New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-16
WHEAT MARKET STEADY.
MAY DELIVERY CLOSES A HALF-POINT
HIGHER
SPECTATORS AT cHIcAGo-THE OUTLOOK
For THE FI-TTRE

FOR THE FUTURE
Chicago, Dec. is (SpeciaD.-There was a slow
wheat marke; UP to the last haf-hour. Just be-
fore the close the trade widened out. Other pits
became strong. Wheat showed some sympathy.
May closed u cent over last night. 1t opened at
e012 cents sold between SoAsq9oia cents and sh
cents. and closed at 9lls cents The elevator people
d!d some December selling, Armour and Weare.
December sold at 9Si3 cents and at 81 cents. ard
closed at 97h The trade in It might have
been 600 bushels with the Letter brokers doing
some OF the buying. Receipts here increased by
about 10000 bushels some OF 1t by lake. some OF
II out OF private houses 1t Is estimated that the
contract wheat here now amounts to over 100000
bushels with the chances good for oV"W
bushels contract wheat by the end OF the month
Very little new wheat is working In this di9ec-
ton, however. whatever Is coming no" nav
Ing been contracted at last weeks high prio7s
earlier. There is still the greatest uncertainty
to how much OF long line the Letters have out
It is generally put around 100000 bushels Caples
to-day steady: seaboard clearanccs were not
SO large, 34.000 bushels. Primary receipts were
$4,000 bushels. against $4,000 bushels last year; al
Minneapolis and Duluth. against S7 and SS4 cars
here, against q. Goodwin the Argentine expert
figures that Europe will get no South American
wheat before April l. Paris estimated that French
requirements would be not less than @oooD
bushels for the balance of the season. New-fork
reported twenty eight loads for export The reel
ing here the curb tonight Is firm.
The worlds visible increased 2S3.coo bushels On
the curb puts May wheat closed at son cents;
calls" 9l% 10 9l7s cents.
The Tribune to-day says: There are Just
seventeen days left 10 make or unmake the De-
cember wheat deal The chances FOR hre"orks ana
old-time corner prices are scarcely so orish' do
they some time ago Letter is learning some
thing about the possibilities OF Chicago as receiV-
Ing market and about the resources OF Armour
Earlier in the season Letter gave Armour VINO
came back from Europe a dollar wheat Dull
some points on how to act promptly oul III inc
last two days the local stock OF wheat has been IN
creased by $4,000 bushels. Such movement s
simply phenomenal. and represents part OF tho
energetic campaign made by Armour ana "earo'
The last cargoes Of an abnormal Duluth-Chicago
movement aggregat!ng 3.6i5 600 bushels arc arriv-
Ing The bulk Of this has been contract wheat
brought down for the special benefit OF the market
made by Mr.. Letter. 1t has been variousy as
posed OF. Part OF It has gone into the puohc eie-
vators and part into private houses Armour KNOWS
Just how much contract wheat Is here Letter
would give a snug sum for exact information as 10
how much OF the Chicago stock has come here 10
Ali short sales TO him. ard how much Is mere 70 %
dumped December advances. such as those
OF last Friday and last Monday. The chance OF
pyrotechnics is In the speculative market Tor DO
cernber wheat Tie real battle is in the cash prop
erty Letter has been holding large assortment
OF speculative cards, and has been playing thehh
rapidly. lie has brought the deal UP from July 10
September and from september to December but
only recently has been pushing prices to point 10
bring wheat from all directions.
This IS the situation which promises 10 give
Armour an opportunity 10 recoup any actual losses
In his operations ard some OF his consequential
losses FOR not having taken UP the bull soc OF '"e
market when he came from Europe ana he'u 10
II aggress!yely since. Letter has clsciaitheu any
intention 10 corner wheat, while Armour mas
dlsclaimed doing anything but a warehouseman"
ole.
larly his announcements Of plans 10 move the en-
lire Chicago stock OF wheat out OF the country
have put wheat TO 81 90. and. by forcing Chicago
out Of line with other markets. nave started MI
avalanche OF wheat 10 Chicago As an elevator
man. ArInour's opportunity lies In the accumulA-
ton nj Chicago OF stock OF wheat such as DID
not seem possible at the beginning OF tho season
.The demand and-supply prospect at the opening
OF the wheat season was that Chicago wou'a get
but little wheat By grace OF chronic oo'hoi 10
Gently reaching more acute stages a. or AooFo
81 a bushel the chances are good for Local STOCK
OF wheat Of H. Oc 90 bushels by the end OK Deem
her This furnishe~ a good working basis FOR Inet-
chandisiny operations. Lake navigation VIII DO
closed and there are opportunities Tor cohUo'Hhs
the distribution OF the Chicago wheat accumu'a-
ton 10 the material prom: OF the party IN control
What Is 10 all intents and purposes chicago
corner Is attracting to this market wheat originally
laid by for milling not only In tho Northwest ou'
in Ohio Michigan. Indiana, ana as iar Last d"
Buffalo II Armour can control tho eoo OF TINS
tide OF wheat TO any extent there s great o2-
portua!ty Tor rccoupinB losses actuaI or 'hoo'e"
"Dur!rs the last few DAYS the trade generally u,
i've This. Armour and Letter have crossed weapons
and recognized their respective points OF hdNhl-
tage and strength. Letter Will handle me Deo
cember deal as carefully a. POSSIBLE aap Iii
juat as much proht by safes as me ma ht WI m
stand lie will then take some cash wheat on de-
livery by GHye lhe SS,R h s sstr %ro 20
pects than hs went over into September or oyer r,
into December. Armour will then be lelt WIN ~,
rsSo in ~5nirol OF tie cash ftuation. and with
forrIpn demand and domestic requirements as q
result Of Miller sens 'h You'd si0f furnish ' basis
for advancing price and S1ve armour s an wpSi"h
was not thought possible at tho beginning or the
c'VVF iI1 1q, r Baker presiielt OF the Board OF
Trade .avs with reference TO the unusual condi-
"Gasb wheat l. at a premium over future delivery
h,re and ,r nil parts OF the world because more OF
II has been .old than can be delivered. Wheat IS
scarce all over the world. Not enough was grown
10 ;be onn,rttiniiy TO make It's own price Tor
wheat II has been In the past considered by many
be blessing 1or Us 10 6 SuPp own w could
hardly make both Onds meet on me COST OF pto
dgctoI Now pe d bls Hation from higher prices
,ta,o Vii lie less sympathy for those operating 70
6epr.ss grain values below tho values normally au'
N1s,cd by demand and supply. 49,
I'm the past unlimited quantities OF wheat nave
been sold on the market ana resoin WIN IN III wbeet
in"I.H "a e. badly by consumers that contracts
calling FOR delivery can stand Tor no VINO
ubna; w shall probably see the same tight con-
GltionG IN MAJ wheat when May comes as We now
see I'm December wheat. ...
81 think that this country already has exported
-nucb wheat which Il will soon need for us own
noneunptian and that the full scarcity Is NOT by
any means yet appreciated.
THE VOTES NOT DECLARED.
a