New-York tribune., 1907-10-25
AID FOR WESTINGHOUSE
KUHN, LOEB SEQ. TO Help
Dir. Westinghouse Denies That Ne1o
York Bankers Haze Control.
Icy Telegraph to The Tribune. ]

tBy Telegraph 70 The Tribunel
Pittsburg Oct, 24.-Pittsburg fnanciers are
unanimous in their reports that the financial
crisis OF the last two days has passed and the
banking situation is much easier. The United
States Treasury shipped enough money into
three repositories here to-day to supply imme-
date demands, and more will be forthcoming if
required. The Pittsburg Stock Exchange re-
mained closed to-day. but will be opened again
next Monday. George Westinghouse said to-
night that he will be out Of his financial difficult
ties within three weeks
1t was asserted here to-day that Kuhn, Loeb
& Co. of New York. practically have obtained
control of the Westinghouse Electric and Manu-
featuring Company The stock which was
thrown the market in New York yesterday
was bought up for the Kuhn-Loeb interests. ac-
cordng 10 reports here.
The associated banks carrying the Westing
house securities have decided to hold their
shares and not call for margins or offer them
for sale, In this manner an industrial panic has
been averted.
Mr. Westinghouse was told tonight that there
were rumors that the banking interests intended
taking from him the financial management Of
the properties bearing his name and which he
had taken a lifetime 10 build up. He replied:
They may think they have me down. but they
haven't II they trying tho same game they
did fifteen years ago they have not done II by
long shot"
When questioned about the story that Kuhn.
Loeb & Co. had obtained control of the stock of
,be Westinghouse Electric and Manufacturing
Cornrenv and would take over the financial
management he said:
u have heard such report, but they have
not done so. and l will maintain control OF the
properties
ANOTHER RECEIVER NAMED.
The application for a receiver for the Nernst
Lamp Company was made before Judge Ma
thaniel Ewing of the United States Circuit
Court in chambers at 4 o'clock this afternoon.
w. W Smith. Of Reed. Smith. Shaw & Beal, and
Gordon & Smith appeared for the plaintiff the
Cooper Hewitt Electric Company, of New York.
A NJ. Thompson appeared for the Nernst Lamp
Company. The bond was reduced by the court
TO $4,000, 1t shown that the receiver
would not have more than that amount of bank
balance at one time W. D. Updegraff, private
secretary Of Mr. Westinghouse. was named
receiver.
The bill Of complaint shows that the Nernst
Lamp Company is indebted TO the Cooper
Hewitt Company for $4,000. 1t is set forth that
the company has a funded debt Of $14O0,O0O.
bearing interest at per cent The company.
II is alleged is unable to meet interest and sink
ing fund payments or bills payable.
The failure OF the Iron City Trust Company to
open its doors this morning was directly due to
the Westinghouse trouble. The trust company
holds $6O0OO0 Of Westinghouse securities and
paper. There has beer some talk of liquidation.
and the directors Of the trust company have the
subject under advisement. The deposltors viii
get every dollar. and the stockholders will
Ceive book value for their stock.
The Iron City Trust Company has been clear
ing through the First National Bank, and that
institution is said TO be backing 1t to certain
extent The company could have obtained
enough cash to stand run. but it was thought
advisable 20 close the doors to preclude the pos
sibility OF creating a panicky feeling among de-
positors of other banks.
GOVERNMENT FUNDS OBTAINED.
The United States government repositories
hero have made application for $500. 900. and
have forwarded their securities to Secretary
Cortelyou Some Of the larger institutions have
had their bonds deposited with the Treasury
Departnent for some time. and immediate
tion was taken at Washington so that S0,0OO.OO0
could be shipped here Immediately. Just as
soon as the approved bonds accepted by the
government the remainder Of the cash requested
by the banks will be forwarded.
The government repositories Of this city are
tbe Second National Bank. Mellon National
Rank Columbia National Bank Federal Ma
tional Bank Farmers Deposit National Bank
and Cosmopolitan National Bank. The Column
bia, Mellon and Farmers are among the banks
that are the largest holders of Westinghouse
securities The Columbia is affiliated with the
Colonial Trust Company. which does a large
business in collateral loans. President II. (.
NoEldcwney of the Union Trust Company, said
to-day:
limited States currency was sent here this
morning and more will come here if needed
but | do not think that any more will be re-
quired."
No figures are given out as to the amount of
WESTINGHOUSE stocks held by Pittsburg banks.
nor the discounted paper current. One trust
company is carrying s3Oo0,000 in stocks and
bonds. while the larger banks are said to be
carrying larger amounts. These banks rep
resented In the management of the westing-
house companies through the receivers
PAYING OF wORKMEN ORDERED.
ANY uneasness which may have been felt by
the 10000 workmen of the Westinghouse inter-
ests as to future employment or pay for work
already done was set at ease to-day when, ON
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