Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-06-17
FINANCIAL AND COMMERCIAL,
MARKET STILL UNSETTLED.
ForcibIe Measures for Protection OF
Prices--Closed Irregular.

New York, June 16.-The unsettle-
ment in the stock market which start
ed yesterday proceeded to such a length
today as to bring out forcible meas
ures for the protection of prices from
great banking interests and others in
terested in mair tanning values. United
States Steel was in the center of the
disturbance ana the greatest activity
of the dealings. Reports from Paris
over night seemed to confirm the ru-
NOR current for several days that the
effort 70 secure the admission of
United States Steel to the Paris bourse
had failed through the refusal of the
government, whose consent is neces-
sary. The disturbing effect of this re-
port and the acute weakness of United
States Steel particularly were contest
ed by powerful buying orders for the
stock designed to support the price and
by assurances from J. P. Morgan &
company of their confidence that the
plan for introducing United States
Steel to the Paris bOurse, while delayed
and encountering some opposition,
would be carried out The great stress
which has been laid on this project in
connection with the speculation in
United States Steel left no room for
escape from an unfavorable effect from
the reported defeat of the plan, what
ever may be the actual bearing on the
prospective value of the United States
Steel shares. The open pressure in
these shares forced them down to So
rs, which is l 3-S lower than yester-
days closing price and four points be-
low the high level touched on Monday
The effect was not confined to that
stock, the whole list showing sharp
declines during the morning, and being
subjected TO pronounced pressure of
the liquidation. The professional bear
organization which came into promi-
nence yesterday was active again The
large liquidation 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 the losses. The bears continued
TO force the declines so long as this
condition continued. The support
which checked the decline in it's effect
put a stop to much of the selling and
the scramble of bears to cover aided
materially in the purchases of those
seeking to protect prices. The expect
ed message of President Taft. which
proved to have been quite accurately
outlined in the news, was dwelt on by
some of the sellers of stocks as a pos
sible opening or renewed agitation in
congress on the whole subject of cor
pOratiOn control. The proposed 2 per
cent. tax on net earnings of corpora
tons and the recommendation to sub
nit a constitutional amendment per-
hitting a tax on incomes were not es-
pecially relished in the prevailing
stock market views. Sensitiveness on
the subject of corporation pursuit has
grow, keener with the widespread dis
Cussion given to the affairs of the
American Sugar Refining company in
connection with its settlement with
TIE PENNSYLVANIA Sugar company. A
5eriine' in copper in London and at the
New York metal exchange were Incl
dents of the day that worked towards
depression of speculative sentiment. A
squirt in Reading TO above 1855 was a
sustaining factor in the. late dealings,
but it was not announced until after
the market had closed that the divi-
dend on the stock had been left un-
changed. The activity of the market
was much curtailed at the partly re-
stored prices Of the latter part of the
day and the closing tone was irregular.
Bonds were easy Total sales par value.
$4.9S4, 600 United States bonds We're
unchanged on call