Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-06-18
Price Trend Today Was To-
ward Lower Levels.
SOME SEVERE DECLINES
Heaviest Losses Sustained in the
Railway List.
MARKET VERY IRREGULAR
Industrial Quarter Fairly Steady.
Weakness in B. and o. Stock.
Money Unchanged.

Special Dispatch to The Star.
NEW YORK, June 1S-Most Of the more
striking movements in today's stock mar
ket were toward lower levels. and repre-
sented some really severe declines. but the
dealings as a whole. were characterized
by great irregularity. there being frequent
and apparently meaningless changes In
tone The most severe losses suffered
were those noted in Baltimore and Ohio
Louisville and Nashville and American
Locomotive, and in each instance the
course followed was attributed to uneasl-
ness with regard to the action to be TAX
en- on the forthcoming dividends.
In the case of the Baltimore and Ohio
the selling found an additional induce
ment in the publication of the railroads
earnings for the month of May and for
the eleven months of the fiscal year.
The net earnings for May showed a
decrease of nearly $1.4OO,OOO. while the
net earnings for the eleven months of
the ended fiscal year showed a decrease
of more than 81 .OO0, 900. 1t was seemingly
the case. however. that the outlook for a
reduction in the dividend played a greater
part in the weakness in Baltimore and
Ohio stock than did the discouraging
traffic returns.
It had been commonly assumed that
the quarterly dividend on Republic Iron
and Steel preferred would be passed or
reduced. so the action taken had COM
paratively small effect on the stock The
Industrial quarter as a whole was fairly
steady. The Allis-Chalmers shares were
decidedly firm. and Amalgamated Copper
American Smelling and the United States
Steel shares were we'll supported. En-
couraging but rather indefinite reports of
prospective Improvement in trade condi-
tons attended the dealings in these issues
Reading and Union Pacific lost none of
their prominence in the dealings In the
railway share list and f1uctuated in close
uniformity.
Indifferent to Politics.
So far as the market as whole was
concerned. 1t would be almost superfuous
to say that the political affairs remained
the dominating influence. The tremen-
dous ovation which was accorded the
President at the Chicago convention YES
terday afternoon was not known until
after the close of business. but 1T un-
t Gouoreaiy played some part in todays
Irregular movements in prices The adon-
tion of the so-called anti-inJunction plank
was received with comparative indiffer-
snce on the ground. perhaps, that il
saouid De regarded as little more than a
sop to Cerberus.
At the same time it may be noted that
one of the more prominent labor leaders.
while expressing dissatisfaction with the
plank. referred to 1t as being an opening
wedge In the right direction. That is from
his viewpoint and this. after all. NAV be
Inc correct view to take of the matter.
Money market conditions were unaiter-
ed. while in the foreign exchange marker
the indications pointed to further large
urday.
The London stock market was dull and
generally heavy. No change was made
In the Bank of Englands rate of discount
but what was OF greater Importance was
a reduction in the discount rate of the
Imperial Bank Of Germany from AZ to
per cent, the second reduction to be made
this month. Little was done here for
foreign account.