The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-06-17
] ACTION IS TAKEN
TO PROTECT PRICES
Big Financial Interests Con-
cerned in Maintaining Values
Get Busy.
UNSETTLED CONDITION
OF MARKET ALARMS
Issue of Listing United Steel i'm
Paris the Main Disturb
ing Factor.

NEW YORK, June l6.-The unsettle-
ment IN the stock market which started
YESTERDAY, proceeded TO such a length to-
day as 10 bring out forcible measures for
the protection of prices from great bank
ms, interests and others interested in
maintaining values.
United States Steel was the center. q,
the disturbance. Reports from Paris
seemed to confirm the rumor that efforts
20 20 secure the admission Of United States
steer TO the Paris bourso had failed
through the refusal Of the government
Official whose consent is necessary. The
disturbing effect OF this and tho acute
Weakness of United States Steel was con-
tested by powerful buying orders for the
STOCK designed to support the price and
5y renewed assurances Of j. p. Morgan
K co. of their confidence that the plan
Tor introducing United States Steel 10
tn" Paris boursc. while DELAYED and en-
countering some opposition would be car
lied out
The effect was not confined TO United
states Steel stocks l-'
ing sharp declines during the morning
and being subjected to pronounced pres
sure Of liquidation. The professional
bear organiza ton. which came into prom-
neucc Yesterday. was active again. Large
ltquid3tton was forced upon the market
by The mere fall in prices, which induced
speculative holders To throw over stocks
TO save profits or to limit losses. The
bears continued To force the decline so
long as this condition continued. The
support which checked the decline in it
self put a stop 10 much Of the selling.
anu illt SfllhlDle OF llle pears 10 cover
aided materially In the purpose Of those
seeking TO protect prices.
The expected message OF President
Taft. which proved to have been quite ac-
Curately outlined In the news, was dwct
On by some OF the sellers Of stocks a
possible opening for a renewed agitation
in congress on the whole subject Of cor
poration control SenSitiveness on the
subject OF corporal ton pursuit has grown
koener with the widespread discussion
given the affairs OF the American Sugar
Refining company in connection with it's
settlement with the Pennsylvania Sugar
Refining company. There Is some appre-
hcusion that this discussion and agitation
may prejudice the final settlement oi the
tariff schedules.
\ decline in copper in London and at
The New York metal exchange were IN
cidents OF The day that worked toward
depression of speculative sentiment
good effect was produced by the quick
sale reported by the purchasing bankers
Of the SOS 600. .0o0 st. Paul dehenturc bonds
\ squirt i'm Reading to above Ia! was q
sustaining factor In the late dealings
hut II WAS not annoupced until after the
market had closed that the dividend on
the stock had been left unchanged. The
activity of the market was much cur
tailed at the partly restored prices OF the
latter part OF the day, and the closing
tone was Irregular,
Bonds were easy. Total sales. par VAL
ue, Si.9ss 000. z
United States bonds were unchanged
on call