Omaha daily bee., 1909-06-16
NEW YORK STOCKSAND BONDS
Organization of Operators Attacks
Prices Of Stocks Vigorously.
IS GENERALLY WEAK
violent Decline I'm American Sugar
Exposure Of trusts Methods Made
to Delegation IL Responsible
for ~It--StOry of Day.

NEW YORK. June 15.-An effective ele-
ment of the professional operators in stocks
perfected a sufficient organization and
gathered sufficient courage today to at
tack prices Of stocks with vigor and de-
termination and met with success in pre-
cipitating a sharp fall in prices. The
weakness Of the market was attributed
quite generally TO technical causes. The
rushing into prominence Of a miscellan-
eous lot Of obscure specialties is consid-
cred a bad sign OF the health OF the spec
ulatIon.
There was Q withdrawal of buying orders
prevailing and placed in limits slightly
below the market price eVith the determin-
alton to take advantage of a possible re-
action in what was supposed to be a
stGong market. With the reaction in force
this determination is relinquished in many
cases, no small sentimental effect being
produced on today's market by the vio-
lent decline in American sugar.
The steady dividend record of that stock
OF late has thrown Il into q class Of
quiet trading stocks to which spectators
rave paid little attention. The market for
Il has become a narrow one and 1t took
comparatively light sales today to break
the price eight points. The disclosures in
connection with the Pennsylvania Sugar
company's suit, both of the business
methods Of the American Sugar Refining
company and the heavy payments being
made for settlement of litigation, were the
causes Of today's violent decline. The
reports OF the activity into which the
government authorities are being stirred
by the disclosures is feared as a possible
prelude TO other actions against corpora
lions under the antitrust laws. II was
from this side that the sentimental influ-
ence of the break in sugar was OF most
effect on the general market
The firmer tone developed In the local
money market has served to bring out ad-
ditional supplies, as from interior banking
communities. The constant expansion In
the local loan account. the additional re-
quirements ahead from further bond Is
sues, and the nearer approach of the crop
movement period combine to suggest eau
ton in the over extension Of credits in
holding stocks at high price levels.
The reiterated reports OF a hitch in the
arrangements for dealing In United states
Steel on the Paris bourse have aroused
some distrust, in spite OF the assurances
50 often repeated from the banking inter
ests concerned hat the project was pro-
ceeding SUCCESSFULLY. Some effect was pro-
duced also by the official intimation that
the Chicago. Milwaukee & ST. Paul would
act in an independent way in the matter
of rates on its Pacific Coast extension.
Some of the sellers of stocks professed
apprehension that the publication of the
report of Gov. Hughes commission on
the exchanges would have an unfavorable
effect on the market. Liquidation was
pushed up to the end of the day with
prices off from / to@over 2 points.
Bonds were irregular. Total sales, PAL
value So, 800, 00O.
United States bonds were unchanged on
call.
lumber OF seles ard leading quotations