The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-06-07
PRICES GO UP,
THEN GO DOWN
Market "Worked" Upon AL
legged Information From Ma
tiOnal Capital.
LITTLE OUTSIDE BUYING
LY PROFESSIONAL.

New York June 6.-The transactions
which carried prices of stocks upward
In today's market were limited In amount
and were believed to be from professional
sources almost entirely. Evidently the
professionals find the best inspiration for
price movements in rumors from Wash
Ington regarding the intended policy of
Inc authorities towards corporations To-
uay rise was due IN large part TO the
positive assertions contained in Wash
Ington advlceS that a determination had
been reached, after consultation among
the members OF the administration, 10
feIfain from an active pursuit of the Har-
liman railroad combination because of a
fear that the general situation might be
lmper1lled by such a course. This was
the same report that emanated from
Washington on Tuesday, with the effect
OF putting up prices Yesterday stocks
ieI on the announcement from WaShlng-
ton that it was intended to proceed
against Mr. Hartman to compel an an
swer to questions which he refused to
answer before the Interstate commerce
commission The inference might be that
operators III stocks attribute great i'm
pOrtance to the governments course, but
the inference is equally strong that cor
rect information as to what that course
will be is far from being generally known.
Nothing occurred during the day to
change the conditions of fixing values.
The retirement from the Chicago &
Alton directorate OF a friend of the Har-
interest, revived some discussion
of the supposition long held in the finan-
Nal district of severe friction between
Vat interest and the present control of
the Alton.
This discussion, however, did not inter-
1ere with the strength of the Hartman
and Rock Island stocks. The admission
OF the absorption of dominant inter-
est In the Boston & Maine by the New
York, New Haven & Hartford was con-
firmatory of what has been generally
believed Tor some time past but the in
cident had some stimulating effect on
speculative sentiment as an evidence of
a stirring from the lethargy into which
all operations of the kind have sunk the
cearth of capital resources has put a
check to enterprise. Much was heard of
the sound conditions in the iron and steel
trade and the large earnings of some
OF the leading corporations in those in
dustries. Reports of railroad earnings
were satisfactory as rule, the heavy ad-
dlIionS TO Southern Pacific s operating eX-
Penses for April having a special explana-
ton in congestion of traffic and inter-
ruptlon by storms. The Great Northern
reported an expansion on gross earnings
for May of over IS per cent. The aver
age increase of net earnings for April
of all railroads thus far reporting shows
a percentage of more than 50 compared
with last year.
Another drop i'm the London price of
copper did not preclude the copper stocks
from sharing in the days rise here.
Foreign exchange made further ad-
vance and discounts and money rose in
London. Further Outgo of gold by Sat
urdayS steamers was accepted as GER
tainty. When the traders came to at
tempt to take profits prices yielded
been principally responsible for putting
prices up The closing tone was heavy.
Ronds were irregular. Total sales par
United States oIds as registered ad
vaneed l and the new As declined i per
cent on call.