The morning call., 1894-12-30

the brokers could learn anything from the
firm by word of mouth. Their judgment
was based on q combination of circum-
stances
The wheat deal of last spring assumed
such magnitude that only men of great
capital could be back OF 1t. Spectators
and grain-dealers had various theories as
to the men who were engineering 1t.
La,terly the consensus of opinion has
been that the Luning estate and James q.
Fair furnished the money which secured
several hundred Thousand tons.
at the time the wheat deal was en-
Gineered it was predicted that the Califor-
MIA crop would be a failure, and that
prices must 60 up rapidly. There had
been a long period of drouth. In MANY
parts of the San Joaquin Valley the fields
were as bare as sheep run. Even the
valleys near the coast suffered severely,
and the failure of the wheat crop seemed
so nearly assured that the big wheat deal
promised to place many dollars in the
hands of its promoters.
Late rains fell. Late crops in the coast
counties turned out better than was anilci-
pated. The islands in the rivers produced
enormous crops and the wheat yield
proved much greater than predicted.
But another thing developed. The furry
in wheat here last spring produced no eff
feet on Eastern aud English markets.
California had ceased to be great deter
minatlve factor in wheat quotations. A
paor crop here no longer affected English
quotations for Argentina and other foreign
countries had become great competi ors
with an ample surplus for export. Then
big yield in Oregon and Washington had
bearish effect on the California market
after the first excitement of the wheat
deal had died out, and men began to spec
ulaie as TO the losses which the men back
OF Louis McGlaufn & Co., would have to
meet They spsculated as TO the losers
and came TO the conclusion that Fair and
the Luniug estate were rich. The trans
actions yesterday sustain that belief.
These are the reasons which brokers as
sign for being morally sure that Fair and
probably the Luning estate were in the
wheat deal:
Tie magnitude OF the deal was such that
heavy mcnryed men must have been back
of McGlauflin & Co. the Luning estate
and Fair possessed the money. II was
pretty well established that the half-dozen
or so Of hen other than Fair who could
have und+Tttken To corner the wheat had
not made the attempt. George Whittell.
the president of the Luning Company, aud
Fair had many interests i'll common and
could with their resources force such a
deal. The company" in the firm Of l..
W. MCGaufln & Co. is Eugene a. Bresse.
and he is brother OF Louis c. Bresse,
Fairs secretary and confidential man.
What more natural. brokers ask, than
that Fair should select the firm of L. W.
McGlaufiin & Co. through which to op-
crate?
On Change Friday it was not known
that Fair was in any serious danger, but
McGlaufiU & Co. were heavy sellers. Did
the firm have wotd that Fair was so near
deathP At Saturdays session, after Fam 5
death. the firm of McGlautiin & Co. were
even heavier sellers.
l.. w. McGaufiin was a witness to the
will of James G. Fair That shows that
he was man in whom the deceased re-
POSED much confidence; man whom ne
would have naturally selected to transact
his operations in wheat, if as the men on
Change believe Fair was back of the great
wheat deal