Omaha daily bee., 1897-12-22
GIVE ARMOUR A HARD CHASE
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SOD
10 20
Wheat Dealrcsad to Have Cost Him
Million Dollars.
HAS GRAIN READY F)R DELIVERY DAY
II N
Immense Holdings of the Bull Clique,
Estimated 1et 100000 Bushels,
Cast On ,hn Average Ninety
Cents Bushei.
GRAIN READY F)R DELIVERY DAY

CHICAGO. Dec 21.--The Post prluts the
following concerning the present situation
n the December wheat deal:
December 81, Settling day" on the Board
OF Trade, Will witness the elimination OF
Will not be surprised to learn that Armour
Will lose clear $l000OC0 on the December
deal d,s 70, true ne has pGerfo@rmsd err orr the marvel s &
grade cash wheat to this city in defiance
of all settled rules of commerce, but that
act may result in nothing more substantial
change that Mr.. Armour had to pay dearly
for bringing the big volume of wheat 70
cost him about IS or % cents a bushel
BY settlement day the deal will have been
fought to finish and only the formalities
status of the case is about as follows: In
July the Letter clique began it's operations
in a formidable manner by gobbling up July
wheat at 63 cents. The amount in Its pos
session was variously estimated at from s.
10000 to 100000 bushels. No matter what
was large enough to boost the price and
! emphasize the growing foreign demand. The
price Of July wheat rose to 73 cents and be.
tween 10 and g CENTS the Letter clique sold
out it's stock of July and transferred a por-
tion of 1t to September pocketing by the
transaction the premium which at that time
existed between July and September wheat.
When September came around the clique
| repeated it's bullish tactics and accumulated
wheat, estimated as high as 100000
bushels. 1t was during this month that the
foreign situation was brought out more
boldly. September skyrocketed in a short
time up to 30 cents. large portion of the
| holding was transferred to December with
another handsome premium to put away
and considerable bulk was sold outright
| for big profit
The present line of 100000 bushels OF
| is carrying was bought from the elevator
| people at from 81 to 50 cents a bushel. Al
| one time the clique had an opportunity to
| sell this immense holding at profit oil
| nearly 20 cents.
BRINGS SIX MILLION BUSHELS.
| Armour, Seaverns. Peavy and the Centra
Elevator company were the people who solo
wheat to the Letter clique. Armours short
age was only guessed at until the great
shipments of wheat from Duluth, which
| showed in the sensational amount of the
contract grades in store. The amount sale
| to have been brought here is nearly 6,OG000
bushels and this is regarded as the amount
the same thing that Mr.. Armour has ac
complished, although not upon so large {
| scale
Before Mr.. Armour sent out his people tC
| bring in wheat sufficient to satisfy his con
| tracts for delivery he was face to face witt
tough problem Had he he b been unable
| with having brought here he would have
been compelled. to pay to Letter the differ
! ence between the price at which he solt
the wheat to Letter and the market prize
| upon the day of delivery. Inasmuch as MIR
| French of tho Letter crowd insists that tn
| December wheat ciique's holdings did no
cost on an average more than 80 cents
bushel and assuming that the market pric
| would be 81 a bushel on the final day o
the month when It is necessary for Armou
to deliver what he sold to Letter he wou
have been compelled to pay the latter ]
cents on every bushel he could not actuall
deliver The rules of the board are ironcla
on this subject and there is no recourse.
| Now that Armour has secured fully a
much cash wheat as he sold for deliver
this month t1ere. will be no such contr
gency to facet 1T Was in bringing the whea
to this city iwhen it was so scarce tina
hardly any was to be had that the test c
safely crossed BY Armour. At what sacrifc
he saved his business honor IS Known oni
to himself Tie costs are mostly represente
in freight charges, private settlements ft
cargoes already chartered for other por
!. and the displacement of great bulks {
( wheat which were not designed for shil
ment to this city.
The remainder of the shorts who sold
French are generally regarded as safe
within cover. 1t is confidently predicted th
the clique will get all the wheat which
bought. If Armour has been buying, fl
other houses which played the bear side
| the market it Is not knCSn to the nutA't
] trade ard the general belief it that Armo
. | bought cash wheat for Armour & Co. fir
| and last