New-York tribune., 1898-01-01
DECEMBER DEAL OVER.
CLOSES QUIETLY WITH LETTER HOLp-
ING NINE MILLION BUSHELS
OF WHEAT.
Arr, THE SHORTS UNDER covER-PRosPECrS OF
MANIPULATIOE ~ MAY-TALKS WITH
THE WHEAT BULLS.
Try rrr GRAPH TO THE TRrBUNE.l

rBY rFr JRAPH TO THE TRfBUNEI
Chicago. Dec. sl-The December wheat deal went
out to-day ~ II expected. quietly ana without
Sensational incident. Letter brokers merely sup
ported the market; as they had no snorts- I-ere
was no object in making fancy prices. They had
no one to squeeze. They did keep the December
cents over tho May IL sold at 94 cents and at 9o.
cents and closed at 81 cents The Inspection de-
partment reports 100000 bushels contract wheat
in store. Letter owns every bushel OF II. Ihere
were no defaults this afternoon: there was no eN-
cuse .or any default Letter for several days has
been compelled to buy December In order tnat there
might be no surplus cash wheat to demoralize the
situaton He Is supposed TO own very large line
Of May Il is expected that from necessity ne VIII
continue n factor in May in a large way lie mas
an enormous line OF cash wheat 10 merchandise
and il would be very much against him II the May
began TO show much weakness. Letter says MS
wheat averages him about 10 cents. In that case
he has a paper profit OF about 20 cents bushel 1t
remains 10 be seen If this paper profit Will be dissi-
mated or preserved in the marketing OF the casn
property
To-6ay's was a very fat market-always tho case
the day before New Years. May sold at s21s cents
and AT 1914 cents and closed at s21s cents Liver
pool was up slightly, remarkable IN view OF inc
weakness here on Thursday. Paris was strong.
seaboard clearances made total Of 775,Wo bushels
These were the factors which made bull day OF H.
even on the last day Of the year. In the Northwest
there were 507 cars; here. only l01 cars. with go
estimated for Saturday II is believed that within
a few days receipts everywhere VIII be down 70
very small figures. II export purchases should
snrine I'D the bull situation would be very much
improved. -. at slH
on the curb puts" No VIII,
cents: "calls'' at e3s4 cents 9--'"-r- y =
For the first time since the oi -,ec~A.oee "hea'
deal began Joseph Letter talked freely to-day on h9
plans - ..,,s =,
han Slt
,oo. ord wait until some one comes and buys H.
soid ". "I am confident that the price OF WheaI
vii so ~, and that we will sell our wheat at much
higher prices than at present quoted ior caSn weN,
4, the market. There will be no more sehsd''oIla'
activities In wheat. far as we can he'p H. we
bove bought wheat only as merchandise ana ITO.
% n snecuatye commodity. There Is no specia'
60, vhv we should feel Respondent when we
,ro,v our wheat is OF exceptionally high grade mas
heon houcht cheap and that the genera conui'Aoi'
or sunplv and demand arc In our FAVOR ferso'"iy'
am entirely out of May wneat'
Mr. Letter also said that when he hao u'sposeu ~
h,s rrosent pile OF wheat he would quit me gram
tiposs entirely Notwithstanding this fact IL Is
oror,uv believed by traders that the Docehi0e
deoI ,s TO be carried over into May Ai'e" a,-u
Cr,er who have been the principal ase' ~ i,
Letter party in the transaction nave - 20 80 81.
hougbt 100000 bushels OF May "hea' i'0''
errr aIone and this fact is pointed at as srouiu
for the belief Mr.. Armour Is SAID 10 nave
that wheat would so TO 81 20. D.oroher
Tho total OF wheat delivered to-day on Deee' '
contracts amounted to about T2ooo oushe'' i" nr
IN all oOlo 900 bushels Of contract sraue ""e" W.
hand In Chicago . os ou,etly
,,,h ,ust os we expected" said George d.
t,b who ,s identified with the Letter hteie os,d
Al no time did we have any ybt ,GS for December.
not get all the wheat we bougmt l., ro' ,he 70s and
Those who sold their wheat short gI IN the tfe farmer
orlsa II
Iint entirely a matter OF prestige ana aiors va
Chicago has millions OF VA anv - market Of the
& &nr % and the credit and reputation OF our MAJ hva @
is much enhanced tnSafoy So far is rstcass
atu Ne nave had trouble. 1ut nave l orv suc
ceeded IN maintanng Ing SoioR SSf If we have erred
w Me the ." premises, there will be- course penai.y
the conclusion % not As ctpe 5p 0u5 To Sk it being strictly
@ omr oyyn business As far the hammering IN thc
nf 1" nrestiSe with the elevator concerns we nave
Horrht al the December offered. but nauo & no az
tempt oIy 70 Susn ho ngPeTnreraly foiiows dictates Of
and BUYS nrestiee or popular ap,
plause and think we need no credit al 'hs present
u1cncerp,nr the general situation The Post says
,WSat will be recorded IN the annals Of the
iooIvnp millions of dollars and uneXamped cour-
age in IT'S operation was Sfoug gctened W corner did
rot materialize and Joseph Letter G Is iacea WITH
the prospect OF quldaiing 9N" pusneis OF wheat az
opnnins OF to-day's session that there would DO
no excitement in the wheat PIT or any yversa When
the closing bell tapped and the cur,aln was auhg
down another year Inc wora s aSsocates control
the largest Individual line OF wheat & as IN ne wpaa. pa
and what may bo safety saio 'he h's"es' s'aoe
of wheat held In any market
n