The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-07-27
MANIPULATED BY
JAMES R. KEENE
Stock Brokers Have a SuS-
piCion That All Is
Not Right.
NEWS CONSIDERED BOGUS
LATEST RUMoR CAUSED STRONG
CLOSING.
NEWS CONSIDERED BOGUS

New York, July 26.-Speculative senti-
nent showed itself sensitive today to the
influence of the Hartman and Standard
Oil favorites, or what is equally effectual
that are accepted as favorites OF those
powerful financial forces. Yesterday the
general market advanced because South
ern Pacific, Union Pacific and ST. Paul
were strong. When these stocks were
seen today to be subjected to a process
of market digestion and of diligent sell
ing on all favorable opportunities there
was a revulsiOn from the feeling created
yesterday by the aggressive buying of
these stocks. The suspicion was aroused
that the sO-called news regarding these
stocks was a result of the buying and
not the cause of it, The brokers who
were employed to buy the stocks named
yesterday gave the impression that the
Hartman and Standard Gil forces were
buying enormous blocks of these usual
faVOriteS and this BELIEF was strongly pre-
valent throughout the stock exchange
neighborhoOd. The reports of an carry
dividend declaration on Southern Pacific
with resulting benefit to Union Pacific
from its large holdings of the former
stock found ready Credence from the
movement of the stocks.
Today many of the same persons who
accepted these reports were slIeptical ana
expressed the conviction that the whole
movement was sllilful manipulation b.
James r. Keene. The faith N the st.
Paul plan, which was to be promulgated
as d result of the return from Europe
of William Rockefeller a. d which vas
implicitly accepted yesterday, was shaken
again in face of the selling off of that
stock and the market fell into an apathe-
tic condition soon after the opening TO
await the meeting of st. Paul directors
and advanced strongly on the nOn-actlon
of the plan.
The realizing iE yesterdays favorites
was obscured for time by the rising, ten
dency of other stocks. The most influen-
tial support was due TO sympathy Wltll
the large buying of United States steel.
Trade reports from the country were ELI
couraging, but this was not new factor
in the market. More importance was
attached TO the news that the steamship
Baltic had been sighted, having on board
]. P Morgan, and was expected to dock
during the afternoon. The effectiveness
of the movement in United States steel
was marred by the baekWdrdneSS OF tile
preferred stock and by the positive &c
preston of the sinking fund bonds. The
personal element thus is seen to have
played a large part in the days market:
Again influences continued IN favor OF
higher prices There was conspicuous
rally in Russians on the presumption that
a further smOuldering without an i'm
mediate conflagration might be looked for
in Russian affairs. The Bank of Eng
land reported some deterioration of condi-
ton and there was Improvement shown
by the Bank of France and the Imperial
Bank of Germany. Foreign exchange con-
tinued to decline here and approached
the gold import point again. The small
amount of the bids and the low prices
for the New York city bonds Offered
Yesterday were the subject of wide dis
cussion, with unfaVorabie effect on the
| opinion of the investment situation. The
| effect was more manifest in bonds than
| in stocks The new upward start il
prices came after the announcement OF
non-action by the st. Paul directors or
the supposed financial plan.
This apparently singular action was
based upon a speculative assumption that
| the delay in the ST. Paul financial her
aided abandonment of the proposed Paci
| fic coast extension and a combination
| with the Union Pacific. The market
closed strong and active all around or
| this assumption.
| Bonds were heavy. Total sales, pal
value, S1,341,OO0.
! United States new As advanced p pei
cent on call