Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-24
EXCHANGE STILL SHUT
Pittsburg Panic Believed to Be
About Over.
WESTINGHOUSE RECEIVERS
Plants Will All Be Operated Just as
Usual.
WORKERS ARE REASSURED
Court Authorizes the Payment of
Wages Due Them-Trust
Company Failure.
ARE Treasured

PITTSBURG, October 24-As was ex-
pected, the Pittsburg stock exchange re-
NAMED closed today. Shortly before 10
O'Clock the members were called together
by Secretary Holman, who announced that
the board of directors had decided to sus-
pend trading for the day. In well-in-
formed circles 1t is believed the exchange
will not resume business until next Mon
day
The local financial situation is In good
shape and is under perfect control, accord
Ing to statements made to the Associated
Press by prominent bankers this morning
Without exception all say that yesterdays
| furry has passed and that the situation at
present Is brighter than 1t has been for
week.
| The suspension of the Iron City Trust
Company last night and the appointment
OF receivers by the United States court
| for the institution has had no apparent
effect on the situation. At the headuuar-
tiers of the company in the Westinghouse
| building, Penn avenue and 9th street
there Is no appearance of the failure. 1t
Is known that the Iron City Trust Com
pany was liqudating for the purpose of
going out of business. When the en-
barrassment Of the Westinghouse compa-
MES became public 1t was feared a run
would be made on-the trust company and
1t was decided to place the Institution in
the hands of a receiver. man prominent
in financial circles said this morning that
he knew the trust company can pay $135
a share to stockholders.
| Workmen Uneasy.
| President Wardorp of the Peoples Ma
tional Bank. member of the Pittsburg
Clearing House Association. said today
that meeting of the clearing house
committee WILL be held each morning un-
til after the trouble has been adjusted.
At the meeting this morning Mr.. War
| dorp said there was absolutely no bust
ness to be looked after, but 1t was the
plan to continue the meetings to deal
| with eventualities.
Receivers were not appointed today
for the Nernst Lamp Company, the
fourth Westinghouse concern embar-
| raised by the severe money market
stringency. 1t was said that the papers
have not been prepared as yet, and it is
| expected 1t will be late today or tomor
row morning before the receivers are ap-
pointed.
| Unrest among the thousands of en-
ployes of the Westinghouse interests in
Pittsburg and vicinity was allayed to-
day by a statement from T. H. Given
president of the Farmers Deposit Ma
tional Bank, who was yesterday ap-
pointed one of the receivers for tn
Westinghouse Electric and Manufactur-
ing Company A report gained currency
that the operations Of the plants would
be discontinued.
Mr.. Giv-n assured them there was no
truth in the report and announced the
works will be operated as usual.
i The court today authorized the re-
ceivers of the Westinghouse companies
to pay the employees at Trafford City the
sum Of $25. 600 for wages due from Octo-
, Der / to g. and the employees at East
Pittsburg the sum of $2OO,OO0 for wages
due from October l to %. There are 400
employees at Trafford City and $500 at
East Pittsburg.
$4,000. 900 From Cortelyou.
The $4,000 GOO sent by Secretary Cortel-
you to meet any possible demand for cur
rency in making up this weeks large pay
rolls was received today.
This money is now in three Of the
largest banks in Pittsburg, and It is
ready for distribution to any bank in
need of it. So far. however. no bank has