been of large local benefit. The
slowness of the stockholders was embarrass-
ing, but, as his success in the East has
reassured them, that promises to be all right
now. He is an active man, who doesn'
bother about temporary disappointments
when they are safely surmounted. He feels
| that the banks and business interests appre-
| ciate that his action in sustaining and
| working for the company was of the utmost
| benefit at time when serious monetary
| disturbances would have turned from diff
ferent course such as some who were timid
| and doubtful urged"
WORKING THE REVEALS