The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-12-30
FAIR BACK OF 1T.
What Grain Men Say of
the Wheat Deal.
Their Belief Strengthened by the
Action of McGlauflin, Who
UnIoads on the Market.

Wheat tumbled on the local market yes
terday following the announcement OF the
death of James q. Fair, and despite the
fact that Liverpool quotations had not
fallen. Grain-deaers and brokers regard
this fact as conclusive proof of the opin-
ion held for some time that Fair was back
of the great wheat deal and that L. w.
McGauflin q Co. were merely his agents.
If this be true the Fair estate stands a
fair chance of losing something like a
million dollars.
These are the facts in the furry on
'change: May wheat closed on Friday at
97% cents. 1t opened yesterday at 96A
cents. The lowest point touched was 95h
cents and the close was at 1854 cents. The
sales of wheat at the informal session were
800 tons and at the regular session q, 600
tons, total Of %, 700 tons.
An average business for the morning
would have been from 5000 TO 10000 ions.
When the market opened yesterday
morning McGlauflin eagerly sold at the
first bid, which was 1864 cents for May
wheat. Large stocks were then thrown
on the market which declined steadily to
951a cents, closing at 95% cents at noon.
The throwing of all this wheat on the
market coupled with such a break in
prices in the face of firm Chicago quota
tons satisfied the Produce Exchange
brokers that Fair was really a prominent
factor in the recent big wheat deal.
The wheat syndicate now stands to lose
the difference between 90 cents and 81 10
for May wheat. or IA cents. the equivalent
of So ton. To this loss must be added
81 ION for seasons storage which makes
the total loss per ton 81, not including a
loss from a prospective advance in char
tiers to be met by quotations here.
The syndicate has at least $50, 900 tons Of
actual wheat on hand in the different
warehouses, to say nothing of futures.
This would make its loss as a result of the
big wheat deal S., 100000.
Those closest TO the dead millionaire will
make no admission that Fair had anything
to do with the wheat deal, but as broker
said yesterday: you may be morally
sure thing without the evidence to les ally
establish fact. That is the case with
Fair and the wheat deal"
DR.. Marc LevingstoD, who had been
Fairs physician. and who has had the
confidence of the dead m Millionaire to a
great extent. had heard that Fair was
credited with having been back of the
wheat deal, but had arguments TO advance
why this should not have been the case.
81 do not believe that Senator Fair had
Il dollar in that speculation" said DR.. Lev
ingston. IN the first place he was a con-
sentative man and counted the cost before
investing. He has always been extremely
careful in his investments, and speculatinp
in wheat has been something that he
avoided. In the great deal, some years
ago. when the Nevada Bank and John
Mackay were in some stress for money
Fair came to their relief; but he was not
in that deal, nor did he risk any money
to aid their speculation. The money
was not advanced on account of any love
which Fair bore Mackay, for the two were
not particularly friendly, but it was adj
vanced on safe business investment. be-
cause every dollar loaned was covered
with ample security. That was Fairs part
in that deal.
During the recent wheat deal Fair was
absent from the city. He went to Yuma
for his health on the advice of physicians"
continued DR.. LeVingston. Facilities for
receiving information of big financial
deals could net be of the best at Yuma. Ii
Senator Fair was engaged in the big wheat
deal he would have stayed where he
could have been kept fully informed Of
every phase of operations. He was away
from San Francisco for seven months. and
that more than covered the time of the
wheat DEAL"
The brokers reply 20 this that there is a
telegraph Office at Yuma, and that cipher
kilograms would have kept Senator Fair
as fully informed of all transactions ana
the state OF the market as if be had been
here.
L. W. McGlauflin & Co. main tain the
same mystery about the wheat deal now
that was kept up In the past, and none of