The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-10-12
WALL STREET NEWS
Trading Entirely Satisfac-
tory to the Optimists.
COPPER SHARES ARE STRONG
Grain Prices Fall, Owing TO Favor
able Government Crop Report on
Monday, Thus Ending the Read
iustment of High Cost of Living.
Cali Money IL In BETTER Demand.

New York. Oct. 1.-THE trading in the
stock market and in the grain markets
to-day was entirely satisfactory TO those
following or believing In the constructive
side OF the security markets. Botr
stock and grain markets reflected the
great Importance OF the surprisingly
abundant returns from agriculture as
displayed in yesterdays government crop
report.
The grain markets yesterday had closed
before the report was published: to-
day both corn and wheat opened at
prices we'll below Yesterdays close. and
active trade continued weak until at the
close corn was l cent a bushel below
yesterdays prices. and the wheat options
on from IA 10 Ia. oats options were
also weak and all of these grains sold at
the lowest Of the year, thus implying
both an abundant export movement and
a movement toward readjustment of the
high cost of living
Opening Is Strong.
In stocks the opening was strong and
the upward movement. which set I'm fol-
lowing the government crop report yes
terday, continued until all the standard
stocks showed substantial gains. Con-
spicuous as rejecting directly the in
fiuence of the abundance Of the crop
We're the stocks of the Western grain
carrying roads and international Har-
vester. corn products. and other indus
trial shares, whose value Is directly af-
fected by the supply Of farm products.
The copper shares were strong 10 the
accompa niment OF an advance in copper
prices In London. The Erie shares we're
strong and unusually active. following the
publication OF the annual report, showing
an increase Of S4.455.OC0 in gross earnings
an increase of s.. $500 in net earnings
and surplus for the year of $5OS9. 600
after the payment of all charges
Similarly Great Northern and Northern
Pacific displayed somewhat more strength
than most OF the others. these stocks
being affected by an injunction granted
by the United States Circuit Court re-
straining the interstate Commerce Com
mission from making effective reduced
rates on lumber. The turnover OF stocks
was about twice that OF yesterday. and
the market was very much broader
Gains in the less active stocks and spe-
cialties were as numerous and on the
average greater than in the active spec
ulative shares
Increase Is Expected.
The governments statement Of agricul-
tural exports for September was another
that, like the government crop report
ordinarily imparts more than temporary
strength 10 the security markets. An
Increase over August exports had been
expected, for it Is In such number that
heavy exports of the years farm prod
Ucts normally begin.
The increase in cotton exports, il was
argued. was due principally 10 tenn
pOrary cause. the controversy over cot
ton bills of lading. Nevertheless. the fig
ures give assurance that September was
a month IN which exports were consid-
erably in excess of imports, and in
which. for whatever reason, something
important was done toward rectifying the
extremely unfavorable trade conditions Of
the preceding months OF the year.
Can money to-day. perhaps on account
OF the increase in stock market activ-
ity as well as further heavy shipments
10 the interior. was In much better de-
mand. The prevailing rate was q, per
cent. but time loans were made at ia
1er cent