The Marion daily mirror. (Marion, Ohio) 1892-1912, 1912-02-19
OLD HANK

icals who simply wish to win votes by
playing upon class prejudice. It is
tue the political situation is by no
means clear, and we must remain cx-
posed to unpleasant surprises at least
until after the conventions. When ]
these are out of the way it will be |
more possible to draw conclusions as |
to the final outcome of the presidential |
campaign. No important tariff lcgis- |
lation seems prolnb'c, particularly |
since the Democrats are not likely to |
offer any bill that President Tart will |
sign
still another favorable development |
having a strong bearing upon market |
Indirectly Is the better understanding
developing between England and Ger
many. The latter is highly significant
from on international standpoint. II
not only removes all possibility Of a
conflict between England and Ger
many, which not a few seriously mind
cd statcsmcn apprehcnded, but 1t al
go cnal les two of the greatest powers
i'm the world to modify their cXtrav-
agant expenditures on army and navy.
Should Il be possible ior England ANA
Germany to come 10 an agreement
whereby this waste was limited, tn,
result would be a vast step forward
for civizaton as we'll as IN incalculaElo
economic gain; for money which
hitherto has gone into unproductive di-
Iroctluns for ironclads and armies
would he turned into profitable chan
Lels The Significance Of this peace
movement Is shown by the rapid rise
ia British consols which have Ions
been considered the premier security
of the world. For months past they
have been solling at the lowest price
In many years because of the strain
lupon national resources from military
lcNponses and the Socialstic measures
lof Lloyd-George. n partial relief has
been found by the means just referred
to. and Il rapid Improvement In Bri-
tsh credit has already resulted Fin
lancial London is greatly relieved and
a strong tone Of hOperuncss prevails
I'm consequence. the effect Of which
cannot but have a beneficial reflex ac-
tlon upon the United states, Similar
Improvement is taking place in Ger
'many. General trade there Is In eX-
lcellent condition and has been through
cut the late excitement Whatever
stress developed from the Moroccan
incident was chiefly confined TO finln-
cal circles. Now that the strain has
been relieved by the rappochement be-
tween Germany and England, German
financial markets are experiencing
quite as much relief as shown I'm Eng
land. German loans have either been
paid or well taken care Of. Financial
anxiety has disappeared and the out
look in Germany Is quite as bright
as that in Britain. with conditions
SO satisfactory in two of the leading
commercial nations or the world, how
long will the United states remain be-
hind, when there IL nothing but uu-
necessary political disturbances 10 pre-
went a fresh forwar: movement?
I, The New York stock market has been
dun and lcthargic. Strength has been
shown in a few spccialtics. hut hcsit-
ancy still prevails fo" well understood
reasons. The money market continues
easy and there is still plethora of
idle funds, with no prospects of ma
|, terial change until preparations for
. April settlements are I'm order. 1t
cannot he said that ~ very hopeful
, feeling prevails I'm New York financial
circles, ana through the general sltua-
tlon in both finance and business 4,
, sound, operations for tae immediate
future still call for discrimination ana
conservatism. In due season the mar.
kot Is sure To take no greater activity
and that activity Is more likely to h,
witnessed on the side OF rising prices
than lower The most depressing fac
tor of material influence Is the inss
tencc Of capital upon larger returns
This Is proved by the rate at which
new issues have been put on the mar
, ke', Any large increase I'm offerings
, would, of course. render bull cam
! paign more difficult, and If capital is
IalGe To command per cent to per
cent. and over, II follows that some oi
3 TIE high priced issues must moro near
$ ly approach that level FOR the reason
. tat shrewd buyers VIII begin TO trans
v fer their holdings of fancy stocks I,
- The better class Of new issues. Ol
I the other hand, conditions are favor
able for better European buying, an,
g Il is would promptly check any sign
r. or weakness here. Under stronl
Il leadership the market might develoI
T considerable strength but at presen
y no such leader is in sight
r HENRY CLEWs.