Omaha daily bee., 1909-06-17
NEW YORK STOCKS AND BONDS
Banking Interests and Others Take
Measures to Protect Prices.
STEEL is REFUSED AT PARIS
wan street shows More siERs of
sensItiveRess on Subject of COrpOr-
alton Control aud Tax of
Corporate Earnings.


NEW YORK, n. Y, June 1s-The qn,
started yesterday proceeded to such a
length today as to bring out forcible meas
ures for S5rt the P GsttS and ID Others If,eTs inter,
ested in maintaining values. United states
Steel was the center Of the distarbahee'
Reports from Paris over night seemed 70
confirm the rumor current for seVer9l
days that the effort to secure the I'D
mission Of United States steel to the Paris
hourse had failed through the retusal OF
the government official, whose consent Is
necessary. The disturbing effect or TINS
report and the acute weakness OF Unlted
States steel was contested by. powerful
buying orders for the stock desired 70
anoes of ]. T. Morgan & Co. of their
confidence that the plan for introducing
United states steel TO the Paris 6oprse,
position would be carried out.
The great stress which has been laid on
this project in connection with the specu-
iation in United States steel left no room
for escape from an u~nfaVorabie erect
from the reported defeat of the plan,
whatever may be. tho actual bearing on
the prospective value Of the United states
Th open pressure on those shares forced
them down to 65Skc. which is 1%c lower
than yesterdays closing price, and four
points below the high level touched on
that stock, the whole list showing sharp
declines during the morning, and being
subjected to pronounced pressure OF liqui-
dalton, The professional bear organiza-
ton, which came into prominence yester-
day, was active again.
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 losses.
The bears 9 cont Gaedit 10 tC onnt,n The aeoilhe
The support which checked the decline
in itself put a stop to much of the selling,
and the scramble of the bears to cover
aided materially in the purpose of those
seeking to protect prices. The effect Of
the Paris news on steel was enhanced
plate workers with the corporation to
strike.
which proved TO rave been quite accurately
outlined in the news, was dwelt on by
some of the sellers OF stocks as a posi-
bic opening for a renewed agitation in
congress on the whole subject of corpora
ton control. The proposed 2 pei cent tax
on net earnings of corporations and the
recommendation to submit a constitutional
amendment permitting a tax on Incomes
were not especially relished in themselves
In the prevailing stock market view.
S~ensitiveness on the subject or corpora
ton pursuit has grown keener with the
widespread discussion given to the affairs
of the American Sugar Refining company
in connection with it's settlement with the
Pennsylvania Sugar Refining company.
There is some apprehension that this dis
final settlement of the tariff schedules.
A decline in copper in London and at
the New Hork Metal exchange were IN
cidents of the day that worked towards
depression of speculative sentiment. A
good effect was produced by the quick
sale reported by the purchasing bankers
of the S25, 900, 900 st. Paul debenture bonds
A squirt In Reading to above 15 was q
standing factor in the late dealings, but
It was not announced until after the mar
ket had closed that the dividend on the
stock had been left unchanged. The activ.
ity of the market was much curtailed, the
partly restored prices of the latter part
Of the day and the closing tone was ir'
regular.
Bonds were easy. Total sales, par value
"a, 9S4, 900.
United States bonds were unchanged or
call.
Number of sales and leading quotations