The Birmingham age-herald., 1907-10-24
.P|TTSBURG SCARE
 IS NOT ALARMING Prompt Action By Bankers
 Saves the Situation
RECEIVERS ARE APPOINTED
Westinghouse Interests Are Consider ed Solvent and Will Pull Out of the Trouble Is the Opinion
 of Financiers.

Pittsburg October 23.--A furry in local financial circles. caused by the embar- rassment of four concerns of the West nghouse interests, was quickly ended here today by the prompt action of the Pittsburg Clearing House association and the Pittsburg Stock exchange. Tonight the Westinghouse Electrical and Manufacturing, the Westinghouse Machine company and the Security and Investment company, a holding company for the Westinghouse interests, are in the hands of receivers appointed by Judge
 Ewing ,of the United States circuit court. A fourth concern, the Nernst Lamp com- pany, will be turned over to receivers in the morning.
 The Pittsburg Stock exchange, which was closed promptly this morning, when informed of the situation by the Pitts burg Clearing House association, Will likely remain closed tomorrow. This ac- ton is taken for the purpose of prevent- ing an unnecessary sacrifice Of values by a heavy liquidation of stocks
 Statements issued late today by George Westinghouse, prominent bankers. of ficers of the Stock exchange and tho clearing house committee, show conclu- sively that the financial situation here IS sound and there is no danger.
 The severe stringency of the money market is alone responsible for the West inghouse difficulties. The solvency of the embarrassed companies Is not questioned. The concerns at present are enjoying the largest amount of business known in their career The inability to secure funds to pay off maturing loans caused the em- barrassment.
 More Government Funds. Tonight the local situation is believed to be in better condition than 1t has been for some time. As a precautionary meas ure, however, Senator Knox, in tele- phonic conversation from Washington with Secretary of the Treasury Cortel- you. at New York, requested that the government deposit in Pittsburg national banks be increased. Late advices were received here that the secretary had ar ranged to place additional funds in locel institutions The amount, however, is not known That the local banks are in good condition was shown today when 1t be- came public that the Diamond National bank had sent yesterday s100,0o0 in gold to New York institutions. Several other local banks took similar action.
 | The embarrassment of the Westing- house companies was wholly unexpected, and came as surprise. The suspension of trading on the stock exchange caused more alarm than the situation warranted, but almost immediately statements of & reassuring character were issued, and from all sides the action taken was given hearty indorsement.
 Six receivers were appointed by the court today and all required to give bond of s1O0, GOO each. They are: For Westing- house Electric and Manufacturing com pany, T. II. Given; H. S. A. Stewart and E. M Herr; for the Westinghouse Ma chine company. William McConway w.. H. Donner and K. E. Kelley. The Fidel- ity Title Trust company was appointed receiver for the Security Investment com- pany. but was not required to furnish a bond.