The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-15

ness conservatism matching the oonser-
vatism Of finance would be Of gratifying
omen for the country's readiness Ia
adapt itself to events.
Uncertainty with respect TO the crops
will be a familiar feature of consldera.
ton from now until the late summed
More attention will he paid TO crop
harvests because of the contrast which
the season so far Offers with the
agricultural record OF the last three
years. We know that We are not going
to raise "a great crop OF wheat, but IL
the present promise Of wheat is horne
out the yield will exceed the harvest
Of any year before 1918. II the farmer
does as we'll in other directions the crop
outturn. while not CT bumper proper
ions will be satisfactory. Nevertheless
the signs OF the agricultural season to
date are not brilliantly suspicious.
When 80 large a part Of the world Is
devotinR itself to tasks Of destruction II
makes much difference In every country
whether or not productive energies are
rewarded with success. our farmers
cannot grow too much wheat. corn. oats
and other staples OF human and animal
consumption. They canno raise too much
live stock. and 1t may be remarked In
passing that there has been a serious
vi ' StbNh VII NtC III
the past wear. Agricultural prospects
are determined very little so early In the
year n II favorable weather IL
vouchsafed Turing the spring. summer
and early fail the American farmer car
be relied on to do his productive part, but
In this year 90 uncertainties all croI
reports as they come out will be studiet
with Unusual care.
That I'll. re II more than n little infia-
ton in business and financial conditions
Is not to be disputed. but the banking
position Is still remarkably strong and
proof Of this Is Afforded by the posture
Of the money market. At 10 time fo'
more than a year has II been possible
to speak OF money except In various
degrees OF ease. In the last few day,
the tendency OF rates has been toward
renewed relaxation. The international
money market Is 30 strongly in OH
favor as to be embarrassing. Gold I'm
portations have set In again n tn
further augmentation of bank reserves
can only conduce TO an acceleration o
infiationary processes. Accordingly
remains extraordinary that some Gus
tomary menacing sequels and symptoms
Of imitation. In the way OF excited specu
lation I'm all branches of business an'
finance and in the way OF public cxtrar'
agance are prhCtlCailN not uls''ri'l"'t'
The restraints which so many uncer
tainties impose on the reckless expires
sion Of confidence ar, responsible for thi'
| salutary state OF conservatism. The un'
derlying support thereby extended u
value which is steadily exhibited In th'
recurrent r~ecovcries OF the stock mar
ket from depression Is all the more
assured OF perpetuation. With rcspec'
TO stocks 40 much REIMBURSEMENT ot thu
market has already been accomplished
In comparison with the advanced posi-
ton occupied toward the end OF las
year that the selling side Of II seems t'
have less attraction than III. constructive
opportunities which II holds out. The
general financial and business situation
translated stock marketwise II one o
bullish incentive tempered very fortu
nately by uncertainties too numerous
and too important to be heedlessl!
ignored.