The Marion daily mirror. (Marion, Ohio) 1892-1912, 1912-01-15
Marvel 7 h a t Financial
World Didn't Undergo
Greater Strain.
MODERN EFFICIENCY ISG REAT
Political Situation is Still
Obstacle to Business
Improvement.
Capital is Sore and Timid.
Country Weary Of Tactics
Used.

New York, Jan. i5.-The destruc-
ton Of the Equitable building by fire
had a marked effect upon business in
the financial district In the safes
and safe deposit vaults of this build
ing between $500, 900, 900 and $1,000
0OO. 900 of securities were placed for
safe keeping. A considerable pro-
portion Of these securities were being
actively dealt i'm each day. and their
temporary locking up in involuntary
escrow would have meant serious
complications had It not been for the
prudent action Of the stock Exchange
governing committee.
AS It is. the marvel is that so great
catastrophe IN the financial district
could take place with so little positive
disturbance in financial affairs That
It did not create serious arrangement
is excellent testimony as 20 the etfi-
cheney OF modern financial machinery.
The building contained a vast amount
Of records and documents. the loss Of
which will prove q serious inconven-
fence to corporations, lawyers and in
dividuals, and yet the disaster Will
cnuse no serious loss outside OF the
destruction Of the Equitable property.
The destructiveness of the fire was
almost n foregone conclusion when It
Is remembered that probably no build
| Ing In the country contained such an
accumulation of inflammable material
| in the form OF Libraries, documents,
furniture, etc, which had been ac-
cumulating for the past 80 years or
more.
The stock market apparently re-
duires some stirring influence to HIT
| il out OF present inertia. Good news
has been largely discounted and un-
| favorable news seems also 10 have
| lost its effect. 1t must be admitted
that the favorable influences are some.
what hidden and difficult TO discover
Cheap money is perhaps the strongeS
support at present afforded the mar
Iket Funds are abundant at low rates
when compared with what good Sc
curities are returning, even at present
market prices. There is every pros
| pcct that money will remain cheap
and abundant for some weeks to
| come.
The only important specific innu-
oncos affecting the market were the
fluotuations in Union Pacific and the
1
set on the other hand by the favorable
reports concerning the United States
steel corporation, which showed an
Increase during December OF 942'ooo
tons In untitled orders. There mas
been moderate demand for bonds
on January investment account
though the latter has fallen some
what below expectations and condl-
tions do not seem entirely favorable
for the further placement OF new IS
sues,
Large investors are holding BACK
either for more favorable outside con-
ditions or for better terms. Small IN
vestors are feeling the pinch OF the
times and as q rule have less money
than usual for investment. NeVerthe-
less. were conditions more faVoraple
new offerings would undoubtedly ne
nut out and taken with more iree-
dom Investors are wisely Insisting
unon safety, hence there Is more than
| ordinary discrimination In the maklns
of selections, but high grade bonds
having small returns are genefally
neglected In favor OF those oneflng
more liberal results. There IS uls-
position on the part of those having
| idle money on hand to invest tenn
porarily in high grade securities IN
order to keep their money employed
until business shows symptoms OF re"
vival Thus indirectly dun business
and idle money act as parual sup
port to security values.
| General trade continues quiet COL
lections are slow, and while condi-
tions are generally considered souhu
there is slight expectation OF any ma
terial improvement until tho polltica
situation is clarified, and the outlook
for next seasons crops can be some
what gauged. 1t may as well be taNeu
for granted that there can be no rehl
revival In business unless the couh'
try has n good harvest next season
So far conditions are satisfactory ana
reports from the interior indicate that
throughout the Northwest the con-
dition of the soil Is excellent.
The political situation Is stlll tne
chief obstacle TO business Improve
ment. Capital is undenlably timld'
confidence having been impaired ny
the repeated attacks against numer-
Gus industrial corporations ana thredS
upon others. our corporations can
easily adjust themselves to the la"
when that Is understood. They are
already adjusting themselves to re-
uuirements of the sherman law, ana
in many eases that adjustment Is al
ready complete, The sherman law
much as II has displeased some of our
Industrial magnates, has had no such
deterrent effect upon business as the
repeated attempts TO Cypress corpor-
atoms by unwise restrictions, by OPP
presslye taxes ana by the mania for
Investigations
Capital has been struck right and
loft, and Is consequently sore ana
timld; hence, enterprise lags, initla-
tive Is checked and the number of I'M.
employed increases rather than di-
minishes There IL no doubt the
country Is thoroughly weary Of tac-
tics, much OF which doubtless prac-
ticod for political effect upon the ig-
norant voter who does not and cannot
know the evil consequences OF such