Omaha daily bee., 1909-06-03
NEW YORK,STOCGSAND BONDS
Check Comes to Advancing Tendency
and Market is spotty,
STEEL COMMON AGAIN HIGHER
IL Reaches New High Level late in
session and Has strong senti-
mental ERect ON whole
List.

NEW YORK, June A check came to
IN advancing tendency Of prices today.
although the action of the market was
still mixed. Here and there prices con
tinued to rise. but in other quarters there
was a sharp backset. Reading especially
under quite severe pressure and the
appearance of some important liquidation
In that stock was OF notable sympathetic
effect on the whole list. Another center Of
strong sentimental influence was United
states Steel. in which the recent persistent
and prolonged advance gave way to a re
action of a point. Its upward rush TO 67A
In the final hour had a strong restora-
tive influence on the whole list. The vola-
tile extreme Of the later stages of its rise
ton.
Foreign securities markets seemed TO
wake up today for the first time to the
Importance of the listing Of the United
States Steel shares on the Paris Bourse
and this topic was the sensation Of the
Paris, Berlin and In some degree the Lon
don markets. There was lacking any de-
tailed description Of the process to be fol
W In the Paris operation, but the in
tervention of a syndicate or trust to act
as a holding company in france for a
block OF United states Steel, and to issue
gains this holding it's own certificates
was assumed to be the course intended.
such certificates serving as the medium of
operations in the Paris market, rather
than the corporation shares themselves
Aside from the strong Monumental influ-
ence on the value Of the itock of this i'm
pOrtant new departure, this method of
operating in the new field would have in
volved an important accumulation Of tse
actual holdings Of the stocks. The with
drawal from the floating supply of this
stock of so considerable an amount as Is
believed to be involved in the syndicate
holding would go far 20 explain the ex-
~traordinary strength. which the stock has
displayed. When the stock started upwards
to a new high level, late in the day. its
strong influence was eXerted
In the recovery in the whole list.
The aTtion of the Addison issues i'm face
of the announcement of the new Atchison
convertible bond issue was regarded as
rather suggestive. The stock and the older
subscription privilege at 104 for the new
bonds represent valuable rights for the
stock, based on the ruling price for the
older convertible issues. a good deal of
attention was paid to crop news and esti-
mates of private experts coming to hand
were taken as f~oreshadowing a poor show
Ing In the government report Of conditions.
looked for next week. The weekly bulletin
OF the weather bureau was not calculated
to ailay this condition. Another marking
up of the price. of flour was an incident
OF the day, growing out of the scanty
wheat supply. Further reduction in freight
charges on import traffic by the trunk
lines were disliked, as threatening a spread
OF this dispute into other departments OF
traffic. The marking up of the price OF
copper did not prevent the copper indus
trials from figuring conspicuously i'm the
early r~eactionary movement of prices.
Bonds We're heavy. Total sales par value
N,6SO,OO0 United States bonds we're un
changed on call.
Lumber or sales and leading quotations
/ n m atnnEn auVAa. - ill.,.