The Washington herald., 1910-05-27
NALL STREET NEWS
Decline in Wheat Largest of
Present Year.
BOUNTIFUL PROSPECTS CAUSE
Selling i'm Chicago and other Gen.
ters Is on Immense Scale, and Cot
ton Is Looked for to Make similar
DrOp-PIacing OF Bond Issue with
France Another Development.

New York. May 26-Although there were
many noteworthy financial developments
to-day. the event Of far more Importance
than all others was q decline in the wheat
market OF greater proportions than any
in the present year. For at least a fort
night signs of chronic and underlying
weakness have been evident in the market
for grain and a general slow crumbling
Of prices has taken place throughout. The
substantial reason for this was. of course.
the continued prevalence of favorable
crop weather all through the spring and
winter wheat sections For a considerable
time the strong speculative party that
has been successful during the past
eighteen months in holding up the price
Of grain fought TO the utmost Of It's power
against the natural declining tendency Of
the staple. There is very little doubt that
lately the leaders Of this party made up
their minds that Il was useless 20 con-
tinus the struggle further and began the
work Of eXtricatng themselves from the
situation with as little loss as possible.
Selling on Large Scale.
To-day efforts in this direction passed
into the unconcealed stage and there was
open selling Of wheat on an immense
scale by the old-time bull leaders in
Chicago. The result was break in wheat
prices from 4 II 10 over cents in the
prominent options, a fall that carries the
price Of grain TO a point within hailing
distance at least of the level at which
normal export trade in it can be carried
1 4
advices from the crop district as TO excel
lent weather there and it was accompani-
ed by declines not only in corn but IN
provisions and in practically all other ag-
ricultured commodities 1t would be very
surprising If a sequel TO the chapter OF
history written in this respect to-day will
not occur in due course in a smash IN the
cotton market
True conditions in cotton are little
different than they are in grain, but il is
also true as regards cotton in even
greater degree than was the case with
wheat that speculation for the advance
pure and simple raised the price Of cot
ton. and still maintains it At a level
much higher than that at which it ought
10 be placed upon a genuine supply and
demand basis.
Big Bond Issue Placed.
Furthermore. to-day came the official
announcement at last Of the placing of a
bond issue OF 250.C00.C0O francs with
French investors by the Chicago. Mil
waukee and St Paul Railway Company.
Time money to-day was lower. sterling
exchange was again weak and the Bank
Of England's weekly statement Of condi-
tons was fully Of the sort looked for:
that is 70 say, II again exhibited the in
fluence Of causes making for a tempo
rary tightening Of the English money
market
Probably the stock market would have
rallied to-day anyway in a natural recov-
cry from yesterdays foolish and unjusti-
fed break. but the general grist OF good
news helped on an advance that was
otherwise logically started. and should
advices from the agricultural sections
West and South continue OF the same
welcome sort as those now currently
presented. there is little doubt as 70 the
course that will be followed by security
prices in consequence. whatever may be
the disappointment met with by specu-
lators for the rise who from time 10 time
endeavor TO hurry the market along
faster than it properly should 90.