The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-20
FINANCIAL AND COMMERCIAL.
MoNDAy. Oct. 10.

MONDAY, Oct. 10.
1t is not at all improbable that prices on
the Stock Exchange would have declined
to-day anyway, from mere selling of stocks
by spectators for the purpose of hiving
profits that had accumulated in the recent
rapid upward movement in quotations last
Friday and Saturday. The market was
also weakened to some extent by tho re-
tirement OF a portion, at least, OF the short
interest. and was therefore doubly in
position to suffer from bad news. That the
news received from Baltimore to-day was
bad must be frankly admitted, and it would
have shaken convictions even much stronger
than those which are generally entertained
as to the stability OF market values. The
troubles connected with the Seaboard Air
Line issue OF stock and the recent business
suspensions in Baltimore of prominent
Southern capitalist and of a leading broker
age house have indicated that in Balti
more as we'll as in Pttsburg and other
cities in this country and in Canada capital
was under strain. Nevertheless, the an
nouncement of receiversilips for two such
institutions as the Maryland and the Union
Trust companies Of Baltimore came to the
financial community to-day most unex-
pectedly. II seems to be in the case of
each Of these companies the old story of
extension of credit to various business en-
terprises which. although sound and prom
Using well, did not provide easily realizable
assets. In the case Of the Maryland Trust
Company it seems clear that the capital
and surplus Of the company Is sufficient
to meet all the claims Of depositors, and, in
deed. It Is doubtful if any depostor in
either of the companies will lose money by
what has happened. 1t is true, on the
other hand, that pending the final ADJUST
ment of the affairs Of the companies, some
thing over 5000 900 Of deposits, most of it
probably belonging to people in Baltimore,
will be tied up. The trouble about such
events as these is not their direct. but their
indirect, effect If the assurance could be
had that the present disaster was purely
a Baltimore affair, even If 1t was far greater
than it is and If the worst about it has not
yet been fully revealed, 1t would be a mat
ter which would not amount to great deal.
Such happenings, however, at such times
as the present serve further to impair gen.
eral confidence and cause an inspection Of
CTeQlL III VdIlOub OlIeClloIiS HlOIS
than has previously been witnessed. The
feeling OF spectators is naturally. under
the circumstances, that the results of the
test may not be wholly satisfactory.
The news of the difficulty in Baltimore
seemed to be known in London before it
was here, for London prices to-day for our
securities came heavily reduced from Satur-
days closing and there was large selling
for London account Immediately after
the opening Of business upon the Stock
Exchange. Rumors that an out Of town
concern was in trouble shortly afterward
circulated on the floor Of the Stock Ex-
change and were followed soon by the
announcement Of the application for
receivership for the Maryland Trust Com
pany. The announcement in regard to
the Union Trust Company was made after
midday. Quotations for nearly all the
active stocks fell under these developments
about three points. Much Of the selling,
Of course. came from operators for the
fall, who pressed their advantage to the
but good deal Of it also proceeded
from disguised spectators who had been
confidently looking to-day for strong
market. In the days unsavorable news
budget were also stories Of the closing Of
two small banks In Wisconsin because OF
forgeries committed by their officers, and
of the semi-riot in Fifth avenue of the stock
holders OF large insolvent building and
loan company. Such favorable news as
that comprised in the earnings statements
Of various important railways, notably of
the soft coal roads, where it had been
rumored, marked lessening of traffic
had occurred. and the annual report of the
Chicago, Burlington and Quincy Railways
increase In surplus for the year of nearly
So ,25O 900 attracted small attention. Bear
operators also attempted to make capital
out Of the news that the Pennsylvania Rail-
road proposed to cut down, in the sum of
nearly $4,000 900, proposed expenditures
for improvements. Inasmuch as one of
the arguments most prominently brought
forward by these same spectators in the
past in support Of their attacks upon Penn
sylvania stock has been that expenditures
upon the road, past and prospective, we're
extravagant the criticism last made does not
seem disquieting. The real interest in such
postponement or abandonment Of plans
of improvement as announced by the Penn
sylvania people lies in its probable effect
upon the labor market and that for iron and
steel products.
New York Stock Exchange Sales. Dot. 10.