The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-20

NEW YORK, Oct. 19-Clouds of ap-
prehension gathered over the stock mar
ket again today and the prices of prac-
tically all Of the prominent active stocks
were impaired from to 4 points before
the selling was checked The appointment
OF receivers for two Baltimore trust COM
ing.
Weakness was in evidence from the
opening and in fact before that London
sending decidedly lower range of prices
as a result of the early trading there II
Is probable that the weakness of Ameri-
cans IN London also emanated from Balti-
more, as one OF the embarrassed COM
panies made efforts to secure a loan in
London last week, thus Offering that Gen.
Ter advance knowledge of the trouble.
London also professed renewed apprehen-
sion over the war cloud in the far East
and rumorS came over the cables that the
trouble at last weeks settlement which
was tlded over, was likely to crop out
again. London sales in New York as a
consequence were heavy being estima ted
among the foreign houses at as high as
$4,000 shares. How far the Baltimore
troubles were directly responsible for the
forcing OF stocks was not very clear, but
the special weakness Of some of the
Southern railroad stocks indicated SELL
ing from that quarter.
Better Prices Out of the Question.
The sentimental effect of the failures
was also strong and put stop entirely
to the hopes of better prices aroused by
last weeks sharp rally in the stock mar
ket. That rally, having driven a con-
siderable short interest to cover, left the
market deprived OF some potential sup
port and made it more vulnerable to SELL
ing. The line of division which began
to develop last week between the railroad
stocks and the industrials was also oblit-
Grated. The leading railroad stocks suf-
fered fully as severely as the industriaIs
as IS shown by the declines of to 80
made by Baltimore & Ohio Southern
Railway preferred Illinois Central Union
Pacific. Southern P1pifiP
cific. -.
The only prominent industrials which
suffered to as large an extent We're Unit
ed States Steel preferred Amalgamated
Copper, the American Car stocks. General
Electric and Westinghouse Electric, the
last named dropping points. The BaIti-
more Iaiures seem to be due to the same
causes which have necessitated the great
er part OF the prolonged liquidation in the
stock market namely, oVercommit1nenfs
IN the promotion and underwriting of new
enterprises, the securities of which have
no market in the present state of fine
money market and public sentiment. There
mas been a growing hope that the liquida-
ton made necessary by thus kind of moor
investments was approaching completion
Uncomfortable Influences.
The effect of its extent as disclosed nv
the Baltimore failures causes the drawing
OF uncomfortable differences. 1t is a re.
markable fact also that up to today the
enormous Shrinkage in the value of Sc
scurItleS and the urgent requirements
which have been met in iiquidatio
caused some failure and the
banking and trust world. Reassuring
statements We're published as to the linn
tied field Of the Baltimore troubles. but
these did not much avail to cheer the
sentiment in the stock market There was
a midday pause in the decline after the
completing of the London selling But
the announcement of the second Baltimore
tallure caused renewal of the decline
with increased violence. and the closing
was heavy and only slightly above the
lowest. The Illinois Central made spas
modic recovery of IA
The bond market yielded in sympathy
with stocks after some early resistance
Total sales of bonds, par value, We're So
100000. United States bonds We're I'M
changed on the last call.