The Washington times., 1912-04-21

menus as to engraving Of the plates,
the last issue of city bonds were not
listed on the exchange, which some
what impaired their marketability.
Foreign Trade and Crops.
An enumeration of other features,
which were seemingly unnoticed, in
cludes an increase in the dividend OF
the Amalgamated Copper Company from
to per cent annual basis, practically
the entire group of railway and indus
trial earnings and the Government trade
statement for March. This latter was
excellent, showing as its salient feature
further notable expansion In the vol
ume of the country's foreign commerce
The total exports of the month, $685.
1893, established a new high record
for the period. Imports reached the
considerable total of $15s.625, ,0S3, exceed
Ing those OF 1911 by s17,5OO, 900, but fall
Ing about Sc, 25O,0oO below the high record
for March, which was attained in 1910.
As a result, the merchandise trade ball
ance for the month amounts to s4S,7O7,-
S45, while for the nine months of the
fscal year to date our credit on mer-
chandise shipments totals $50S, PIG, 6,596.
one feature, which unquestionably
cannot be ignored much longer by the
speculative market-not necessarily be-
cause the outlook Is not as promising
as 1t was a short time ago. but because
we are entering the period where con-
sideration of the matter becomes sea-
sonal-is the question of growing crops.
Attention was directed to this by the
publication on Wednesday of the first
Government weekly weather report of
the present season. AS will be recalled,
all preliminary reports were of a highly
| enthusiastic character. Since the appear
| ance of the first Government crop re-
port, which gave low condition of S03
per cent for winter wheat, poor reports
OF State agricultural boards have been
received from Ohio and Illinois, but II
cannot be said that the general con-
dttions concerning cereals is unfavor-
able: but wheat has advanced sharply
on the less favorable advices. and in
time the stock market will take note of
this. With cotton the weather con-
dition is distinctly unfavorable. the
heavy rainfall and flooding delaying the
planting, and that staple, too, has ad-
vanced.
Abnormal Movements.
While no one is likely to attach over
| much importance to predictions of wide
spread damage to cereals or cotton, as
early as this In the crop season. the
| movement of prices in the commodity
| markets should serve as a reminder and
recall the fact that the country is enter
| ing what as described annually as the
zone Of normal uncertainty" On most
| occasions security markets pay some at.
tention to this matter, and usually they
mark time while the outcome of the
crops is wavering in the balance. but
there is no assurance that such will
be the case in this instance, for every
: development has pointed to the present
market as wholly abnormal affair, oil
one which rests under the control OF
men who seem disposed to take as
many chances as the skipper of the tt.
tanic, in driving his vessel ahead at full
speed. regardless of known obstructions
| In her course.
1t may be said, despite the strength
| of prices. the impression still fingers
that there is much of unrealty about
the entire security movement, and this
was not lessened by the part which the
specialties have been made to play in
the weeks market, but, of course, there
| Is no accounting for taste, and II may
be that such new buyers as have en-
tered Wall Street are of character
who accept tips as Gospel truth, anc