The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-05-01
By JOHN GRANT DATER.

ant. OF course but they come and SO,
and no one IS very much the worse tor
downs Il Is the distortions and nagnl-
flying Of these minor features Wnlch
create the unsettlemenJ Of sentiment
Normal Uncertainty"
That the general business Of the coun-
try. despite little recessfons here and
there. is still in excellent volume i
Indicated by the WeIl-sEstaIned volume
Of hank cIearances. and the general
satisfactory railway returns Clearances
for the week ending April SO, as com
piled by the Financial Chronicle, give a
total for the country this year Of SS,lll,-
OUJ-G10. as against S3,g52,99e,eS IN the
corresponding week in 1Sl9-an Increase
Of 30 per cent. And that Is the bass
1lpon which thew have recently been
running The gross earnings OF the
leading railways continue on an eNcel-
LENT basis, and net earnings are fairly
well sustained with here ana there an
exception, due 10 some special circUm-
stance
The present IS a period OF uncertainty
1T is a period when uncertainty is %
be expected. or. II one can excuse the
paradox. period Of normal uncertain
II. This Is ever the case when the olt-
come % the hHrFests hang in the PAL
auce. This country Isl peculiarly De
pendent upou ITS nd-EeSI = and or
course. the reports of dana &c add quite
naturally 10 the uncertainty Whlch mas
already prevailed CONCERNING the out
come Of certain other problems II real
ly seems as II the constructive party ~
the cpuutry's financial affairs mas ha1
its fair share OF difficulties but IL IS
quite easy To magnify the influence OF
these market problems and many c-
those which have disturbed the street
have been viewed with distorted vision
Take. for instance, the heavy sold eX-
ports as represented BT shipments OF
$4,000 90 London during the week
alone ma king a total OF sal.b5itI1 III
gold shipped 10 England, OF 20 Argen-
tina for English account since Aprl J.
Quite naturally this IS "a matter which
gives some concern. but money mar keJa
are automatic and speedily ADJUST
themselves. and the shipment Of amer
lean gold To London has unquestona biy
greatly strengthened the position OF the
Bank ot England u has iorufled Jnat
institution in the event Of any as
turhauce arising out Of the uunT1dled
speculation iu rubber and oil shares, at
a time when the adoption Of the new
process OF adjusting the SZs.0G5.609 de-
. felt incurred by the long delay, may
have some uuse-tliuE influence on the
London money market
Awaiting Crop News
Il might not be wholly comfortable
for our speculative market 10 have
anything go very seriously wrong in
London. at a time when the country
has an adverse trade balance, and
when the outward rush Of American
tourists. which carries SUCH great
sums Of money out Of the country, is
setting in. And so there is something
OF a compromising nature, after ali,
ia these gold shipments To England
OF course. u would not 90 well with
Is 10 continue them indefinitely upon
the recent heavy SCALE and i is In It's
bearing upon the international money
situation that the harvest outcome be
comes the question OF the nour, the
problem superior 20 every other PROB
lem in the present situation 10 W1at
extent the crops nave been oaTnaSe,i
by the recent lEclement weather Do
seems difficult 20 ascertain And II
was this UnCertalnTr- with the alarm
ing reports that came IN from az
tent OF crop injury, which eEeTteo the
chiefly depressing Influences IN the
market Of the week
II is very easy 10 OTerestimate the
extent OF crop injury, and particularly
+ SO a. a cate a. early as the last weei
Of April It IS early enough so thai
{ through reSeedin E-W here injury has
T been Se-i0uS-aDG hy favorable grow
ling Lous-where the harm Ia!
/ Eeeu mCderare-ihere may be an eX
/ ceLeut recovery and g fair aTeTa8'
{ harvest The weight Of expert opin
I ion Is that a considerable damage ha'
been done 10 fruit by frost and colo
weather, in Missouri and the south
] western territory In the case OF cot
I ton extensive killing IS reported d
some Of the more eastern Of the cot
/ ton producing States Much OF tn
/ cotton can surely be repIanted- Re
iuorts OF rapid deterioration Of win
Z ter wheat have come from sources re
/ Earded as conSeTVa tive. such as tn
! Modern Miller, of st. Louis and from
Secretary r. D CObUrn. Of the kansa
board Of agriculture. the latter estt
mating for his state a very low Condi
ltiOn of IS per cent, against ~ pc
cent a year ago. with an estimate ais
OF oue-third the sOwn crop -wtnte
! killed Upon this latter point, how
ever one may well wait for the r7pOr
tcr the Agricultural Department a
TEashinEto due probably within tn
week Last yea the a. ca Of whea
winter killed in the whole countr
was 2-0I3.000 acres The easy COurS
OF cereal prices, IN view Of the Gro
damage reports, points to q belle
that these have been exaggerated.
IS to Adjustment.
. Bankers taking the broad view {
things are now expressing the opiniO
-