The Irish standard., 1907-10-26
EASTERN CRISIS HITS
WESTINGHOUSE firm
RECEIVERS ARE APPOINTED FOR
DIFFERENT BRANCHES OF
= BIG CONCERN.
STOCK, EXCHANGE OF
PITTsBuRG susPENDs


rassment Of Security Investment
Company Is Announced-Blg Con-
Germs Of Allied Interests Involved.
Pittsburg, Pa, Oct 24.-shortly aft
er. three O'clock Wednesday afternoon
petition was filed in the United
States. circuit court asking that re-
ceivers be appointed for the embar-
rassed companies Of the Westing-
house interests, and. was at once
granted. ..-
The receivers for the Westinghouse
Electric and Manufacturing company
are T. H. Given, H. S. A. Stewart and
E. M. Herr. 81 = -,-y
$. For. the, Westinghouse Machine COM
pany, William McConway, w. H. Don.
ner and e. E. Keller. a.
For the Security Investment com.
pany, the Fidelity Title and Trust
company. -;
President R.: c. Hall of the Pitts
burg stock exchange after an an
nouncement OF. the temporary suspen-
sion of:the exchange was made, issued
the following statement:
"The Security Investment company
finds itself involved. This will neoes.
state a temporary: suspension or re-
ceivership of the westinghouse Elec-
trio company and the Westinghouse
Machine company and the Nernst
Lamp company. The manufacturing
Companies are in an absolutely SOL
vent condition. The condition of the
Security investments company will in
no way affect. the Union Switch and
Signal company and the Westinghouse
Air-Brake company. I would like It
explicitly understood that it was at
the request of the Pittsburg clearing
house that we have suspended trading
temporarily" y
,.,.. Will Ask Receiver.
The petitton for a receiver Of the
concerns named, 1t is said, will: be
in a. day. or two Bankers inter-
ested here express no doubt of pulling
the companies through successfully.
The embarrassment Of the concerns
is attributed to inability = to secure
funds on account of the stringency in
the money market. The amount in.
volved will run up into the millions.
Exchange ls Kept Shut.
+ The: stock exchange did not open
"wednesday morning, the. members
deeming 1t advisable that the ex,
change remain closed temporarily, ow.
Ing to the demoralized feeling In West.
inghouse Electric. A meeting Of the
members is being held, and the ex-
change may be opened later in the
day. - -
Secretary G. J. Holman made the fol-
lowing announcement: ..
"At the request Of the Pittsburg
clearing house and at the suggestion
of the members and board of direct
o@ the Pittsburg stock exchange has
closed. for the day" ~. -.
Has Too Much Business.
=. The, Westinghouse Electric and
Manufacturing company has more or
ders on it's books than it can com.
fortably handle, according to state
ments of officials and bankers CONVEX
SAINT with the affairs of, the corpora
ton. So much business has been Of
fered they did not have sufficient cap
ital to handle 1t. Money has been ex-
ceedingly tight and all corporations
have had difficulty in securing. sufi-
cient capital to handle the enormous
business it is possible to secure.
Money Market to Blame.
The president Of one of the leading
banks said:
"The. Westinghouse Electric COM
pany has had the same difficulty d. as
that which other great companies have
met. The business OF. the country has
been on an enormous scale. 1t has
been almost unnecessary for the West
inghouse company to look for busi-
ness, so much was offered. Under
these. conditions the capital Of the
country has been taxed to its utmost
New money has been scarce.
"The Westinghouse company has
merely overreached. itself, tried to do
too much business on its available
cash. The matter will work out all
right and while it is liable to cause
scare there is no need for scare
It might be said that the company is
suffering from over-prosperity."
An officer Of the company said:
'They talk about our laying of men.
but ! assure you that the output and
shipments Of the company for this
month to date are 100000 ahead of
the same period Of last year. We have
plenty Of orders and business"
KILLED: BY: ::BuzZARD MEAT.
=: