Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-10-23

New York, Oct. 23.-CaII money Open
ed at 40 per cent. At noon it was lend
ing at 70 per cent. 1t rose to go per
cent before I o'clock.
Pittsburg. Pa, Oct. 23.-The stock
exchange did not open this morning.
members deeming it advisable that the
exchange remain closed temporarily
owing TO the demoraliZed feeling in
Westinghouse Electric.
Involves Westinghouse People.
President Hall of the stock exchange
issued the following statement: The
Security Investment company finds it
self involved. This will necessitate
temporary suspension or receivership
for the Westinghouse Electric company.
Westinghouse Machine company, and
the Hernst Lamp company. The man.
ufacturing companies are in an abso-
lutely solvent condition. The Security
company will in no way affect the
Union Switch & Signal company and
the Westinghouse Air Brake company.
At Request of Banks.
want IL SADllCllly uLuSiSlOOu IL
was at the request of the Pittsburg
clearing house that We have suspend
ed trading temporarily. A petition for
a receiver for the concern named Will
be made today. Bankers interested
express no doubt of pulling the COM
panies through successfully"
The embarrassment of the concern
| ; To
funds on account of stringency in tn"
money market, and the amount involved
will run up into millions.
| Will Not Resume.
New York, Oct. 23.-The Knicker-
booker Trust company this morning an
nounced to the depositors who were
waiting at its main Office, ii would not
resume payments. Crowds gathered in
| front of the doors.
Only One Run Reported.
Fifteen bank examiners sent out this
morning to various parts of the city
reported at II there had been nothing
in the nature of run on any financial
institution except the Trust Company
of America, and that conditions at all
lOther banks and trust companies were
normal.
Some stocks Fan Sharply.
New York, Oct. 23.-At the opening
the stock market gave evidence of de-
moralization, but severe pressure con-
lverged on but few stocks. The range
of decline in many active stocks was
restricted to point.
Delaware & Hudson fell II points,
Union Pacific SIS, Northern Pacific 4.
American Snuff %, and others from L
point to 5. Westinghouse Electric de-
clined 1885.
Liabilities Are s8,OOO,OOO.
New York, Oct. 23.-The assignment
of Mayer & Co., brokers and members
of the New Stock exchange with liza
, bilities of S6,000,000, was announced
O during the final hour of trading yester-
day. Although there had been rumors
7 that the firms condition was weak, the
p extent of the liabilities was greatly in
- excess of expectations. 1t was an.
nounced the assets might be sufficient
: to meet debts and that the firm hopes
, to resume business, offers of aid hav-
$ ing been receivend. Depression in the
{ values of securities was given as one
g of the causes of the failure. Another
V was the difficulty experienced in secu--
+ ing loans because of the stringency OF
Q of the money market which developed
+ unusual proportions late today
CorteIyou in New York.
r New York, Oct 23.-Secretary of the
e Treasurey Cortelyou reached New York
e from Washington at $50 last night.
He was met at Jersey City by Hamilton
Fish, assistant United States treasur.
:. er, and the two were in earnest con
d jversation in the trip to New York.
e Upon reaching this city Cortelyou
1 and Fish met several bankers who pre-
e scented to the secretary various phases
g lof the local financial conditions Cor
telyou is here TO thoroughly look into
lthe financial situation which he hat
3 had under observation for severa
lweeks.
t Before leaving Washington Cortel
you directed that s6,0O0,O00 be depos
n tied in New York banks as soon as tn
n necessary collateral had been furnish
y ed. 1t was predicted the secretary
Ia visit would result in further deposit
lof $15, 5,o00,O 900.