The Wichita daily eagle., 1898-01-01
WHEAT DEAL ENDED
SETTLEMENT DAY" SHOWS THE
LEITER-ARMOUR SITUATION.

Little Fireworks In Evidence. the Markets
Behaving TameIy and Price Changes
| Being smaiI-December Closes Quiet at
95 Cents-LeIter Interests Congratulate
Themselves Upon Having all the Wheat
| They Have to Have, and Good Wheat, at
That, aud for Which They Expect to
Get Good Money.
Chicago, Dec. 31.-Tnis was settle
ment day" on the board Of trade and, ir
| 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
$500, 900 bushels of contract grade wheat
mad been delivered on December con-
tracts to Jose0h Letter. who has been
the leader in the deal, which is practi-
cally every oushel of high grade wheat
in Chicago. II was the prevailing opin-
ion today among traders before the open
ing on change that the session would
be devoid OF excitement usually attend
ant upon the closing hours Of deals OF
such magnitude, as it was believed that
the shirt interest had in the last fifteen
days been practically eliminated from
the market No squeeze was therefore
looked for and the big December deal
was expected to pass into history in a
very quiet manner. Nevertheless, some
I.c-
were filled, not few womeD being pres
ent.. The floor was thronged with the
brokers and clerks, the wheat pit, Of
course, being the centre Of attraction
and when the opening bell sounded the
crowds usually around the corn, cats
and provisions pits were 10 a large ex-
tent clustered around the wheat pit.
There was no Indication of excitement
on the curb before the opening on
change. There was not a quotation for
December, which closed last night at
"a IA cents. May reflected the strength
which SO suddenly developed on the curb
yesterday afternoon when rumors of
the calling out of the English naval re-
serves were circulated. The first curb
quotation for May was 80 7-Sc, showing
an advance of ga cent over yesterday,
and ii swung quietly between that price
and 80 SAC until the regular opening.
When the big gong sounded for the final
session Of 1897, May was quoted at 80 5-S
@3-4c and for the first fifteen minutes
trading the price did not vary more than
lac from those figures. In that time
not single quotation mad been made
on December
The first sale of December wheat was
at "a 3-4c, an advance OF 1-2 cent as COM
pared with last nights figures, about
equal TO the advance in other options.
The Alen-Grier cimpary, agents of the
Letter clique, attracted some attention
by buying December and selling May
ait 2 cents premium for December. Trade |
was, however, on comparatively small |
scale, with price changes merely frac- |
tional, and an hour after the opening |
the would-be spectators of a brilliant |
finish had given up hope.
The steadying of the December option |
by the Allen-Grier company, acting for i
the bull clique, continued the prominent |
feature Of the market. The clique bro |
kers kept bidding 2 cents over May for |
December but were not required to take |
very much. Trade as a whole was light |
and Of a holiday character. The market |
closed quiet at 81 for December a gain
of ga cent a bushel, compared with the |
close of yesterday.
''The so-called December deal goes out
as quietly as lamb, just as we expect
ed" said George B. French, who is
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 70's and SOS preferred
to buy the stuff from the farmer and
in the other markets and bring il here.
The additional loss has been of no mo-
ment to them, 1t being entirely a matter
of prestige and credit. Chicago now
has millions Of wheat in its elevat tors and
OF grade that will pass in any market
OF the world and the credit and reputa-
ton OF our market is so much enhanced
Thereby. All Of the wheat we have taken
out Of elevators 50 far is first-class tuff.
We have had some trouble but have sue
ceeded in maintaining our rights. We
feel very well satisfied with our posi-
ton. If we have erred in the premises,
there will be of course a penalty in the
conclusion AS to our policy in disposing
Of the wheat / do not care to talk, that
being strictly our own business. AS far
As the hammering in the market today
s concerned, that is, again, a matter
II prestige with the elevator concerns.
We have bought all the December Of
'erei but made 10 attempt to sustain
prices. When merchant buys a COM
modify ne generally follows the dictates
# common sense and buys as cheaply
Is possible. We are not Interested in
prestige or popular applause and 1 think
we need no credit at the present time
Concerning the general situation the
Pest says:
,I"vy'hat VIII he recorded 81. the annals
II the board Of trade as the most extern !
;ive deal in wheat involving millions OF
iollars and unexamplel courage in its
operation was brought to q comparative
V quiet close today. The threatened I
corner did not materiaIize and Joseph
Letter * faced with the prospect OF
iquida;ing 100000 bushels Of whea,.
The leaders ot tie bull clique stated be-
ore the opening OF toiay's session that
here would be no excitement in the ,
wheat pit Or any violent fluctuations ,
.n5 their predictions were verified wnen
ne Closing bell tapped and the curtain
vas rung down on another year The ,
World is looking toward this city. where :
le.ter and MS associates control the :
a-gest individual line q wheat in the {
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