The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-08-27
WALL STREET NEWS
Corn Crop Traders Impelled
to Cover Their Contracts.
LARGEST HARVEST is PROSPECT
Days Turnover on New York Ex-
change Amounts TO $4,000 shares
and Again Influences Market,
While Sale of Bonds Also Shows
Inactivity-Heavier on Banks.

New York, Aug 26.-Stocks gained to-
day little more than they lost yester-
day, when the market became weak on
unfavorable weather reports from the
outlying sections Of the corn belt and
apprehensions Of frosts that might re-
tard development. There were light frosts
in the northern portion of the corn belt
but they did no damage and the unsea-
sonably cold weather IN this section was
quick transformed to-day into mild and
altogether favorable conditions.
The prospect Is still for the largest
corn crop on record-a crop well in ex-
cess Of 3,O0OOOO.oOO bushels-but no doubt
the market will be subjected 20 further
scares, for the seeding season was un-
usually late this year. and year in
which weather all over the country has
been extremely variable
To-day. after yesterdays fears were
allayed, the new corn crop options de-
clined as much as they advanced yester-
day. and in the stock market profess
sional traders who had sold stocks on the
crop news OF yesterday were impelled 10
cover their contracts.
Brisk I'm Last Hour.
Trading was light until the last hour
when great many favorable crop re-
ports caused brisk covering movement
and produced net gains for the day not
far from two points In the active stocks.
The turnover amounted 20 $4,000 shares,
and the market was again influenced.
In the bond market on the stock ex-
change there was even greater dullness.
Sales Of bonds amounted 10 but s759.OO0
an inactivity that was in strange con-
rast with announcements that the Texas
company had sold 100000 worth OF
notes tO~bankers shat the bankers had
disposed Of all Of the notes. and that the
81. Paul, Minneapolis and Manitoba Rail-
road Company. a subsidiary OF the Great
Northern had sold about 100000 Of
per cent bonds
These securities are the only ones that
have been brought out by railroad and
industrial companies this week.
Developments in money. though Of
mixed character. were on the whole not
at all unfavorable. open market dis
count rates declined in London. and as
an accompaniment Of this movement
sterling exchange here was weak for the
first time since the upward movement
began, three weeks ago.
Heavier on Banks.
The local banks were called upon for
heavier shipments TO the interior than
on any other day since the crop move
ment began. and shipped large sums to
Chicago, st. Louis. New Orleans. and
other financial centers Of the West and
South. Time money rates. though the
demand for funds was not at all heavy.
were again harder
As a result principally Of the shipments
70 the interior, the banks which latterly
have reported high reserves have lost
cash in the course OF the week and il
is natural to expect that the banks. as
whole, will show loss in cash holdings
as result Of the weeks money move
ments. On the other hand, il is prob
Able that the loan expansion, which in
the five previous weeks had resulted in
an increase OF more than 100000 I'm
loans, has been checked and that de-
posits have decreased, so that no more
than moderate decrease in the surplus
reserve may be shown.