The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-01
DEAL IS NOW DEAD
GREATEST ACTUAL WHEAT TRANS
ACTION ON RECORD WIPED
OFF THE BOARDS.
NO SHORT INTEREST LEFT.
THE EXCHANGE GALLERIES ARE
FILLED, THOUGH NO EXCITE
MENT WAS IN PROSPECT.
LETTER DISCUSSES HIS PLANS.
Tor the Future He Is Done With
the Grain MISUNDERSTANDING
of December.

/ CHICAGO, Dec. 31.-This was "set-
/ Element day. on the board of trade
1 and, In 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 en-
/ gineered. Up to last night probably
S,5OO,OO0 bushels Of contract grade
wheat had been delivered on December
contracts to Joseph Letter, who has
tbeen the leader in the deal, which is
practically every bushel of high grade
wheat in Chicago. It was the prevail
Ing opinion today among the traders
before the opening on change that the
4 session would be devoid of the excite
5ment usually attendant upon the clos
ling hours of deals of such magnitude,
las it was believed that the Short in
lterest had in the last fifteen DAYS been
practically eliminated fro the market.
! No squeeze" was therefore looked for
81 md the big December deal was expect
I'D to pass into history in a very quiet
manner. Nevertheless some time be-
Stfcre the opening both galleries were
SilIled, not a few women being present
PThe floor was thronged with the brok-
3ers and clerks, the wheat pit, Of course,
Ibeing the center of attraction, and
8when the opening bell sounded the
4 crowds usually around the corn, oats
land provisions pits, We're to a large ex-
ltent clustered around the wheat pit.
4 There was no indication of excite
+ ment on the curb before the opening
'c1ancR
for December, which closed last night
at sac. May reflected strength which
so suddenly developed on the curb yes
terday afternoon when rumors Of the
calling out of the English naval re-
serve were circulated The first curb
quotation for May was $3.50, showing
an advance OF &c over yesterday, and
1T swung quietly between that price and
I92%c until the regular opening When
1.-THE big gong sounded for the final ses-
sion Of 1897 May was quoted at $3.50
P2%c, and for the first fifteen minutes.
trading the price did not vary more
Ehan &c from those figures. In that
fime not a single quotation had been
made on December
/ The first sale of December wheat was
ht 94S4c an advance of 4 cent as COM
pared with last nights figures, about
Equal to the advance in other options
IThe Allen-Grier company, agents of
Ehe Letter clique, attracted some at
EtentiOn by buying December and selling
MAY at cents premium for December
tTrade was. however, on a COMPARE
Ittvely small scale With price changes
| mere fractional, and an hour after the
Opening the would-be spectators of @
brilliant finish had about given up
pope.
LIKE A LAMB"
4 THE so-called December deal goes
Put as quietly as a lamb, just as we
Expected said George B. French, who
Is identified with the Letter interests
Eat no time did we have any idea that
I've could not get all the wheat we
fought for December. Those who sold
Their wheat short in the 7Os and sos
preferred to buy the stuff from the
GARNER and in the other markets and
bring it here. The additional loss has
'een of no moment to them, it being
entirely a matter of prestige and cred
ft Chicago has millions of wheat in
Hts elevators and Of a grade that will
pass in any market of the world, and
the credit and reputation of our mar
y.
slof the wheat we have taken out of ele-
Vators so far is first-class stuff We
have had some trouble, put have sue
eeeded in maintaining our rights.
I'VE feel very we'll satisfied with our
position. If we have erred in the prem
Uses, there will be of course a penalty
an the conclusion. AS to our policy in
disposing of the wheat 1 do not care
10 talk, it being strictly our business
jAs far as the hammering in the market
4 today is concerned. that is again a
matter of prestige with the elevator
(cOncerns. We have bought all the De-
Ecember offered, but made no attempt
&c sustain prices. When a merchant
buys 4 commodity, he generally fol-
lows the dictates of common sense and
buys as cheaply as possible. We are
flOt interested in prestige or popular
applause. and I think we need no cred
ii at the present time"
Il Concerning the general situation the
Post says: what will be recorded on
ilhe annals of the board of trade as the
most extensive deal in wheat, involving
millions Of dollars and unexampled
courage in its operation, was brought
90 comparatively quiet close today.
threatened corner did not materIalize,
and Joseph Letter is faced with the