Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-12-08

spellbinders have insisted that the ap-
pea.ls and warnings made to the business
interests were all bunkO, and Mr.. Bryan
himself is still convinced that they were
without the slightest foundation, but II
he will come here and talk with the
ceiver of any business establishment that
was crippled during the recent panic he
will be able to learn the truth. No votes
can be affected by any statement they
make today. The election is over, and
there is no longer any excuse for misrep-
resentation. Hence the testimony OF
those who are directly interested may he
accepted without any allowance for pref
erence or prejudice: and every one with
whom / have spoken. declares emphati-
cally that the affairs OF his company
could not have been settled. and il would
have remained in the hole but for the re-
newal of confidence and the revival of
business caused by the election OF Judge
Taft. There is not only no question about
this. but the sentiment is unanimous.
Democratic business men will admit the
fact as promptly as republicans assert it.
Westinghouse on It's Feet Again.
The most Important concern which has
been set on its feet is the Westinghouse
Electric and Manufacturing Company.
which failed October D. 1907. and went
into the hands of a receiver with liabili-
ties of more than forty-fve millions OF
UOldTS, lICluutiiS ifioIc tliai SiAlCCi
lions of floating debt. The receiver has
funded about six millions of that amount.
the creditors accepting new lss7le OF
stocks instead of cash. The stockholders
have contributed six millions of cash To
take I'D the outstanding paper OF the
company that could not otherwise be set
tied, about one million has been compro-
missed and reduced and the remaining two
millions have been settled out OF the
profits of the company under the manage
ment of the receiver
Notwithstanding the crippled condition
of the corporation and the depression of
business everywhere nearly all of the fac
tories belonging to the Westinghouse com
pany have continued In operation, and the
net profits for the year ending October
d. 1903, have been nearly nine millions Of
dollars. This leaves seven millions OF
working capital available, and places the
company upon a better foundation than ii
has ever been. In the line of economy
every body on the pay roll who received a
salary of more than $500 submitted 10
reduction Of % per cent, and those who
received less than that amount y. per
cent.
Capital Stock Increased $40, OOO, OO0
The company has been fully REQ. ganiZ-
ed. the capital stock has been increased
ten millions of dollars. of which six mil
lions have been accepted by creditors OF
the company in payment of its indebted
ness The board of directors has been in
creas ed from twelve to sixteen. a chair
man Of the beard will be selected to man
age the finances as Judge Gary manages
those of the steel trust. while George
Westinghouse, the founder of the busl-
NJ SIS and one of the foremost inventors OF
the age will 4 sumo charge of the manu-
factu ing operations
II Is expected that the street railways
of New York city wi be restored 10 the
managem: NJ of the directors very shortly.
Proceedings have already begun to ter
inmate the receivership at the earliest
possible moment, but the fact that no less
than forty-six separate companies are
involved makes the proceedings compli-
Gated.