New-York tribune., 1907-10-24
MONEY MARKET BLAMED.
Opinion an Ne5C York on Troubles
of WestinghOuSe Concerns.

The news received from Pittsburg yesterday
morning that the Stock Exchange In that city had
decided suspend operations. following the din
cuIties encountered by several Of the Westinghouse
cor7nanies in obtaining necessary loans to meet
maturing notes. while 1t added to the general feel
ing of uncertainty did not create great surprise IN
well informed quarters. The effect of the actual ap-
pointment Of receivers for the Westinghouse Elec-
trt- and Manufa cturing Company, the Westing
house Machine Company and tho Securities Invest
nent Company yesterday afternoon had been large
" discounted by the earlier forecast OF such sc-
ton.
NJ III broadway, none of the more prominent
officials or directors Of the company were TO be
seen. and il said that no information beyond
that contained in the dispatches from P!ttshurg
had been received Charles b Hill counsel Tor the
Westinghouse interests. gave out statement IN
which he expressed surprise at the reports that
the companies were in financial straits.
1T is not because of any overproducton IN cleo
trtc appliances said Mr.. Hill hut the present
situation has been created by the strngency IN the
money market In word. the companies involved
are In hourishing condition, so far as the oroeFs
ahead are concerned. but 1t has oeeh SIMPLY I'M
possible to get the money, which IS aosoIutelg hee
ed TO turn out these orders. The companies III
voIved in difficulties. according 10 the Flttspurg
DISPATCHES carry on their books the STOCKS OF gas
and electric companies, as well as otiier coIpota'
tions they sell to- collateral Tor notes gwen I
the purchase. Failure to realize on these Ioahs aI
.ho present time is responsible for the condition
OF our companies
Mr. Hiu was emphatic in his assertion that the
an1ointrnent of receivers would IN no wise a'Ae0'
tLa oneratlon of the Westinghouse plants tie oe
oIared thero would be shutting down OF 'he
nlants and that they had plenty OF orders 0" manu-
COMPANIES IN GOOD SHAPE.
~, 11;1.s soternent as TO the extent of the blsi-
nose be,ng done by the Westinghouse companies
was confirmed by a member OF one OF uhe le'u'''s
banking firms in Wall Street No.
..-rrnee ia no question" said the banker, that
the Westinghouse interests are AZ oo''o'"' ii So
sb,re All Of the companies have been DONG
-, .,,sr,oss and there is no cause to worry
,,,+ ,bo,r resnning operations in time The pres
49, crisis has not been unlocked for. however
rrraro te No question whatever as 70 MT. NeSt''b-
b,rsa,s ability in his own field Of mechanical IN
,.artion but to-day's happenings In Flttsouie '"''
o,,,,. heop hastened by conditions II New hO'A'
..-rba might of the Westinghouse companies
,f+ ,osejblv have been avoided had the fire.
auentIy proTered advice OF H!ehhiy ''"s+1-'N "
terests conversant with the operations Of the CON
co-rs tAan acted upon For several years II has
b.r felt that the Westinghouse companies were
running close 10 the danger mark Ii widening
their activities 10 a point beyond where they cOu1d
i-nn,edateIy command the large advances OF ready
capital needed TO operate the plants.
The immediate cause OF the failure OF tho West
,nghouse companies and the consequent closing OF
the Pittsburg Stock Exchange was said IN Wall
con,narv 10 secure extensions OF time Oh between
81 $4,000 and $4,000 Of short time loans. no
confirmation OF this report could bo obtained a.
the local Offices of the company nor from BFayton
Ives who IS chairman Of the board OF directors.
Discussing the outlook to-day, The Iron Age
will say:
The suspension of three of tho group OF Westlng-