The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1913-01-27

NEW YORK. Jan. u some
what more cheerful temper prevailed
on the Stock Exchange during the
early part of the past week. which
was due to relatively easy money
conditions; to the better outlook for
ending the Balkan war through Turk
ish concessions, and to a belief that
most of the current unfavorable con-
ditions at home have been in a meas
ure discontinued.
Owing to the influx of funds from
the interior, easier money rates are
prevailing, the actual reserves of the
Clearing House banks last week
showing an increase of nearly Sc ,000,-
600. This permitted fresh outflow
of gold, chiefly to Argentina. At this
goes to South America on London
account to pay for grain and meat
exports to Europe from Argentina.
Next week the February disbursee
ments, amounting to over 100000, 900
Will become due, making a grand to-
tai of s347 100000 since January l.
Since the investment demand for Sc
curities has not thus far come up to
expectations, and since prices are
lower than two months ago, condi-
tons are favorable to more activity
in the bond and stock market, either
on investment or speculative account
The outlook is for continued easy
money until preparations for April
settlements are in order. Large sums
of money are still locked up in the
grain at the west awaiting shipment
The open winter is facilitating traffic
in all parts of the country, and it
should also encourage an earlier re-
turn of crop funds than usual. This
is also period Of the year when bus
mess activity is at it's minimum; a
fact illustrated by the partial slowing
down of orders in the steel and textile
Industries, without regard to tariff un-
certainties.
There is still some uneasiness con-
corning the incoming administration
In all fairness it is time to ask,
have We not already discounted such
drawbacks? Is not the country more
apprehensive of what may happen
into an unduly discouraged state of
| mind, calculated to bring on rather
than avert the difficulties most
dreaded? AS already stated in these
advices, it is time for the country to
| recover it's self-poise ind to take a
well-balanced view of business con-
| ditions. The facts certainly are not
OIL ho
are of nature to warrant real con-
| fidence. The stimulating and incon-
trovertible fact that our crops last
year produced $9,OOO,OOO,0OO of new
! wealth still remains. The buying
power of the country is unparalleled,
| in spite of high prices, and trade in
all directions continues record break
| ing in volume. 1t is difficult to find
| any industry in which there is over
expansion. On the contrary, in many
lines of manufacture producers are
behind In deliveries, while consumers
and distributors are urgent in their
demands. The actual scarcity of
goods in many lines is one of the
most important reasons for present
high prices. The country is still in
the midst of an era of active develop
ment, which shows no signs of having
reached it's limit, and which would be
even more active were it not for the
restraints of political uncertainty and
the increasing difficulty of obtaining
capital at reasonable rates Not a
few flotations have been delayed in
the hope Of obtaining cheaper money.
! Railroad earnings in the first week
of January were about - per cent
larger than year ago, and bank
clearings in the second week of Jan
uary were more than 10 per cent
ahead of last year, the gains being
general in all sections of the country
particularly in the Middle West. An.
other emphatic evidence of trade &C.
tivity in our foreign commerce, the
official figures for 1912 showing i'm.
ports of $780, 900 900, an increase of
more than $4,000 900 over last year
while our exports amounted to $,400,
100000, an increase of $500, 900 900 for
the year. This left an excess of ex.
ports for the year for the year OF
! 1852, 900, as against $3.50, 200, 900 a
year ago. This explains our strong
control over the European money
markets. Since Europe is still largely
a debtor to the United States, event
ually this balance will have to be
settled by imports of either securities
| merchandise or gold, probably the two
latter.
AS to the political situation, that
would seem to have been fairly dis
counted. Some of Mr.. Wilson's ut
terances caused, as we all know, con
siderable disquiet, but Judging by his
general steadiness of character and
his persistent refusal to appeal to
popular prejudice, or to play the dem
agogue, it may be hoped that he will
not give the country any further un
necessary shocks. He has made q
good governor of New Jersey, and his