The Topeka state journal., 1897-12-20
A CRASH AHEAD.
That Somebody Will Get Hurt
at the Close
OF the December Wheat Deal
Seems Inevitable.
MAY LOSE A MILLION
Letter and the Bull Clique in a
Dangerous Place.
100000 Bushels of Cash
Wheat on Hand.

Chicago, Dec 2O-The Letter wheat
deal, noteworthy in its duration, magni-
tude and personnel, is approaching its
climax. There will be delivered this
week and next probably 8,50O,OOO bush
els additional to what was turned over
last week.
The Letter interest by New Years
day will have 100000 bushels of cash
wheat on it's hands. Whether there will
be grain enough to fill all the December
contracts is the problem. The pit sent
iment is that there will be shorts to
pay penalties. If there were not the
concensus of opinion is the December
price would not be cents over May.
This premium is the concrete evidence
of the fear on the part of those with
December wheat sold that there will
not be enough grain to go entirely
around. The fear may, of course, prove
grOundless.
There is, being made manifest at the
present time the most stupendOuS gen.
eraIship that the handling of wheat
has ever seen. Day after day, two
weeks after the close of navigation in
the regular course, ChicagOanS have
been perplexed by the arrival of steam
er after steamer laden to the waters
edge with choice wheat, the best that
the wheat fields of Minnesota, the Da-
kOtaS and the entire northern belt of
agricultural states raise, and this in
spite of the fact that Chicago has al
ways heretofore shipped wheat and not
imported II. Ice breaking tugs are De-
ing employed by Armour at the 500
and other points to keep navigation
open so his fleet of grain vessels can
continue its operations.
No man viii know until settling day
has come and gone whether Armour
has called the bluff of the boomers hard
enough to make them lay down their
hand. Meanwhile the riverWay is
blocked with great steamers and huge
barges and their captains are lighting
for berthS at the elevators. In addi-
tiOn to this, carload after carload of
grain is reaching Chicago from the
/ Northwest and being dumped into the
Armour bin, preparatory to turning it
over to the Letter interests some time
/ before January l.
If the Letters get all the grain deliv-
cred to them. instead of the shorts pay
| ing their balances. it is estimated they
/ Will be out in the neigbOrhOod of ST.
/ 600, 000 Speculative interest from this
! on viii center in the disposition of the
/ 5000, 900 bushels of cash wheat which
| the December bulls will get on their
/ contracts. The profit or loss of their
/ six months deal will depend on the
/ success in the liquidation of this. The
| deferred futures will also, for a time
/ at least, be a good deal Influenced by
| this handling of cash property. The
1 grain is the finest ever collected any
1 where. There is no stock like it in the
world
/ a contract grade No. 1 Northern or No.
/ red. The wheat Letter will have to
| sell has. in years past, commanded a
| premium of , cents to 10 cents a bush
| el over the grain good on delivery, the
| present quality being the result of an
! amendment to the rules of the Chicago
| board of trade adopted last summer
! displacing the old No. spring and
/ compelling the delivery of No. 1 North
/ ern or No. red. At the beginning of
! the season the inspection department
/ fixed its standard, and it has developed
| since that the wheat from Duluth and
| Minneapolis of nOminally the same
! quality did not fill the requirements in
| this market. The inspection department
! has been pronounced severe. 1t has
| grain accepted. These facts have Gre
! redOunded to the reputation of the
grain accepted. These facts have Gre
| ated the feeling in the trade that the
| December bulls will find their cash
/ property easy to SELL