New-York tribune., 1907-10-26
WESTINGHOUSE SOUND.
Receivers Optimistic at Beginning
Work an Pittsburg.
tBy Telegraph to The Tribune. ]


Pittsburg, oct 25.-The receivers of the West
inghouse Electric and Manufacturing Company
met late this afternoon and began work on the
company's affairs. Al the close of the meeting
Tonight one of the receivers said that the af-
fairs of the company are in much better shape
than had been expected and that there Is such
a large amount OF business on the books that
there must be diminution Of the working
force, which amounts to thirteen thousand men
and women He stated that orders are
coming in as though the company person
ally managed by Mr.. Westinghouse, and that
the operation OF the big plant at East Pittsburg
is being conducted before the receivership.
w. II. Donner, president OF the Union I'm
provement Company, and former president of the
Union Steel Company; William McCOnway.
president of the McConway Torley Company.
and Z. E. Keller, receivers of the Westinghouse
Machine Company, met TO day and began
thorough investigation of the affairs of that
company. Mr.. Donner said tonight:
we are much pleased with the outlook. We
regard the situation very good We find
$4,000 900 of very profitable contracts on the
books. and do not look for 1t to take long 20
have the affairs OF the company in splendid
shape. The company has been doing an i'm
mense business, and the whole trouble is that
1t has grown far too fast for the operating cap
ital"
Officers of the Farmers Deposit National Bank
declared to-day that they do not hold any of
the Westinghouse paper, and have not held any
for two years, and say that because Of this It.
Hart Given president OF the bank selected
one Of the receivers for the Westinghouse
Electric Company. 1t is stated that none OF
the receivers represent any banking institution
that has paper of the company.
1t is stated to-day that the affairs OF the
Westinghouse Machine Company have been
found in such shape that the receivership will
not be of long duration, and 1t is hoped that
the plants can be turned over to the stockhold-
ers in three or four months
AS evidence of the confidence of Pitts
burgers IN the Westinghouse Airbrake Com
pany, which has not been affected by the other
receiverships. offers made to-day for large
blocks of Airbrake stock at 125. The par OF the
stock is go and 1t was stated that several large
interests stood ready TO take all OF the stock
that could be obtained at this price
Theodore w. Seinan, Edward w. Childs and
Charles b. Hill were appointed receivers for
this federal district OF the assets of the West
inghouse Lamp Company, Pennsylvania cor
poration. with a joint bond of $1,o0O,OO0, by
Judge Ward in the United States Circuit Court
last night
The appointment Of receivers was made as the
result of bill of equity filed yesterday in the
United States Circuit Court of New Jersey
against the corporation by Westinghouse.
Church Kerr * Co. and the Cooper Hewitt
Electric Company. which resulted In the ap-
pointment at Trenton Of Theodore w. Seman
and Drury W. Cooper as receivers
The first named complainant alleges that
$137,212 is due from the Westinghouse Lamp
Company. and that $153 is due to the Cooper
Hewitt company. 1t is alleged that the West
inghouse Lamp COMPANY has an office and
warehouse IN this city at Nos 80 to 534 West
22d street. where fits books of accounts are
kept and its output of lamps manufactured
1t also has on hand. It is alleged, stock OF tho
Westinghouse Metal Fnament Lamp Company,
OF London. England.
The receivers, 1t is understood. have already
taken charge OF the corporations Affairs