The Topeka state journal., 1897-12-31
DEAL ENDS.
Crowds Gather Around the
Chicago Wheat Pit
To Witness the End of the Big
gest Deal in History.
S,5OO,OOO B U S H e L S
Of Contract Grade Wheat De-
Iivered to Letter
Up to Last Night-All There
Was in Chicago.
NOQuOtatiOns Made on December
at the Opening.
S,5OO,OOO B U S Ell S

Chicago, Dec. 31-This was settle
ment day on the board of trade, and,
in a certain sense, marked the close of
what is considered the biggest deal in
wheat, SO far as the handling of the
actual article is concerned, ever engi-
neered.
Up to last night probably $500, 900
bushels of contract grade wheat had
been delivered on December contracts
to Joseph Letter, who has been the
leader in the deal. which is practically
every bushel of high grade wheat in
Chicago.
1t was the prevailing opinion today
among the traders, before the opening
on change, that the session would be
devoid of the excitement usually at
tendant upon the closing hours of
deals of such magnitude, as it was be-
HeVed that the short interest had in
the last Is days been practically elm
mated from the market. No squeeze"
was therefore looked for, and the big
December deal was expected to pass
into history in a very quiet manner
Nevertheless some time before the
opening, both galleries were filled, not
a few women being present The floor
was thrOnged with the brokers and
clerks, the wheat pit, of course, being
the center Of attraction, and when the
opening bell sounded, the crowds usu-
ally around the corn, oats and provis-
tered around the wheat pit.
There were no indications of excite
ment on the curb before the opening on
Change. There was not q quotation for
December which closed last night at
94Ac. May reflected the strength which
so suddenly developed on curb yester-
day afternoon when the rumOrs of the
calling out of the English reserves
were circulated.
The first curb quotation for May was
92Tsc, showing an advance of &c over
yesterday. and it swung quietly be-
tween that price and 924c. until the
regular opening
When the big gong sounded for the
final session of 1897, May was quoted at
| 925s 92a4 &c, and for the first Is minutes
trading. the price did not vary more
than 14c from these figures. In that
time not a single quotation had been
made on December.
The first sale of December wheat
was at 94Ac, an advance of 12c as com
pared with last nights figures, about
equal to the advance in other options.
| The Allen-Grier company, agents of the
Letter clique attracted some attention
by buying December and selling May
at &c premium for December. Trade,
however, was on q comparatively small
scale, with price changes merely frac-
tional. and an hour after the opening
the would-be spectators of a brilliant
finish, had about given up hope.
The so-called December deal goes
| cut as quietly as a, lamb, just as we
| expected - said George B. French, who
| is identified with the Letter interests.
AT no time did we have any idea that
we could not get all the wheat we
bought for December. Those who sold
their wheat short in the 1Os and 80
preferred to buy the stuff from the
/ farmer and in the other markets and
| bring it here. The additional loss has
! been of no moment to them, it being
| entirely a matter Of prestige and cred
| it.
Chicago now has millions of wheat
| in its elevators and of a grade that will
pass in any market of the world and
| the credit and reputation of our market
| is so much enhanced thereby All oI
| the wheat we have taken out of e.e-
vators so far is first class stuff. We
| have had some trouble, but have sue
ceeded in maintaining our rights NE
| feel very we'll satisfied with our posi-
| tion. If we have erred in the premises,
there will be, of course, penalty in
the conclusion. AS to our policy of dis
! posing of the wheat, / do not care to
| talk that being strictly our own busi-
ness. As far as the hammerlnS IN the
market today is concerned, that is
again a matter of prestige with the
! elevator concerns. We have bought all
/ the December offered but made no at
tempt to sustain prices W hen meF-
chant buys a commodity, he generally
! follows the dictates of common sense,
/ and buys as cheaply as possible we
are not interested in prestige, or popu-
| lar applause, and l think we neeu no
! credit at the present time.
| The steadying of the December op-
| ton by the Allen-Grier company acting
| for the bull clique, continued the prom
/ inent feature of the market The
CLIQUE brokers kept bidding 2 cents
| over May for December, but We're not
| required to take very much. Irade, as
| a whole. was light and of holiday
| character. The market closed quiet at
| CSC for December, a gain of &c BUSH
| el compared with the close yesterday
For the first time since the big De
! cnn,ber deal commenced Joseph Letter
| talked freely today on his plans. we
can do no more than sit on our Pyra-
mid of wheat and wait until some one
! comes and buys it," said he am
| confident that the price of wheat VIII
| go up and that we will sell our wheat
| at much higher prices than at present
quoted for cash wheat in the market.
| There will be no more sensational ac-
| tivities in wheat so far as we can help
| it."
Mr.. Letter also said that when he
! had disposed of his present pile of
wheat he would quit the grain bust
ness entirely. Notwithstanding this
| fact it is quite generally believed by
| traders that the December deal is to
| he carried over into May. Allen &
! Grier. who have been the principal
| agents for the Letter party in the
| transactions in December. have. 1t IS
| said. bought 5000. 600 bushels of May
| wheat from one firm alone, and this
] fact is pointed at as ground for the be
| lief. The Letter people believe they
/ will be able to dispose of the 100000
| bushels choice wheat in their posses