New-York tribune., 1909-06-17
M LIST STEEL LIN PARIS
,rcOTI4TTONS DEL4TED.
Drsials of -4ny Serious Hitch in
Corporations Plans.

7,,-e 15-Norga-. Harjes & CO deny
-,.o.Ilv that the plan to list the common
- the United States Steel Corporation on the
s.- For,-se has fallen through. The firm today
fiI.-ss the following statement;
-. -sports published IN the morning papers Of
lAe -.ss.ive 20 the legal ard technical difficulties
fsiEs. --sv OF the accomplishment Of this project
81 asg--roneous The delicate negotiations which the
rev. ~ necessity slow are proceeding salts
isessr3lv IS could be expected under the circum-
snacts
- ..Terops- saws to-day that II learns from 4
-.+z,o-th, source that the report that the list
- s-esl common on the Bourse was opposed
- ---ncip-e ny the fiscal authorities and had been
.ssn5nncd IS inezact and adds:
7se matter. which il is true. presents consider
I'D zge beieve-we know-that II is being eN-
LINED in competent quarters with desire 10
Tso sss5er The introduction Of foreign securities
- france These negotiations We are assured,
- -roneedng ~ the present time
-s.,cs the fact became known that negotiations
= being carried on. the campaign against the
- of steel common has grown steadily more
t-,i5sbla Certain papers denounced what they
-,as The proposed raid on Franch savings. and
.,,s-ey ceusured the government for making any
-sssion - the United States while a hostile
American tariff was pending
rrerrh steel interests lodged protests. ana Il IS
,v.re5 that hostile financial interests helped
a.ns he opposition hy raising every possible teen
10, objection. especially in the bureau Of regis
,on where - vss contended that subscription
,s mt legally be sde hy third party. such
: ,,a Bankers Trust Company. for the intToduc-
= of .,bsnreshle certificates. because when these
..~A exchanged for Steel shares Fl would be tan
.,Teant 70 1ne introduction II steel stocks with
ost subscription
~. ns+ result of tie campaign. besides raising
.-r nossjhle complication hss been to cause the
sx,si authorities zho were favorahly disposed 70
:. Hs-ns of Steel common. N retsrd their de-
,so7 in order 70 examine and weigh the ohleo-
s,rs TIE neEotiations consequently. are likely
70 be considerably prolonged
a. ,hA ofroes oS 7 P Morgan & CO - was said
.sst although there had been some delay in hsv-
IL -be Tinted states Steel common stock placed
- hA PARIS Bourse. negotiations ~ that end were
,fn1 m 5er way and II hoped would he success
f,rv concluded 4 r1emAe- Of th4 fr1n. in speaking
~ he opposition which had developed 70 listing the
sbs-es il Paris said that the objections that had
hsA- raised were chiefly political. and concerned
,he general question Of listing without reference 10
,hs sdnttance Of the shares 70 any special division
.rrb as the ''paro1et' the "coulisse" He added
that s- 10 tine had there been anv question of
rbtsnine quotation Of the certificates represent
ins TIE stock in the latter department ss no diff
eu,ty would be experienced in anv case in having
fbe-7 admitted there. He saf6 further that r was
rot true thsr the French Minister of Finance had
tute-posed 10 prevent the listing Of the stock.
although ~ believed that the French steel manu-
fsctErers had objected and that their influence wss
zow being felt. He added that the difficulties 70 be
overcome in order TO have the stock listed not
tnsurrountabie by any means. and that il was
herAd that all objections could he in due time
Tie delay in the negotiations caused considerable
interest in foreign banking circles. where the be
lief appeared 10 be general that the listing Of the
shares as result Of the opposition that had de
yslcped. would probably hang fire FOR some time TO
Coms representative OF one Of the prominent
foreign banking houses went so far as to express
csut that the Steel shares would hs listed In
Paris even IN the 'Ceusse-' He said that the LAT
az was under government supervision just as
-snh as the -+parauet' and that II the shares
f,a5 nor be traded department he Old
-oe believe trev would get IN the other IN ex-
r7aus4ior Of his belief said that politics counted
Cor zeod deal in Paris and that with section Of
the ress and the steel manufacturers antagonists
hs thought there vas small of successful
conclusion 70 The neEotieti tons which were under
wy for placing the stock there
The BANKERS Trust Company. which Is n Issue
certificates against ne stock. refused 70 make snv
comment m Tie reported hitch IN the negotiations.
ether than 70 say shat the i'm the hands
oI J P Morgan & co. and that 8 satisfactory out
Conle looked for
United States Steel common stock dropped about
- poinrs in the early trading on the Stock EE-
change YESTERDAY. on the reports that the listing
the PARIS Bourse hsd been denied 70 II. but raj
LEI sharply following the derisl 0f these reports
ISSUED here sn6 in Paris. end closed st the same
price as On the preceding Gay.