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Twenty-five Million Taken From the SubTreasury And Deposited In Banks. IT IS THE RESULT OF FRENZIED FINANCE Other Banks at New York Suspend And Another Run Was Started--Banks at Pittsburg Are Given Aid-Rockefeller Will Loan Much Money. appointed receivers for the Iron City NOT TALK, BUT ACTION. Trust company. The action is the result of the appointment of receivers New York, Oct. 24.-J. P. Morfor the Westinghouse interests.
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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.
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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.
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lieved to be in better condition than it has been for some time.
Shortly after 3 o'clock this afternoon a petition was filed in the United States Circuit Court asking that receivers be appointed for the embarrassed companies of the Westinghouse interests.
The receivers for the Westinghouse Electric and Manufacturing Company are T, H. Given, H. S. A. Stewart and E. M. Herr. For the Westinghouse Machine Company: William McConway, W. H. Donner and E. Keller. For the Security Investment Company: The Fidelity Title and Trust Company.
The petition for receivers for the Nernst Lamp Company is now being prepared and will be presented in the morning.
The United States Court to-night appoint d H. A. S. Stewart and William Abbott, 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 to depositors of about $1,700,000.
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PITTSBURG EXCHANGE REMAINS CLOSED Pittsburg, Oct. 24.-As was expected the Pittsburg stock exchange remained closed today. Shortly before 10 o'clock Secretary Holman announced that the board of directors had decided to supend trading for the day. It is believed the exchange will not resume business until next Monday. Prominent bankers said today that yesterday's flurry had pased 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 effect 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 become publis, 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. A man prominent in financial circles said this morning that he knew the trust company can pay $135 a share to the stockholders.
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PITTSBURG FINANCIAL SITUATION IN GOOD SHAPE Pittsburg, Oct. 24.-As was expected the stock exchange remained closed today. 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 under perfect control, according to statements by prominent bankers today. 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 situation. 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. A prominent financier said today that he knew the trust company can pay $135 a share to stockholders. The receivers for the Westinghouse Electric and Manufacturing companies denied a report that the operations of the plant would be discontinued. The court today authorized the receiver to pay the employes, 400 in number, at Trafford City, $25,000 for wages due from Oct. 1 to 23. and the 3,500 employes at East Pittsburg, $200,000 for wages due.
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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
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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.
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Crisis Passed and Stocks Are Advancing --- Many Failures Reported --Hundreds of Dead in Earthquake--Short Stay for the Fleet. (Associated Press Cablegrams.) NEW YORK, October 25.-A pool, headed by J. Pierpont Morgan, has been organized to provide one hundred million dollars to hold up the market and avoid the necessity of sacrificing stocks. The crisis is now thought to be passed and call money which had risen to one hundred per cent has dropped back to ten per cent. ROCKEFELLER TO THE RESCUE NEW YORK, October 24.-John D. Rockefeller has deposited ten millions for the aid of the trust companies. Some of the smaller banks have had to suspend payment. The market is steadier and the prices bid for stocks have gone up. ANOTHER SMASH IN PITTSBURG. PITTSBURG, October 25.-The Iron City Trust Company has suspended payment. GIVING TIME TO HUSTLE COIN. RENO, Nevada, October 24.-The Governor has declared three days dolidays, in order to aid the banks by giving them time to get coin. ALABAMA STEEL COMPANY IS BANKRUPT BIRMINGHAM, Ala., October 24.-A petition in bankruptcy has been filed against the Southern Steel Company, a concern having a capital of $25,000,000.
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For the Fourth Westinghouse Concern in Pittsburg. Pittsburg, Pa., Oct. 25.-Late yesterday Walter Uptegraif, secretary of Mr. George Westinghouse, was appointed receiver for the Nernst Lamp company, the fourth Westinghouse concern embarrassed by the severe market stringency. The United States court placed his bonds at $50,000. The petition was filed by the Cooper Hewitt Electric Co. of New York and states that the Nernst Lamp company owes them $20,000 for material. The funded debt of the company is placed at $1,000,000, covered by bonds that are due in 1922. The petition states that all the capital stock of the Nernst company is owned by the Westinghouse Machine company. The conditions in financial circles here yesterday was normal. The position was taken that the appointment of receivers for the four Westinghouse companies places 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.
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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.
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Three Westinghouse companies of Pittsburg have been placed in receivers' hands, the tightness of the money market having made it impossible for them to meet their obligations. All are said to be solvent. Receivers have been named for the Iron City Trust Company.
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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.
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Thursday, Oct. 24.
With every balloon-racing record broken, the second international cup competition, which started from St. Louis, ended with the German balloon, Pommern, winning first prize for the longest flight.
Ancillary receivers have been appointed for the Fisheries company, otherwise known as the Menhaden combine, in the United States circuit court at Providence.
A flurry in Pittsburg financial circles was caused by the embarrassment of four concerns of the Westinghouse interests.
Aurin Porter, aged 17, while hunting at Tunbridge, Vt., was mistaken for a deer and shot and killed by some person unknown.
The collapse of a staging on a building at Lowell, Mass., brought death to John Gargan and Manuel Groome, and seriously injured Albert Cayer and Archie Perren.
Seth McCalvin shot and killed his hunting companion, Rollin F. Forbes, in the woods near Granville, Vt., mistaking him for a bear. McCalvin was held for the grand jury on a charge of manslaughter.
The United States court appointed H. S. A. Stewart and W. L. Abbott receivers for the Iron City Trust company of Pittsburg.
Friday, Oct. 25.
Three small state banks in New York city suspended payments. A run on the Trust Company of America continued and was met successfully. A panic in the Stock Exchange was stayed by the Morgan pool with about $100,000,000 in cash.
The Boston Daily Tribune, started Jan. 1, 1907, as a financial sheet by C. F. King and converted into a regular morning newspaper on Sept. 16, has suspended issue.
Albert Corey, the long distance runner, set a new mark for the 100-mile run between Milwaukee and Chicago, his time being 18:33:00.
Hugo C. Voecks, charged with blackmail by Raymond Hitchcock, the actor, waived examination at New York and was held in $2500 bail to await the action of the grand jury.
Details regarding the earthquake in Calabria, Italy, tend to show that the damage done was much more extended than at first estimated. It is thought the death list may reach 500.
At Sterling, Ills., the gate which permitted the waters to flow through the Illinois-Mississippi canal was opened. This marked the completion of work on the $7,500,000 government undertaking.
Ten of her crew lost in a squall on the Georges was the report which the schooner Clara G. Silva of Gloucester brought to Beston.
Application for the appointment of a receiver for the Southern Steel company was filed in the United States court at Birmingham, Ala.
Reports from the Cheyenne river Indian reservation say that a threatened outbreak of Ute Indians was controlled by the Indian police of the reservation.
Mogador, Morocco, was occupied by 300 French marines, operating in conjunction with a Moorish force under Ghazi Pasha, a general in the service of Sultan Abd-el-Aziz.
Saturday, Oct. 26.
The dismissal of a patent case, on the ground that it lacked equity, is said to put an end to a monopoly which had existed for about 15 years—the so-called mica trust.
A temporary receiver has been appointed for one Providence trust company, while another company is enforcing the rule requiring a notice of 90 days for the withdrawal of deposits.
Robert F. Sutherland, speaker of the Canadian house of commons, predicts that Canada will have some day a 21-foot channel from the upper lakes to tidewater.
Six New York banking institutions were forced to close their doors, yet the depositors are for the most part located in the well-to-do quarters of the city.
The arrest of Ensign Charles B. Ulmo of the French navy at Toulon, on the charge of being a spy, and who later confessed to having abstracted a secret naval signal book and the naval cipher code, was followed by the arrest at Vendome of an army reserve officer named Berton.
Two men walked into the sub-treasury at Philadelphia, grabbed $9000 and started to run from the building. They were so hotly pursued that both were captured. The money was all recovered.
King Alfonso, during his coming visit to London, will submit to the examination of a specialist in tuberculosis, from which disease his father died.
W. J. Bryan says that his decision as to being a candidate for president "will be considered entirely from the standpoint of Democratic principles and Democratic advancement."
Two men, armed and masked, robbed 15 patrons of William Seifried's saloon at Chicago, obtaining money and valuables to the amount of $1000.
Sunday, Oct. 27.
With the bones of the right hand clutching a rusty revolver, the skeleton of a man was found in a piece of
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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 depos* itors of about $1,700,000.
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Trust Company Goes Into Receivership Pittsburg, Pa. - In the United States court last night H. S. Stewart and William L. Abbott were appointed receivers for the Iron City Trust Co. The papers filed in court represent the company as having assets exceeding $4,000,000 and liabilities to depositors of about $1,700,000.
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SITUATION NOW UNDER CONTROL Bankers All Express Themselves As Quite Hopeful for the Immediate Future. BIG FLURRY IS PASSED Stock Exchange, However, Remains Closed Another Day Awaiting Developments. PITTSBURG, Oct. 24-At a meeting of the members of the stock exchange today it was decided to remain closed today. The suspension of the Iron City Trust Company last night and the appointment of receivers for that institution had not any apparent effect on the local financial situation, which is in good shape and under perfect control according to statements by bankers this morning. Without exception all say yesterday's flurry is passed and the situation is brighter than for a week. It is expected a receiver will he appointed for the Nersnt Lamp Company today. It is stated the operations of the Westinghouse will be continued.
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Pittsburg, Oct. 24-The Iron City Trust Company has passed into the hands of receivers, following the appointment of receivers yesterday for the Westinghouse Companies. The Bank is solvent and creditors and depositors will lose nothing.
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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.
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[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.
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[By Telegraph to The Tribune.] Pittsburg, June 17.-The Iron City Trust Company. which closed its doors last October, following the Westinghouse receivership, made its last settlement with creditors and depositors to-day, paying 100 cents on the dollar, with interest from the time the bank closed. The receiver's bill for $32,000 has been protested as excessive by some of the stockholders.
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'S ASSETS. The Assets Realization Company has acquired from J. Denniston Lyon. receiver. all of the assets of the Iron City Trust Company, of Pittsburg, the purchase price being $325,000. The purchased assets are those remaining after a partial liquidation by the receiver, and are made up largely of mortgages and bills receivable. The Iron City Trust Company closed its doors on February 20, 1908, at which time William L. Abbott and H. S. A. Stewart were appointed receivers under a proceeding filed in the United States Circuit Court Shortly after the appointment of these receivers the State Banking Department filed proceedings in the State Court, under which J. Denniston Lyon was appointed receiver.