The Montgomery advertiser., 1909-06-04

New York, June 2.--Ths securities
market IN New York today was replete
WITH sensations and the causes lying
strations made by the price movements
were kept yelled from public knowl-
edge. That sucn causes existed and
for granted ON account OF the convtac-
ing evidences presented by the tape IT
SELF II would be diffieult TO- cohesive
q any such reckless and prodissl Law
VOWED In purely manipulative move
mAnt In Southern Pacigc such as its
upward rush Of over points today on
1t supposable that this demand was duo
to any foreign realization on the part
Of q Widespread public opinion Of the
clpal buying Of the stock, more over
came in enormous blocks from individ-
ual brokerage houses. These features
Of the MOVEMENT prompted the infer
sons Informed Of some forthcoming
plan Involving the finanees cr orsani-
cation Of ths company. What that
purs x Pc so Far N az any au
thoritative information to, the public
went. Rumors on the subject dwelt
on the iikeiihood Of z coming increase
Much was heard also OF an intended
retirement OF the preferred stock al
though the privilege lodged in that
ssosk 81 p srcff or pa woaia Srseinae
the advantage which might come to
the company by the retirement Of this
a Per Gent tb ss l
exchanging. The exchange OF the pre-
ferred for common would deprive the
former OF Its prior claim TO 7 per cent
to share In any dividend disbursement
above that amount. The senior COM
pany, Union Pacific. was tardy in re-
Southern Paciac and in fact sold on a.
one time to lower price than II closed
last night. Later in the day 1t came
into the movement mere fully, Before
fully effective in It's sympathetic infiu-
enee on the general list some degree OF
apprehension existed over .he market
paa os Sy hs es On the
Paris Bourse. The removal from the
floating supply OF the large blocks con-
templated by the Paris plan has admit
Of the short interest In U. s. Steel.
That short interest was supposed to be
large and to include some interests
market specialization. some Of the re-
cent heavy liquidation in stocks that
had been advancing. is attributed to
losers on the short side In y. 3, steel,
manner. It was feared that the con-
tinued rise in U. s. Steel might thus
hurt the general stock market. Lack
of detailed information Of the scope Of
room for wide surmises. These were
directed most eagerly to the amount Of
the accumulation of the stock involved
and to the price paid for It, The re-
port from Paris of a million shares TO
be held would be over nth part OF
all the outstanding common stock OF
teeing OF this amount of the stock even
with the purpose OF selling other secu-
rifles bearing q beneficial interest In
the stock would imply a revolution in
the market standing OF the security.
Confident assumptions were INDUCED in
that an early increase In the rate of
DIVIDEND disbursement might be In
ferred from the u 8. Steel shares since
the principal banking interest in the
property. was lending itself to the fo-
tation OF the shares In the Paris mar
ket at a price implying higher dividend
than now paid. The influence of the
same banking house in the administra-
ton Of the corporations affairs was
desire by that interest to increase the
dividend rate would prevail with the
directorate. The remarkable 8 point
jump in p. s. Steel preferred had no
other explanation offered for 1t than
the increase in the security OF the re-
turn growing out of the expansion of
earnings. The whole market became
close or the day, but the influences
ruling in all radiated from the impress
sive operations In the Hartman stocks
and in U. s. Steel. 20
Bonds were firm. Total sales par
value, s10,07s.00o, u. S. bonds were
unchanged on call.
GT0GIKG kfrnEE TIaT