The Montgomery advertiser., 1907-10-24
PITTSBURGNVOLVED
RECEIVERS NAMED FOR NESTING
 HOUSE INTERESTS.
Stock Exchange suspends Operations Temporarily and Security Invest- naent Company is Elnbarrass-
 ed--CorteIyom Helps. g

Pittsburg. Oct. 2s.--A Hurry in local financial circles caused by the embar- rassment. of four concerns of the Vest isishouse interests was quickly ended here today by the prompt action of the Pittsburg Clearing House Association and the Pittsburg Stock Exchange.
 Tonight the Westinghouse Electric and Manufacturing Company. the West inghouse Machine Company and the Security Investment Company, hold ing company, with the Westinghouse ceivers appointed by Judge Ewing of the United States Court
 A fourth concern, the Eernst Lamp Company, will be turned over to re- ceivers in tle morning.
 The Pittsburg Stock Exchange which was closed promptly this morning when informed of the situation by the Pfttsburg Clearing House Association, will likely remain closed tomorrow.
 This action is taken for the purpose og preventing an unnecessary sacrifice of values by a heavy nauidation Of stocks.
 Statements issued late today by George Westinghouse, prominent bank CTS. officers of the Stock Exchange, and the Clearing House committee, show conclustveiy that the financial situa- fion here is sound and there Is no dam
 The severe stringency 6f the money market is alone responsible for the Westinghouse dificulties The pnl- ss not Qzesfioned. The concerns at present are em5pyimw the largest amount Of business known iR their ca- resr The inability to secure funds to pay off maturing loans caused the ern- bRrrassment
 Tonight the local situation Is be- iieved to be in better condition than 1t has been for some time As q precau- tionary measure. however, Senator Knox. in a telephonic conversation from Washington with Secretary of the Treasury Cortelyou requested that the c government deposit in Ptttsburg na- tionaI banks be increased. Later ad- vices were that the Secretary had ar- ranged to place additional funds in lo- cal institutions. The amount, however. is not known.
 That the local banks are In good con dition was shown today when 1t be- came public that the Diamond National Bank had sent yesterday sl00.000 in gold to New York institutions. Sew eral other local banks took similar ac- tion.
 The embarrassment of the Westing- house companies was wholly unexpect- ed and came as Q surprise.
 The suspension of trading on the stock exchange caused more alarm than the situation warranted, but al- most immediately statements of a re- assuring character were issued and from all sides the action taken was given hearty endorsement.
 Six receivers were appointed by the court today and all required to give bond of $lO0.00O each. They are: For Westinghouse Electric Manufacturing Company. T. E. Given. H. s. A. Stew art and E. NJ. Herr. For the Westing- house Machine Company, William Mo Conway. W. H. Donner and E. E.. Keller. sS
 The Fidelity Title Trust Company was appointed receiver for the Secu- rity Investment Company but was not required to furnish bond.
 The United States Court tonight ap- pointed H. S. 4. Stewart and William II. Abbott, receivers of the Iron City Trust Company of this city. The pa pers filed in court show that the com pany has assets exceeding $4,000.00O and liabilities to depositors of about Sf,700.0 900.
 Secretary c .JI Holman. of the Pitts burg Stock Exchange, made the fol- l--------------------- f. HTt...s. \ s Il