The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-01
NO CORNER IN WHEAT
LETTERS GREAT DEAL DID NOT RE-
SUIT IN a "sQUEEZE."
Principal i'm the Big Transaction Says
He VIII Simply Hold His Grain
for Higher Prices.

CHICAGO, Dec. 31.-What will be record
ed on the 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 to a compara-
lively quiet close to-day. The threatened
corner" did not materialze, and Joseph
Letter Is faced with the prospect of liqui-
dating 1000, 600 bushels of wheat. The lead
ers of the bull clique stated before the open
ing of to-day's session that there would be
no excitement in the wheat pit or any vio-
lent fluctuations, and their predictions We're
verified when the closing bell tapped and
the curtain was rung down on another year.
The world is looking toward this city,
where Letter and his associates control the
largest individual line of wheat in the world
and what may safely be said to be the high
est grade of wheat held in any market.
For the first time since the big December
deal commenced Joseph Letter talked freely
to-day on his plans I'VE can do no more
than sit on our pyramid of wheat and wait
until some one comes and buys it, said he.
Il am confident that the price of wheat
will so 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 activities in
wheat so far as we can help it. We have
as speculative commodity. There Is no
special reason why we should feel despond-
ent, when we know our wheat is of excep-
tionally high grade, has been bought cheap,
and that the general conditions of supply
and demand are in our favor. Personally, l
am entirely out of May wheat"
THE so-called December deal goes out 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 would not get all
the wheat we bought for December. Those
who sold their wheat short in the seventies
and eighties 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 credit Chicago now
has millions of bushels of wheat in it's ele-
vators, and of a grade that will pass in any
market of the world, and the credit and
reputation of our market is so much EN-
HANGED thereby. All wheat we have taken
out of elevators so far is frst-claSs stuff.
We have had some trouble, but have sue
ceeded in maintaining our rights. We feel
very well satisfied with our position If we
have erred in the premises there will be, Of
course. a penalty in the conclusion. AS to
care to talk it being strictly our own busi-
ness. AS far as the hammering in the mar
ket to-day is concerned, that is again a
matter IF rraetipe with +he elevator con
Germs. We have bought all the December
offered, but made no attempt to sustain
prices. When merchant buys a commod-
ity he generally follows the dictates of
common sense and buys as cheaply as pos
sible We are not interested in prestige or
popular applause, and / think that we need
no credit at the present time"
One firm has, it is said bought 100000
bushels of May wheat and this fact is
pointed at ground for the belief that the
Letter people will be able to dispose of the
100000 bushels of choice wheat in their
possession at a high price. Mr.. Armour is
said TO have predicted that wheat would go
to $1.25. The total amount of wheat deliv-
cred to-day on December contracts amount
ed to about 1921 900 bushels, making in all
100000 bushels of contract-grade wheat on
hand in Chicago.