New-York tribune., 1911-01-30

| pansion In the iroh OH" ''
Manufacturers take n more cheerrui VIC"
of the situation. And the same '"'"e
may he said Of sentiment In all lines o'
trade The United States steel corpora,
t,on's report for the last quarter oil ioi'
will not make favorable comparison
with the figures for the same u'ne u
1909 and with the preceding quarters u
1910. but the twelve months operauon'
will show. nevertheless. more than lV F'
cent earned upon the common STOCK
which for weeks has been one OF tnt
strongest features on the Exchanse
Representative Stanley, Of Kentucky, IN
troduced a resolution In Congress ias'
week calling for an investigation or inc
United States steel Corporation. but Nv
tle notice was taken Of the demand III
the stock market, and no interest was
expressed by the financial and Invest
ment community In the matter, for the
good reason that the big steel concern
which is not n monopoly. Is conceaiins
nothing. and is not. according to an IN
vestigation made by the Attorney Cen
erals Office, operating in restraint OF
trade. United States Steel preferred
continues to be absorbed by investors,
while the common likewise is In good de-
mand. on the theory that. while the cor
poration probably will never be COM
PEELED 70 reduce the dividend. the stock
even on a lower dividend return would
not be dear at its current quotation.
Time money is in good supply. and the
market is what Wall Street calls soft.
The demand is light for short Dlatu-
rites. with a better inquiry for longer
periods. although the volume OF business
for distant months cannot be called
heavy. Commercial paper offerings are
restricted. In spite OF more attractive
rates. and from current indications there
will be no widespread borrowing in this
department of the money market at pres
ent. while based on the character Of the
dealings on the Stock Exchange in re-
cent days the demand for accommoda-
ton against speculative commitments
will not impose anything in the nature of
a burden upon the banks In the course Of
the next few weeks. The local banks are
showing smaller gains on their opera
tions with the interior, while their weekly
gain from the Sub-Treasury also Is
smaller than recently reported. Govern
ment disbursements, however. are run
ming we'll in excess of receipts, and the
Treasury's working balance Is declining
at rate that suggests the probability
of federal financing at no distant date.
That the Secretary of the Treasury Is
making plans for the issuance OF Pan
anna bonds is reflected in his statement
before the Finance Committee of the
Senate urging legislation which will en-
able him to put out Panama bonds under
conditions which will prevent their COM
ing into competition with the outstand-
ing 2s.
Open market discounts in London are
somewhat easier than recently reported.
and the Bank Of England has reduced
its minimum rate TO per cent. Ster-
ling exchange is irregular and more in
our favor than usually reported at this
period of the year. but there appears TO
be little prospect of shipments Of gold
from Europe 10 this country. while IT Is
not improbable that London could secure
the metal here if heavy demand for
Continental and South American ac-
count should develop at the British cap
ital. Many of the local trust companies
are contemplating reductions In interest
allowed on deposits. owing TO their belief
that the money market is in for long
should. therefore. be readjusted ~ a
lower basis. II is no uncommon thing
for the trust companies to revise interest
rates at times like the present.
tFor other financial news SEE ninth paxe)