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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 3, Page 328   View pdf image (33K)
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B28 HIGH COURT OF CHANCERY.
day of sale. It appears to me, however, that this hypothesis
rests upon a foundation of too much uncertainty to justify
the Court in making it the basis of its judgment. The price
of stocks, and especially of bank stock, is affected by too many
causes to enable any one to say that its depression or elevation
is attributable to any particular cause. Even the stock of the
General Government, and of the States, and the obligations of
the great incorporated companies, bearing a fixed rate of in-
terest, do not invariably appreciate in price as dividend day
approaches, or at least the appreciation is not in exact propor-
tion to the interest which from day to day is accruing upon it.
The condition of the money market frequently exerts an influ-
ence upon the price of such securities, powerful to countervail
the effects of an approaching dividend, and therefore even with
reference to these securities, it would frequently be unsafe to
assume that the price paid for them at any given period was
augmented in exact proportion to the interest which had
accrued upon them to such period.
But if this be so with regard to stocks bearing a fixed rate
of interest, when the amount accrued can be calculated with
absolute certainty, how much more cautious should the Court
be in saying, that stocks which, have no determinate rate of
interest have appreciated in precise proportion to the dividend
which had accrued upon them at the period of the sale, when
a dividend is subsequently declared ? In this case the Insu-
rance Company, the owner of the stocks for the life of Mrs.
Abercrombie, might have refused to consent to the sale until
after the usual dividend day, and then, of course, they would
have received it. But this delay would have exposed the
Company to some danger, and it may be that this considera-
tion had some influence in inducing them to accede promptly
to the application for a sale.
The solicitor of the Company has urged, in arguing this
exception, that portion of the bill which says it will be for the
benefit of Mrs. Abercromoie and her children that the stock
should be sold, " and the proceeds divided among the parties in
an equitable manner." This, it is said, may fairly be construed

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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 3, Page 328   View pdf image (33K)
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