Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1909-06-14
United States Steel Shows Effect Of
Plan to Operate in Paris.
INDEPENDENTS RAISE WAGE
Interest Rates Advanced, but 0utgC
Of Gold is Checked.
DEMAND IN THE SOUTHWEST
Approach of Half-YearIy settlements
VIII Involve some Preparations
for Large Disbursements-Re-
view of Weeks Business,

NEW YORK, June ia good deal of
confusion marked the price movement of
securities last week and this gave rise to,
or was the index Of, uncertainty In the
opinion on the speculative outlook held by
the operators in the stock market Con-
unued control was asserted by powerful
speculative forces by the vigorous mark
ing up In the, prices of stocks here and
there Of class calculated to exercise In
nuence on sentiment. At the same time ad-
vantage was taken OF developments in
equally influential stocks to push them for
sale, even at the expense OF sharp inroads
on the prices established.
Reasons were sought in the course Of
events for this mixed appearance of the
speculation, and some of the weeks devel-
opments were held to be sufficiently du-
bious in their Implications to account for
the hesitation in the action of the stock
market although confidence in the prog
ress of improvement in business and in
dustry was unimpaired.
Government Crop Report.
The government report on the June /
condition of the grain crops received close
attention from financial observers, and It
failed to offer the full announcement
hoped for as to the promise of the harvests
The decline in the condition of winter
wheat during May was a disappointment
and the reported increase in acreage Of
spring wheat planted fell short Of the pre-
vious estimates, although the high condi-
tion Of the latter was source of satisfac-
tion. Speculative attention has been turned
to the corn crop but while a large yield
g. expected, the fact that official determ-
ination Of the acreage planted remains to
be made impels caution in the assumption
of the final outcome.
The disposition to realize profits on ia
vorable developments was strikingly Illus
trated In the action of Southern Pacific.
following the announcement OF the plan Tor
retirement of the preferred stock, United
: states steel showed the waning effect, OF
the project to introduce the stock on the
Paris Bourse Reports OF conditions in
the steel trade showed further expansion
and advances in wages by several inde-
pendent companies were taken as proof
of the healthy condition OF the industry.
The statistics of the Copper Producers as
ISOLATION for May confirmed the belief in
a definite check to the accumulation OF
stocks the deliveries for the month hav-
ing exceeded the increased product by up
wards of 1900 900 pounds. Orders for de-
livery this month and next we're said to he
sufficient to absorb the stocks on hand
and some of the important producers were
practically out OF the market at preVaiinS
urices Copper industrials, however were
but slightly responsive,
interest Rates Advance.
r,,,rsst rates on money advanced in all
markets during the week. Discount rates
r,se I'm London Paris and Berlin but the
was checked Rates both for call and time
loans were higher in New York ana DOT
rouing from foreigners was extended
There were some large sales of France oli's
in the New York exchange market believed
TO be In connection with operations OF th'
syndicate to deal in United States steel IT
Psrls At the same time New YORK eN
change at Chicago fell back to par OF
below. the figure inviting shipments OF cur
ci,y to New York from there
southwestern money centers reported
somc stirring OF demand for funds II
pIeparatiop for the movement of the crops
1ne approach of the half yearly settle
ments will involve some preparations fo'
the large disbursements then. Some WIN
drawai of government deposits from tht
national banks and government bono
flotation are looked forward to and mucr
important financing remains to be proVioeo
FOR the large corporations, 1t Is knowI
that very large holdings cf bonds figure II
the record loan account now shown nS
the hanks OF the country and the possibility
is offered OF a movement to market som'
OF these holdings in the event of any con
striction of the money supply
mn nrnnnT ALIEN HR00kS