New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-09
STOCKS BREAK BADLY.
THE CLOSING WEAK.
Narkct Yields to Effects Of Balh-
nore Fire and Var Ae1os.

--,s.- n combination Of adverse conditions. o.
v.b,eh the virtual beginning or war between
Prussia and Japan and the great fire IN Balu-
,,ore were the most important. the stock mar
net yesterday broke badly support was eViaeh'
:, -. earlv dealings the declines not exceed
sne J Der cont as a rule. but as the day ao-
,,aDced the Liquidation became larger IN VOL
,,n,e ard prices continued 70 move do"nwaro
,,-,f about half an hour before the close, when
q rally occurred on covering by Shorts Inc
,sll,, did not last long. however. and the mar
lzet closed weak and irregular with prices IN
general at or close to the lowest Of the day
T7,-.f-,,-e ana ohio ha a maximum decline or
. .oir+s ard a net decline OF 2 points. Among
,,e other net losses were: Norfolk and Western.
"a. r,oirts. Pennsylvania, "a: New-Nork Cen
rraI which moved in sympathy with Pennsyl-
ranis. 2Jk: ST. Paul 2$s: Union Pacific, "a;
Southern Pacific. %; Missouri PaciAc. ~ Con-
rolidated Gas. 3lk and General Electric. points
Much OF the selling OF Baltimore and Ohio
PENNSYLVANIA, Norfolk and Western and Louis
VILE and Nashville is thought TO have been TOT
account o. baltimore investors. who hso SUI
feree heavy losses by the fire. and were de-
circus OF raising funds for immediate use pend
,nr IN. adjustment OF their insurance claims
1sttle direct communication was had with the
Fame swept city itself Brown Bros. & Co, for
sxanpl.- having received only one dispatch In
she course OF the day from their Baltimore
house.
EFFECT on INSURANCE COMPANIES.
The possibility Of failures Of insurance com
,a,ies and the effect upon the money market
1.-e bad much 10 do with unsettling the local
.tocb market An official OF the New-fork
Board OF Underwriters said yesterday morning
that It could be put down fact that II the
LOSSES IN baltimore reached S1a0.0o0.oo0 there
,vould be a number OF failures Of insurance
ooupauies He did not believe. however, that
srv OF the stronger companies would fail
The New-York banks were yesterday cashing
checks on the Baltimore banks. for which they
are correspocdents. il has not Yet been de-
cided what VIII be done later on.
In banking quarters Il was said hat the banks
were treating Baltimore il the day were
legal holiday. and were not pressing notes Tor
collection.
The New-york Clearing House Association
has not been asked to take formal notice OF the
baltimore IRE nor is Il likely to do so Balti-
more banks with local connections viii receive
every courtesy and accommodation.
INQUIRIES were made by local banks at the
Offices OF express companies going to Baltimore
80 find out whether or not shipments Of money
could be made promptly 20 banks in that city.
The EXPRESS companies replied that they could
not guarantee the delivery OF money in Balu-
more yesterday. There were some shipments
70 Baltimore banks for delivery soon as pos
sible but these did not aggregate large amounts
apart from a shipment OF 100000 by the Ma
tional Bank Of North America. Il was recalled
yesterday that at the time OF the great Chicago
fire Ne1v-York's banks were called upon for
money. and in order 10 set the funds 10 Chicago
al the earliest possible moment jay Gould issued
in, Nav
York on the morning OF the third day after the
fire. with orders TO have the Erie road cleared
everywhere. that this express should have
right OF way during the entire trip.
MAY CAUSE SOME sTRNGENCY.
The large insurance companies carry heavy
deposits with New-Yorlz banks. some OF them as
much as $4,000 or S4Oo 600: and the with
drawal Of much OF this fund. very large in the
aggregate. for the payment Of the fire losses
viii il is believed. probably cause a certain
amount Of stringency in the money market A
more serious consideration is the probability
that the insurance companies may be compelled
10 houidate some OF their holdings OF stocks and
bonds in order TO provide additional funds for
1he payment OF the many millions Of losses, as
the proving OF claims proceeds. This liquidation
VIII. II is believed in Wall Street continue dur
sng the next few weeks and until il Is completed
depressed. irrespective OF Developments IN tie
Far East
At the Offices OF the Hanover National Bank.
which is New-NOrk correspondent for the largest
number OF Baltimore national and savings banks
and trust companies. IL said yesterday
afternoon by Vice President Logan that word
had been received there that the Deputy Con-
troller Of the Currency had gone TO Baltimore to
take charge OF banking affairs there ana investi
gate the effects OF the fire. ard that the Cover
nor Of Maryland about TO call on the legis-
leture TO declare ten days legal holiday Mr..
Logan added that the Hanover Bank had sent
MESA ges TO all Of the banks for which & is
spondent, but had been unable TO get replies
from any excepting the Maryland Savings Bank,
which was burned out. but had established a
temporary Office in the residence part Of Balti-
more. There was report in Wall Street yes
erday that Russia had succeeded II. negotiating
a large war loan In New York after having been
turned away by the Rothschilds. The president
OF q large Rockefeller bank was said TO have
acted for Russia in getting the money.
The report met with authoritative denial
n the hank mentioned. ard in other quarters.
where Il would have been likely that part would
have been taken in tire loan, II was said that