The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-09-30
WALL STREET NEWS
Decline in Price of Leading
Agricultural Staples.
CORN CROP MOST PROMISING
Advance in Bank OF EngIand's Dis
count Rate OBSERVATION-DISCLOSURES
Reserve Stin Above Seasonal Az
erage-western Union strong-An
Prominent Issues Advance.

New York. Sept 2s.-Agaln to-day, as
was the case yesterday. the only sub
stantial development OF Importance in a
financial sense-aside from the advance in
the Bank OF Englands discount rate from
to per cent. which was an entirely
expected event-was decline In the price
OF the leading agricultural staples
The fall to-day. however, which brought
me price OF corn TO the lowest level of
sae year. was much more considerable
than It was on the preceding day. and
was. in fact. greater than it has been for
long period. The principal wheat. corn.
and oats options all dropped from / to 2
cents bushel, and the circumstances
was susceptible OF only one Interpretation.
namely. that it is now the consensus in
the grain trade that the country's leading
crops are turning out this year in most
excellent shape.
Summer weather has prevailed praeti-
cally over the entire Western country
since the beginning OF the present month,
a period when storms low temperatures,
and all sorts OF weather Universities are
not infreauently the rule.
Corn Crop Promising.
There is now llttle dissent in any quar-
ter from the view that the country corn
crop this year will be in excess of $780,
0O0.000 bushels. and that great oats
crop VIII be gathered.
The wheat crop was. &C course, long
since made. and. as is now known. viii
surpass earlier expectations OF its guam
tity. The fair presumption is that the
agricultural prosperity thus described
means another year of al least normally
good business in the western part Of the
country. and an amount Of railway ton
mage certainly not less than that of the
year before: and il is not surprising that
realization of this truth should begin 10
impart some impetus 10 what has long
been clearly diagnosed as hold-out
stock market
The advance in the Bank of Engiand's
discount rate this morning proved 10
have been so thoroughly foreshadowed
that its effect from the outset. even In
the English market. was favorable rather
than otherwise. As the rise In the rate
IS so extreme, that is 10 say, from 8 10
per cent without the usual intervening
stage OF 3ia per cent. IL IS more than
probable that a further advance in the
rate will not occur for long time II, in
deed. it occurs at all, before the end OF
the year
No doubt. demands for money as aG-
dressed 10 the British capital are still
large, but il must be noted that the Bank
OF Englands proportion Of reserve to
liabilities stiIl stands at 5O,5s. high fig
ure for this time OF year. and that the
banks gold reserve is sim way above
the seasonal average.
Particularly strong stocks in the mar
ket to-day were the Consolidated Gas.
Chesapeake and Ohio. Western Union,
American Telephone and Telegraph and
Manhattan stocks.
All the prominent issues. however. ad-
vanced with not a little vigor, which was
most consptcuously displayed in the clos
ing quarter OF an hour or stock exchange
business So far as political considera-
tons were concerned. they were to-day
a strong market factor TO this extent.
that the people of the financial COM
munity were for obvious reasons deeply
concerned in the character OF the noml-
nee TO be chosen at the party convention
tomorrow at Rochester.