The Washington herald., 1909-04-26

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most Of the time and cool weather rather
generally prevailed. and this fact served
10 a certain extent 10 cast down the
minds OF those who have been srdenty
hoping FOR the prevalence OF clear days
and sunshine. chiefly, OF course. on ae-
count OF the beneficial effect that II was
known such conditions would Immediately
exert upon the eountTy's business.
But that such cOnd1Tl0zs as did rule
we're not AT heart regarded as unfavor
able was amply sttested by the character
Of the movement in both the stock and
grain markets. While everybody would
rejoies for superficial reasons in the
quick coming Of warm and sunny wealth
er, II IS yet undeniable that just such
weather as has recently been given to us
IS that which viii prove 10 be the best
IN the long run for the counUy.s crops
and for financial affairs.
It must not be forgotten that Up 10 e
couple OF weeks ago the rainfall over the
country for the last eight months was
sti1 considerably below the normal aver
age. This deficiency has now been made
I'D. and tbs additional supply Of moisture
can be regarded IN no other Way than a
blessing Travellers over the agricultural
district say that while at the first glance
the winter wheat crop looks thin IN GER
tain districts. the weather has been such
as 10 cause the roots OF growing grain 10
strike deep into the ground, and that Il
IS evident that warm weather when Il
does come win work wonders
Season Is PrOpiffOus.
Not only is this true. but the ground
has been prepared in the best way foI
the corn and spring wheat planting later
on. The entire aspect CT the agricultural
situation can be described as no other
than propitious. and It was because OF in
Creasing evidences OF this. quite aside
from the operation OF other so-called
technical causes. that the sensational
decline IN the wheat market last week
was due. The truth is that We are hav-
ing this year for the first tine IN a num-
bear 0f years a veritabie old-fashioned
spring season
The collapse Of Mr.. Patten's wheat cor
ner IN Chicago. which vas partly brought
about by the substantial Improvement IN
crop conditions, 20 which reference has
been made. was the most prominent oc-
currence OF the week from a financial
point Of view. and perhaps contributed
oot little TO the more cheerful feeling
regarding the stock market The upshOt
OF this affair makes il highly probable
that -6eals' OF the kind described VIII be
far less frequent IN the future than they
have been IN the-past. although they have
been growing less and less in number IN
recent years
The failure Of these schemes IS becom-
tai
economic circumstances-sUch as IN the
present case the rush Of the farmers as
soon as they discovered that the corner"
was beginning 70 display unste2diness TO
sell wheat that had been held by them
for higher prices-but TO the increasing
opprobrium surrounding al such opera
tons. Something Of the same public dis
favor is no doubt visited more often than
II used 20 be upon similar transactions IN
the stock market. although here there is
no attempt TO increase the price Of the
necesssTies OF life
Fear of Congress.
Neither IS & likely that any corner N
grain viii ever be attempted again while
the Congress Of the United States IS in
session, and while It IS possible to at
least place a check upon such efforts by
suspending the duty on imports OF food
stufs. All this IS 70 be observed. while
at the same time emphasizing the fact
that grain must be expected TO sell Al
comparatively high prices in this c0un-
try for an indefinite time 10 come
The Fundamental explanation OF the ad-
vance IN the security market last week
was not only the bettsTing prospects
for the crops, but numerous indications
~-Fn Inc IN II
IS at least becoming clear 70 a good many
people that the business OF the country
has been all along and especially in the
last month, a good deal better than il
was popularly supposed TO be Attention
has cOnveTged IN the public press and
II common talk upon the depression IN
the coal trade. the copper trade, and the
steel trade without careful examination
as 10 the exact extent and character OF
the depression in each OF these industries
and without consideration Of the state OF
business over the country as a whole.
Small Lines Profitable.
Nov there has been curious develop
nent IN this respect. which may be Illus
trated in the case Of the United States
steel Corporation Every one knows
that orders in what may be called the big
lines OF steel products have since the
outbreak OF financial trouble IN 1907 been
relatively sparse But what everybody
does not realize is that IN recent years
there has been in the steel trade an ex-
traordinary creation Of business in small
lines which has been relatively much
more profitable than that OF the old
standard forms OF production and has
made the business Of the Steel Corpora
ton OF far more fourishiug character
than would have been deemed possible
bv an old hand in the trade a few years
ago. So as regards the country's rail-
wavs. an insight into what has been GO
ing on and is going on is given in the
typical report Of the operations Of the
baltimore and Ohio Railroad Company
for the month OF March. which was made
n,Ibiic last Thursday Il IS a matter Of
notoriety that the soft coal business has
been poor. and it might be supposed that
the Baltimore and Ohio would show. poor
earnings until this business improved.
In March. although the Baltimore and
Ohio's coal business was considerably less
than Il was in the same month a year
sZo. the miscellaneous business Of the
road was 50 increased that its gross earn
ircs we're S5Es. 90 larger than they were
fn March, ls0S. while the increase in net
earnings. owing 20 the general reign Of
railroad economizing now IN progress, ap-
proximated 10000.
As the week closed. signs that have for
a long tine been gathering ran into
Drsctfcal certainty that the difficulties be-
tween the employers and the employees n
the anthracite mining region were at an
end.
The Turkish political situation did rot
II a7v time II the week serve 70 co more
fban slightly hold in check sn advancing
tanedency on all the European markets,
- a- ah-1ndance Of MONEY IS n-nduc-