The Indianapolis journal., 1903-10-20
STOCKS ARE DEPRESSED
LONDON SELLING AND BALTIMORE
FAILURES CAUSE THE WEAKNESS.
Wide Declines Established i'm Botl
Rails and Observation-Disclosures
Are Very Pessimistic.

NEW YORK, Oct. 19-Clouds of appre-
hension gathered over the stock market
again to-day and the prices of practically
all the prominent active stocks were i'm
paired from to points before the selling
was checked. The appointment of re-
ceivers for two Baltimore trust companies
was the impelling causes of the selling.
Weakness was in evidence from the OPEN
ing. and, in fact, before that, London send
ing a decidedly lower range of prices as a
result Of the early trading there. 1t is
probable that the weakness of Americans
in London also emanated from Baltimore,
as one of the embarrassed companies made
efforts TO secure loan in London last
week, thus Offering that center advance
knowledge of the trouble. London also pro-
fessed renewed apprehension over the war
cloud in the far East and rumors came
over the cables that the trouble at last
weeks 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 at as high as $1,000 shares.
How far the Baltimore troubles were di-
rectly responsible for the forcing OF stocks
was not very clear, but the special weak
ness of some of the Southern railroad
stocks indicated selling from that quarter.
The sentimental effect of the failures also
was 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
prived of some potential support and made
ii more vulnerable to selling. The line OF
division which began to develop last week
between the railroad stocks and the In
dustrials was also obliterated. The leading
railroad stocks suffered fully as severely
as the industrials, as is shown by the de-
clines of to 31A made by B. & o., Southern
Railway preferred, Illinois Central Union
Pacific, Southern Pacific and Missouri Pa
cific. The only prominent industrials
which suffered to as large an extent were
United States Steel preferred, Amalgamated
Copper, the American Car stocks, General
Electric and Westinghouse Electric, the
| last named dropping points.
The Baltimore failures seem to be due to
| the same causes which have necesSitated
| the greater part of the prolonged lquida-
| ton in the stock market. namely, over
| commitments in the promotion and under
writing or new enterprises, the securities
of which have market in the present
state of the money market and public senti-
ment. There has been growing hope that
| the liquidation made necessary by this kind
| of poor investments was approaching COM
| pietion The revelation that 1t has been
| Intellectual 10 such an extent as disclosed
| by the Baltimore failures causes the draw
| ing of uncomfortable differences. 1t is a
remarkable fact also that up TO to-day the
| enormous shrinkage in the value of secur-
| itieS and the urgent requirements Whlcn
! have been met in liquidation had not caused
| q single failure In the banking and trust
| company world. Reassurtng statements
were published as to the limited field of
| the Baltimore troubles, but these did not
! avail much to cheer the sentiment in the
1 stock market.
| There was a midday pause in the decline
| after the completion of the London selling.
| But the announcement of the second Balti-
| more failure caused renewal of the de-
| cline with increased violence and the close
| was heavy and only slightly above the
| lowest. Illinois Central made a spasmodic
| recovery of 49,
The bond market yielded in sympathy
with stocks, after some early resistance.
| Total sales, at par value, were $33lO,0O0.
| United States bonds were unchanged on
| the last CALI
! Following are the days share sales and
| the recorded price changeS