The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-19
HEARRUMORsOFWAR
And London at Once Proceeds to
Sell Americans--Move
Felt Here.
Failure Of Maryland and Union
Trust Companies Adds to
Bulls Discontinue.

New York, Oct. 19-The London mar
ket to-day was depressed by renewed APP
prehenston over the far eastern outlook
and the financial situation. Opening
prices on the stock market there fell back
sharply In response and there were large
blocks Of many leading stocks thrown
upon the market. Declines of 1 to 1hs
were recorded by Pennsylvania, New York
Central Baltimore & Ohio, Southern Pa
cific, Rock Island, Canadian Pacific, Union
Pacific, Atchison, Southern, Railway pre-
ferred, Amalgamated, United States Steel
preferred, American Car and Tennessee
Coal.
Confirmation Of the rumored embarrass-
ment Of the Maryland Trust company Of
Baltimore led to a flood Of liquida ting
sales from all quarters under which prices
yielded further. A dozen or more stocks
sold points below Saturdays close, III
Guiding Amalgamated, American Car pre-
ferred, Smelling preferred, Republic Steel
preferred. Locomotive preferred, Tennes-
see Coal, Sugar, Pennsylvania, Canadian
Pacific, Union Pacific, Southern Railway
preferred and Missouri Pacific. Selling
of Baltimore 6, Ohio and United States
Steel preferred was particularly heavy and
the stocks fell 21s and ~ respectively.
American Car dropped 8. The market
showed no resiliency at any point, and
the readiness with which stocks gave way
Pressure slackened for time, but the
rally was SO spiritless that bear selling
was renewed again. r.,
The selling was less in the second hour,
but only slight rallies in prices resulted.
American Car, with a recovery Of a point,
led the slight upward reaction. Rock
Island fell @, Delaware & Hudson ~
st. Louis Southwestern preferred 2A and
Southern Railway preferred g. There was
an isolated rise of points in Railway
Steel Spring preferred. United States
Steel second 5s declined IN. Otherwise
bonds were little affected up to noon by
the weakness in stocks.
few stocks rallied in the neighbor-
hood of a point, notably Sugar and United
States Steel preferred. Otherwise prices
were not essentially changed from the
noon level and business was very dull
General Electric lost g.. -
Selling was resumed with vigor agair
when the announcement of another Trust
company suspension was made, that Of
the Union Trust company of Baltimore
Leading stocks sold lower than in the
morning and there was particular pressure
against the southern stocks. Union Pa
cifc and Baltimore & Ohio sold at 69k
and 72Z respectively and Atchison, St
Paul, Southern Pacific, New York Central
Reading, Illinois Central, Kansas & Texas
preferred, and Brooklyn Transit were add.
ed to the list of stocks which showed
losses of 2 points or more. Steel pfc
dropped 2A and Amalgamated 2B. At
o'clock the market was still on the dowr
grade. Westinghouse Electric fell points
To-day's second violent selling move
ment carried losses in a number Of lead.
ers to 8 and points, The principal SUI.
ferers included Baltimore Ohio, Southern
Railway preferred, Illinois Central, Unio1
Pacific, ,Atchison, Southern Pacific, Mis-
souri, Pacific, United States Steel pre-
ferred, Amalgamated,T American Cal
stocks and General Electric. Gains il
Pacific Coast Of ~ ,}+Rutland preferred
and United States. Express PIE were
markedly exceptional. A pause in tn,
selling induced only q light, demand t.
cover. shorts The dosing was dull ant
heavy. "sttIG.z = rniya.e -f:a1N z..L 80.
Stock quotations reported for The Journal b,
Watson & Co.; brokers, Chamber Of Commerce
Closing figures are bid. r.. 10. : -. ,