The Marion daily mirror. (Marion, Ohio) 1892-1912, 1908-02-22

appears to be gradually emerging
from the slough OF despond into
which It was recently thrust by the
repeated attacks made upon 1t by
those in high political places In the
state and nation. Toward the close
of the past week pessimism gave
way to decidedly more hopeful
feeling. which was not only reflect
ed in material increase In busi-
ness in the stock market, but also
in a sharp recovery in prices from
those that had previously prevail
ed. The action of the directors of
the Union Pacific and Southern
Railroads in declaring their custom
ary dividends, whereas fears had
been entertained that reductions
would take place in both the In
stances, did much to inspire con-
fidence. but of more far-reaching
Importance perhaps was the pro-
nounced success attending the Of
fering OF y5O.OOO.O0O IL per cent
bonds by the City of New York
The opening OF bids disclosed that
there were over eleven hundred bid
ders for these bonds and that the
average price offered for the same
was about 104; moreover, that a
syndicate headed by J. Pierp0nt
Morgan had offered to take the
entire lot at figure considerably
in excess OF l05.
This incident proves concIuslvely
that the investment demand for
first class securities is still very
much alive. Additional evidence In
this connection Is afforded by the
fact that durng the week there
has been pronounced revival in
the buying OF odd lots" of dividend
paying stocks, both on the New
York Stock and Consolidated Stock
Exchanges. Commission brokers on
these Exchanges have reported or
ders of this description from in
vestors throughout the country, and
while most of the recovery that
has taken place in the stock mar
ket has been due to covering OF
short contracts, purchases of the
character described have played an
important part in bringing this
about. This movement is merely nj
extenuation OF the investment de.
mand that followed the panic OF last
Fall, and which was prompted by
the exceedingly low prices then
prevailing. which SO materially en-
HANGED the yields to investors AS
illustrating the extent to which this
movement has gone, the figures of
pennsylvania Railroad Company are
highly interesting. During the year
ending January l, 1908. the num-
Der OF shareholders in that company
increased no less than 1850 over
1907, to total OF 57,226. lnnum-
berable other instances might be
cited In this connection, but this
one will suffice to show that. DESPITE
the numerous onslaughts to which
all corporate interests have been
investors are still keenly
alive to the many bargains now
prevailing In the stock market.
Apart from the fact that money
still continues practically a drug
In the market. and ignoring thu
present declining tendency of rail-
road earnings and the possibility Of
some dividend reductions In addi.
ton to those already announced
there are number OF factors in
the situation which prompt more
hopeful feeling concerning the gem
eral investment and speculative sit
uation than has prevailed OF late.
Conscicuous among these are In
dications OF a moderate Improvement
In the iron and steel trade, which
s generally regarded as the barom-
ster OF business conditions In all
branches. Still another encourats-
Ing feature OF the situation is the
neathy state OF the country's for
sign commerce. as reflected In the
exports from the United States for
he month OF January. In practically
Ill the leading commodities there
9 an increase shown over the same
,eriod last year. among the most
lotable cases In point being cotton.