Richmond daily palladium. [volume] (Richmond, Ind.) 1905-1906, 1906-01-22
THERE is NO BREAk-D
In Sight According to Henry Clews
Monetary Conditions
Improving.

New York, January 20, 1906
Manipulation, backed by prosperity,
impaired much strength and activity
to the stock market. 1t is quite obvi-
GUS that all the largest interests IN
the Street have common interest III
advancing the market. The big
holders still have plenty of stocks
for sale, and the only means of find
ing purchasers at the present high
level is to create the impression
among the public, through tactics
easily detected by the trained obser-
yer, that the market will rise still
higher. Bullish predictions have
been spread broadcast, and as these
in many eases have proved correct,
the public is naturally taking the
bait with increasing confidence. In
some quarters manipulation has been
of very questionable and reckless
character; and at the moment there
seems to be nothing to check such
operations except stringency in the
money market, or collapse of some
kind. It must be admitted there, are
no immediate signs of a speculative
breakdown, although history teach
es that breaks Of this character usu-
ally come when least expected and
when the financial skies are at their
brightest. 1t is very evident that
stocks are steadily passing from
strong into weaker hands, and that
the technical position of the market
is weakened by every advance. Just
to what extreme the present move
ment will run no one can determine,
and while we advise unusual pru-
dence it must be recognized that in
dications favor still higher prices.
This is distributors market and
best suited to millionaire operators.
Monetary conditions are gradually
improving. Currency is returning
more freely from the interior and
bank averages are rising. There has
been tremendous increase in the
circulating medium of the country,
but this is still actively employed in
legitimate business transactions,
both at the East and in the West. In
the interior the return movement is
somewhat delayed by the tendency
of farmers, both South and West, to
hold on to their crops. The latter are
being marketed from 80 to 60 days
later than usual, the improved finan-
cial standing of the farmer and his
confidence in securing good prices
explaining the delay. Ultimately
funds thus withheld must return to
interior centers and then to New
York, promising easier monetary
conditions after April than now ex-
ist Whether this return movement
will occur in time to relieve the usu-
al stringency about the first of
April or not remains to be seen, and
SO far as the money market is con-
cerned it is not likely to be out of
the woods until after that period.
Gold exports have already set IN,
and promise to continue, but these
cause no serious uneasiness, and will
not until they assume much larger
proportions. AT present our foreign
trade movements is exceedingly sat
isfactory, the excess of exports over
imports for the month of December
amounting to $9S,50O,000, compared
with only $4S.000000 excess the
same month last year. 1t was the
largest December on record for both
imports and exports, the total i'm.
ports during the month being SOL
100000 and the total exports
amounting to almost $780, 100000. A
year ago the imports for December
were $96,000,000 and the exports
S145,000.000. This enormous in.
Increase of $54,000.000 in exports was
an extremely satisfactory feature
and explains why gold exports have
not been as large as at one time
feared. 1t was not only due to large
shipments of agricultural products
but also to an unusual gain in oul
exports of manufacturers. This, too
is feature for REORGANIZATION
inasmuch as it demonstrates our in
dustrial advancement and our in
creasing ability to supply the mar
kets of the world with industrial
products. Needless to say, til,
country is strengthened by havin,