MONEY PANIC.

Dominion, Volume 1, Issue 22, 21 October 1907, Page 7

MONEY PANIC.

♦ • . GREAT FALL ON WALL STREET, PROMINENT STOCKS AT LOWEST « SINCE 1891. ' SAVINGS BANK SUSPENDS. j 'A' FAILURE TO CORNER SHARES. BY TELEOnAriI— PBESS ASSOCIATION—COPYRIGHT, New York, October 18. C There is' oxcitomont on Wall Street owing i^ to the, failure of tho Otto Heinzo Company, of New York, who failed to cornor tho United t Copra (? Copper) shaios. ( Tho suspension is announced of the Stato Savings Bank of Butto . City, ono of the £ Hcinzo institutions. , —; : c

.. AFFAIRS OF BANKS. * .■■•■..

~'•... CLEARING-HOUSE DISCUSSION, • . . ' (Rec. Oct. 20, 4.18 p.m.) New York, October 19. ■/ On Wall Street tho following sharos Ml | to tho lowost level since 1897:— t ■ ■ Uniou Pacific' Railroad. ] Chicago, Milwaukee, St. Paul Rail- ' ■ road. .' ■American Smelting Company. , ,■ Amalgamated.Copper Company. ~' / There was heavy Celling. ■ Tho -weakness was largely owing to the clearing-houso discussing tho affairs of several banks. ' Later on tho market was stoadior., ' The American Smelting and Kenning Corn; pany. lias- two classes of stock quoted, on. the Now York Eschango, namely,. Preferred and ( Preferred B, each of the par value of 10O'dollars.. It is-tho' Preforrcd shares!that aro. \ chiefly bought'and,sold, and the latest Stock ( Exchange record shows that in August 751.G10 shares changed'hands, and tho , highest-price i obtained during'tlje'month was 105J on'Aug- , list 2, and tho West 921 'on August 20. Tho; capital of tho Company is 100,000,000 dollars. ' The Amalgamated Copper Company provides the Stock Exchange. with ono of its principal ; gambling counters. During August, 1.6C1.GG0 shares ohanged hands, and from January 1 to tho end ; of- : August V 13,780,001' . wero transferred. .The highest, price realised in August was obtained on the first of that month, when sales wore 1 , made at BG}, and tho lowest prico was- touched on August 15, when tho shaves ,woro \ down ,to !>5. The highest price made during the year was 121$ on January 5, : •Th'o capital" stock'of tho Amalgamated Copper Company is 155,000,000 dollars. : .'■ Chicago, -Milwaukee, and St. Paul Bailway,— Tho -Preferred stock of tliis concern totalled 12-1,651,100 dollars, and the Common Stock 158,183,000 dollars at the close of _ last year tut there have been emissions since, amounting to over 100,000,000 dollars. Ther6 is 'besides α-bond issue, of 35,779,000 dollars. • Tho Preferred Stock was quoted in August at 110} to 120 dollars.- • '■ Union Pacific Eailroad.—This' is tho'concern in which Mr. Haniniari is greatly interested. The capital stock of this concern .consists of '200,000,000 dollars each of Common and Preferred stock, and there is, In addition, a-bond issuo. When tho affairs of tho Union Pacific .' wero recontly .being investigated, Mr. -Ilarriman declined to answer questions as to hti purchase of stock just prior.to tho'declaration of a 10-por-.cent. dividend.,;.,,,.-. ~. . The Clearing House system. prevails, in all the principal' Cities 'of the" United States, and asia.r.ule all members of tho Clearing House, which; is tho bankers', method of accelerating and settlements, as .between banker and' banker, must'"lodge a certain sum as security.;' The fact that affairs of\ several- banks have been under disoussion ia the New York Clearing ! Houso is evidence of tho woakness of. .tho banks', and the discussion may -be as to tho best methoil of holding up the weak ones. ■ ,:■■'■ : ■ )■'•■ . The 1897 crisis was' the • culmination of the world-wide-financial depressiph, which had its beginning in the Baring collapse of 1891'. The position, .with α-egard to the first cablegram, is discussed in our Commercial Column.