HUNDREDS PERISBi
IM8S Sharjered arJ Pristacrs ia Jail Ilsdtoed fcyTcar-Bcsctalfca stjaw
FszwR-rew la Sito-Pecpls MerJ kM H!insry--At Least 303
Bead Unto FzIIca Hnses Snrritcrs Fled Fran Their "
Ecdsiinssa ircassd by Earteqcaie. .
Rome Italy. -Earthquake shocks?'
Tftch were felt throughout the coun
try have caused widespread disaster
ad pe' loss of lite. -The severest
jkofifcs were experienced in Sicily and
Calaba, whero the panic stricken
people are now camping in the open.
jf ach damage , waa done $t Reggio
Bd Messina, where houses were
peeked. Two walls of the cathedral
,t Gerace collapsed.; Buildings fell
at Sinopoli, burying nine persona:
Brancaleone is almost entirely in
rains. One village was absolutely
raised. . . .
The misery of the people is in
creased by torrential trains. The Gov
ernment is sending aid.
The correspondent of The Sun suc
teeded in -reaching Ferrazzand ; dn
tarsetack the day after the. disaster.
gs found the town a mass of ruins,
ttere being- scarcely a single house
sUnding: The roads or rather mule
tr&cis, leading to the place have
beea blotted .out by landslides or . car
ried away by' the floods.
Each ruined house has bean con-
trted into a tomb, occupied by the
ii and the living.! A majority of
the survivors have fled. Those re-'
mining are hoping against hope
that they will.be able to rescue' bur
ied relatives.- .
The inhabitants are : semi-nude,
aost of them -wearing the "night
FINAN ClAIi SITUATION IN SYNOPSIS.
Wednesday. Corner in copper securities engineered in New Terk
City by - the F. "Augustus Heinze interests collapses and stocks slump
heavily.; ' . - . . '. ' -;. - .-- - .
. Gross & Kleeberg, brokers, forced ' to suspend.
Otto Heinse & Co., brokers, enable to settle with other New York
Stock Exchange firms.
Thursday. After conference of bankers at home of, Charles W.
Morse, F. Augustus Heinze retires as president of Mercantile National'
Bank. .;-.;.. : ' . , . -
State Savings Bank, of Butte, Mont, a Heinze institution, closes
its doors.' . " .-. .. .- - j
Friday.- On demand of the Clearing House Association the entire,
directorate of the Mercantile National Bank, of which F.' Augustus
Heinze. Charles -W. Morse and'E. R. Thomas gained control last" Jan
uary, resigns. Mercantile Bank requires aid in clearing debit balance
of $754,000. " .
Stoeks reached lowest point of the year, ,
'Saturday. Charles W. Morse resigns as director and trustee of
fourteen banks and financial institutions, among them the National
Bank "of North America. : , .
Sunday. Bankers held all day "conferences and Seth M. Mllliken
is chosen president of Mercantile Bank.
Monday. O. F. Thomas resigns as president of the Consolidated
National Bank. - .
William K. Montgomery succeeds E. R. Thomas as president of
the Hamilton Bank. ' ; . . "
The National Bank of Commerce notifies the Clearing House that
it will cease to redeem checks for the Knickerbocker Trust Company,
and Charles T. Barney retires as president of the Knickerbocker. Trust
Company. V:'--"' .vr -
Tuesday The Knickerbocker Trust Company forced to suspend
pijment following a run by depositors and after. 18,000,000 is with-
txwn. V ' '
Marcus Mayer & Go., stock brokers, with liabilities of $6,090,
690, forced to suspend.
George B. Corteiyou, Secretary of the Treasury, goes to New
Tork City to take charge of financial
Wednesday. Depositors . start
Company of America and withdraw
Westinghouae Electric and. Manufacturing Company, with liabil
ities or $100,000,000, forced into
Pittsburg v3tock Exchange suspends trading operations.
Thursday." With st6ck market demoralized, Mr. J. P. Morgan
and associates save situation by sending $27,000,009 to be put out as
call loans. "
Twelfth Ward Bank, Hamilton and Empire City Savings Banks
suspend payments to protect depositors.
, Friday. United i States Exchange Bank, of Harlem; Borough
Bank, of Brooklyn, and Union Trust Company, of Providence, R. I.,
cioss doors. -
Eight banks and trust companies in f Manhattan and Brooklyn
suspended payment. The Clearing House, decided to issue loan certifi
cates which will be used in the settlement, of bankers, balances. Re-
assuring statements as to the financial situation were issued by lead
ing business men and Government officials. The savings bank presi
dents decided to require sixty days' notice from depositors for the'
withdrawal of funds. Confidence being restored. President Roosevelt
issues semi-official reassurances. No cause for further alarm. Whole
country prosperous and good times will continue.
GIRL SLAYS FIANCE AND SELF.
Broken Engagement Causes Tragedy
Whkh Shocks Shamokin, Pa.
S'aamokin, Pa. ' This city is
brought up as rarely ever before by
the murder of William Kllnger, a
member of one of the leading families
of Locust Gap, by Miss Lucy Dough
ton, wh And
la leader of the High School sopho
more class, and who kliiea nerseu
ith the same revolver with which
ae slew young Klinger.
in an examination of K-imger s ei
fects the authorities found a lettetv
bieh. they regard as the key to the
"seay. it was in Miss Doughton s
Mndwritinc fund rAAd a fnllrvsra:
"Will T lrnnw van wrtiilri mthr T
ould not write, but I 'mast know
hat you are going to do. I want you
ta marry me, but I know you would
preier to serve time In Sunbury. 'me
sspense is torturing. I hate you
aB much as I loved you."
Klin vtcs-wm wAnf 4-e fYi a VAvinv WTV19Ti9a
IOffie and frtiind hflrr wiillrine in the
yard. They talked with each ether
hile, when angry words followed
two pistol shots were heard. The.
?eart were found dead within a few
Iet of each other, each with a bullet
,t0ad in the head.. '
L'P to three months. ago Kllnger,
1.110 c vv em. j - til t cc ;eaiB umt
the girl attentions with the view
' uiuiuujr, . Allot , lucii wifcusv-
sat he ceased calling on heir. -. ?
' : : 1 ,' ... .? yaaafr.':
TJTESVOX WARPATH-
Sergeant and Reported tJBm
Begun Scalping. . -;
r s nukv Dakota. rsergeam
in charge of the distribution
ratums to the Ute. Indians ion the
by the Indians. " : V
Urn v iB also rumor that the In
S have begun scalping at Fort
IN-ITALIAN
EARTflOUAKE
or AO
23 3 H!3 3
clothes they had en when the earlE
quake eame. They are drenched
through and through, having no shel
ter from the steadily falling rain.
Mute desperation and terror are de
picted In their faces, and many' of
them Veep silently. -
A majority of the injured inhabi
tants are sheltered in military, teats.
The doctors are . kept busy attending
them. A long row of bodies is await
ing identification and burial in half
dag graves j which are flooded.
The torrential rain increases the
desolation and renders the work of
rescue difficult. The scenes witnessed
are heart rending.
The latest reports from the affected
districts plaee the number of dead at
over 600 and the injured at 1000.
The troops are doing their utmost to
diminish the sufferings of the people.
They work steadily, unmindful of fatigue,-burying"
the dead rescuing the
livings distributing food and clothing
ahd-proviaing shelter. ;
. Minister, Lacava isgoingthe rounds
of the villages dispensing help. : Car
dinal Portanoya, Archbishop of Reg
gio di Calabria, and the Bishops are
distributing the Pope's first contribu
tion of $10,000. It is likely that the
King will visit Calabria.
Among the terrifying scenes during
the quakes was the panic of prisoners
in the jail at Catanzaro. They muti
nied at the first shock and screamed
and pounded on the doors and were
quieted with great difficulty.
'
situation.
a run on the $80,600,090 Trust
$8,000,000.
hands of receiver.
NEW COLLEGE, $5,000,000.
Bequest of It. N. Carson to Orphan
Girls-Girard as Pattern.
Philadelphia. It was announced
that the willf R. N. Carson, of this
city, who died suddenly in a theatre
here last' week, provides for a $6,
000,000 college for orphan girls, pat
terned after Girard College, in this
city, which . is exclusively for boys.
The bequest becomes effective after
the death of the widow, Mrs. Frances
Carson. The institution will be lo
cated at Flourtown, just over the city
line,- in Montgomery County. .
: The will is almost identical with
that of Stephen Girard, who founded
the largest college of its kind in the
world. Like Mr. Girards will, Mr.
Carson's bequest provides that the
institution shall not be controlled by
any religious denomination and that
no religious services shall be held 'In
the institution that are peculiar or
exclusive to any church.
The college will be open to all poor
white sirls both of whose parents are
dead. In the matter of . admission
preference is to be given equally to
girls born in Philadelphia or in Mont
gomery. County. After that admis
sions are to be to those from in Penn
sylvaniaand, lastly, to those born
elsewhere in the United States. The
age of admission Is between six and
ten years, and of discharge from the
college at eighteen, or earlier if ther
trustees deem It for the best interest
of the girls. ' -
Knickerbocker in Receivers llands.
The affairs of the Knickerbockef
Trust Company, of New Tork, passed
into the hands of three receivers
Otto G. Bannard, Ernest Thalmann
and Henry G. Ide. - The appointments
were asked by Attorney-General Jaek
eo n after a preliminary Inquiry into
the condition of the company.
? Consumption Attacks Alfonso.
King Alfonso's health was reported
to be poor, and it was feared that the
hereditary, disease of consumption in
the family was gettinx ahold on him.
VVHETST0 N E M I LIS RE -SOLD
la Cecond Sale of Hill Since B &nk
mptey Proceedings- Broufht $16,
" - CC0 , at First Sale a "10 Per Pent.
ILaise Hade on Original Bid
Charlotte, " Special. The Whetstone
Cotton Mills at Bessemer Gty were
sold Tuesday at noon to Capt. Judson
Huss, of Gastonia, for $19,100 at a
reeeiver's sale. '; ' '. - ' ;
This mill was sold last summer for
$16,0,00, but a ten per 'cent bid be
ing made later, the second sale was
ordered. The mill is one of tie' best
equipped in Bessemer City! V -
The original sale of this mill, to
gether with the Vermont Cotton Mills
occurred r several months ago. The
property has always been regarded as
a- paying proposition, and the bidding
at the first sale - was spirited, and
warm."'.' y ' - '
"Since the sale of the two millsj the
sale of the " Vermont mill was 'con
firmed by the court, but when anoth
er party, desiring to procure - posses
sion of the Whetstone Mills, made a
ten per cent bid on the original "sale,
when ' the property brought $16,000,
the court ordered a second sale, which
was held Tuesday. ;
; It is thought that Captain Huss
was buying for himself, as he has
been interested in eotton milling some
years, .having held-an interest in: the
Loray Cotton Mills at Gastonia. H
was interested financially in the
Farmers' Supply Company, of Gas
tonia, but only a few days ago, Csp
tain Huss disposed of his holdings in
this eoneern.
The sale being held at noon, it was
impossible to learn the plans of th
purchaser, but it is generally believ
ed that the mill will be operated by
Captain Huss himself.
Lost Half His re6t.
Winston-Salem, " Special Mr.- Hen
ry Groner, . aged 23, lost abjut hall
of his right foot Tuesday as a result
of an accident. Mr. Groner, wo has
held the position of motorman with
the Fries Manufacturing & Powei
Company for three months, was at
tempting to board a moving cf.
which was passing his-home, he losl
his hold and footing and fell. Hi
right foot was caught and rua ove
by the .wheels. "The member was sc
badly erushed that Dr. J. F. Shaffner.
the attending physician, . decided U
take, off about half the 'foot, Th
wounded man wa9 removed to' th
hospital where the operation was rfr
formed. , He will be laid up for sev
eral weeks, but Dr. Shaffner says his
patient will get along nieely. : Mr.
Groner says that, he alone is respon
sible for the aeeident.
Fifth Victim ef Eudd Wreck.
Greensboro, Special SunHc morn
ing at 11 o'clock death claimed Mr.
John Lineberry, of Randleman, as
another victim of the wreck Thurs
day 'night of train No. 34, which col
lided headon with a freight train at
Rudd. This makes a total of five
deaths resulting from the accident
Of the nineteen injured people taken
to St. Leo's "Hospital from the scene
of the wreck, two have died and the
following have recovered sufficiently
to go home, leaving the hospital.
Messrs. John W. and Mulla Gibson
and W. O. Wemple and Capt. June P.
Thomas, of Danville, Va., and Mr.
Charles A. Kindley, of Gastonia The
hospital authorities report -that those
remaining there for treatment are
getting along very welL . '
A Beat That is Hard to Beat. J
Mooresville, Special. Mr. 0. P.
Harrilson, a tenant on Mr. H. A.
Neill's place, near Troutman, brought
to Mooresville something unusual in
the beet line. This monstrous beet
measured 26 inches long, 14 inches in
circumference at; the largest, part and
weighed -7 1-2 pounds. The beet was
large enough to feed : an ordinary
family for a week, i
Rally For School Tar.
. Durham, ;Speeial. ' Next Friday
there will be a school rally at Red
wood school, Oak Grove township.
This will be n township rally and in
the interest of the special school tax
that is proposed 'for that district in
order to make, a better school, xlt is
expected that there will be a large
number of people present .for the ex
ercises of " the day. - The principal
speaker will be Mr. J. ' Y. Joyner,
State . Superintendent of Public In
struction, and . there will be several
others to make talks. '
Dropped Down Elevator Hle.
Winston-Salem, Special. S. ' F.
Wade, aged 62, an 1 apple peddler,
was killed instantly at 10 o'clock
Tuesday .by falling into fan ..elevator
hole in the. building of the Carolina
Cold Storage ' and ; Ice Company.' He
dropped two ' stories and was .dead
when found. The purpose of his visit
to the building is mot know.n. He; was
alone when the aeeident occurred.
Wade tame here x:yers z trom.
Greensboro v f " -'" -
Prcsiilf:t NarncsV Last Thurs
'c, ; day in November (
CHARACTER TUL GOAL SOUGilT
Pcaoexaey link Use the Ten Talents
HiitruUci It aad Pray for the Spii-
- it ef EiihUengnaap, and Justice in
which Li Hops of Nation's Pr-
Waiaton, D. C, Special. -rrei-daat
Roosevelt Saturday issued his
Thanksgiving prrwmation, - through
tke Sterttary ef State, naming : &e
last Thnrsday in November, " ; the
twexrty-eighth. '.:-;' :; ,-v". ';
The proclamatien fellows:- -
"Ones again the Mason f ihe year
has ebme whan, in aecordanee with
the eastern ; f our forefathers for
generations past, the President ap
points a day as the espeeial oeeasion
for all our people to give ptaise and
thanksgiving to God.
' During the past year we have
been free from . famine, from, pesti
lenee, from war. We are at peace
with all the rest of mankind. Our
natural resources are at least as great
as those f any other nation. We be
lieve, that in ability to develop and
take advantage of these resources the
average man of this nation stands at
least as high as the average man of
amy other . Nowhere else in the
world is there such an opportunity
for a free peeple to develop to the
fullest extent all its powers of body,
of mind, and of that which stands
above both body and mind char
acter. -
' Much has . been given us from, en
high and much will rightly be ex
pected of us in return. Into our care
the ten talents have been entrusted;
and we are te be pardoned neither if
we squander and waste, nor if ws
hide them in a napkin; for they, must
be fruitful , in our hands. JEver
threugheat the ages, at, all times and
among all peoples, prosperity has
been fraught with danger, and it be
hooves us to heseeeh the Giver of all'
things that we may not fall into lov
ef ease and luxury; that we may not
forget our duty te God and to eur
neighbor.
(A great Democracy like ears, a
Democracy based upon the principles
f orderly liberty, can be .perpetuated
nlyif in; theTieart of the ordinary
citizen there dwells a keen sense ef
righteousness and justice. We should
earnestly pray that this . spirit of
righteousness awo justiee may grew
ever greater in the hearts of all ef us,
and that our souls may be inclined
evermore both toward the virtues
that tell for gentleness: and tender
ness, for loving kindness and forbear
anee ene with another, and toward
these so less nscessary virtues that
make eur manliness and rugged hardi- i
hood for without these qualities
neither nation nor individual can rise
to the level of greatness.
"Now, therefore, I, . Theodore
Roosevelt, President of the United
States, do set apart Thursday, the
2Stb day of November, as , a day of
general Thanksgiving and Prayer,
and on that day I recommend that
the people shall cease froim their
daily work, and, in their home or in
their churches meet devoutly to
thank Almighty for the many and
great blessings they have received in
the past, and to pray that they may
b given - strength so to order their
lives as to deserve a continuation- of
these blessings in the future..
1 In " witness whereof I have here
unto set my hand and caused the. seal
of the Waited States te be affixe .
(Seal); ,
"Done at the city ef Washington
the twenty-fifth day of Oetober, in
the year of our Lord one thousand
nine hundred an seven and of the In
dependenee of the : United States the
one hundred and thirty-second.
(Signed)
' 1 Theodore Roosevelt. " ..
! "By the President :
"Elihu Root, Secretary ef Stated
Te Inspire Into Seizure of Tobacco.
- Washington, gpeeial.-The . British
embassy has been charged by its gov
ernment to inquire into the action of
the Federal authorities in seizing 7,
500 cases of , cigarettes at Norfolk in
tended Vf or ' shipment to thef British
American Tobaeeo,; Company". Tb.6
British- embassy reopened for busi
ness in Washington after being lo
cated at Intervale N: H.,' all f -Tih-nir.
Mr. Watson, one of the secre
taries is in charge, pending the . ar
rival of 'Ambassador. Bryce, .who i3
coming from Intervele in an automo
bile. :'r ' '
Cieriir Hi21e4' Wnile Attenpting to
f Arrest Negro. . ' . '
Carrollton, Miss., SpeciaL While
endeavoring : to -arrest Bob - Myers, a
negro, charged with several- petty
crimes, Sheriff A. C. McDougall, of
this county r. was-fired on by the negro
and kined.1 Snnday . posses, ; with
fv. .; at llfuyhonnds: are searching
for Myers and if cspture a. lynehinp j
WHISKEY CAUSED TRAGEDY
BrotJser cf Caloon Eef per' "m ' Blocs:
ter.'..; Vi,t3lj&u&c9 .'of
'tlBor. Eill3 His llothex and Then
Cuts His Own Throatr ' .;
i Wade8boro, N. C.,ySpeaL As a
rasult of faT protracted '"spree and a
drunken debauch Mrl Elis Hightower,
a middle-aged man Svbo 'lives in the
southern part of this ,eounty, right
near ; the South Carolina line, ;shot
and insianUjr killed his moiher " with
a pistol Friday ; night. It seems f that
Mr. : Hightower ; was at his home ' on
bis front poreh in a semi-eonseious
eondition froni the , influenee jot whis
key when his mother approached him
to gei him to go in the house, and he
suddenly drew bis pistol and shot ha
through the heart When the pistol
fired Mrs. Hightower said. ' Son yon
have killed me, ' and f expired imme
diately. :yyyy(yy?y 'y.y-y
Saturday morning, after .realizing
what he haddone, Mr. Hightower aui
his '. own throat and died about 10
. , . . ....
'elock. . Mr. Hightower had a repn
tation of being a noted . bloekader and
dealer in illicit Honor. ; j 1
He ! was' a - brother to; Mr. F. M.'
Hightower, who is in the saloon buai
net in Wadesborb, and who has
made arrangements to go to rWilming
Ua and run, a saloon after "the rst
of next January. . f
BATE CASE C0HPE0IH6IID?
Governor Glenn Returns te Raleigh,
and It Lt Positively Announced on
: the ' Anthority of : " Person Gda
pletely Informed in the Matter
That the Dispute Between - the.
- State , of North Carolina and ' the
Southern Railway Is To Be Settled
By the Legislature, , Goyernox
Glenn -Haying "No Anthdrlty to
Change the Bate of 21-4 Cents.
' A special from Raleigh, N." C" to
the Charlotte' Observer of Monday,
says: f. '
. It can be safely said on the au
thority ef a completely informed
person that the passenger rate ques
tion in dispute between the State ef
North Carolina and the Southern
Railway since last : spring Twill be
settle The8 final arrangement xoay
be made by the Legislature, ' which
fixed " the rate " at 21-4 ' eenU.
Governor Glenn has no power to
change that rate himself. The re
ports made by the Southern show
the average a mile paid by, passen
gers to be 2.41 cents.
It has been known for some days
by those on the inside that a settle
ment was in sight. It is now known
positively, though detailsare as yel
incomplete. ,
Governor Glenn may make recom
mendations to the Legislature. This
is most probable. '
Gas Tank Explodes, 4 Injured and 9
,. -, Missing. , - .-
Chattanooga, Special. Four work
ing men were injured by burns arfj
twp or three are reported missingai
a result of an explosion followed bj
fire in the plant of the Chattanooga
Gas company, shortly before 3
o 'clock. The explosion is said to havt
been caused by the dropping of a
lighted match over an open jet of
tank in the purifying department
The injured are: BA. Broder, Dan
Hemmill and Henry Hemnrill and an
unknown negro.
Bimingkam Telegraphers Return to
': ' 7ork. '
. - , f-
Birmingham, Ala., Special. It was
announced that a majority of ( the
telegraphers who have been 'on strike
since August 11th will resume
Monday. They will go back on both'
the Western Union and Postal, under
practically the same conditions thVy
were working under when called out.
Texas Banks Consolidate.
. Houston, Tex., Special The Plant
ers' & Mechanics' National ' Bank,
capitalized at $500,000, and, accord
ing to the last statement, issued in
Augusta, earried deposits of $1,000,
000, has been absorbed by the Union
Bank & Trust Company. The consoli
dated bank will continue as a State
bank. The cause of the liquidatios
of the Planters & Mechanics' Bank,
it was said, Was the extended illneM
of its president, F. A. Richard.
Fennsylrania TraisSlea ': on a Strike.
' Huntington, Special Trainmen oa
the ' Huntington ' and Broad iTopr Rait
road went on strike for higher wage
and practically tied tip ' th'a enterf
road. Only two engineers and otm
fireman out of .a total of 150 train
men remain' at work. The men de
mand wages - equal to those paM
Pennsylvania ' Railroad trainmen. "
lESTIuBiiOOSEOSPEOOS
,4
.Thrcs Great ElsctiicCcncirnsFut
in' tfcs Hands of Receivers:
Temporaryi Closing of PilfeB5rgStoclt
Exchange Precedes Action by Fed-
era! Court- Work to Go On. .- .
- Pittsburg.-Thc financial ;lsturti(
ance in New York .was reflected in ;
Pittsburg by. the appointment tof, re- -celvers
for threef'of tho'blg companies,,
of .the WesUnghouse' interests. -Theso.
fare the We'sUnghouse Eiectrlc :'an"d j
Manufacturing -Company,' ' tbo Svest- J
inghousel Machine Company' and the? "
Securities Investment ; Company Jn"
volvlng perhaps $l0.000,000fl Jtis-.'
understood a receiver will be asked
for the Nemst Lamp ' Company, ahi
otherWestinghouse concern. - Other- .
wise the financial situation J in Pitts- 4'
burg is declared - to be) abSotutely -sound.
. v ,f '? ';...: 3V ', ;
At the request tf of the Pittsbutg
Clearing House committee business
vas suspended on the xPittsbu'rg Stock
Exchange, because of a fear-that wildl
and premature rumors regarding the r.
Westinghouse trouble might extend '
to the other local corporations and
banks. v. . -, y
For fear, that exaggeration' of the " -Westinghouse
difficulty might, work "
further injury, Pittsburg. - banks' .
thought it wise to prepare . for any,
future emergencies, Through Sena
tor P. C. Knox, himself a Pittsburg .
oanker, they obtained assurance from
Secretary Cortelyou, by means of lb$g
distance . telephone communication
with New York, of a substantial de
posit at once of United States -funds v
in Government depositories.
Judge Nathaniel Ewing, in the Unf
ted States Circuit Court, ; appointed
1
T, Hart Given; president of the Farm
ers' Deposit Bank; H. s! A. Stewart,
real estate man and financier, and TL!'
M. Herr, vice-president of the com
pany, as receivers of the Westing
house -JElectric and - Manufacturing - -Company.
William McConway, pres
ident of the McConway. & Torley,
Company; W. H. ,Donner president:
of the Union Improvement Company. '
and E. r E Keller, vice-presider.t of
the machine company, were made re
ceivers for the Westinghouse Machine
Company. The Fidelity Title and
Trust Company? of Pittsburg, was ap
pointed receiver tor, the Securities In
vestment Company.
The allegations in the , bills were
that owing to the" stringency In the '
money market it was found impossi
ble at the present time to obtain the
money with which to carry on the,
business of the industrial companies.
The bill set forth tbat each of tho
Industrial companies f has largo or---derev
and that it is to the best inter- '
est to all concerned thai the contracts
now on - hand be carriedf out.: -: Thei,
court . made, an order . that the indus
trial companies be operated" under 1
the receivers, and that they be "au
thorized to purchase such material a?
may be necessary to carry on their
bueineaf. " ' .
It is explained that the Securities
Investment 'Company was purely a
Westinghouse concern," being; practi- .
cally owned by George Westinghouse,
and that the company has been ad- .
vancing money to the two industrial,-' . ,
companies until its resources, had be- .
come exhausted. ; The receivers were
ordered to give bond in the suin of
$100,000 for each company, and. the t
American Surety " Company iwent on , . ;
the bond, r .
The receivership- will 1 permit he
operation of the immense plants;
where 18,000 men and women are
employed in full. The concerns em
ploy about 30,000 when working to
full capacity. The primary cause of
the receivership was the aggressive
policy of Mr. Westinghouse to provide
manufacturing capacity to meet thet
wonderful buying demand of this -and--" ,f
other countries. . The business of the J.
electric and macnlnecompanies haaf
atown enormously in the last' ten
years and not in any one year in that '
time have the companies ianea xo
build large plants to take care of increased-orders.
Buildings have just
been completed in East Pittsburg
which cost $1,000,000. All this addi
tion to capacity has been continued
without close attention to the finan
cial situation. - , ' -
The quick assets of the Westing
house Electric and Manufacturing
Company . are given out by banking
interests at $29,000,000, and ac
counts and bills payable as $13,000,
000. The Securities Investment Com
pany has $3,000,000 capital and sur
plus in excess of $6,000,000. It is
owned by Mr Westinghouse ( person-
ally.' The"Nernst Lamp Company has
$1,006,000 capltal, and its stock is
owned entirely by' the WestingnOuse
Machine Company. The Westing
hOusorMachine Compahy 3ias"$(00,
000 capital and $7,600,000 surplus.
Th Westtasnouse Electric and Man
ufacturing Company has $8,998,700
first preferred and $20,996,350 sec
ond preferred etoek.
The statement of the Westinghouse
Electric Company for the six months
ending September 30 showed a sur
plus equal to seven per cent., or at
the rate of fifteen per cent, a year,
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. - i;. . -li'--'
The papers filed in court show that,
the company has - assets, vexceeding:
$4,000.000 and HabiliUes vof depos,
Itors ot abont $1.700.000. - ; f ; . ; :
NEVADA : BANKS ' CLOSED. t
irnablo to healize on wkh: "8tock
Taken as Collateral. " -
? Reno, Nev. The'. State Bank, an 3. '
Trust Company;? of which; T. .B.
Rlchey is president and which, has
headquarters at Carson and branches
at Goldfield, Tonopah, Manhattan' and-;
Blair, suspended -payment. ; This4wav
due to the v inability; to realize on
stocks accepted last year as. collateral
for a loan of 1400,0,00 Sit -
The Nye and Ormsby County Bank,
of which Frank Golden is president
aleo. suspended. - -f ,
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