New-York tribune., 1911-07-18
WOULD REGAIN CONTROL
stockhoIderS Asked for Proxies
in Favor of Westinghouse.
FORMER PRESIDENT ACTIVE
Circular Says Management Has,
Not Fulfilled Promises as to
Dividend Payments.

,,o.va westinghouse. who was deposed
--osi5ent Of the Westinghouse Electric
= manufacturing Company year age,
a.li,- TO regain control OF the com
circular asking for proxies in his
p Gov noe al the annual meeting on
90. o. has lust been sent TO the stockhold-
-. charles J. Canda. of Pittsburg, who
,,o,nber Of the stoehholder3' com
,,i-,ee formed to assist IN the rehamhta-
,ion Of the company three years ESQ.
T., urging the stockholders TO give their
..v,.s 10 Mr. Westinghouse Mr. Canda
that the present management has
80 20 live up to tine promi ses made at
=. +ba company was reorganized, to
cha pavment Of dividends on the
s~-.,rr stock as soon as the earnings
---.--,,,ted H. which. ne asserts. IS now the
o,ss The circular adds
-ooent meeting Of the directors Mr..
AT q lt,,,ea proposed a resolution 10 de-
lII,;S,.sr,erIy dividends of per cent re-
t..,,C only Z per cent ont ot the - Per
cent OF net earnings wmcn were naoe lS. ,.5y oS
- company on its asserting stock over
- above al fixed charges and the per
eoDt dividend on the preferred stock duI-
Ing the last fiscal year TINS his IS certalnrt tln,,,
1-srv conservative. leaving fuhy per cent
N the good of the company.
u" rbis rrouosal was voted down by all the
6iTect0rs except MIR. Westinghouse More
over, the report issued 20 the shareh9loeI
makes IL auitc clear that they need no'
cxpeot dividends in the near future. Inc
company is IN excellent financial CONDITION
and has large cash fund tS6.65i.6'Il on de.
r1sit in the banks. During the two lasi
fiscal years the net income Of the company
s7.4i,77o
The circular points out that the L PEI
cer; quarterly dividend proposed by Mr.
Westinghouse would be paid from the cur
rent earnings Of the company. so that the
financial condition of the company would
rot be changed.
There are sixteen directors on the West
,nghouse board, of whom only four are tc
be elected on July 26 and the circular sug
gests that these four should be elected tc
represent the asserting shareholders. 'Ir
the reorganization OF your company I'm
1905" 70 says. the personnel Of the board
of directors was dictated by the bankers
Certainly its control is not in a board Of
directors which ignores the rights of the
shareholders 20 receive reasonable dividends
which were promised when YOU subscribed
for shares a par 70 rehabilitate the com.
pany."
In conclusion Mr Canda says in his cir.
ouisr.
need not remind YOU that Mr.. Vesting
house interests arc entirely with the as
seutire shareholders. and that he is ear
nestly desirUus of making your property
valuable.
81 Westinghouse was in this city YES
taraay. but all ne would say about thu
Carda circular was that he was in sympa-
thy with the movement. adding Il have
only one interest. 70 make the company ?
success The others have different inter
ests"
Leading interests in the Westinghouse
management declined Yesterday 10 com
ment on the circular but the position OF
the management as regards the resumption
of dividends on the asserting stock Of the
company was fully set forth in the last
annual report one of the most exhaustive
ever issued. IN which # was explained tha;
on aerount Of the poor outlook II was neces-
ssry 20 conserve all the company's re-
sources.