The Montgomery advertiser., 1903-10-20
WALL STREET REVIEW
CLOUDS or APPREHENSION
 OVER THE MARKET.
Prices of Practically -All the Promi- Ient Stocks Impaired From One
 to Two Points as

NEW YORK; Oct Is.-ciouds of apprehen- sion gathered over the stock market again to- sy sna ss ss,. D,ess .ocs. S all of the to points before the selling was checked The appointment of receivers for two Baltimore trust. companies was the irnpeiiing causes of the selling. Weakness was inevidence' from the opening and in fact before that. London sending e decidedly lower range of prices as a result of the early trading there. It 10 prob able that the weakness of Americans in >Lon- don also emanated from Baltimore as one of the embarrassed companies made efforts ito se- cure loan in London last week. thus offering London also professed renewed apprehension over the war cloud in the far east and rimors 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 consequence were heavy. being esti- mated among the foreign houses at as high AS 50. 900 shares. How far the Baltimore trou- of stocks was not very clear. but the special weakness of some of the Southern railroad stocks indicated selling from that quarter. The sentimental effect of the failures was also strong and put . stop to the hopes of better prices aroused by last weeks sharp rally in the stock market That rally. having driven . considerable short interest to cover. left the market deprived of some potential support and made 1t vulnerable to selling. The line of di- vision which began to develop last week be- tween the railrosd stocks and the industriais stocks suffered fully as severely as the indus trials Is shown by. the declines of 3@3h made by Baltimore and Ohio. Southern Railway preferred. Illinois Central. Union Pacific. Southern Pacific and Missouri Pacific. The only prominent industrials which suffered to as large an extent were United States Steel Car stocks. General Electric and Westinghouse Electric, the last named dropping 6 points. The Baltimore failures seem to be due to the same causes which have necessitated the great CT part of the liquidation In the stock market. namely. over commitments In the promotion and underwriting of new enterprises. the securi- ties 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 by this kind of poor invest ments was approaching completion. The reve- lation that 1t has been fuefectual to such an extent as disclosed by the Baltimore failures causes the drawing of uncomfortable infer ences It is remarkable fact also that up to today the enormous shrinkage in the value of securities and the urgent requirements which have been met in liquidation had not caused 2 pany world Reassuring statements were pub iished as to the limited field of the Baltimore troubles but these did not much avail to cheer the sentiment in the stock market. There was a midday pause in the decline after the com pletion Of the London selling But the an- nouncement of the second Baltimore failure caused e renewal of the decline with increased slightly above the lowest. Illinois Central made Q recovery of X.
 The bond market yielded in sympathy with stocks after some early resistance. Total sales (par vaiue), S3. o.ooo United States bonds were unchanged on the last call
 ? / New York gtcck Last.