The Washington herald., 1908-06-19
PRICES CLOSE HIGHER
Market Relieved by Tone Of
Republican Convention.
BUYING NOT AT ALL HEAVY
All the Great Foreign Banks Make
Universally Good Statements of
and There VIII BE Calls for More
SoOn-B. & o. Earnings Decrease.

New York, June lS-With every indica-
ton that before the opening of another
stock exchange session there would be a
Presidential nomination at Chicago, an
increase Of cheerfulness. even II only
temporary and of a speculative nature,
was visible in the financial district
Dealings in securities were smaller than
they were yesterday, and it was at all
times obvious that the larger financial in
terests were doing absolutely nothing IN
the market, and that whatever activity
there was in the trading was supplied
only by small professional operators. But
speculative operators Of this class. al
though they allowed tho market 10 re-
main stagnant during the morning hours.
were generally inclined 10 buy stocks in
a moderate way in the afternoon, having
their eyes solely fixed upon considerations
OF political nature, and their tendencies
IN this direction were perhaps somewhat
increased by the fact that since the close
OF business on the day before, the contest
over the proposed anti-injunctlon plank
In the Republican platform had been ter
minated in a way which was. II by no
means satisfactory TO conservative peo-
pie. yet a good deal more so than was at
one time feared might be the case.
Close Is Higher.
At the close. the quotations for the
leading stocks were with practical una-
nimity above those OF Wednesday. 1t was
fairly evident, on the other hand. that the
market in spite OF all this seeming
strength. was what habitual spectators
call a thin" one. But little buying was
seemingly needed to advance prices but
th2re was no doubt that a very little SELL
Ing pressure would also have established
corresponding il not greater declines.
Such market is for manifest reasons one
that Is full of pitfalls.
The news Of the day OF actual financial
character was Of mixed and, on the whole.
OF not altogether encouraging sort. All
the great foreign financial banks made
exceedingly strong weekly statements OF
CONDITION. The national banks Of the
other great nations are taking advantage
OF the depression In interest rates here
10 dlp their fingers deep in our gold sup
phes. This they are doing in n Continu-
Gus. unbroken, and extraordinary way.
More Gold VIII Go.
In addition 70 the enormous sums OF
gold exported from this country this year.
and TO the unexpected revival Of gold en-
gagements early in the present week. IN
dtations to-day were that further gold
export engagements would be made be-
fore the end Of the week to the amount
Of 10000 or over
The economic force Of these withdraw
ais will. il not felt now, yet assert Itself
IN due season.
There was published this morning the
statement OF the May earnings OF the Bal
timore and Ohio Railroad Company ex-
h.5iung n decrease In gross revenues Of
S2,21S.ooo and in net Of Sl87S,O00 For, the
fiscal year thus far. the net earnings OF
this railway company have decreased
more than 100000, making it seem en-
tirely probable that the per cent divi-
dend distribution on the Baltimore and
Ohio common shares cannot be main
tanned.
During the afternoon II was announced
that the Republic Iron and Steel Company
had passed entirely the quarterly dlvi-
dend on its preferred stock. and after the
close Of business. IL was made known that
the Louisville and Nashville had reduced
fits semi-annual dividend from 10 25h
nor cent