The Montgomery advertiser., 1907-10-25
Conservatism .SaUes
 The Country From A
 Financial Catastrophe
 SITUATION
Bankers Say Troubles
 Are Disappearing.

" -~~~~A - CPNG6f4At S6CI0t8TY 10 George Westinghouse, was appointed receiver for the Nernst Lamp Company. the fourth Westinghouse concern em- barrassed by the severe money market s5o.00o.
 The petition was filed by the Cooper Youatt Electric Company, of New York, and states that the Nernst Lamp Com pany owes them s3.0o0 for material. The funded debt of the company Is placed at 1,400.000 covered by bonda that are due in 1922 The petition states tat all the stock of the Nernst Lamp Company is owned by the westing- house Machine Company. The position was taken that the appointment of TO- ceivers for the four Westinghouse com panfes placed all of them on q better footing; the failure of the Iron City Trust Company had no bad effects and the millions of dollars deposited by the government caused feeling of conh- dence.
 The Pittsburg stock exchange rec mained. closed all day, and will prob ably not resume transactions until next Monday.
 4 meeting of the Pittsburg Clearing House Association was held and an- nouncement was made following the adjournment that two banks had re- quested aid. Prominent bankers stated tonight that the situation here Is well in hand and that the trouble was rnp- idly disappearing.
 ST. PETERSBURG SURPRISED AT
 WESTINGHOUSE TROUBLE.
 St. Petersburg, Oct. 24-The an- nouncement of the appointing of re- ceivers in Pittsburg for two of the Westinghouse Companies, came as surprise here, where the Nesting house people have extensive interests, especially to walter Cary, Director and General Manager of the Westinghouse Lamp Company, who arrived here to- day fro mthe United States to investi- gate the affairs of the Russian branch, which, although having an independent corporate existence is largely capital ized from America.
 The company. the first business of which here was making airbrake equip ment for the Russian railroads. later hranchea out and secured largo con tract for the electrification of the street railroad system of Et. Petersburg and recently purchased q big factory at Moscow for the construction of cleo trical equipments. Rufmofs have for some time been current that the com pany would lose money on its St. Pet ersburg Street Railroad contract. ag- Brogating $b,OODi00ps parElcularly on &C., count of penalties, said to amount to amount to t500.000, imposed for con- stfuction delays. but the ofiicials of the company today denied this and said the fines would aggregate less than i've per cent of the total amount of the contract and that they anticipated that most of them would be remitted on the final settlement.
 The company has received from fifty and sixty per cent of the contract price and the balance is payable on comple- ton of the contract, which is claimed that 1t has enough cash In sight to finish the work A dispatch received here today from General Manager Smith stated that the home company was entirely solvent and that the receiverships were due to the inability to extend loans during The stringency of the money market. Prices on theBourse today were slight. Iy affected by the American financial but their connection with financial houses here is too remote to cause great apprehension.
 A Change of Plans.