The Savannah morning news., 1903-10-20

ket again to-day and the prices OF
practically all of the prominent active
stocks were impaired from 2 to 4
points before the selling was checked.
The appointment of receivers for
two Baltimore trust7scompanies was
the impelling causes of the selling
Weakness was in evidence from the
opening and, in fact, before that, Lon
don sending a decidedly low range of
prices as a result of the early trading
there. 1t is probable that the weak
ness of Americans in London also
emanated from Baltimore as one of
the embarrassed companies made eff
forts to secure a loan in London last
week, thus offering that center advance
knowledge of the. trouble. London also
professed renewed apprehension over
the war cloud in the Far East and ru-
mors came over the cables that the
trouble at the last weeks settlement
which was tided over, was likely to
crop out again. London sales in New
York as a consequence We're heavy,
being estimated 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 spe-
cial weakness of some of the Southern
Railroad stocks INDICATED selling from
that quarter. The sentimental effect
Of the failures was also strong and put
a stop entirely to the hopes of better
prices aroused by last weeks sharp
rally in the stock market. That rally,
having driven a considerable short in
terest to cover, left the market depriv-
ed of some potential support and made
it more vulnerable to selling.
The line of division which began to
develop last week between the railroad
stocks and the industrials was also OBJ
liberated. The leading railroad stocks
suffered fully as severely as the in
dustrials, as is shown by the declines
of to 31z made by Baltimore and Ohio,
Southern Railway preferred Illinois
Central, Union and Southern Pacific
and Missouri Pacific. The only prom
inent industrials which suffered to as
large an extent was Steel preferred
Amalgamated Copper, American Car
stocks, General Electric and Westing-
house Electric. the last named drop
ping points. The Baltimore failures
seem to be due to the same causes
which have necessitated the greater
part of the prolonged liquidation in
the stock market, namely over-commit-
ments in the promotion and under
writing of new enterprises, the securi-
ties of which have no market in the
present state of the money market
and public sentiment. There has been
a growing hope that the liquidation
made necessary by this kind of poor
investments was approaching compile
ton. The revelation that it has been
Intellectual to such an extent as dis
closed by the Baltimore failures caused
the drawing Of uncomfortable infer
ences.
1t is a remarkable fact also that up
to to-day the enormous shrinkage in
the value of securities and the urgent
requirements which have been met in
liquidation had not caused a single
failure in the banking and trust COM
pany world. Reassuring statements
were published as to the limited field
of the Baltimore troubles, but these
did not much avail to cheer the senti-
ment in the stock market. There was
midday pause in the decline after
the completion of London selling. But
the announcement of the second Bal
timore failure caused renewal of the
decline, with increased violence, and
the closing was heavy and only slight
ly above the lowest. Illinois Central
made a spasmodic recovery Of ia.
The bond market yielded in SYM
pathy with stocks after some early re-
sistance. Total sales, par value, So
010 900. United States bonds were I'M
changed on the last call.
Total sales Of stocks to-day were
71s, 800 shares, including: Atchison, H.
$50; Baltimore and Ohio. 42,74O; Cana
dian Pacific, 300; Erie, 49,s5O; Louis
vile and Nashville, 1920; Missouri
Pacific, 22,5s5: New York Central s.
1870; Pennsylvania, $1,000; Reading, TO-
900; Rock Island, 25,925; st. Paul, u.s.
$50: Southern Pacific, 1915; Southern
Railway. 5,100; do preferred, 1870;
Unicn Pacific, 1880; Copper, 1870;
American Car, 800; American Smelt-
ing, 1850; American Sugar, $40;
Brooklyn Transit. s270; Tennessee
Coil 2,o25; United States Steel, 24.760;
preferred, $3.50.
New York stock a"F Bond List.