The Birmingham age-herald., 1903-10-20
STOCK MARKET
 IN MORE TROUBLE. Clouds of Apprehension Again
 Send Prices Down LONDON ALSO WORRIED
Appointment of Receivers for Two Bal tomore Trust Companies Was the lmpelIinu Cause of the Selling
 Weakness Evident All Day.

New York, October 19.-Clouds of ap- prehension gathered over the stock mar ket again today and the prices of practl- cally all of the prominent active stock were impaired from to points before the selling was checked. The appoint ment of receivers for two Baltimore trust companies was the impelling causes Of the selling. Weakness was in evidence from the opening, in fact before that, London sending a decidedly lower range of prices as a result of the early trad ing there. It is probable that the weak ness of Americans in London also ema- mated from Baltimore as one of the em- barrassed companies made efforts to se- cure 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 rumors came over the cables that the trouble at last week s settlement which was tided over was likely to crop out again. London sales in New York as a consequence were heavy being estimated among the foreign houses as high as sixty thousand shares. How far the Baltimore troubles were directly responsible for the forcing or stocks was not very clear, but the special weakness of some of the southern rall- road stocks indicated selling from that quarter The sentimental effect or the failure was also strong and put 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 interest into cover, left the market deprived of some poten- tiai support and made it vulnerable to selling. The line of division which be- gan to develop last week between the railroad stocks and industrials, was also obiterated The leading railroad stocks suffered fully as severely as the indus trials, as shown by the declines of to 31a made by Baltimore and Ohio, South ern Railway preferred; Illinois Central Union Pacific, Southern Pacific and Mis- souri Pacific.
 The only prominent industrials which suffer to as large an extent were United State Steel preferred, Amalgamated Cop per, the American Car stocks, General Electric and Westinghouse Electric, the last named dropping points. The Bal timore failures seem to be due to the same causes which have necessitated the greater part of the liquidation in the stock market, namely over commitments in the promotion and underwriting or new enterprises, the securities of which have no market in the present condition of the money market and sentiment. There has been a growing hope that the liquidation made necessary by this kind of poor investments was approaching completion. The revelation that it has been intellectual to such an extent as dis closed by the Baltimore failures, causes the drawing of uncomfortable differences. It is a remarkable fact also that up to today the enormous shrinkage in the value of securities and the urgent re- quirements which have been met in liqui- dation had not caused a single failure in the banking and trust company world. Measuring statements were published as to the limited field of the Baltimore troubles, but these did not much avail to cheer the sentiment in the stock mar ket. There was a midday pause in the decline after the completion of the Lon don selling. But the announcement of the second Baltimore failure caused a renew al of the decline with increased violence and the closing was heavy and only slightly above the lowest Illinois Gen. tral made a recovery of 1A.
 The bond market yielded in sympathy with stocks after some early resistance. Total sales. par value, were $3,0100O poo. United States bonds were unchanged on the last call.