Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-02
SATISFACTORY PROGRESS.

Mr.. Westinghouse Reports to the Annual
Meeting of the Electric Company-More
Than One-Half the Stock Has Been De-
posted With the Mercantile Trust Com
pany.
In Mr.. Westinghouse absence in New
York, where he was detained by pressing
business, Vice President Lemuel Bannister
presided at the adjourned meeting of the
Westinghouse Electric Company, in the
Westinghouse building yesterday morning.
There were about dozen stockholders
present, and the proceedings were not
lengthy. Mr. Bannister presented a very en-
couraging report from Mr.. Westinghouse on
the progress of the plan of reorganization,
as follows:
Since the announcement on May of the plan of
reorganization, very gratifying progress has been
with universal approval; than half of the stock
has already assented and only the prompt assent of
the remaining stock is needed toinsure its complete
The plan of reorganization adopted by the com;
pany has been very carefully considered by counsel
botl in New York and Pittsburg, and they have
advised us that all of its provisions, including the
the .assenting' Stock are legal and authorized by
the company's charter. ~.-.-
the Of
the plan of reorganization, have concluded
standing shares of the United States Electric Light
ing Company and the Consolidated Electric Light
those companies, who together hold more than half
Of the shares not now owned by this company, have
that the remaining stockholders win follow their
example with practical unanimity.
chase to The stockholders of this company, in the
simpltfcation of Its business the reduction of Its
property and facilities cannot be overestimated,
One million five hundred thousand dollars Of the
stock surrendered by the stockholders under the
plan of reorganization will be reserved to carry
the annual meeting in order that every stock
holder may have an opportunity of exchanging his
ne 81 s b
GEORGE WESTINGHOUSE, JR., President.
The following resolution was then offered
by Thomas n. Miller and unanimously
adopted:
Resolved. That the report of the President re-
garding the progress of the reorganization be
That copy of said report be at once mailed to ali
STOCKHOLDERS of record who have not yet surren-
stockholders meeting that all such stockholders
send in their stock without further delay to the
Mercantile Trust Company to be exchanged for
certificates of deposit.
An adjournment was then taken until the
23d inst. at 2 O'Clock in room g. in the build
ing.
Regarding the progress of the scheme of |
reorganization, Mr. Bannister said to a DIS
PATCH reporter during the afternoon:
"Mr. Westinghouse tells me that all that is |
necessary for the complete success of the
plan is that the stockholders |
should come in at once and exchange their |
stock for the receipts of the Mercantile |
Trust Company. He says that he is meeting |
with very gratifying success, and that al
ready more than half the total number of
shares have been so deposited. Forty per
cent of the stock so released will be used to
pay off charge of $3.50, 900, and this in itself
will be a great relief. If the remaining
stockholders will only send in their stock at
once to the Mercantile Company the meet
ing of June % will see the Reorganization
perfected and the company placed in posi-
tion which will enable 1t to do bigger bust
ness than ever"