Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-10


| ties 10 the reor~anization Agreement thus by
unanimity of acfion fhrourh experienced gen.
tiaman afford,nS 70 the assentin,r stockholders
n ,nonifnst aJSan,age in any EFFORT 70 reor.
Son,,a ,uuiii''' ''u'"h'"s' =" ""' W
With these ends in view, a reorganization
agreement covering tho above plan and such
other plan as the Reorganization Committee
may deem II wise 10 adopt u tne above pian
a mas oeSn rne nann IN br bc sne
zation Committee above referred to and by
the holders OF considerable amount OF the
executed REORGANIZATION arreemcpis is at i6e
office of Messrs. August Belmont & Co., In
broadway, New York City, and another at the
ofiice OF The Westinghouse Electric and Manu-.
featuring Company at Pittsburg Pa, and
another at the office OF Messrs. Lee, Higginson
q Co.. Boston, Mass, at either one of which
places, and at the coinpany's office In New York
CITY, you can obtain full information regarding
the an airs OF the company and Its proposed
reorganization.
NcyotinbIe Rece,r,s for ne,o.ited Stock
,e'
You can become party 10 this reorganiza-
tion agreement either by executing any one OF
these original apreem ents and sending your
stock 20 fb, Nerca,tile Trust Company' or
simnlv hv as ,grirT 70 nd nosifing With thc
Nercanfilo Trnst 1eom,any of Tho iIty of New
York Ynmr ccrt,fcatas nS s,ack or vony ,ynstecs'
certiscates for siocI ss Inc case ,nav hc Tnon
i,, ~ ~ III s.s, - o 49,. s'v .s ,Ii vi ~
" y,,, yU1i i,, a., ,c.I,
Snr IN n anoy,,nd h v,c ,rhtnh res
will he disnosed NJ Nv hhe Trnst Somnany in nc.
cnraanco xith tho ;,s,rnc,inns II fha' Reor
oon;a,Io ~ ES, LII .e ,J ha,s,or ~ nlan
sha, 80, a aoos N'"'' '
'"e' A'"' "uvp.' ,.,p,
n,L TEohGE W WEsIiNGhoosE, Sh', rresiuent.
Inc ,oiioWing is copy oi 'he IesUiut,ohs
OF the Board of Directors of the Westing-
mouse Electric ana Manufacturing Com-
70 "Pu APin - A"u ie''eo " 'A
'"e eioieso'ns e'euiar'
Need of Working Capital.
WHEREAS. The Westinphouse Electric and
M,,,f,o,nr,,x Co.....,, -, n,,o, hr Sec hi
t. - oo,n pc 20 30 ono"n w no -
&c sne on Marcn o. 1881 mas noaiInR ueut
% ~ anu IN nrder 10 eet its pessuE
.Il.ai s anu 70 OBTAIN sumcIehC woi knS
l Sap'a. ioi .ne conuuct ot us I1ereSsIns ousi
mess ~ - eseenlai tnat u snouiu oplaln capt.
"a, 70 tne amount OF s4oOO,OoO; and,
mnereas Inc nnanclal conaltlon OF the com
pany Is sucn tnat unless sucn amount can pe
,. oosaineu u IN lne llnmeuiate IutuIe, receiver
sup oL tne coInpany auu lIs properly. OF gen
;n aha 10, sne oenent Oh GreIitos, s'
AZ @ nne Jug sment oi luis poard, lneVilaDie' anu
heress. Inc varied interests OIL the COM
pany, anu tne numoer ana nature OF lts out
s,ahung oDllgauons are sueh as 10 make tne
ssr ssinre result OF "a reeeiversnip or a. genera &
ssSiE nhent, SO Iar AS Interests OF the STOCK
hvn2Sis uH, arc SrnceIneu' very unceI tain' anu
W uei iSas. + vi hlauy hontns past Inns oodru
nas useu i's pest en9rts 10 optain eAte1sions oi
~ .so ~I sLu " procure tne auuItlonaI
luonei essenIlAi loi .ne prosperous cohtIn uance
oL nls ousiness, wnicn enoTts nave met Win
oi1y ~ e-np .en ny 5nu ~ paIliai suGcessi anu
n,n a & ne resi1ent n OIL tne company re-
po.ts 70 us Doara OF directors tnat after con-
1aasnn ~ naIi.ra ,,a. .s Snfia; ISs e'sy e
tS Sasou " oenS,e 'uas .Ie lonowns plan ioI
the leIleI Oh the company can De carried TO
q suecesslui result, IL approved py thls poaru,
VIZ
Complete Plan of Relief
r;-s.- -1ho ,ro,on. .,,,,,..;-o, ..,,.,, ,.,,-
10 -. r re,o nno 900, -. -. - - :,
inc n.api mo,ue.s " ,te ouas.anu
this plan and to transfer and surrender to
this company, or its order. to be used for the
purposes he.einaeef speclnea per cent Oh TN 5ne
Go0l which with The tressnr stock norv nnsoIi
would make an aggregate OF about IS. 92O, 600 of
unsold treasury stock
Third-The so per cent of stock retained by
the asserting stockholders together with the
40 per cent surrendered to be stamped s.assent-
ing stock" and to be entitled to a preference
over the .'non-assenting'' stock in that no diyi-
dend shall be paid upon the .non-assenting''
dends shall have been declared and paid in
that year upon the asserting stock"
Fourth-One million dollars par value of the
common stock SO surrendered to be converted
into preferred stock, which, with the So. OVO 600
of preferred stock now authorized, but unIs-
sued shall constitute an authorized issue of
s., ,OOO0OO of preferred stock entitled to per
cent annual preferential cumulative dividend
and also to pro ate share of dividends de-
clared in any one year after z per cent divi-
dends shall have been paid in that wear upon
600 of preferred stock to have preference IN
the assets of the COMPANY but no parr of the
issue to have a preference over any other part
thereof either as to dividends or assets. The
remaining stock surrendered amounting to
about 81, ,92O, 900 to remain common "assenting
stock"
FItth-Tne said treasury stock, both pre-
ferred and common asserting stock" to be
used for the following purposes viz.
Purposes ot tbe Trea,nrv sto,L
(a) Three million dollars par value of the
preferred stock to be issued for money and in
payment of the company's debts. --...s
m, Five brnd,ed +bors.nd ,5a,,,-.
-. ~ s..S -" a..ia,e A pai 'aAue
" .ne eLIeo e.ock ~ ps IeLL IN tne treasury
Oh tne company 20 proylae further working
nf .he nor anu 70 meet otner re-
IoI So mncb as is nacas:arv ot A.. ;
ing treasury stock to be used in the nnrebase
of as many shares of the capital stocks, re.
specuvely, Oh the United states ELECTRIC Light
ing company ana the consolidated Electric
! nispt SVPau! % tne neorganizatlonC commit
zee d1 neTelnaa.er Tha ia named aeem advisable.
kol Inc REMAINDER OF the treasury stock not
USED 1ot tne above purposes to remain In the
treasury OF tne company Tor future use.
Sl1th-Inis Pian TO be executed and carried
out through Reorganization Committee COM
Posed OF Messrs. August Belmont, of August
belmont Co., bankers, OF New York. Mr..
Coaries Falrchlld, OF Lee, Higginson q Co.,
bankers, OF Boston, and Mr.. Brayton Ives,
IIeSluent VI the w estern National Bank. New
ORE, who shall have power to add not to ex-
ceeo Two members to and fill vacancies in their
own number.
seventh-Ihe REORGANIZATION COMMITTEES to
ne entitled to substantial representation in |
the management OF the company.
And whereas, In the judgment of this Board |
OF Directors the method proposed by this plan |
is the only one by which the company can be |
SucCeSSfull financial q NH