MORE-PANIC.

Dominion, Volume 1, Issue 26, 25 October 1907, Page 5

MORE-PANIC.

SERIOUS POSITION AT PITTSBURG. STOCK EXCHANGE TEMPORARILY CLOSED. WESTINGHOUSE COMPANIES EN, | TROUBLE. RECEIVER APPOINTED. - FURTHER TREASURY DEPOSITS. BT TELEGRAril —PRESS ASSOCIATION —COPYRIGHT. (Reo. Oct. 24, 10.5 p.m.) New York, October 24. At the instance of tho Clearing House .Committee, tho Pittsburg Stock Exchange has been temporarily closed. This led to an immediate depression of' the Now York Exchange.

Westinghouso Elcetric Company's shares, are selling down to 42, representing a drop 0f,'37 7*B. General Electric'shares declined points... ...

i- The' United States Circuit .Courty sitting 'at'.'Pittsbiirg in. the afternoon, appointed a receiver for 'the Westinghouso Electric and the Westinghouso Machine Companies and the Security Investment Company.

<• Mr. Co'r'telyou, secretary to the Treasury, has substantially 'assisted' the Pittsburg banks. ! A ; further deposit made by him oftwo million 'sterling in New York banks has produced a : better tone on Wall Street. The (lifßculties at Pittsburg will not affect the Wcstinghouse Air-Brako and the Union Switches, and Signal Companies, nor the George Westirrghouse's personal affairs.

The 1 Westinghouse troubles, are due wholly to monetary conditions, not to lack of' busi.no'ss, as most of-tho concerns are solvent.

WITHSTOOD, THE RUN. ' TRUST COMPANY OF AMERICA. (Rec. Oct. 2d, 9.40 p.m.) , ."New York, October 24. Tho only further run at Now York-related t } the Trust Company of America, -lioldin.; ton million sterling deposits, and £2,400,<T3 besides.^. ■ .The 1 : Company all day withstood the nw, paying out £2;400,0C0..- . STILL SUSPENDED. (Rec.; Oct. 24;/10.28 p.rii.) Mow York, Octobcr. 24 The Knickerbocker Ti^ust' lias not; resumed payments. -| LONDON MARKET UNSETTLED. London, October 23. The London' Stock. Exchange openod.today flat and 'unsettled,'' especially' American stocks. ' Consols aro unchanged'. KNICKERBOCKER/ TRUST". ; GRAPHIC ACCOUNT. - v. - v ": "■ • Not : York,' October 23:'W' The Knickorbookoi" Trust, v 6n- which "'there, was a. persistent ; ruu, ronulting in a tompo- ■ rary suspension,. holds' deposits valued lat £14,000,000. v ; ; :;; •- v ■

Thero was a great rush! in all branca isl Tho elitO; of'■' New York arriVcd at tlio head office in automobiles' and splendid equipages, and tried to i rush tho • doors!' The police prevented theni. Thero was a sensational sceno insido the office. Tho cashiers, with . iiiiinonso;:stocks of notes •and coin, paid , out £1,600,000 to clamorous depositors in threo'hours.' Then tho vicc-prcsident announced a ' temporary suspension owing to tho exhaustion of the currency, though there wore plenty of assots.: The other'banks refused to part with thoir cash. ■■ ■ 7 ' •' ■ ' The Knickerbocker officials at first rushed quantities of'cash from head-quartors to tho branches by means, of motor-ears, milk wagons, and Gas Company trucks. '