The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-06-09
FEW Stocks LEAD
THE UPWARD MOVE
Bullish Tone of Hartman Paci-
fics, Reading and United
States Steel Apparent.
SOUTHERN PACIFIC SHOWS
AN UNUSUAL STRENGTH
Government Crop Report Has
Marked Tendency Toward
Checking Active Trading.

NEW YORK, June S.-The stool, mar
so kee occupied Itself today largely with the
pending the appearance Of the govern
lncnt crop report. after which there was
nitiI itfianslorma ton of the previous lone,
WIN aggressive upward movement in
sucn sucn market leaders as the Hartman Pa
Glncs and Reading. and good advance in
trend was to he expected.
The rather urgent pressure OF specula-
ka, Lae .qu!dation which came upon the mar
the market opened today
heading was the early aggressive lender.
Win a persistence OF the reports OF
coming increase in the rate of the divi-
dend and of the retirement of the sec
ond preferred stock by exchange for
common and first preferred stock, each
dividend Increases was influential in va
rious stocks, including Atchison.
In Missouri, Kansas Texas. the mo-
tive OF The advance was the reileration of
rumors of buying for control by of
the large railroad systems. United States
Steel was again the subject of reports
OF accumulation by the Paris flotation
syndicate. The buoyant rise of five
points in the southern Pacific stocks was
due due TO the reported action Of the directors
looking 10 the retirement Of the preferred
stock, The privilege of exchange OF the
preferred stock into common stock rather
than accept the sll5 in cash, at which
would mean, OF course. the substitution
OF 9 per cent charge on the present
~
the { per cent now paid in dividends on
that stock. In the event of the expected
increase in the common stock dividend,
seems TO foreshadow, The charge on the
company's treasury would become the
same.
The benefit TO the finances of the COM
pany seems rather obscure. On the other
hand. the right 10 call the preferred stock
for retirement expires next year. so TINT
~ would have permanent preferential
rights 10 per cent dividends II not re-
tired before that time. The alternative
offer 20 preferred stockholders OF 4 per
cent with $50 cash in addition would ef-
feet an annual saving 70 the company II
accepted by all the preferred stockhold-
crs Of about 81, 200. .000,
The publication OF the government crop
report came upon the prosperous course
of the speculation by these special move
menls Keen disappointment with the
showing OF the condition Of winter wheat
and the acreage estimate for spring wheat
induced general selling OF stocks. and
brought prices back TO about where tnsE
left off last night.
Different state crop reports the June
condition appearing recently had aroused
hopes OF q showing OF Improvement in
the percentage showing OF the govern
ment report. The sharp deterloration
from S3.5 TO sO.7, which occurred during
May. was regarded as somewhat sensa-
Bonds were irregular. Total sales. par
United States bonds were unchanged on
New York Bonds.
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