The Marion daily mirror. (Marion, Ohio) 1892-1912, 1912-01-22

that the railroads are freer from leg
islative attacks than they have been
for many years, though still contend
ing against the exactions of state and
city governments. Even the latter are
becoming more reasonable because of
the establishment or better relations
between the railroads and the pubic.
The last two weeks or severe weather
will probably curtain earnings for
period. but this is only temporary
matter
After a period OF fully two years Of
enforced economy the railroads are
now driven into considerable expendi-
lures for new rolling stock, rails, etc.
Their demands I'm this respect are still
unsatisfled. For this reason important
new capital applications are stll in
prospect. presumably i'm the form OF
bonds or short-term notes the easiest
mode Of raising funds under the pres
cnt conditions. The steel industry is
feeling the effect of this demand in
marked degree. ana Is really In better
condition than Is generally appreciated
II Is worth noting that so long as de-
mand for iron and steel continues
good the talk of tariff reduction has
little or no effect upon the securities
affected.
Money Market Reassuring.
The money market outlook Is re-
assuring Easy rates are probable for
some weeks 10 come; factor of con-
siderable Importance IN strengthening
the stock market. for the cheapnoss Of
call money tempts many institutions
into temporarily putting their funds
into high class securities which viii
afford better returns. Money Is now
roturning from the interior more free
" and the outlook Is for low rates at
lest. until the April settlements, more
than two months distant The only
drain from any source at present in
sight is the exports of gold to Argen-
tina on foreign account, this being
ffvored by the relatively higher rates
Cor money in Europe than here.
our foreign trade returns for the
year 1911 have proved very satlsfac-
tory inasmuch as they show an excess
OF exports over imports amounting to
$559O0O,0OO against S3O3,O0O. 900 the year
before and S252 100000 In 1909. This
Is the largest excess. OF exports on re-
cord, and shows most gratifying turn
In our foreign trade. In imports there
was a decrease OF about $50. 200 900
during the year largely due. Of course
to lower prices and the quletness OF
trade in the United. On the other
hand there was an increase OF $22G. .0O0,-
0OO in our exports. This was partly
due to dullness here. but also 10 Eu.
ropes larger buying Of our manufac-
tured articles In steel manufactures
there was a notable increase in our
exports, the gain in this respect be-
ing very significant as to our future
in the worlds market for steel prod
ucts. We are rapidly approaching
England and Germany as steel ex-
porters and will soon surpass them.
As for the immediate outlook while
there is no Immediate cause for con-
cern. It is wise 20 continue "golpg
slow" Considering that capital is de-
better returns, that import
ant new issues are pending, that the
political situation abroad is still un-
settled and that our own political af-
fairs are far from settled the contlnu-
aLce OF a conservative policy In all
business affairs is the only safe policy.
When the political haze begins to clear
we may be sure Of better times Per-
haps these are already approaching.
Henry Clews