The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-24
Westinghouse Employees
Given This Assurance
by Receiver.
FACTORIES TO KEEP OPEN
Financial Troubles VIII Not In-
terfere With Operating Plants
in Newark, ,Pittsburg OrElse-
where..IrOn City Trusts
Suspension Discounted.

PITTSBURG. Oct. 24.--As was ex-
pected. the Pittsburg stock exchange
remained closed today. Shortly before
10 o'clock the members were called to-
gether by Secretary Holman, who an
nounced that the board of directors
had decided to suspend trading for the
day. In well-informed circles 1t is be-
lieved the exchange will not resume
business until next Monday.
The local financial situation is In
good shape. and is under perfect con-
troll, according to statements made by
prominent bankers this morning.
Without exception all say that yester-
days furry has passed and that the
outlook at present is brighter than It
has been for week.
The suspension of the Iron City Trust
Company last night and the appoint
ment of receivers by the United States
Court for the institution has had no
apparent effect on the situation.
At the headquarters Of the company
in the Westinghouse building, Penn
avenue and Ninth street. there is no
appearance of the failure. 1t is known
that the Iron City Trust Company was
1iquidating for the purpose of going
out of business. When the emharrass-
ment of the Westinghouse companies
became public 1t was feared run
would be made on the trust company,
and it was decided to place the insti-
tuition in the hands of receiver at
once.
| A man prominent in financial circles
said this morning that he knows the
trust company can pay $1s5 a share -
/ stockholders.
President Wardorp, Of the Peoples
National Bank, member of the Pitts
burg Clearing House Association, said
today that a meeting Of the clearing
house committee will be held each
morning until after the trouble has
been adjusted. At the meeting this
morning Mr.. Wardorp said there was
absolutely no business to be looked
after, but 1t was the plan to continue
the meetings to deal with eventuaiities.
Receivers were not appointed today
for the Nernst Lamp Company. the
fourth Westinghouse concern ernbar-
rassed by the severe money market
stringency. 1t was said that the pa
pers have not been prepared as yet,
and 1t is expected it will be late today
or tomorrow morning, before the re-
ceivers are appointed
Unrest among the thousands Of erlA-
ployees of the Westinghouse interests
in Pttsburg and vicinity was allayed
today by a statement from t. II. Given,
president of the Farmers Deposit Ma
tional Bank, who was yesterday ap-
pointed one OF the receivers for the
Westinghouse Electric and Manufac-
turing Company. A report had gained
currency that the operations of the
plants would be discontinued, but Mr.
Given assured the employees that there
was no truth in the report and an
nounced the works will be operated as
usual
The court today authorized the re-
ceivers of the Westinghouse companies
to pay the employees at Trafrord City
the sum of $4,000 for wages due from
October / to %, and the employees al
East Pittshurg the sum Of 100000 for
wages due from October to %. There
are 400 employees at Trafford City, and
$500 at East Pittsburg.
ELIZABETH. Oct. A.-Judge Cross Of
the United States District Court today here
appointed as receivers for the Westing-
house Company the same gentlemen as
were appointed yesterday by the Federal
court In Pennsylvania. Fred j. Faulkss
of the firm of Depue, Ilndabury & F'aulks,
made the application for the appointments