Show S S i PROSPERITY OVER I r AND Al TIGHT MONEY Explanation Given for Failure i of Four Westin 4 If Companies Companies I j IS INVOLVED i i J. J 1 Crash Had Wide j Unexpected 4 Effect Throughout Financial Financial Finan Finan- cial cia I World I J 1 Ne New York Oct 23 Suffering Suffering from S S prosperity over and anti a tI tight ht mono money marS market mar mar- S ket keto as ns one of or Its officers expressed S It Jt four companies In Involving In- In capital and operating operating oper oper- a n string of or plants In the tho United t States Ca Canada nula England France Franc Germany Ger many and Russia went to the wall to toS to- to S 1 day The These e four our corporations are arc tho the thoI I Westinghouse Electric and Manufacturing I ing company compan we VC Machine Maj Ma Ma- chine company the L Lamp amp j company compan and the Security Investment I company of or Financial circles both here and In PI Pittsburg were shaken h by the cra crash ll S j I In Wall all street the tho news sent stocks I tumbling slumped fr frn J n I 66 6 at nt the opening of the tho market to toI I 1 34 m nt the close carrying down with it lt General Electric and other electric Is is- is I sues In the tho stock exchange I S fearing a n panic did dill not even cen open Its its its' its'S S doors for tor business r I S Who ho Receiver Ire I S S Following the petition of oC the cornS com corn panics the following receivers were S appointed S For the Westinghouse Electric an antI I. I Manufacturing company compan T T. IT Jr Given S H. H S. S 5 A. A Stewart Ste and E E. M. M Here T S Pot Fot the esting Machine comI company com corn I pany William McConway W W. H. H Donner Donner Don Don- ner ncr and E B. E. E Keller For the thc Security Investment company compan S which was the thc chief banking house for foi forS or orthe S the Westinghouse Interests tho the FidelIty Fidel FIdel- S Ity It Title and Trust company compan of Pittsburg Pitts- Pitts Pittsburg burg was made the recel receiver I S It Is expected receivers for 01 tho the Near Near- S nest Lamp company the stock of or which I is held by the tho Westinghouse i Machine company compan will be appointed To ro ro- I morrow Will VIll nc Be Paid Acc J to Geor George c Westinghouse president of ot the four companies in In- In In a statement issued in Pittsburg Pitts- Pitts burg today every e creditor of ot each of these corporations will be paid In full Receiverships were made imperative e he said because of Qt tho tight monc money marl mar maY l et together with the recent slump In Wall street b by which securities which formed a n large part In the WestInghouse West Vest assets had to be sacrificed in inS S order to meet forced loans Both the electric company and the machine company said Mr Westinghouse Westinghouse house are solvent and ana are doing tho the largest and most satisfactory business S In their history Each company compan Is earning liberal II dividends on Its stock toek and has quick assets Substantially equal t. t L' L u. u rK A. A of a 4 1 er ery creditor of each ur De be paid In fulLand that with wise WIS management management man man- under the direction of the icS re receivers re- re S the properties will soon ho hI re restored i-c- i 5 stored to tho the stockholders I 1 Private Fortune Intact Mr denied the report reportS S that his own private fortune had been wiped out In the crash admitting only S that he was temporarily embarrassed The loans to the Security Investment Investment Invest Invest- I ment ment company and myself he said are secured b by the stocks of ot tho the West West- S Manufacturing and Machine Machino companies s. s the sudden decline In tho the t J market value of ot which on Monday onda an and Tuesday of or this week made it Impossible impossible sible for us to margin our loans S I strong strongly advise all holders of oC such suchS S loans to hold their collateral the tho value o of oft t which I am confident will in timo be be sufficient to pay the loans The TheS f S sacrifice of or the tha collateral in tho the present t S condition of or the market can benefit no noI noone i I on one A A. poll policy C of or patience and forbearS forbear forbear- S j ance anee are what the situation requires S S i Can Not tt liti-tt Long In financial circles It was stated emS em em- S that tho the embarrassment o otho or of j 1 tho the Westinghouse hou c companies could not no 5 J lat last long IonG and that all that is needed Is proper monetary assistance to put the companies again on their foot feet The p. p b prompt action of or the Pittsburg clearl clearing clear- clear 1 l' l Ing house In persuading tho the stock exchange ex- ex X- X change to not open for business was f S believed ed to have averted a panic In iii S. S Pittsburg which would doubtless 8 have ha caused disastrous trous results also In Wall Wallstreet street S The seriousness of or the danger to fl- fl S. S l Interests generally was c 1 i cd ed b by tho the precipitate action of or SenatorS Senator S 1 1 Knox who called at the treasury treasur des de'S de- de S 'S 1 s In Washington this afternoon 1 I an and called up Secretary Cortelyou in New cw York by telephone V Tho The Tho senator notor s told tho the secretary that S 1 while there was no fear of or trouble the national S among banks of or ne nevertheless to avert a the panicky f feel feel- el- el 10 S Ing caused b by the Westinghouse failure he advised ed that government money b be deposited In several so Institutions Mr Ir Cortelyou replied tl that at te e stood read ready to make these deposits deposit should the occasion demand demand- Work Vork ork Will III Proceed According to Charles Chorles D. D Hill counsel coun coun- srI sel for Cor the u Electric al alof all of oC its present plants will be operated as usual and none of or Its discharged The solvency of oC th the com corn panics Involved he said was not quos quos- In explaining the tho reason why h the companies should have become load lond- with so many securities which have becom temporarily unmarketable he heS S said In doing business with man many corporations corporations corporations cor cor- such as ga gas and electric companies cornS com corn S panics traction concerns and railroads it has hns been our policy to carr carry more or less of their stock stoel as collateral for purchases Most of these securities have been badly bit although Intrinsically Intrinsically worth as cs much as ever eer The Union and Signal compan company com corn Air All Brake pan pany and md the Westinghouse company compan are not Involved cd whatsoever and will continue continuo to do llo business as usual That the Westinghouse house Interests were becoming hard pushed for tor working capital has hns been reported ever since the electric company compan failed last spring to o issue new stock at 75 5 a share hare The Company's Growth The growth of or the thc Westinghouse companY compan since the first one was established shed In 1556 has been enormous The Tho Pittsburg plant of oC the Westinghouse covers overs a tract of oC forty fort acres and gives employment to men There are also Iso large plants In Newark N. N J. J Cleveland Ohio Bridgeport Conn and ond Nosy New York The WestInghouse Electric with It its capital also controls the ic British corporation which recen recently tl built an enormous plant in Manchester En England gland There are also Westinghouse shops In n Hamilton Ont Oat Havre France BerUn Bern Ber- Ber Un n and St. St Petersburg In St. St Petersburg Petersburg Peters- Peters burg fines aggregating were recently Imposed upon the company compan for 1 r r tp street streetcar car Clr I h. h A. A t 5 5 l' l |