init loading phenomena

[Harry Putnam]

I've noticed something that seems strange or even incorrect in emacs
init process on my setup:

I have a site-start.el file in /usr/local/share/emacs/site-lisp, its
actually a symlink to a file by that name in a local cvs repository.

I have a line in site-start.el that is supposed to inhibit the splash
screen. 

  (setq inhibit-splash-screen t)

However, when I start emacs, I still get a splash screen.  

Looking at C-h v <load-path> <RET> I see that path is there in this
postion:

   /usr/local/src/emacs-w3m
   /usr/local/tramp/lisp
   /usr/local/url/lisp
   /usr/local/w3/lisp
   /usr/local/gnus/lisp
   /usr/local/bbdb/lisp
   /usr/local/share/emacs/21.3.50/site-lisp
   /usr/local/share/emacs/site-lisp
   [...]

Oddly some of the earlier paths are set in site-start.el, but maybe
these aren't displayed in the order they are set.

Anyway getting to the punch line:

As mentioned, the setup still displays the splash screen, however if
I put this in .emacs:

   (load-file "~/.site-start.el")

Where ~/.site-start.el is also a symlink to that same file in cvs,
then the splash screen disappears.

The load-path appears to remain unchanged.  So what is going on in
the init process that allows the splash screen to still be displayed
in the first scenario?