The correct view is that they are symbolic.
Baptism, of Jesus' death burial and resurrection;
and, our death to sin and resurrection to new life in Christ.
The Lord's Supper, symbolic of the broken body and shed blood of Jesus, and a reminder of his eventual return.
I agree with Tom. (It is usually to people who are not themselves baptists that I have to explain that baptists do not believe in baptising only adults, but in baptising only believers. )
The well-known words of 1 Corinthians 11.23-26 show that the Lord's Supper is to be both a looking back to Christ's completed work on Calvary, and a looking forward to His second coming.
For I received from the Lord that which I also delivered to you: that the Lord Jesus on the same night in which He was betrayed took bread; and when He had given thanks, He broke it and said, "Take, eat; this is My body which is broken for you; do this in remembrance of Me." In the same manner He also took the cup after supper, saying, "This cup is the new covenant in My blood. This do, as often as you drink it, in remembrance of Me." For as often as you eat this bread and drink this cup, you proclaim the Lord’s death till He comes.
The question I always ask is this: IF Zwingli was right and the bread and the fruit of the vine are mere symbols, then how is it that the Corinthians were dying b/c they were taking it it unworthily, not discerning the body of Christ?
I don't believe in transubstantiation, but is the opposite view ("they are only symbols") offered by Zwingli correct?
When in doubt, pray and get my nose into the Book!
While I hold that the Lord's table, communion, or what ever one likes to call it is totally symbolic and a reminder. It is done more then once and it is left up to each as to how often they take the bread and wine.
As to baptism I do not agree that it is simply symbolic. I believe that baptism is what places us in the church. Not saves us, not the Baptist church or the Methodist or any other denomination, but the church triumphet.
Not the local church. Usually the term "universal" when relating to the church is a catholic expression and I like to stay away from their meaning as it becomes confusing. I suppose we could say body of Christ, or true church, or church triumphant as long as we are not going to battle with semantics.