The Washington herald., 1908-06-18
SMALLTRADERSRUL
Professional Operators Make
Only Few Changes.
GOLD GOES OVER 10 EUROPE
Sermnn Financial Interests In Need
OF Yellow Metal for July 1 Settle
ments-Lake Erie Preferred and
Big Four Common Pass Dividends.
Depression in New York Central.

New York. June 1T.-Changes in the
prices Of stocks were again to-day made
almost wholly by the small fry Of the
professional stock exchange traders. and
as has been the case for many days. the
impulses chiefly governing these specu-
lators in their operations were the vary
ing guesses. imaginations. hopes. fears
and rumors connected with the delibera-
dons OF the Republican national conven-
ton at Chicago
Forces OF this kind were. however not
so paramount in the dealings in secur,-
ties as they have been previously. since
there were matters OF financial news
proper that at one time during the day
at apy rate. decidedly Influenced the mar
ket. These considerations were the pass
Ing OF the semi-annual dividend on the
preferred stock Of the Lake Erie and
Western Railroad Company and on the
common stock OF the Cleveland. Cincin-
natl. Chicago and ST. Louis Railroad
ordinarily known as the Big -Four Rail-
road Company. AS these two companies
are indirectly tributary in point OF stock
holding interest 10 the New York Cen
tral and Hudson River Railroad. the in
come Of the last-named company will be.
Of course, affected by such cessation OF
, distribution as was to-day ordered. and
therefore New York Central stock SYM
pathized with the heavy drop in the Big
Four common and preferred shares which
Immediately took place
Locomotive Common Down.
Along with this. too. came decline in
the price OF American Locomotive com
mon and preferred stocks. which led 10
rumors that excited no surprise that re-
duction in the dividend OF the American
Locomotive common stock was impend-
ing.
Again, there was a further rise in the
price Of grain to-day. owing 20 the re-
ceipt OF more unpleasant news from the
West regarding the rainy season there
and It might be said that there Is little
doubt that what is known as wet
harvest is obtaining in many sections Of
the winter wheat territory. and that pros
poets OF the yield OF winter wheat this
season are by no means what they were
a month ago
Consolation In this regard is. however.
that no general disaster has happened.
Another matter to-day that also af-
fected the market adversely. II It affected
II at all, was a sudden jump In the vol
ume Of engagements Of gold for export
to the unexpectedly large quantity OF
S'EOO0O, with indications that a sum
equally great. n not greater. would be
taken at the end OF the week
Money Needed nv Cerp,op.
These metal remittances were said 10
be in connection with the German finan-
cial settlement on July !. but al all
events they served 10 dash the hopes OF
those who have been asserting that gold
exports from the country this season are
at an end. The fact is iudubitable that
Germany and France are stiu IN the
world market for the yellow money, and
while this continues and rates for money
here remain as depressed as they now do.
Il is altogether probable that gold will
90 on moving out Of the country.
But the attention OF Wall street was
mainly directed during the business hours
70 the polidcal situation. Stocks tended
TO rise on the declaration OF the perna-
nent chairman Of the Republican CON
vention that Mr. Roosevelt could in no
way be considered as a possible candi-
date. to fail again upon indications that
the anti-lnjunction plank and other rad
ical commitments might. after all. be
adopted by the convention. or II they
were not adopted. would receive the per
sonal Endorsement of the prospective
Presidential nominee in his letter OF ac-