The Wichita daily eagle., 1897-12-22


cos;s are mostly represented in freigh
charges, private settlements for casgoe
already chartered for other ports an.
the displacement OF great bulks o
wheat whicn were not designed 70
shipment to this city. The remainder o
the shorts, with French, are general,
safe within cover 1t is confidently pre-
dicted that the clique will get all th'
wheat which it bought. II Armour fa'
been buying for other houses whic5
played the bear side OF the market it l.
not known to the outside trade and tn
general belief is that Armour bougn
cash wheat for Armour & Co., first ant
lsst.''
APPROACHING A CLIMAX.
Chicago, Dec. 21.-The .Tsmes-HeraiS
says:
'Tne Letter wheat deal, noteworthy il
its duration. magnitude and personnel
is approaching It's climax.
About 100000 bushels of grain wert
delivered Friday and Saturday by Ar.
mour. There viii be delivered this week
and next probably 350O.0o bushels addi
ti0nal The Letter interest by New
Years day will have 100000 bushels oi
cash wheat in its banks. Whether there
| viii be grain enough 10 fill all the Decen
Der contracts is the problem. The phi
sentiment is that there will be shorts to
! pay penalties. II that were not the con-
sensus the December price would not be
at &c over May. This premium Is the
concrete evidence OF the fear on the psr:
of those wiSn December wheat sold that
| there VIII not be enough wheat TO go
entirely around. The fear may OF
course prove groundless.
Every few wheat deals have extended
over six months, as the Letter transac-
tons already have The old Keene oper-
ations lasted as long as that. The other
famous ones in this market have been
comparatively brief. The Harper. the
Armour, the Walker-McGeoch, and the
Cudany manipulations did not last as
long as the Letter has already. 1t is not
certainty that the present campaign
Is to close with this month.
There never WAS deal begun at such
low price. 1t is taken for granted that
the Letter purchases began when wheat
was in the Cos. The great Armour Ker-
shaw corner started with the price over
dollar. Cudahy thought wheat cheap
in 1898 because it was around 7oc. the
market was around SOC when Hutchin-
son started in on his line in 1888.
"It has been the fate OF most great
spectators in this grain market TO meet
very soon after starting, unfavorable
conditions and to become almost a. once
struggles against adverse Influences.
That was notably the experience in the
Armour, Cudahy and Harper deals. The
Letter undertaking has so far led an
easy career. 1t began at low prices, and
has had the incesSant help OF an ex.raor-
binary foreign demand.
1T is assumed that the Letter mill
The son has declared that the father fur
nished the funds, and the latter has not
denied it. Except when Armour came to
the rescue of the venerable Plankintoh
in 1882, there has been no such subsian-
tfal bull in the market. Keene had less
capital at his command; Hutchinson
in 1888 probably had not quarter OF
the money the Letters control
'.All these are reasons why the Decem-
Der campaign has already attracted at
tention, and why 1t will always be one OF
the interesting incidents OF this market.
Speculative interest from this on will
center in the disposition of the 6,000,0 900
bushels of cash wheat which the Decem-
Der bulls will get on their contracts The
profits or loss Of their six months deal
will depend on the liquidation Of this.
THE deferred futures will also for a time
al least be a good deal influenced by the
handling of the cash property. The
grain is the finest ever collected any
where. Chicago never before has had
as high a contract grade, No. northern
or No red. The wheat Letter win nave
TO sell has, in years past, commanded a
premium of &c 10 10c a bushel over the
grain good on delivery. the present quail
lty 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. l northern or No. red. At the |
beginning of the season the inspection |
department. fixed its standard and ii has |
developed since that the wheat at Duluth |
and Minneapolis of nominally the same |
quality did not ill the requirements In |
his market. The inspection depart
nent has been pronounced severe. 1t has
-edounded to the reputation OF the grain
accepted. These facts have created the
ceiling in the trade that the December
'ulls will find their cash property easy to
;ell.
The specula tors would like most 10
NOW whether the grain viii be moved
ut or sold from here. Letter says 1t will
,e moved out a once. That would cause
hort sellers to worry about their con-
racts again. II 100000 bushels OF cash
Wheat started east, all raj, between this
nd January I, there would probably
blow buying furry in the May. Letter
lay change his mind about the move
lent Of the grain. A very low storage
ate might De Offered. There are those
tho believe that it would De wiser 10
larket the grain from here. whence it
an De moved abroad into consumption
y many routes than 10 send it east,
here il would depend upon the ocean
eight from a single port. There is The
-her argument too. that Letter, il he
xpects 10 bull the May, could buy his
lay line che3 per with the whea; here
ian with il away. How me corpse %
le December deal is handled Viii De the
! important matter 20 everybody in
ie market FOR the next sky days.
The coarse grains and provisions ;
ave been moving along together ot iate. :
! OF them under the Inspiration ot $
lightly increased speculation. Corn and a