The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1909-06-07
ENORMOUS BUYING OF SOUTH.
ERN PACIFIC SUDDENLY DE.
VELoPS.
French MARKET FOR STEEL
An Extraordinary Movement in the
Stock Market That is Without Es.
pIanation-New High Records for
the steel Trusts Shares.

New York. June 6.-Rarcly i'm the
history Of the stock market has there
been such sudden outburst OF un-
limited buying OF stock as that
which developed in the case of South.
crn Pacific today Transactions in
it exceeded 100000 shares and the
price rose ever points to 1870 IL. the
highest quotation ever made for il.
The character and persistency OF the
buying indicated that some important
developments of great Importance TO
the stockholders are impending, but
there was not the slightest definite
information on the subject. As usual
on such occasions the rumor factories
were busy. and there were stories cur
rent of proposed increase in the
dividend. plan to retire the prefer.
red stock and sale of the com
pany's oil lands to the Standard Oil
Company for many million dollars
For weeks past there has been only
moderate daily trade in the stock,
with narrow fluctuations in QUOTA
tions. and the tremendous movement
that occurred today was an entire sur
prise To the street The mystery OF
B the incident was intensified by the
fact that Hartman the head of the
company, is on the ocean and away
from the market. The other Harrl.
man stock. Union Pacific. Jagged for
n time. but finally advanced points
to 1913 81, which is less than . points
below the extreme hign price touched
temporarily In the boom of 1906.
The steel stocks, as well as the Har-
riman's. furnished sensation to the
market United States steel preferred
shares advanced & 1.2 points to 12S IL.
which is 10 points higher than stock
sold during the period Of the Steel
Tru"ts greatest profits The common
stock of the steel corporation rose
nearly points to 60 3.s. which com
parcs with n high OF 50 rs In 1907.
when the dividend was 4 per cent in
stead OF the present . per cent per
annum The stock sold as high as
10 In 1901, the year Of the organiza-
tion, as result of Kocn's manipu.
lation incident TO marketing the stock
by the original holders
The project To open the French mar
kct for the stock accounts in part for
the big boom in the steel shares
Many observers are wondering what
sort Of magic will be used To make
such securely attractive to the army
OF small French investors. The
scheme, as explained semi-offlcially,
Is 10 put several hundred thousand
shares in the possession of the Bank.
crs' Trust Company. as trustee. and
issue certificates against them. terms
Of French money. II means lock
ing mp of large amount of the stock
Some prominent capitalists are said
To have made immense short sales
Of the stock and are in distress over
the withdrawal of the floating supply
from the market There is an as.
sumption that the dividend will be IN.
creased 20 facilitate the marketing
of the steel certificates in France.
Except advances of . l.2 points in
Amalgamatcd Copper and American
Smelling and of "a in Pennsylvania
railroad stock all of which occurred
late in the day, there were only mod
crate advances in the rest OF the mar.
kct, though there was broad and
widely extended trade in general list.
Days total transactions were nearly
IL million shares, including 900 900
shares Of steel common. IL 600 shares
of steel preferred, 205,00o shares of
Southern Pacific and 10000 shares
Of Union Pacific Transactions In
these four stocks made up nearly half
Of the total sales of the day.