Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-12-31
CLOSE OF THE BIG WHEAT DEAL.


| Chicago, Dec. 3l.-This was settle
ment day on the board of trade and In
| II certain sense marked the close of
what IS considered the biggest deal in
wheat so tar as the handling of the
actual article Is concerned. ever oc-
curing. Last night 100000 bushels
| or contract grade wheat had been de-
livered on December contract to Joseph
Letter, who has been the leader i'm tho
zeal which is practically evory bushel
of high grade wheat in Chicago. II
was the private opinion today among
the traders before the opening on
change that the session would be de-
void of the excitement usually attend
ant upon the closing hours of deals OF
such magnitude. as II was believed
that the short" interest had in the
last fifteen days been practically elm
mated from the market No Squeeze"
was therefore looked for and IN bi,-
December deal was expected 10 mass
into history in n very quiet manner
Nevertheless some time before the
opening, both galleries were filled
The floor Wa thronRed with the brok-
ers and clerks, the wheat nit Of
course, being the center Of attraction
The iirst sale of December on Change
was AZ 9ia, an advance OF y as COM
pared with last nights figures, about
equal TO am advance in options. The
Allen-Grier Co.. agents OF the Letter
CLIQUE. attracted some attention by
buying December and selling MAY ut
cents 'remium for December Trade
was, EJwever. on comparatively small
scale. price changes merely fractional
ana an honr after the opening the
would-be spectators OF a brilliant fin
ish had about given up hope. The
steadying OF the December option by
the Allen-Grler Co.. acting for the bull
clique, continued the prominent feature
of the market. The clique brokers kent
bidding cents over May for December
but We're not required to take any
price. The trade, MS n whole. was light.
and of a holiday character. The market
closed quiet at 95 for December, a gain
of Nc. hushel compared with the
close of yesterday.
THE so-called December deal goes
out as quietly as lamb, Just as we
expected" said George French. who is
Identified with the Letter interests.
AT no time did we have any idea that
bought for December. Those who sold
their wheat short in the 70's and SOS
preferred to buy the stun from the
farmer and In the other markets and
bring II here. The additional loss has
been of no moment TO them, 1t being
entirely matter of prestige and cred
1t. Chicago now has millions Of
bushels OF wheat In it's elevator and of
a grade that Will pass in any market
of the world and the credit and repu-
tation OF our market is so much en-
HANGED thereby. All Of the wheat we |
have taken out OF elevators so far is |
hrst-class stun. We have had some |
trouble but have succeeded in main |
tanning our rights. We feel very well |
satisfied with our position. II we have |
erred in the premises there will be. OF /
course, penalty In the conclusion. As |
to our policy In disposing OF the wheat. |
| do not care 10 talk, that being strict
~ our own business. As far as the |
in the market is concerned, |
that is ngain n matter Of prestige with |
the elevator concerns. We have bought
All the December offered. but made no |
attempt to sustain prices. When q
merchant buys commodity. he gem
orally follows the dictates OF common
sense and buys as cheRply as possible.
We are not interested In prestige or
applause. and I think we need
no credit at the present time" |