The Weatinghouse Company Out of Its Difficulties.
The Westinghouse Electric and Manufacturing company has again become the property of the stockholders, after having been in the hands of receivers since October 23, 1907. The petition for the discharge of the receivers was made on December 5 in Pittsburg, Pa., before Judge Young, of the United States District court of the Western circuit of Pennsylvania, and was immediately signed by him. The petition was presented by G. IV Gordon, Esq., attorney for the receivers and for the Merchandise Creditors’ com inittee; Paul D. Cravath, Esq., attorney for the stockholders’ committee, and A. H. Larkin, Esq., attorney for the readjustment committee. Mr. Gordon made the address to the court, in which he gave a statement of the company’s affairs prior to the receivership; explained the causes which led to the establishment of the receivership; presented a report of the operation of the company during the tenure of the receivership; and, finally, led up to the great work which has been accomplished within so short a time by Mr. Westinghouse and the various committees in bringing about the rehabilitation and reorganisation of the company, lie emphasised the fact that during the year the receivers had been in charge they had not only succeeded in paying off the interest on bonds, as it fell due from time to time, but, also, kept the large factories of the company in operation during the entire time, doing an excellent business at a net profit of over $1,000,tXX). The action of 5,000 employes subscribing for $600,000 of stock of the company, was another feature presented to the court, which made a great impression. because it demonstrated the amount of confidence the employes themselves had in the company. It was, also, likewise brought out that the company under the reorganisation would in evenway be in a better condition than at any previous period in its history, as it would start’ upon the new regime with cash on hand amounting to upwards of $15,000,000, with an indebtedness of only about $200,000. Mr. Cravath, in addressing the court on behalf of the stockholders’ committee, stated that in the annals of receiverships, this one stood without a parallel as the most successful.