The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-06-04
HIDDEN FORCES IN
WALL STREET RULE
Just What Caused Sudden Rise
i'm Southern Pacific Is a
Secret.
SOME PLANS BREWING
ARE KEPT CONCEALED
United States Steel Aids in the
Boosting Effect; Closing
Tone BuOyant.

NEW YORK, June 3.-The securities
market in New York today was replere
with sensations and the causes lying back
of the various demonstrations made by
the price movements We're kept held In
from public knowledge. That such causes
existed and were substantial in nature
was taken for granted on account of the
convincing evidence presented by the tape
itself 1t will be difficult TO conceive of
of resources as would be involved in a
purely nlanpulatlve movement in South
ern Pacific such as its upward rush OF
more than six points on dealing in 5000
shares.
Neither is It supposable that this de-
mand was due to any sudden realiza ton
on the part of large public OF the mer-
its of the Southern Pacific shares the
principal buying of the stock mover came
in enormous blocks from individual bro
kerage houses.
prompted the inference that the buying
came from persons Informed of some
forthcoming plan. involving the finances
or organization OF the company Rumors
dwelt on the likelihood Of coming increase
in the dividend on the common stock
Much was heard also OF an intended re-
change OF the preferred stock for COM
mon would deprive the former OF Its
prior claim TO per cent dividends, but
II would entitle II to share In any divi-
dend disbursement above that amount.
The senior company, Union Pacific. was
tardy in responding to the excited ad-
vance la Southern racine and at one time
sold off TO a lower price than 1t closed
last night Later in the day it came into
The movement more fully.
Before the Southern Pacific movement
became fully effective in its sympathetic
effect on the general list some degree of
apprehension existed over the market
conditions presented by the syndicate plan
for introducing United states Steel on the
Paris oourse. II was feared that the con-
tnued rise in United States Steel might
thus hurt the general market Lack of
Paris operation in United States Steel
left room for wide surrnises.
Conhdent assumptions were indulgcd In
mat an early Increase In the rate of divi-
dend disbursements might be inferred for
The steel shares, since the principal bank
ing interest In the property was lending
Itself to the f1otation of the stock in the
Paris market al price implying a higher
niVidend than now paid. The Influence
Of the same banking house In the admin
lstration OF the corporations affairs was
hold 10 Justify the conviction that a de-
sire by that interest to increase the divi-
dcnd rate would prevail with the direc-
torate
The regna arkable siN-point jump in Unit
cd States Steel preferred had no other
explana ton than the Increase in the Sc
curitE OF the return growing out of the
expansion in earnings
The whole market became very BUOY
ant and animated before the clos, OF the
day but the Influences ruling in all radi-
ated from the impressive operations in
The Hartman stocks and In United States
Steel
Bonds were firm. Total sales, par VAL
ne, $40. 900
United States bonds were unchanged on