Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-17
BRIGHTER PROSPECTS
Now in Sight for the Affairs OF the
Westinghouse Interests.
PHILADELPHIA COMPANY MEETING
Resolution to Apply the Last Quarters
Earnings on the Debts.
RUMORS OF AN EXEcUTI0N PROVE FALSE


assumed more cheerful shape Yesterday,
and no more suits were entered, the creditors
evidently preferring to await the return o
Mr.. Westinghouse before making any move
that would precipitate "a crisis in his bust
ness interests.
On the street and in financial circles
everywhere, while the matter is still frIit-
iui topic of conversation and as much inter
est is manifested in the condition of affairs
as ever, there seemed yesterday to be an
easier feeling, and it is now believed that,
though the business may not survive under
its present management, change can be
made, if necessary. without pinehing OF
even hurting any OF its creditors
or members of the company. The
hope everywhere was that Mr.. West
iDghouse may return to-day, enforced
by enough Eastern capital to put lnm on his
feet and assist him in Strengthening out his
Interests so the business can be- put on a
paying basis
No one doubts but that with the proper
management the business would rapidly de-
velop into a good paying concern. Even
now, with its extravagant features elimin-
ated, the company is thought to be in better
conditfon than before this trouble was forced
on it by the premature explosion of the
damaging reports. While all the creditors
before knew the state of affairs they had no
fear so long as it was kept quiet. When
the whole matter was thrown open it made it
look very serious, but through the united
action of the local creditors calamity has
so far been averted and they hope to help
the companies out, at the same time guard
ing themselves against loss.
Why the Trust MoneyWas Returned.
On account of the severe criticism made
against the Advisory Committee for return
ing the trust fund, several members of that
committee came out yesterday and told why
they took such action They declare that
Mr.. Westinghouse and other members OF the
company were given two weeks notice oil
the action to be taken. Mr.. Walker. Chair
man of the committee, declares that he be-
lleves that under proper management the
business could easily be put on Il paying
basis. Other members OF the com mittee eI-
pressed the same confidence.
Secretary U Uptergratf, of the Philadelphia
Company, said yesterday that he was sure
Mr. Westinghouse did not expect such
action and was not prepared for il. He un-
derstood that the committee was TO hold
off until they saw how successful the East
ern mission might be. So lar Mr.. Westing-
house has not advised his associates here
what action he will take, and as a conse-
quence they are as much in the dark as the
public. except that it is understood that he
has been quite successful in his efforts to
secure Eastern capital.
The return Of MIR. Westinghouse to-day,
combined with the meeting OF the creditors
of the compan- to be held this afternoon,
promises some interesting developments and
the outcome is looked forward TO with inter
est by all friends of the company and others
interested. The creditors committee. has
been at work preparing to give a report at
the meeting to-day and it will doubtless
make some recommendations. 1t is the idea
of those on the committee to do as much as
possible toward helping the company out of
the difficulties and, if possible, keep the vast
interests intact to be counted among Pitts
burg's industries.
The Philadelphia COmpany's Statement.
At the meeting of the Board of Directors
of the Philadelphia Company, yesterday, as
a matter of course, everybody was excluded
but the members of the board That there
was very little discussion is evident from
the fac. that but little more than half an
hour w"s consumed in the meeting. The
chief business was the adoption of the fol-
lowing resolution, which was done without
diScussIon:
Resolved That the regular quarterly divi-
dend be omitted, and that the treasurer he
directed to publish statement of the earnings
and expenses for the past quarter. which,
though showing profit more than sufficient TO
pay the regular dividend yet the Board of
Directors deem it expedient to apply the money
to the payment and decrease of the company's
liabilities.
The statement of Treasurer John Cald-
we'll showing the earnings and expenses in
detail will be found in another column of
THE DISPATCH this morning. The gross
earnings for the three months ending on
December 81, were S753, SIG 20; the total
expenses were s44S,97S IS, making the net
earnings S304, 537 81
AT the close of the meeting each member
of the board as he appeared was interrogated
as to the action taken, but all refused to say
anything, each in turn reierriug the re-
porter to the secretary or treasurer. Mr..
Caldwell would say nothing, but gave out
the above statements. Secretary U Uptergratf
declared that he preferred not to talk.
''The passage of the resolution YOU have
already seen was the only business trans
acted. The bylaws were adopted on the
9th, and the statement that they were to
have been adopted to-day was simply an
error. ! expect Mr.. Westinghouse will re-
turn to Pittsburg to-day, but no meeting OF
this company is expected to be held on that
account, as all the business has been trans
acted and everything is in good condition. :"
A Damaging Rumor Proves GroundIess
A rumor coming from the Court House
yesterday afternoon that executions amount
ing to S., 600 had been issued against the
CHARTERS Gas Company, which is connected
with the Westinghouse interests, caused a
great deal of discussion. A DISPATCH
man Immediately proceeded to follow up
the statement, but he was not compelled to
go far as 1t was stopped short by Sheriff Nc
Cleary.
81 know nothing of it, said the official.
"The only case against that company or any
other gas company Yesterday WIS brought
by woman. The only paper that was seen
at the Sherif1's Office was a summons TO be
issued on the Charters company. 1 don't
know what the amount was, butit was on a
suit in right of way dispute. / had heard
the other rumor and for that reason in
quired into the matter, and found it un-
founded"
The entire matter will be governed by the
action of Mr.. Westinghouse when he ar
riyes in the city to-day. Nothing very
definite can be learned of his success, but it
seems to have-been very good. and his asso-
ciates here seem confident that he will re-
turn prepared to lit the veil of doubt and
place the affairs of the company at rights.
LILLIAN SPENCER runs across Ouida, in
Italy, and in THE DISPATCH tomorrow
will tell some interesting stories about her.