The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-24

MAY WHEAT A LONG SHOT
so SAY CHICAGO BROKERS WHO ARE
WATCHING THE MARKET.
Armour and Letter, 1t Is Thought,
May Pool Their Interests-EfOrts
To Unload the Elevators.

CHICAGO, Dec. 2S.-In the wheat pit on
the Board of Trade to-day the great game
being played between the clique represented
by Joseph Letter and the elevator people,
under the lead of P. D. Armour, seemed to
be shifting from December to May. There
was more real wheat sixty pounds to the
bushel, and every pound calling for money
presented to Mr. Letters attention. Char
tering of vessels 90 take out a large amount
of grain was believed to indicate that the
elevator people had some 100000 bushels
more wheat so near that it was time to
make room for it. What the clique is to
do with all this wheat has become of vital
Importance to vesselmen and to the eleva-
tors themselves On that point it was GER
tain that nobody yet knows what is to be-
come of the accumulate, of wheat after
the tap of the bell on Det II.
Within ten days, since the close of navi-
cation on the lakes, about 100000 bushels
of grain have been taken out of the Chi
cago elevators and loaded into vessels. Yes
sci men never witnessed such a rush to get
grain into the winter fleet Nearly sixty
boats are already loaded with grain. The
aggregate capacity of the winter fleet is not
over 1900, 900 bushels. and thus, before the
last vessel of the season had reached it's
dock at Buffalo, a third of the wheat here
had been taken care of. The rush for boats
came to an end during the day. Agents did
not find anybody who wanted to load grain
into their vessels. They at once came to
the conclusion that the elevator capacity
represented by the 100000 bushels taken
out, was about what the elevator people ex-
pected to fill, largely with wheat, before the
end of the year. The receipts since the
grain began going into the boats would fill
about half of the vacated room. This
would leave room for about 100000 bushels
more grain, and was taken to be certain
indication Of the amount the elevator peo-
pie expected to bring in before the end of
the deal.
The Evening Post says: George French
operating for the Letter crowd, has piled
up line of at least 100000 bushels of May
wheat, according to reports from the floor
Armour's radical change of front in bulling
May wheat is common knowledge. 1t is
equally well known that Armour has a
pyramid of May wheat bought which is
supposed to come close to the Letter hold
ing. AS If to emphasize the bull talk, both
ArmourS and Letters men bought wheat
to-day ArmourS movements are closely
veiled, but Letters engineers make no Sc
cret of their dealings in May wheat. AL
ready that option is regarded as being as
dangerous for the public to handle as a
stove lid at white heat. May wheat is
lOng-shot' is the answer given by commits
sion men when approached by customers
The winter wheat crop in this country is
not harvested until July, and, according to
the fOrecaSterS on Change, the situation
has never been SO favorable for corner
In May. wheat as it will be this season.
and the difference between May and De-
cember is being rapidly narrowed