Articles (Oct 23–Nov 18, 1907) report the Iron City Trust Co. closed by its board and placed in receivership after receivers were appointed for several Westinghouse companies. Newspapers note the company was liquidating/going out of business and a receiver (H. S. A. Stewart and William L. Abbott) was appointed; there is mention that a run was feared but no clear report of an actual run. Thus this is a suspension followed by receivership/permanent closure.
Events (3)
1.October 24, 1907Receivership
Newspaper Excerpt
H. S. A. Stewart and William L. Abbott were appointed receivers for the Iron City Trust Company. The papers filed in court represent the company as having assets exceeding $4,000,000 and liabilities to depositors of $1,700,000. There seems to be no doubt of the solvency of the company, attorneys said, but receivership was precipitated by receivers for Westinghouse interests.The bank will liquidate at the rate of $125 for every $100 worth of stock. (New-York Tribune / Salt Lake Herald etc.)
Source
newspapers
2.October 24, 1907Suspension
Cause
Local Shock
Cause Details
Board placed the trust in receivership after receivers were named for several Westinghouse companies; action taken to preserve depositors/stockholders and because a run was feared when Westinghouse troubles became public.
Newspaper Excerpt
The Iron City Trust Company of Pittsburg, which has closed its doors, had a state deposit of $75,000 ... 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.
Source
newspapers
3.November 18, 1907Other
Newspaper Excerpt
Thoroughly confident of the solvency of the Iron City Trust Company, the directors of the bank have agreed to pay in full all depositors whose balances amounted to only $100 or less. There are more than six thousand of these small depositors, and to-day their accounts from A to L were settled with in full.
Source
newspapers
Newspaper Articles (19)
1.October 24, 1907Evening StarWashington, DC
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tee through which the money will be distributed that assistance is required. Ancillary Receiver Named. NEW YORK, October 24.-Judge Ward in the United States circuit court today appointed E. M. Herr, P. H. Given and Charles C. Burlingham ancillary receivers of the Westinghouse companies and their assets and properties in the judicial district of New York. The receivers are required to file a joint bond of $20,000. The Iron City Suspension. HARRISBURG, Pa., October 24.-The Iron City Trust Company of Pittsburg, which has closed its doors, had a state deposit of $75,000, which Cashier Measey of the state treasury says is protected by the very best security. Mr. Measey also says that the state will gelt its money in a few days without any cost for collection. He drew upon the Iron City Trust yesterday for $25,000, and this morning the draft came back marked "unpaid." French Subscription Stopped. PARIS, October 24.-On account of the appointment of receivers for three Westinghouse companies of Pittsburg, the Societe Generale today ceased accepting subscriptions for the company's 5 per cent 1917 loan and is returning the subscriptions already received. An echo of the financial difficulties of the Westinghouse Electric and Manufacturing Company of Pittsburg reached Washington today, when a mechan'cs' lien was filed against the power house in course of erection by the Washington Terminal Company at 1st and I streets northeast. The Westinghouse company had the contract for the installation of the plant, and sublet the concrete work necessary to the Baltimore Ferro Concrete Company for $2,483. Alleging that the Pittsburg concern has
2.October 24, 1907The Evening Star and Newark AdvertiserNewark, NJ
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Employees Westinghouse Given This Assurance by Receiver. FACTORIES TO KEEP OPEN Financial Troubles Will Not Interfere With Operating Plants in Newark, Pittsburg or Elsewhere-Iron City Trust's Suspension Discounted. PITTSBURG, Oct. 24.-As was expected, the Pittsburg stock exchange remained 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 suspend trading for the day. In' well-informed circles it is believed the exchange will not resume business until next Monday. The local financial situation is in good shape, and is under perfect control, according to statements made by bankers all say prominent Without exception this that morning. yester- the has passed is it day's outlook flurry at present brighter and that than has been for a 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 headquarters of the company in the Westinghouse building, Penn avenue and Ninth street, there is no appearance of the failure. It is known that the Iron City Trust Company was liquidating for the purpose of going out of business. When the embarrassment of the Westinghouse companies became public it was feared a run would be made on the trust company, and it was decided to place the institution in the hands of a receiver at once. A man prominent in financial circles 0 said this morning that he knows the trust company can pay $135 a share stockholders. e President Wardorp, of the People's National Bank, a member of the Pittsburg 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 it 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 embarrassed by the severe money market stringency. It was said that the papers have not been prepared as yet, and it is expected it will be late today, or tomorrow morning, before the receivers are appointed. Unrest among the thousands of employees of the Westinghouse interests in Pittsburg and vicinity was allayed today by a statement from T. H. Given, president of the Farmers' Deposit National Bank, who was yesterday appointed one of the receivers for the Westinghouse Electric and Manufacturing 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 announced the works will be operated as usual. The court today authorized the receivers of the Westinghouse companies to pay the employees at Trafford City the sum of $25,000 for wages due from October 1 to 23, and the employees at East Pittsburg the sum of $200,000 for wages due from October 1 to 23. There are 400 employees at Trafford City, and 3,500 at East Pittsburg. ELIZABETH. Oct. 24.-Judge Cross of the United States District Court today here
3.October 24, 1907Santa Fe New MexicanSanta Fe., Santa Fe, NM
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jumping to 105 in a few minutes. Three Small Banks Suspend. The Hamilton Bank of West 125th Street and the Twelfth Ward Bank today suspended payments to depositors. The banks claim to be solvent and propose to re-open when public confidence is restored. The Hamilton bank was not a large institution but had deposits of about seven millions. E. R. Thomas, who was associated with Heinze and Morse in several financial ventures, resigned as president after he became involved in copper and William R. Montgomery was elected president. The Empire City Savings Bank also posted a notice of suspension for thirty days under the banking laws. The officers feared a run, they said, because of the suspension of the Hamilton and Twelfth Ward banks which are in the same neighborhood. The bank owes depositors about three million dollars. Situation Unchanged at Pittsburg. Pittsburg, Pa., Oct. 24.-At a meeting today of the members of the Pitts. burg Stock Exchange, it was decide I not to re-open for business today. The suspension of the Iron City Trust Company last night and the ap. pointment of a receiver had no apparent effect upon the local situation. It is known the company is liquidating for the purpose of going out of business. A prominet financier said today he knew the trust company could pay $135 per share to stockholders. Run on Providence Bank. Providence, R. I., Oct. 24.-A run began on the Union Trust® Company about noon today and before the close of banking hours a large, number of depositors had been paid. Marsden G. Perry president of the Trust Company, is connected with the Trust Company of America of New York.
4.October 24, 1907The Montgomery AdvertiserMontgomery, AL
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PITTSBURGINVOLVED RECEIVERS NAMED FOR WESTINGHOUSE INTERESTS. Stock Exchange Suspends Operations Temporarily and Security Investment Company is Embarrassd-Cortelyou Helps. Pittsburg, Oct. 23.-A flurry in local financial circles caused by the embarrassment, of four concerns of the West. inghouse interests was quickly ended here today by the prompt action of the Pittsburg Clearing House Association and the Pittsburg Stock Exchange. Tonight the Westinghouse Electric and Manufacturing Company, the Westinghouse Machine Company and the Security Investment Company, a holding company, with the Westinghouse interests are in the hands of the receivers appointed by Judge Ewing of the United States Court. A fourth concern, the Nernst Lamp Company, will be turned over to recelvers in the morning. The Pittsburg Stock Exchange, which was closed promptly this morning when informed of the situation by the Pittsburg Clearing House Association, will likely remain closed tomorrow. This action is taken for the purpose of preventing an unnecessary sacrifice of values by a heavy liquidation of stocks. Statements issued late today by George Westinghouse, prominent bankers, officers of the Stock Exchange, and the Clearing House Committee, show conclusively that the financial situation here is sound and there is no danger. The severe stringency of the money market is alone responsible for the Westinghouse difficulties. The solvency of the embarrassed companies is not questioned The concerns at present are enjoying the largest amount of business known in their career. The inability to secure funds to pay. off maturing loans caused the embarrassment. Tonight the local situation is believed to be in better condition than it has been for some time. As a precantionary measure, however, Senator Knox, in a telephonic conversation from Washington with Secretary of the Treasury Cortelyou requested that the government deposit in Pittsburg national banks be increased. Later advices were that the Secretary had arranged to place additional funds in 10cal institutions. The amount, however, is not known. That the local banks are in good condition was shown today when it became public that the Diamond National Bank had sent yesterday $100,000 in gold to New York institutions. Several other local banks took similar action. The embarrassment of the Westinghouse companies was wholly unexpected and came as a surprise. The suspension of trading on the stock exchange caused more alarm than the situation warranted, but almost immediately statements of a reassuring character were issued and from all sides the action taken was given hearty endorsement. Six receivers were appointed by the court today and all required to give bond of $100,000 each. They are: For Westinghouse Electric Manufacturing Company, T. E. Given, H. S. A. Stewart and E. M. Herr. For the Westinghouse Machine Company, William McConway, W. H. Donner and E. E. Keller. The Fidelity Title Trust Company was appointed receiver for the Security Investment Company but was not required to furnish a bond. The United States Court tonight appointed H. S. A. Stewart and William T. Abbott, receivers of the Iron City Trust Company of this city. The papers filed in court show that the company has assets exceeding $4,000,000 and liabilities to depositors of about $1,700,000. Secretary C. J| Holman, of the Pittsburg Stock Exchange, made the fol(Continued on Page Two.)
ITTSBURG FINANCIAL SITUTION NOW UNDER PERFECT CONTROL AND BEST FOR A WEI is Bankers All Express Themselves Quite Hopeful for the Immediate Future. ATAL BURNS FRANCHISE CONVENTION PENSIONERS BIG FLURRY IS PASSED Stock Exchange, However, Remains TO BOY BABY Are Now Decreasing Very Rapidly Of the Ohio Valley Improvement As SUGGESTION Closed Another Day Awaiting As the Government Roll sociation To Be Held in Developments. Shows. Wheeling. Thrash Child is Burned in a Writer Differs From M Most Horrible Manner PITTSBURG, Oct. 24-At a meetBut Says He is o WASHINGTON, Oct. 24.-The GRASSELLI CARS At Home. WHEELING, Oct. 24.-The RELEASED ing of the members of the stock exTrack. number of pensioners on the roll on change today it was decided to reBoard of Trade and various comHBS IGNITE FROM GRATE June 30. 1907, was 967,971, acmain closed today. The suspension NAMES SOME REQ mittes are now very busy with Will Be Run on Half Hour Schedule of the Iron City Trust Company last Are the Three Young Men Arrested cording to the annual report of the preparations for the annual conAround Junction BeginAttention is Given at Once night and the appointment of reWhich He Thinks Cou For Robbing a Store at Commissioner of Pensions, just vention of the Ohio Valley Improvening November 1. Northview. ceivers for that institution had not Hope For Recovery is to Make and Argu made public. This is a net falling ment Association which will be held But Slight. any apparent effect on the local chise Has Great Superintendent Dallas Leonard of off for the fiscal year of 18,000 penin this city November14 and 15. Robert Hurst, Charles Hurst and financial situation, which is in good the local lines of the Fairmont & sioners, which was the greatest net one year and a half old son Secretary R. B. Naylor is sending Harvey Wolfe, the three young shape and under perfect control ac(By A. T. W loss for any year in the history of and Mrs. W. A. Thrash, reout urgent calls to the officials and cording to statements by bankers men who were arrested Tuesday afClarksburg Traction Company, anMr. McGoerge's stand in the Wine addition to the the pension bureau. The number cf various commercial organizations this morning. Without exception ternoon and placed in jail to await nounces a change in he schedule of applied-for gas and el pensioners remaining on the roll in all probability fatally on throughout West Virginia and Easthearing by Magistrate Gordon all say yesterday's flurry is passed the cars running to Grasselli to June 30 last was the smallest since chise was a step in the Thursday morning at 10 ern Ohio, the latter territory promand the situation is brighter than the charge of breaking into M. W. take place November 1. On that 1891. tion, but his most serio at the Thrash home. for a week. ising a big delegation. A number McClung's store at Northview the day and thereafter the Grasselli was the time asked for On January 31, 1905, the number child was in front of the fire, of commercial bodies are now namIt is expected a receiver will be night before and stealing some cars will be run on a thirty minute the life of the franchi of pensioners on the roll was 1,004,ther was no fender or guard. ing delegates to the meeting. The goods, have been released. Mr. Mcappointed for the Nersnt Lamp Comschedule. Beginning at six o'clock 196, and that is the high water cut so much figue as t thes caught from the fire last up to date is the Wheeling Clung became convinced that the pany today. It is stated the opin the morning until 11 o'clock at and, before the mother could the council should T mark in the history of the bureau. Board of Trade, who will send the prisoners were not the ones who erations of the Westinghouse will night the cars will leave the court Since that date there has been a sists or smother the flames, it franchise from year to be continued. broke into the store and took the followig: T. W. Carmichael, Dr. C. house corner on each hour and half the Address steady decrease in the number of D inget John e Such a franchise cribiy burned all over the air
6.October 24, 1907Lewiston Evening TellerLewiston, ID
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FLURRY PASSED AT PITTSBURG STOCK EXCHANGE WILL NOT OPEN UNTIL MONDAY, BUT FINANCIAL SITUATION SHOWS NOTHING FOR APPREHENSION. PITTSBURGG, Pa., Oct. 24.-As expected the stock exchange remained closed today, and it is not expected it will resume business until next Monday. The local financial situation is in good shape and under perfect control. All say that yesterday's flurry has passed. The suspensión of the Iron City Trust company and the appointment of a receiver has had no apparent effect upon the situation. It is known the company was liquidating for the purpose of going out of business. A prominent financier is quoted that the company can pay $135 a share to its stockholders.
Decided Not to Reopen. Pittsburg, Pa., Oct. 24.-At the meeting today of the members of the Pittsburg stock exchange, it was decided not to reopen for business today. Had No Apparent Effect. The suspension of the Iron City Trust company last night and the appointment of a receiver had no apparent effect upon the situation. It is known that the company was liquidating for the purpose of going out of business. A prominent financier said today that he knew the trust company could pay $135 a share to its stockholders.
BANKS OF COUNTRY SOUND. Comptroller of Currency Says Situation Is Satisfactory. Washington, Oct. 24.-Comptroller of the Currency Ridgely gave out a statement saying the general feeling indicates an absolutely sound situation, and there is not the slightest need of apprehension about the banks and trust companies of the country. The banks of the reserve cities, the comptroller declares, have every disposition to leave their balances in New York and other central reserve cities, and he attributes the trouble in New York to the condition of a few concerns discredited by the operations of their officers and to the different prices of stocks and securities as between New York city and the country banks. Pittsburg Stock Exchange Closed. Pittsburg, Oct 24.-As was expected. the Pittsburg stock exchange remained closed to-day. Shortly before 10 o'clock, Secretary Holman announced that the board of directors had decided to suspend trading for the day. It is believe the exchange will not resume business until next Monday. Prominent bankers said to-day that yesterday's flurry had passed and that the local situation is brighter than it has been for a 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 affect on the situation. At the headquarters of the company in the Westinghouse building, there is no appearance of the failure. It is known that the Iron City Trust company was liquidating for the purpose, of going out of business. When the embarrassment of the Westinghouse companies became public, it was fear. ed a run would be made on the trust company and it was decided to place the institution in the hands of a leceiver. A man prominent in financial circles said this morning that he knew the trust company can pay $135 a share to stockholders.
9.October 24, 1907The Salt Lake HeraldSalt Lake City, UT
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STORM BREAKS IN PITTSBURG Westinghouse Electric & Manufacturing Company in the Hands of a Receiver. OTHER FIRMS TROUBLED CORTELYOU SENDS AID TO SMOKY CITY. Pittsburg, Oct. 23.-In the United States court tonight H. S. A. Stewart and William L. Abbott were appointed receivers for the Iron City Trust company. The papers filed in court represent the company as having assets exceeding $4,000,000 and liabilities to depositors of $1,700,000. Attorneys for the trust company said: "There seems to be no doubt of the solvency of the company and its ability to pay depositors in full. "This action was precipitated by the appointment today of receivers for the various Westinghouse interests, and it was decided upon by the board of directors as the best method of preserving the interests of depositors and stockholders. "With the small amount due depositors in comparison with its assets, it is believed that the closing of this institution will have little effect on local financial or commercial conditions."
10.October 25, 1907Daily Kennebec JournalAugusta, ME
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QUIET AT PITTSBURG. Financial Situation Well in Hand— Another Westinghouse Firm Down. Pittsburg, Oct. 24.-Late today Walter D. Uptegraff, secretary of George Westinghouse was appointed receiver for the Nernst Lamp Co., the fourth Westinghouse concern embarrassed by the severe money market stringency. The United States court placed his bond at $50,000. The petition was filed by the Cooper Hewitt Electric Co of New York and states that the Nernst Lamp Co. owes them $20,000 for material. The funded debt of the company is placed at $1,400,000, covered by bonds that are due in 1922. The petition states that all the capital stock of the Nernst Lamp Co., is owned by the Westinghouse Machine Co. The condition in financial circles here today was normal. The position was taken in the appointment of receivers for the four Westinghouse companies place all of them on a better footing: the failure of the Iron City Trust Co., had no bad effects and the millions of dollars deposited by the government caused a feeling of confidence. The Pittsburg Stock Exchange remained closed all day and will probably not resume transactions until next Monday. A meeting of the Pittsburg Clearing
11.October 25, 1907The Birmingham Age-HeraldBirmingham, AL
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PITTSBURG SCARE IS ABOUT OVER Receivers Are Appointed For Four Companies STOCK EXCHANGE CLOSED Business Will Not Be Resumed in Stock Exchange Until Monday Morning-Westinghouse Companies Will Recover. Pittsburg, October 24.-Late today Walter D. Updegraf, secretary to George Westinghouse, was appointed receiver for the Nernst Lamp company, the fourth Westinghouse concern embarrassed by the severe money market stringency. His bond was placed at $50,000. The petition was filed by the Cooper Electric company of New York, and states that the Nernst Lamp company owes them $2000 for material. The funded debt of the company is placed at $1,400,000, covered by bonds that are due in 1922. The petition states all the stock of the Nernst Lamp company is owned by the Westinghouse Machine company. The position was taken that the appointment of receivers for the four Westinghouse companies placed all of them on a better footing; the failure of the Iron City Trust company had no bad effects and the millions of dollars deposited by the government caused a feeling of confidence. The Pittsburg Stock exchange remained closed all day and will probably not resume transactions until next Monday. A meeting of the Pittsburg Clearing House association was held and announcement was made following the adjournment that two banks had requested aid. Prominent bankers stated tonight that the situation here is well in hand and that the trouble was rapidly disappearing.
12.October 25, 1907Los Angeles HeraldLos Angeles, CA
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PITTSBURG SITUATION GROWS STEADILY BETTER; UNDER PERFECT CONTROL By Associated Press. PITTSBURG, Oct. -The financial situation in this city improved steadily today. A government deposit of $5,000,000. placed in local banks as a precautionary measure, materally aided in restoring confidence in all quarters. None of the banks. however, requested assistance. The employes of the Westinghouse were assured today by the receivers that there would be no suspension of operations and the semi-monthly wages were paid promptly. As was expected the stock exchange remained closed. In well informed circles it is beileved the exchange will not resume business until next Monday. The local financial situation is in good shape and is under perfect control, according to statements by prominent bankers to. day. All say that yesterday's flurry has passed. The suspension of the Iron City Trust company last night ,and the appointment of a receiver for the institution has had no apparent effect upon the sitnation. It is known that the company was liquidating for the purpose of going out of business. When the embarrassment of the Westinghouse companies became public it was feared a run would be made on the trust company and it was decided to place the institution in the hands of a receiver. Late today Walter D. Uptegraft, secretary to George Westinghouse, was appointed receiver of the Nernst Lamp company, the fourth Westinghouse concern embarrassed by the severe money market stringency. The United States court placed the bond at $50,000.
13.October 25, 1907New-York TribuneNew York, NY
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AID FOR WESTINGHOUSE Continued from first page. . application in the United States Circuit Court, Judge Nathaniel Ewing directed that $225,000 be set aside at once to pay wages of the Westinghouse Machine Company employes for October to date. The court also ordered that papers he made ready for the immmediate payment of employes of the Westinghouse Electric and Manufacturing Company. There was no confusion at the big works of the Westinghouse concerns this morning, conditions having been explained. It is admitted that several thousand workmen were laid off in the few weeks preceding the naming of receivers yesterday. Some reports put the figures at 8,000, but those connected with the Westinghouse interests insist that the number is not so great. After a meeting of the receivers of the Westinghouse Electric and Manufacturing Company, Chairman T. Hart Given said: "The plants of the company will be kept in full operation. No employee need have any fear of the outcome." There were some clashes between tradespeople and Westinghouse employes to-day, when storekeepers insisted that book accounts be paid in full. Later in the day merchants announced that for a time. at least, the Westinghouse employes running book accounts would confer favors by not ordering heavily. The Iron City Trust Company, it is said, will not resume operations, but will begin paying off depositors in full at the end of about thirty days. The trust company was one of the Pennsylvania state depositories, and is supposed to have $75,000 in state funds. Cashier B. F. Measey of the State Treasury at Harrisburg sent word that he would be here to-morrow to collect the funds. It is understood that arrangements have been made for refunding the money to the state. TRUST COMPANY'S FINANCES. It is confidently asserted that the Iron City Trust Company will liquidate above par. William F. Abbott, president of the company and one of the receivers, said this evening: The bank will liquidate at the rate of $125 for every $100 worth of stock. The appointment of receivers for the Westinghouse interests yesterday is what caused us to take action in the recelvership. While we have assets of $4,000,000 and liabilities of only $1,700,000. we had not a great amount of cash en hand last night. and as it was almost certain there would be some sort of a run on the bank to-day. it was thought better to take some step to make matters safe all around Yes, it is true that the Iron City Trust Company had Westinghouse paper about $600.000 worth. While for some time there had been talk of the bank going into liquidation, no steps had been taken toward this end. It will require pos sibly thirty days before we begin paying off depositors Judge R. W. Tayler. of the United States Circuit Court, at Cleveland, appointed the same receivers to-day for the Cleveland properties of the Westinghouse Electric and Manufacturing Company as were appointed here yesterday. In Chicago Judge C. C. Kohisaat appointed P. B. Eckhart, Chicago, and E. M. Herr. T. H. Given and H. S. A. Stewart of Pittsburg, as receivers for the Illinois property of the company. Mr. Eckhart will have charge of the Chicago offices. The three Pittsburg men are the receivers appointed in this city.
PITTSBURG FLURRY OVER Stock Exchange There Remains Closed, However. Pittsburg, Oct. 25.-As was expected the Pittsburg Stock Exchange remained closed during the day. Shortly before 10 a. m. the members were called together by Secretary Holman, who announced that the board of directors had decided to suspend trading for the day. In well informed circles it is believed the exchange will not resume business until next Monday. The local financial situation is in good shape and is under perfect control, according to statements made to the Associated Press by prominent bankers. Without exception all say that Wednesday's flurry has passed and that the situation at present is brighter than it has been for a week. The suspension of the Iron City Trust company and the appointment 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 West. inghouse building there is no appearance of the failure. It is known that the Iron City Trust company was liquidating for the purpose of going out of business. When the embarrassment of the Westinghouse companies became public it was feared a run would be made on the trust company and it was decided to place the institution in the hands of a receiver.
15.October 26, 1907The Free LanceFredericksburg, VA
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Receivers For Pittsburg Trust Co. Pittsburg, Oct. 24.-In United States court, H. S. A. Stewart and William L. Abbott were appointed receivers for the Iron City Trust company. The papers filed in court represent the company as having assets exceeding $4,000,000, and liabilities to depositors of about $1,700,000. Attorneys for the the trust company said: "There seems to be no doubt of the solvency of the company and of its ability to pay depositors in full. This action was precipitated by the appointment of receivers for the various Westinghouse interests, and was decided upon by the board of directors as the best methods of preserving the interests of depositors and stockholders."
16.October 31, 1907The Plymouth TribunePlymouth, IN
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OUTLOOK IS BETTER. FINANCIAL STORM SEEMS TO HAVE PASSED. Upheaval Among Eastern Banking Institutions Takes On More Hopeful Attitude Despite Crashes in Pittsburg-West Is Reported Solid. The financial gale in New York, which created excitement in the East, and occasioned uneasiness in other sections of the country, seems to have passed. The troublé that started in New York spread to Pittsburg, but prompt and éffective action taken by the clearing house association and the directors of the stock exchange there coped with it effectually. The trouble in Pittsburg was precipitated by the announcement of the embarrassment of four concerns in the Westinghouse string of interests, which were unable, owing to the abnormal stringency of the money market, to secure sufficient liquid collateral to meet maturing loans. Receivers were appointed for the embarrassed Westinghouse concerns. It was stated that these concerns are entirely solvent, and that creditors would be paid in full. The Iron City Trust Company also went into the hands of reecivers. Its assets are estimated at $4,000,000 and liabilities at $1,700,000. The transition from unrest to reassurance in New York was due to action taken by J. P. Morgan, James Stillman and a number of the most- influential financial interests in the city, who cooperated in an effort to bring order out of the chaotic condition into which the financial community had fallen. A committee was formed to protect trust companies. After a thorough canvass of the situation Secretary Cortelyou pledged government assistance to the extent of $25,000,000. Financial conditions in Chicago remained practically unaffected by the scare in the East. Financiers connected with the leading institutions in the city gave out statements declaring that the flurry had not and would not be felt to any appreciably serious extent by the banks there. Conditions similar to those existing in Chicago were reflected in every important financial center throughout the West. Reports from over a large area say that not only have conditions not been disturbed by the excitement in the East, but that large and important offers of assistance have been made by western bankers to their troubled confreres in the East.
17.November 1, 1907The Montgomery TribuneMontgomery City, MO
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HERO FUND IS TIED UP. Carnegie Medals Must Await Clearing of Trust Company Affairs. be Pttsburg, Pa.-There will no medals for Carnegie heroes until the Iron City Trust Company, which is in receiver's hands, pays its depositors, for it develops that the trustees of - the hero fund have $168,000, the accrued interest on the $5,000,000 United States Steel securities given by Andrew Carnegie, locked up in the vaults of the trust company. William L. Abbott, president of the trust company, said that it would be 30 days or more before depositors could be given their funds. A member of the clearing house committee confirmed the news and remarked: "Well, Andy Carnegie can make up the amount if necessary. That is the least of the troubles now."
18.November 13, 1907The Abbeville Press and BannerAbbeville, SC
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TRUST COMPANY FAILS. Receivers Appointed in Pittsburg For the Iron City. Pittsburg. - The United States Court appointed H. S. A. Stewart and William L. Abbott as receivers for the Iron City Trust Company, of this city. The papers filed in court show that the company has assets exceeding $4,000.000, and liabilities of depositors of about $1,700,000.
19.November 19, 1907New-York TribuneNew York, NY
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IRON CITY PAYS SMALL ACCOUNTS. [By Telegraph to The Tribune.] Pittsburg, Nov. 18.-Thoroughly confident of the solvency of the Iron City Trust Company. which was forced to suspend when receivers were appointed for several of the Westinghouse interests, the directors of the bank have agreed to pay in full all depositors whose balances amounted to only $100 or less. There are more than six thousand of these small depositors, and to-day their accounts from A to L were settled with in full.
