Show MONEY RATES AFFECT LOST LIST Grain Trade Upset By Miscalculation Farm Prices Drop lly ii B STUART sTURT P. P 1 WET WEST Special J Correspondent C of Tho Standard Copyright 1926 1925 Consolidated Press Preas Association NEW rw YORK YOm Sept 26 The Th The The- moo mOIl Important questions raised II by the happenings of the last lut week V ek In the are I whit Is b to be the effect of the tho decline In farm prices what t will be tile the result assuming a n sat- sat Ida tory conclusion of ot tho the French debt negotiations what Is the elg- elg anco of ot the tho sharp fluctuations occurring In money monc rates and antI finally how far fkr has hs the tho specula specula- speculation tion for the rise in stocks been justified jUI by the th facts fact connected 1 with company compan earnings with Ith div div- dividend Ic changes and with possible capital readjustment So much has been made In the discussion of the last year ear of the Uni Improvement ement In agricultural con on conditions dill InS and anti what this has meant to the buying power of or the farm farm- farmers ers era that any changes In the he op 0 opposite op- op I direction have to be ser seriously noted IX TED MISCALCULATED r r one thing thine the grain trade lally h over o estimated estl the damage done stone to 10 the corn orn crop by the dro period in tn the summer Tha discovery ery of Its mistake has led to toa toa a 11 severe re decline In prices price and cons cori Is selling now some a bushel under what n a hat It was ft a year yeara ear a ng 50 Other grains grain with the exception lion tion of wheat compare quite as unfavorably with the 1924 quota Quota- lions In the case or o 0 wheat wheal the main point t Is 19 the extent to which the market has come ome down from the seasons season's high Wheel he t dealers dealer have hav also als gone astray In their calculation tion or first regarding the tho Increases In Canada and ani In Europe J COTTON COTrON HIGH The Tho go of or a aI I cotton colton yield of nearly bales when alien th the th s market had been I for a 8 further reduction caused an abrupt break In prices I. I Coton Cot on Is selling substantially where It was a J. J year ago and this means lS profit of the he colton cotton raiser promises to be comparatively small As against t this tIllS Is to be set the decided Improvement nt In tho the live stork sto k Industry Prices of cattle of hogs and of meat products are mu-h mu above what tileS they were last year pat at this tills litre The Thc agricultural communities thus have lla lost In one nand gained In another On the whole their outlook Is favorable although nothing to en- en thue about They appear to face facea a season of moderate mo good times but tut nothing more mMe DEBT FACTOR P. Tf If a settlement Is 19 concluded be- be b twe tW In n the French and American merlan treasury representatives over the war 1 debt l l. l it will vili be factor sven If It a minor one helping the plans for domestic tax reduction elond It will be a J. J cumulus cl to the tho security business because It will vili re lease Ie-ase r large offerings of new Fr Fr- Issues are plated for the tho American American market but which are awaiting the out- out corio corI of at the tho debt refunding con- con nce foi In th- th third place Il will wiil pi be of ot benefit to our trade trad vit France Franco There are arc tile the three aspects h make mako the proceedings at Washington Wahington a matter of Interest to the tho market But as R It U happen they thoy have havo so far tar had hod no reflection ex except cx- cx copt cep for a slightly better tone tono In Inthe inthe which the French dollar bonds ol o ll lIy would wO become more pop- pop ula ulal with American Investors If the big floating war obligations of France were taken care of ot MONEY RATES DANGER D. In a single week the tho New ew York batUs more than U an Doubled their horr- horr They did this Ibis while calling In at atthe atthe the start of th tb thc week Wall Vall street loans reckoned as os high as os 40 Thesa rhes oper ope lions readily accounted for tho the Jump In the call money mcney rate i froli 3 h P per r cent as late lal as Friday a week ago to 6 per cent last Monday and for the subsequent quick decline to 4 It has not b en ten established one whether the tho way we or the other Budjen upturn In money was all In Inthe inthe the tho nature of ot a warning to Wall all t speculators that they the were going ahead too fast tast But the tho was Inclined to t draw raw this conclusion at the same time rec- rec the that with credit resources resource under the Fed Fed- Federal eral Reserve system there would b b. b MO IO serious apprehension of any any- I I Ith th approaching an old fashion ell eel ency I STOCK MOVEMENT LEXT MIXED On In the stock exchange tho the In In- Individual InI movements have been I mixed li The general vet el much under what It Is 19 slightly average wn 0 va a week ago a o but that means only slightly below the tho top of ot the tho year clr In a n. general way WO the tho spec spec- ul lve spirit has hos received a n. check which most persons of ot experience would d regard aj ai salutary If It past experience Is a guide which then thel many of ot the rumors have havo been circulating for Cor the last month about dividend Increases extra stock distributions and capital capi I tai tal either 1 ups split-ups disappointing will tI turn un or out to to t have a bo be the been more than discounted by I great rise In prices MOTORS UY MARKET The rhe support received re phd by the au automobile nu- nu they shares sharell whenever have ave sold Bold off at t all all has been blen a steadying Influence upon tho the mar mar- market market market ket generally bo ho o har the strength I the dividend displayed In some o g rails still they have ha not to start up ip speculative I In Interest In- In Interest availed i W terest tIl In the tho market a generally Heel shares have not lIot got away from fron roan the tho adverse Impression made by the trade advice which Is that the volume of business Is good but that the price situation la is not at all sit good and Is la not kly to Improve yet et a L while Whit little was wag aroused I and andI ov r th the copper market two I three weeks ago lIes has dwindled Neither the tho export demand nor the tho th thI home demand for the tho metal has hascom I and prices 1 tome com up to expectations exp ct I have fallen off oH Naturally this has hu had Its Us effect upon the tho market for forI forthe tho the copper stocks mocks I |