The Washington herald., 1909-05-10

New York, May s.-Such ideal weather
conditions as prevailed in this neighbor-
hood last week were not OF course dis
pensed ii equal degree over the entire
country, but they were pretty nearly so
and their effect vas in the highest degree
favorable TO agricultural and general
business interests.
Our Western friends who are engaged
IN lively speculation for the rise in
wheat, and are trying TO bring 70 the
'front.' anything In the nature OF :. crop
scare that they can, tried 10 make US be-
AeVe that crop prospects were seriously
enected last week by hot winds and dry
ness n Western Kansas. despite the re-
cent cold weather and drenching rains
but talk OF this kind amounted 10 but
little
The one great factor IN the crop situa-
ton al the moment IS thar the weather
OF the last ten days has allowed seeding
operations in every section Of the country
70 pass OF practically pass 20 a successful
completion, while the warm weather and
Gear skies have immensely helped the
growth OF grain already planted
Government Estimates.
question stiu 10 be answered IS
whether the government made a mistake
earlier fl the year in its large estimates
o. the amount Of wheat in the country
left over from last years crop. or wheth-
er the farmers are holding these remnants
OF last years crop for higher prices.
Whatever the truth is about this matter
IS disclosed by the event. The truth about
me general agricultural situation is that
TIE consumption OF fOodstuns in the
United states Is oUtrunning their produc-
ton, and that comparatively high prices
Tor wheat must be expected IN future. Fur
tner, fact Of even greater Importance
Is that according 20 trustworthy evf-
oences consumption Of products generally
Is going on all the while in the country
al more rapid rate than IS either com
monty estimated or estimated by many
professional calcuistors or observers.
Another way OF stating II is that business
n the country is a good deal better than
= is popularly cracked yp 70 be.
There is no doubt that one particular
reason for this IS that the 1877 panic
caught manufacturers and consumers for
ne most part with light stocks OF goods
on hand
Revival of Business.
Expression Is stH given 10 the view IN
the financial district. although not as
frequently as IL was six months ago
that the unexampled recovery in business
that has taken place since the 1907 panic
has been chiefly due 70 the presence OF
monetary imitation. The subtle influence
OF redundant circUlations, il is said. has
been the chief influence IN bringing this
state OF affairs about. and il is main
tanned by those standing on this general
ground that the measure Of prosperity
which the country nOw enjoys is 70
very great extent fictitious
7 Is meant By this contention tha.
the fortunate incidence at this iu1cture
Of the increased volume Of the worlds
gold production has contributed 10 hold
ing prices OF securities and commodi-
ties az higher level than might other
wise have been the case A certain amount
OF attention must be paid 70 the argTl-
ment; but the imitation that has thus
taken place, II any imitation has al al
occurred. has been caused by such IN
DERIVING and primary forces Of nature
as not . be initiation IN the ordInarv
sense OF the word
Just as the report OF the United States
Steel Corporation for the March quarter
and the news Of an advance In the 3is-
prices OF many steel products was the
business feature Of the week before last.
80 the continuing strength OF the iron
and steel and copper metals and the an
nOuncemenJ Of the long awaited decision
O. the Supreme Court OF the United
States in the commodity clause case
furnished the feature Of the week just
ended