The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-10-20
BALTIMORE PROVISIONS.
STOCKS AND BONDS.

New York Oct 19-Clouds of appre-
tensions gathered over the stock market
again today and the prices of practically
all of the prominent active stocks We're
impaired from 2 to 4 points before the
selling was checked. The appointment of
receivers for two Baltimore trust com
panies was the impelling causes of the
selling. Weakness was in evidence from
the opening and in fact before that, Lon
don sending a decidedly lower range of
prices as 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 protested renewed apprehen-
siou over the war cloud in the Far East,
and rumors came over the cables that rhc
trouble at the last weeks settlement
which was tided over was likely to crop
out again London sales in New York
as consequence were heavy, being estl-
mated among the foreign houses at as
high as $4,000 shares. How far the Bal
timore 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
selling from that quarter. The senti-
mental 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 interest to cover left the market
deprived of some personal support md
made more vulnerable to selling. The line
of division which began to develop last
week between the railroad stocks and the
industrials was also obliterated. The
| leading railroad stocks suffered fully as
severely as the industrials as is shown
| by the decline of to IL made by Bal
! timore and Ohio, Southern Railway, pre-
ferred, Illinois Central, Union Pacific
Southern Pacific and Missouri Pacific
The only prominent industrials which SUI
fered to a large an extent were United
States Steel, preferred, Amalgamated Cop
per. the American Car stocks, Genera
Electric and Westinghouse Electric. tht
last named dropping points The Balu
more failures seem to be due to the same
cause which have necessitated the great
err part of the prolonged liquidation il
the stock market, namely over com
mitments in the promotion and underwrit-
ing OF New elldelpllS6Sl dIlOOlt lIlOSl v
ing of new enterprises, the securities o
which have no market in the present
state of the money market and public
sentiment. There mas been a GROWN!
hope that the liquidation made necessar,
by this kind of poor investments wa
approaching completion. The revelation
that it has been ineffectual to such an ex
tent as disclosed by the Baltimore failure
Of fos.{ oIl
ferences. 1t is a remarkable fact also tina
no to today the enormous shrinkage il
| the value of securities and the urgent re
quirements which have been met in liqui
dation had not caused a single failure il
the banking and trust company world
Reassuring statements were published q
to the limited field of the Baltimore trou
; bles, but that these did not much ava
S to cheer the sentiment in the stock mari
Z ct. There was midday pause in the dt
5 cline lft the completion of the Londo
: selling. But the announcement of tn
second Baltimore failure caused a re
newal of the decline with increased vic
lence and the closing was heavy and onl
slightly above the lowest. Illinois Cel
trail made a spasmodic recovery of rs.
4 The bond market yielded in sympath
] with stocks after some early resistanc