New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-01-24
FINANCIAL MARKET
Money Rates Easy. While Sterl-
ina Exchange Advances.

Declines reported in yesterdays stock
market represented realizing sales ana
brar pressure. the latter being encouI-
AGED hv the absence of active public buy
Inr and by The belief that technical con-
8it.ore warranted reaction. Maximum
LOSSES in some of the more prominent
issues amounted to more than points
Reading and tho Interborough- Metropo!-
tan shares suffering the most weakness
I'm the transportation securities appar-
emily being based upon the proposal OF
tho BRADLEY interests 10 build an inde-
pendcrt subway. while the decline in
Reading reflected little beyond legitimate
profit taking operations. advantage or
which was taken by traders 10 hammer
/ the price Of the issue. The action of the
United states steel Corporation in ad-
vancing wire prices caused little com
ment i'm speculative circles. but among
the larger interests I'm the street the
higher schedule was considered a sig
/ pincant indication Of the development at
no distant time of general Improvement
i'm the iron and steel industry. Manu-
facturers take a more cheerful view OF
the situation. Light steel materials are
i'm better demand, and, while the inquiry
for rails and structural steel is still in
active. il is not unlikely that consumers
needs soon will bring forth heavy orders.
United states steel common held rela-
lively firm, while other stocks declined.
.l.,se 11aNr a
TO induce liquidation on the basis of the
demand of Representative Stanley. of
Kentucky. FOR an Investigation Of the
big steel Corporation by Congress. An
investigation of the United States steel
CORPORATION might bring forth more ia
vorable facts regarding the affairs and
strength of the concern. but il would
serve no useful purpose as far as the
public veal is concerned. The corpora
ton Is not operating in restraint Of trade
Prices showed little ability Ia rally at
ANY time. and last figures were not far
from the lowest OF tho day. Buying APP
reared 10 bc checked To some extent by
uncertainty over the sort Of reception
the city bond issue would receive TO-DAY
when bids arc % he opened. In well in
formed banking quarters it was thought
that the sale would be a distinct success
\ New York city a. per cent bond is a
prime investment. and any ono who can
secure participation in the current offer
ing in the neighborhood Of par may con
slider himself fortunate.
Money rates were easy throughout the
day. while sterling exchange was firmer,
the market for the latter being affected
by the cheap cost Of money here and
stronger discounts in London. The de-
mand for remittance was active, and the
/ general characteristics Of the buying
/ suggested u more active inquiry In the
immediate future than recently reported
on a diminishing supply Of bills, espc-
cially cotton bills. owing TO the fact that
cotton was hurried abroad in such large
consignments IN November and Deem
Der that foreign requirements TO "A large
extent have been satisfied Wall Street
commission houses appear 10 bc con-
WINGED that money viii rule AT the pres
ont low levels for weeks TO come. and,
while this is the generally accepted view
Of the outlook in most quarters Of the
financial community, some bankers are
not willing to tie up their funds for long
periods At prevailing quotations, as they
believe that offerings of new securities
will be heavy enough 20 exhaust present
available supplies Of capital. If the coun-
try's industries become more active, in
terest rates doubtless will advance. but
at the moment there Is nothing in the
situation that warrants the expectation
Of higher quotations i'm the near future.