0f55a27dNone
Click image to open full size in new tab
BIG TRUST COMPANY SUSPENDS Baltimore Trust Company with Deposits of Over Five Million Suspends Payment=== Other Financial Institutions Embarrassed. Baltimore, Oct. 19.-The Maryland millions of dollars. The Union Trust Trust company closed its doos this company, capital one million, also susmorning. It had deposits of over five pended this afternoon.
Click image to open full size in new tab
BONDS. 91% Oregon S L 4s 96% Penn conv 3½. Atlantic C L 4s. 20% 95% Reading gen 4s. B & o gold 4s. 100% + SL&SFref4s.82 do P L 3'25 94 +1 L W con 4s. 70 Cent of Ge 5s 106½ +1 86% South Pac 4s Chie & Alt 3½s 72% 112% South Ry 1st 5s Chic B& 4s 93% Union Pac 1st 102% CRI&PERS3-1 95% do conv 4s +1% õs T 72% Col do U R R of F 4s. 4s 54% Consol Tob 71% U Steel Ds 97 Erie P L 4s 53% Wabash D Bs 83½ do gen 4s North Pac 4s 101% THE DAY'S OPERATIONS IN STOCKS. Stocks were strong in the greater part of the day on a moderately active volume of business. Professional traders attempted to depress prices on the announcement of a bank failure in Pittshurg, but there was no response from the public, while the character of buying presented evidence of support from substantial interests. As a consequence the shorts changed their position and bought securities, with the natural result of higher quotations. The Baltimore Trust Company failure and the suspension of the Federal Bank of Pittsburg do not foreshadow general financial disturbance. In Monday's market the course of values reflected Wall Street's unwarranted assumption that the collapse of certain financial institutions in other cities was a forerunner of trouble at this centre, but the movement of prices on Tuesday and yesterday indicated a return of reason in speculative circles and an intelligent interpretation of the slight importance of the disturbance in Baltimore and Pittsburg. The strength of New-York's big financial institutions is unquestioned. Baltimore, which has just been helped out of its troubles by NewYork, will corroborate this statement. Activity was marked in Amalgamated, Atchison, St. Paul, Union Pacific and United States Steel preferred. People's Gas, on a light volume of trading, advanced over 2 points on a good class of buying, while the industrial list in general showed improvement, especially American Car and Foundry issues. In the last hour recessions were general throughout the list, and in the active issues much of the early improvement was lost. Final prices, however, showed many more net gains than losses. The United States Steel shares closed at small net losses; also Reading. Wabash, Louisville and Nashville, Pennsylvania, Southern Railway, Atchison, Erie and Colorado Fuel and Iron. The falling off in earnings of the Crucible Steel Company, as shown in its annual report, and the reduction of the Dominion Coal Company's dividend were incidents of the day that had no especial effect on sentiment. Sterling exchange has exhibited an advancing tendency in the last few days, under the influence of a better demand for remittances and a light supply of bills. There now appears to be little chance of gold imports this fall, especially as the local banks are well supplied with money, but on the other hand the advance in exchange rates does not foreshadow gold exports at once. The supply of bills ought soon to increase, as the shipments of currency from New-York to NewOrleans indicate a large movement of cotton to market, and, of course, increased exports of the product. So far this week the local banks have lost cash in their operations with the SubTreasury, large transfers of funds to Baltimore offsetting government disbursements. A slightyl easier market is reported for commercial paper, and time loans have been made as low as 4 per cent. General money market conditions are unusually favorable for this time of the year, and while higher rates for call loans may be recorded later on in the year, no monetary disturbance is looked for.
Click image to open full size in new tab
The conditions are exceptional in degree, if not in kind. Deposits are bought too dearly in New York also, and the range for large figures prevails in circles which might be thought superior to it. But New York bank windows do not contain signs offering 4 per cent on deposits, nor is it known that the institutions "swap deposits." There has been excessive banking, as well as industrial activity, at Pittsburg, and neither is defended. Yet the showing when the climax has arrived is not such as pessimists paint it. To disburse half of a bank's deposits in a fortnight would try the resources of concerns not in Pittsburg. The Baltimore Trust Company failure and the suspension of the Federal Bank of Pittsburg do not foreshadow general financial disturbance. In Monday's market the course of values reflected Wall Street's unwarranted assumption that the collapse of certain financial institutions in other cities was a forerunner of trouble at New York, but the movement of prices on Tuesday and yesterday indicated a return of reason in speculative circles and an intelligent interpretation of the slight importance of the disturbance in Baltimore and Pittsburg. The strength of New York's big financial institutions is unquestioned. Baltimore, which has just been helped out of its troubles by New York, will corroborate this statement. Sterling exchange has exhibited an advancing tendency in the last few days, under the influence of a better demand for remittances and a light supply of bills. There now appears to be little chance of gold imports this fall, especially as the New York banks are well supplied with money, but on the other hand the advance in exchange rates does not foreshadow gold exports at once. The supply of bills ought soon to increase, as the shipments of currency from New York to New Orleans indicate a large movement of cotton to market, and, of course, increased exports of the product.