The Wichita daily eagle., 1897-12-16

| be dumped out on December advances
euch as those OF last Friday and last
| Monday. TIE chance OF pyrotechnics is
| in the speculative market fer December
| wheat The real battle is IN the cash
property. Letter mas been mol5ing
large assortment OF speculative cards
| and has been playing them rapidly He
has brought the deal up from July 10
September and from September 10 De-
cember. but only recently has been
pushing prices TO z point to bring wheat
from all directions. This is the situs-
ton wi1icn promises 10 give Amour an
| opportunity to recoup any actual losses
| in his operations and some OF his con-
sequentiaI losses for not having taken
| uD the bull side OF the market when he
1 came from Europe and held ID it ag-
! greSsively since. Letter has disciained
any intention TO corner wheat Armour
has disclaimed doing anything but
| w9rehouseman's business. Letters op-
| erations, ard more particularly MS an
nouncenents OF plans to move the en-
tire Chicago stock OF wheat out Of the
| country, nave put wheat 10 s1.09 and by
| forcing Chicago out Of line with other
markets have started an avalanche Of
| wheat TO Chicago. As an elevator man
Arnour's opportunity lies in the accum-
| uiatiol az Chicago Of a stock OF wheat
SUCH as did not seem possible at the
beginning OF the season. The demand
and supply prospect al the opening OF
the wheat season was that Chicago
N.,. E--or .ae
chronic corner, recently reaching more
acute stages al or above 81 a bushel. the
chances are good for a local stock Of
wheat Of lo0, 900 coo bushels by the end
OF December. This furnishes good
working basi. for merchandising opera
tions. Lake navigation viii be closed
and there are opportunities foy controll-
ing the distribution OF the Chicago
wheat accumulation. to the material
TO all intents and purposes a Chicago
corner, and rs attracting to this market
wheat originally laid by for milling not
only in the northwest but in Ohio,
Michigan, Indiana and as far east as
Buffalo
II Armour can control the ebb Of this
tide OF wheat to any extent there is
great opportunity for recouping losses
actual or theoretical.
During the last few days the trade
generally has been working around 10
a theory something like this:
Armour and Letter have crossed |
weapons and recognized their respective
points Of advantage and strength. Lett |
er will handle the December deal as
carefully as possible and realize just !
as mucn profit by sales as the market /
will stand. He will then take some cash I
wheat on delivery but practically leave I
the cash situation TO Armour. He can I
go over 10 May with better prospects /
than ne went over into September or /
over into December. Armour will then 4
be left with Chicago in control Of the !.
cash situation and with foreign demand /
and domestic requirements as a result .
Of millers selling their stock. on the /
high Chicago premium. This would 4
furnish a basis for advancing prices and |
give Armour an opportunity for msT- /
not thought possible at THE beginning /
OF the crop year
PRESIDENT BAKERS VIEWS.
William T. Baker. president OF the |
board of trade, says with reference 10 /
the unusual conditions in wheat:
Cash wheat is at premium over
future delivery here and in parts Of the /
world, because more OF it has been sold |
than can be delivered. Wheat is scarce I
grown last year TO supply the demand. 4
America now mas the opportunity 10
make its own price for wheat. 1t has in
the past been considered by many to
be blessing for US TO supply the world
with cheap wheat, even though our own
farmers hardly could make both ends
meet on the cost OF production. Now,
in view of the prosperity which
has come ID this nation from higher
prices, there will be less sympathy for
those operating to depress grain value.
below the values formally adjusted by
demand and supply.
"1n the past, estimated quantities OF
wheat have been sold on the market and
resold with no demand for its delivery.
Now, however, the wheat is wanted
badly by consumers that contracts call
ing for delivery can stand for no wind
wheat. We shall probably see the same
light conditions in May wheat when
May comes as we row see in December
wheat.
II think that this country already ha.
much OF the wheat which il
viii soon need for its own consumption
and that the full scarcity is not by any
means appreciated"