New-York tribune., 1907-10-24

aIr Westinghouse personally. The Nerns
Lamp Company has s1,OO0,OOO capital, and its
stock IS owned entirely by the Westinghouse
Machine Company. The Westinghouse Machine
Company has s600O,o00 capital and s7,50o00O
surplus. The Westinghouse Electric and Manu-
featuring Company has $3,99S,7G0 first preferred
ard s20,996,35O second preferred stock
The statement of the Westinghouse Electric
Company for the six months ended September
80 showed surplus equal to per cent or at
the rate OF Is per cent year. The Westlng-
house company denies the report that II was
fined $4,000 by the Russian government
MONEY STRINGENCY OVERLOOKED.
RuInors were current here to-day that George
Westinghouse personally was practcahy IN
solvent This was vehemently denied as the
most absurd of the many rumors that are prev
aIen+ Nr Westinghouse has a reputation of
being 2 remarkable inventor, and as a man who
has exploited hundreds Of other peoples inven-
tions II "a asserted on all sides that he mas
become so irnbued with the increasing demand
for the eIectriication Of manufacturing indus
tries that he did not pay sufficient heed TO
financial conditions.
While Mr. Westinghouse had been warned TO
sIaclen his speed in enlargng his operations
he forged ahead, evidently under the impression
that all he had to do to light the magic
lamp and gold would flow at his command in
an endless stream. On a previous occasion
when he undertook to remove his plants from
Pittsburg to East Pittsburg, and began the
erection of the plants which have since become
the largest In the world. he was brought UP
short BY bankers. The Lincoln National Bank
at that time stood hv him and he pulled
through
Despite the existing stringency, he has planned
new buildings to consolidate the various small
concerns scattered over the country, on the main
line Of the Pennsylvania Railroad These plans
will proba bly, be halted by the receivers as will
other plans for extensions. The working force
is to be reduced to the persons who are absolutely
necessary to operate the plants. Like all large
corporations. much deadwood has gathered on
the payroIs, All these pensioners will be
dropped
one of the accepted causes for the failure is
the fact that the Westinghouse company ac-
Cepted orders beyond the capacity OF its works
and all sorts OF prices were paid for their full
hlment. so as to save the credit OF the corpora
ton in the working world
FEUD WITH ALLIs- CHALMERS.
The electric and machine companies became
involved in 4 feud with the Allis-C Chalmers Com
pany Of Milwaukee. The Westinghouse Machine
Company at one time confined its operations 70
gas engines When it began building blowing
engines il went into direct competition with the
AIHs-C Chalmers Company. That concern retail
ated by beginning the erection of shops to build
electrical machinery and to compete with the
Westinghouse Electrical and Manufacturing
Company. Prices were cut and credits extended
which, under ordinary conditions. would not
have been done. The Westinghouse Company
retalated. and there we're serious allegations on
both sides.
Both concerns WED with each other IN OBJ
tanning high priced men. They also underbid
each other on contracts, until finally q close al
lance was formed and prices were raised rapid
ly, having been advanced from 80 to 40 per
cent in the last two years.
Mr.. Westinghouse got into another row with
| the AIlis-Chalmers company when he pur
chased the Parsons steam turbine patents in
| England. All Of these fights have caused much
litigation, some of which is still pending and It
| has cost the Westinghouse interests vast sums
Of money.
While the General Electric Company. with
| its operations at Schenectady, N. Y, and the