New-York tribune., 1908-06-23
NOT ALL SUBSCRIBED
Westinghouse Time Limit Up-Of-
Gals Hopeful of Plan, HotceUer.

1t was the last day yesterday for receiving sub
seriptions 10 the Ne.onoo asserting stock OF
the Westinghouse Electric and Manufacturing Com
pang under the terms of merchandise creditors
sumption plan 1t is understood that between
10 and % cent stock still unsubscribed
Tor at the expiration of the time limit, but not
withstandng this it said in good quarters
that Mr.. Westinghouse and other officials of the
company had expressed themselves very hopeful
Of the final success Of the plan.
Their optimism reflected in the stock, which
advanced to 55la and closed with net gain of Al
points The rise since last Thursday has been
10 points, and this is looked upon in Wall Street as
an indication that the plan will go through.
representative of the stockholders COMMITTEES
said that he thought extension of time would
oe necessary in order to secure more subscriptions
hefore the plan could be declared operative. but
that IT would not be known just where they stood
until the various committees got together and com
pared notes These comnittees-the readjustment
committee. the merchandise creditors committee
and the stockholders committee-wil meet this af-
terneon and decide what future steps will he
IL is said that If extension is granted will be
only for week at the most.
report from Pittsburg that syndicate headed
by Henry Phpps would take up all the unsub-
seTloed stock was denied by high official of the
company in this city
The success Of the merchandise creditors plan
VIII place the company IN a strong position 10
carry on its extensive business, it provides
about s52,5oo0eo of quick assets of which nearly
slS,ooo,o 600 VIII be in cash 1t is understood that
Following the ratification of the plan. strong
banking interests will be admitted the board.
The report from Berlin that the Westinghouse
interests IN Germany have formed combination
with the Bergman Electric Company was con-
hrned by George Westinghouse personally who
saiq IN erect that as result of the visit of
eral German engineers and government officers to
this country about year ago TO inspect the trae-
ton systems of the United States report
made by them extremely favorable to the West
lnghouse single phase traction apparatus for
opEEI,dlon on slanQard eIectrle railways
This report excited great interest on the part
of German manufacturers. and the Bergman
company has taken advantage of the situation
and recently obtained an exclusive license for the
manufacture and use of the Westinghouse appa-
rafcs for ten years on a royalty basis. The Berg
mann company is now preparing to establish an
extensive plant for the manufacture of this class
Of traction apparatus.
This opens field for the westingho11se
system for trolley work. The arrangement now
entered into will inure TO the benefit of both
Westtnghouse electric manufacturers in America
and 10 the French Westinghouse Company, as
vel as TO the italian Westinghouse Company.
which is controlled by the French company. In
this new arrangement the French WESTINGHOUSE
Company VIII become important asset of the
Westinghouse Electric and Manufacturing Com
pany.