The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-01
Position of Joseph Letter Today In
Chicago.
END OF THE GREAT DEAL
EIGHT MILLION BUSHELS ON
LETTERS HANDS.
No Excitement In the Pit-Leiter
Contemplates His Pyramid of
Wheat Philosophically, Saying He
Will Sit On It and Wait For
Somebody to Come and Buy.

Chicago, Dec. 31-This was settle
ment day on the board of trade, and in
a 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 oc-
curing. Last night 100000 bushels OF
contract grade wheat had been deiiv-
cred on December contract to Joseph
Letter, who has been the leader in the
deal, which is practically every bushel
Of high grade wheat in Chicago. 1t
was the private opinion today among
the trades before the opening on
change that the session would be de
void of the excitement usually attend
ant upon the closing hours of deals of
such magnitude, as it was believed that
the short" interest had in the last 10
days been practically eliminated from
/ the market. No squeeze" was, there
fore, looked for, and the big December
deal was expected to pass into history
in very quiet manner. Nevertheless,
some time before the opening, both
galleries were filed. The floor was
thronged with brokers and clerks, the
wheat pit, of course, being the center
of attraction.
GOES OUT LIKE A LAMB.
1.-THE so-called December deal goes
out as quietly as a lamb, just as we
expected" said George 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 '70s and SOS
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 its elevators, and
of a grade that will pass in any mar
ket OF the world, and the credit and
reputation OF our market is so much
enhanced thereby. All of the wheat
we have taken out of elevators so far is
first-class stuff. We have had some
trouble, but have succeeded in main
tanning 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 our policy in disposing Of the wheat
l do not care to talk, that being strict
~ our own business. AS far as the
hammering in the market is concerned,
that is again matter of prestige with
ll4C CAGA dlOI COuCcIIS- " Z nave DOuSnl
all the December offered. but made no
attempt TO sustain prices. When a
merchant buys a commodity he gener
ally follows the dictates of common
sense and buys as chssply as possible.
We are not interested in prestige or
popular applause, and I think we need
no credit at the present time
THE POST SAYS.
Concerning the situation the Post
says:
What will be recorded on the an
nails of the board of trade as the most
extensive deal in wheat, involving mil
lions of dollars. and unexampled cour-
age. in its operations, was brought to
a comparatively quiet close today. The
threatened corner did not materiaIize |
and Joseph Letter is faced with the |
prospect of liquidating 7CO0,00O bushels |
Of wheat. The leaders of the bull |
clique stated before the opening of to-
days session, that there would be no |
excitement in the wheat pit or any vio- |
lent fluctuations and their predictions !
were verified VIXEN the closing bell tap |
ped and the curtain was run 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 highest |
grade of wheat held in any market"
For the first time since the big deal |
commenced. Joseph Letter talked free
ly today on his plans.
SIT ON HIS WHEAT.
I'VE can do no more than sit on our
of wheat and wait until some
one comes and buys it," said he. It
am confident that the price of wheat !
VIII go up and that we will sell our
wheat at a much higher price than at
present quoted for cash wheat in the
market. There will be no more sensa-
tional activities in wheat so far as we
ran help it. We have bought wheat
only as merchandise and not as a
speculative commodity. There is no
special reason why We should feel de-
spondent when we know our wheat is
If exceptionally high grade and has
been bought cheap and that the de-
nand for it is fair. Personally, 1 am
entirely out of May wheat"
Mr.. Letter also said that when he
had disposed of his present pile of
wheat he would quit the grain business
entirely. Notwithstanding this fact. it
S generally believed by traders that
he December deal is to be carried over
ntO- May. Allen & Grier, who have
'een the principal agents for the Letter
'arty in the transactions in December,
nave, it is said. bought 5000 600 bush
is of May wheat from one firm alone
md this fact is pointed at as ground :
or the belief. The Letter people be-
ieve they will be able to dispose of the
600 900 bushels Of choice wheat in their ,
possession close to the price Mr.. Ar ,
nour has predicted wheat would go !
1-25. The total amount of wheat de ,
ivered today on December contracts j
mounted to about 172,0 900 bushels
making in all 100000 bushels of con-
ract grade wheat on hand in Chicago.
-c-S-c>-s