Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-02-17
SOLD SOME SHARES.
George Westinghouse, Jr., in the City
Yesterday for Few Hours,
REPORTING HIS PROGRESS EAST.
lie Says There Is No Alliance With the
Thomson Houston Company
BEYOND AGREEING AS TO PATENTS

George W estlngEouse, Jr., arrived In the
city yesterd ay morning, attended meeting
OF the Board of Directors of the electric
company in the afternoon, and returned
East again last night.
Early in the afternoon the following COM
munication on was sent to the papers for pub
lication:
Conce rning the reported consolidation of
electric interests there is no foundation for it
whatever. Mr.. Westinghouse returned to Pitts
burg to get some details and particulars neces-
sary to continue the negotiations which are
pending for the placing of the balance of the
entire 6O,GO0 shares of the preferred stock of
the electric company.
Later in the day DISPATCH reporter
called at the Westinghouse building and
asked for Mr.. Westinghouse. To this re-
quest was returned an answer that the COM
pany's press agent would be around at night
with statement for publication. A message
was then sent in to the effect that in view of
the general expectation for statement from
Mr.. Westinghouse, THE DISPATCH should
have its information at first hands.
Another Extension of Time Granted.
After an interval, Private Secretary Up
tegraff came out and laid a typewriter
statement before the reporter. Mr.. Upte-
graft was followed by Mr.. Westinghouse,
who looked over the reporters shoulder as
he read the document, which is as follows:
"At a meeting of the Board Of Directors Of
the Westinghouse Electric and Manufacturing
Company held this afternoon, Mr.. Westing-
house reported that the amount of stock agreed
to be taken by creditors and others con-
ditioned upon at least 10000 shares being SUBJ
scribed which should yield not less than
$780, coo in cash, had been about $1,000 shares,
and that parties in the East had guaranteed TO
take 5000 shares in addition, with the eXpecta-
tion that from 5000 to 10000 more would be
placed. In view of the progress made, and
further time being required it was resolved
that the time for receiving subscriptions should
be extended to the last day of the month.
"The only foundation for the rumors con-
cerning the Thomson Houston Company is the
recent execution of two agreements between
the two companies relating to certain funda-
mental patents. the union of interests on these
Germs. The relations between the two com
panies on patent matters have been friendly,
and there have been conferences on matters of
this kind.
Mr.. Westinghouse Confident as Ever.
'Mr. WESTINGHOUSE feels confident of his
ability to place the balance of the entire 60 1000
shares of the preferred stock in the near future,
and thus place the electric company on a firm
foundation, and put it in position to carry on
Its business on a cash basis.
The common stock that will be returned to
the company in payment for preferred stock
will be very limited, most of the preferred
stock being taken on the basis of par"
Then, Mr.. Westinghouse, there has been no
stock sold since the 81. 900 shares were disposed
OF, and which were announced as placed some
two or three weeks ago?" Gueried the reporter,
referring to the statement.
'1f you will read the document again." said
Mr.. Westinghouse, you will see it speaks for
Yes, but the 5000 shares mentioned would
seem to be guaranteed, with the expectation
that from 5000 to 10. 000 more would be placed.
Does that mean that they have been guaran-
teed conditional on another 900 or 10000 being
placed?'
Without further explanation Mr.. Westing-
house turned toward his office. The question
was repeated to Mr.. UptegraF, who said he
Thought it meant conditional ON the 5000 or
10000 more being placed"
All Consolidation Rumors Denied.
Regarding the rumors as to an alliance
being formed between the Electric Company
and the Thomson-H interests is it un-
derstood that such is the case. Mr.. Westing-
house?" was asked of the head of the great in
terests before his disappearance.
"The only understanding that exists between
us and the Thomson-H Houston people," Mr..
Westinghouse replied. "is as far as relates to
certain patents IN WnlCn we are mutually IN
terested. There will not be any consolidation
of interests of the two companies other than
working agreement having reference to the
joint use of certain patents" and, so saying,
Mr.. Westinghouse withdrew into his private
office.
Further confirmation of Mr.. Westinghouse
fiat denial of the reported consolidation was
received later from the New York Bureau of
THE DISPATCH in the following telegram:
THE report sent into New York from Pitts
burg and Boston. that the Thomson ouston
and Westinghouse Electric Companies have
been combined, and would hereafter be run
under the Edison management, was today au-
thoritatively and emphatically denied by all
concerned Charles H. Coster, of the Edison
Company, said the report was untrue as far as
the Edison Company was concerned. Mr..
Coster said. moreover, that no negotiations
looking to that end had ever been considered
by the Edison Company, and in fact he knew
of no offer that such negotiations take place.
II e pronounced the whole report ridiculous.
Paul D. Cravarth for the other side, also en-
phatically denied the story. Moreover, there
was no truth in that part of it which said that
Mr.. Westinghouse was to consult to-day with
c. A. Coffin, Ii. w. Pevear and Eugene Griffin,
all of Boston. on the reported consolidation.
No consultation had been held, and none would