Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-02-27
A CONTEST FOR CONTROL.

The Election of the Union Switch and Signal
!. Westinghouse Answers the Circulars of
the Present Adminis;I alton.
There is no longer any question that there
will be a struggle for the control of the
Union Switch and Signal Company at the
approaching election. Two circulars have
been issued by the opposing factions. One
is sent out by order of the present Board of
Directors. 1t says:
In March, 1891, the affairs of the company
were in great confusion and embarrassment,
and Notwithstanding dividends had been
previously declared, the company's interest
bearing unfundeG obligations werd$47S, 600
The present board under the clear, sagaciouS
and determined management of Mr. Good
man, the President, have reduced the float
ing interest bearing Indebtedness from $41S.-
COZ TO slSi,7G9 20, a reduction of $293, go 60;
have reduced the annual fixed salary
charges from S6l, SOS to $500, q saving of
almost $4,000; the open accounts payable TO
SSl. 500, reduction of $4,000: have acquired
the absolute title to all the company's
patents-a matter of very great value-and
procured releases of the royalty contracts
and of unpaid royalties. The new contracts
taken for the month of January, and for
about one-half of February, 1897, aggregate
whole year of lo9l. The board believe that
should the policy which has prevailed dur.
ing tho year be continued the earnings OF
the company will speedily place it upon
dividend paying basis.
The answering circular which, like the
first, is sent out to secure proxies is as fol-
lows:
feel that l cannot in justice to the stock
holders and myself, pass without comment
the circular issued by order OF the Board OF
Directors of the Union Switch and Signal
Company, dated February %, 1892, a copy of
which inclose for your information. 1t Is
true that during the past year, under the
active management of Nj. E. ii. Goodman,
substantially the results referred to have
been accomplished, but it is equally true
that but for the unceasing attention which
have given the affairs of the company, and
the financial aid which / have rendered,
these results would have been impossible.
During the past year Mr.. Goodman has re-
peatedly been obliged to come to me for
financial aid in meeting the obligations of
the company, and has quite as often stated
that none of his directors would help him to
raise money for any purpose. think it not
out of place to remind you that the mem
bers of the present board, themselves hold
ing but small amount of stock, were
elected at the last annual meeting by the
wrongful use of proxies intended for me,
and that they have continued to hold their
positions after having been fully acquainted
with the manner of their election. ac-
cordingly do not think that their appeal for
proxies should meet with favorable re-
sponse on the part of the stockholders.
A mum ber OF influential business men and
bankers in Pittsburg, have expressed to me
a willingness to become directors of the
company, and NV requ for proxies is SIM
ply on account of my desire to have the sup
port of all stockholders in order to elect
board that will strengthen the financial po-
sition of the company, and actively aid in
pushing its business: for without such a
board would not feel justified in continu-
ing to give the company the cooperation
and financial aid when it has received from
me during the past year. hope you can
be present in person, but If not l would be
glad to have you execute and send to me the
inclosed proxy (which revokes any former
proxy you may have given), taking care to
date it and have your signature witnessed.
Yours very truly,
GEORGE WESTINGHOUSE, in.