The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-27
GENERAL SLUMP IN
THE WHEAT MARKET
OVER 100000 Bushels Are
Unloaded BY Longs
PRICES HIT THE BOTTOM
Corn Is Fairly SteaCy In Early Session
But Follows Wheat In Downward
Course-Oats and Provisions
Are Also Lower

Chicago, May 26.-It was a market in
war times today on change Leading
longs unloaded more than 100000 bush
els of September wheat in lots of 10000.
One house alone purchased a line of
100000 bushels prospective. Retirement
at least temporarily of one of the most
conspicuous spectators was among the
causes. Another was the almost stimuli
taneous settlement of big dealings in May
wheat, whereby other traders of promi-
nence apparently have ended an exciting
experience. The close was. demoralized
and at almost the lowest figures of the
day, 41ac to 5ssc under the quotations cur
rent "a hours previous. Corn showed a
net loss of 1c to 11a@l5sc, and oats ssc to
1lsc. Provisions finished unchanged to
121ac lower.
General opinion regarded the days hap
penings as the end of a bull campaign,
which was headed by the speculator who
retired. II the trade guesses are correct
the leaders losses are great.
First transactions in September 19lN
wheat were made on December %, 1909,
when sales ranged from 97asc to 977sc.
March "a the option sold up to s1.071s and
TO-DAY sold down to 92a4c
Developments came thick and fast this
morning and followed heller SHELTER till
the pits were cleared this afternoon of
the perspiring and disheveed mob of
traders.
Announcement of the bull leaders firm,
with his name omitted. contained no hint
that millions Of bushels of wheat would
be sold today, presumably for his &C
count. Indeed, the market operator cred
tied to his house declared stiffly: I'VE in
no wise change our opinion about the
long side of September wheat"
The first the public knew of the inn
pending upheaya1s had no apparent con-
nection with the veteran leader. but re-
lated to extensive operations in the May
delivery by other large traders. Nearly
10000 bushels of No. 1 northern wheat
heading down the lakes from Duluth to
be delivered by short sellers on May
contracts here were diverted suddenly to
Buffalo. This made it appear that an
Albany, N. Y, operator who has been
believed to be the leader in May con-
tracts had arrived<at some sort of settle
ment with prominent bears in that fu-
ture. Almost Immediately the price of
May collapsed &c and September was car
ried down cent.
eral incentive for selling September and
other new crop months-the return of
warm and seasonable weather IN all the
wheat country east of the Rocky noun
tains and fine rains over night in the
Pacific northwest. AS prices tumbled the
volume of wheat poured in on the, market
seemed to constantly increase and over
ct.o all i,,H ~
the buying, however, was of a deliberate
character, and on a scale rarely paral-
leled on a runaway market.
Nevertheless each half cent rally was
the signal for the reselling OF wheat. A
good many Of the purchases were attrib
uted to eastern shorts as well as to Chi
cago and foreign operators. Extreme
weakness marked the close. which
showed a net loss of 41kc for September
and 514c to 55sc in May.
Corn was fairly steady for time, but
finally gave way because of the weak
ness of wheat, and the warm weather
In the corn belt. September ranged be-
tween 57esc and 601kc, closing weak at the
low point of the day. loss of 11a0l15se.
The cash market also was weak. No.
yellow closed at 61@81Ac.
There was much selling of long Sep
tember oats by cash houses with country
connections. Considerable selling of May
was also done by the cash concerns.
September fuctuated between 36isc and
371ac, finishing shade up from the bot
tom, but 11sa1Ac below the previous
close.
Provisions were firm on lighter run of
hogs receipts and afterward affected by
the weakness in the grain list. In the
end pork was down 121ac, lard unchanged
to 21xc off, and ribs unmoved
Entttro uuofa tiOnS were as folIowS.