The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-16
ARMOUR POURING IN WHEAT ON
THE HEAD OFF THE BULL
CLIQUE.
CHANCE FOR FIREWORKS
is SCARCELY SO BRIGHT Row AS 1T
WAS 4 FEW DAYS
AGO.
SQUEEZE is GOING OVER TO MAY.
other Points Attracted by the
Chicago Corner.

CHICAGO, Dec. 15-There are just
seventeen days left to make or unmake
the December wheat deal. The chances
for fireworks and old-time corner pri-
ces are scarcely SO bright as they were
some time ago. Letter is learning some
thing about the possibilities of Chicago
as receiving market and about the
resources of Armour. Earlier in the
season Letter gave Armour, who came
back from Europe a dollar wheat"
bull, some points on how to act
promptly, but in the last two days the
LEGAL stock of wheat has been increas-
ed by 1,350,OOO bushels Such a move
ment is simply phenomenal and repre-
sents part of the energetic campaign
made by Armour and Weare. The last
cargOes of an abnormal Duluth-Chi-
cago movement, aggregating 2,645, 900
bushels, are arriving. The bulk of this
has been contract wheat brought down
for the special, benefit OF the market
made by Mr.. Letter. 1t has been vari-
ously disposed of. Part of it has gone
into public elevators and part into pri-
vate houses.
Armour knows just how much con-
tract wheat is here. Letter would give
a snug sum for exact information as
to how much of the Chicago stock has
come here to fill short sales to him
and how much is here to be dumped
out on December advances, such as
those of last Friday and last Monday.
The chance of pyrotechnics is in the
speculative market for December
wheat The real battle is in the cash
property Letter has been holding a
large assortment of speculative cards
and has been playing them rapidly. He
has brought the deal up from July to
September, and from September to
December, but only recently has been
pushing prices to a point to bring
wheat from ali directions. This is the
situation which promises to give Ar
mOur an opportunity to recoup any &C
tual losses in his operations and some
of his consequential losses for not hav-
ing taken up the bull side of the mar
ket when he came from Europe and
held to it aggressively since. Letter
| has disclaimed any intention to corner
| wheat. Armour has disclaimed doing
| anything but q WarehouSeman's bust
ness. Letters operations and more
! particularly his announcements OF
| plans to move the entire Chicago stock
| OF wheat out of the country, have put
wheat to $1.09, and by forcing Chicago
/ cut Of line with other markets have
started an avalanche Of wheat to Chi.
! cago AS an elevator man, Armour:
| opportunity lies in the accumulation a
! Chicago of a stock of wheat such a:
cid not seem possible at the beginning
| CT the season.
CHRONIC CORNER
The demand and supply prospect q
! the opening of the wheat season Wa!
that Chicago would get but It'll,
wheat By grace of a chronic corner
recently reaching more acute stages
at or above 81 a bushel the chance!
are good for a local stock of wheat o
10, 000,0G0 bushels by the end of De
! cember What is to all intents anC
purposes a Chicago corner is attract
| ing tC this market wheat originally laic
| by for milling, rot only in the North
west, but in Ohio, Michigan, Indian;
and as far east as Buffalo. If ArmOu
can control the ebb of this tide o
wheat to any extent there is a grea
! opportunity for recouping losses
actual or theoretical
During the last few days the trad
generally has been working around t
a theory something like this:
Armour and Letter have crossed
weapons and recognized their respec
! tive points of advantage and STRENGTH
! Letter will handle the December dea
as carefully as possible and realize jus
as much profit by sales as the mar
ket will stand. He will then take som,
cash wheat on delivery, but PRACTICAL,
leave the cash situation to Armour
He can &c over to May with bette
prospects than he went over int
| September or over into December.
Armour will then be left with Chi
cago in cor troll of the cash situation
and with foreign demand and domes
| tic requirements as result of miller
! selling their stocks on the high Chi
cagO premiums. This would furnish
| basis for advancing prices and Civ,
Armour an opportunity for merchar
dising wheat on a scale which was no
! thought possible at the beginning G
! the crop year.
William T. Baker president Of th'
| board of trade, says with reference t.
! the unusual conditions in wheat
| Cash wheat is at a premium owe
| future delivery here and in all part!
| of the world because more of it ha!
! been sold than can be delivered
| Wheat is scarce all over the world
/ Not enough was grown last year t
supply the demand. America now ha.
! the opportunity to make it's own price
! for wheat. 1t has in the past beer
considered by many to be a blessing
| for US to supply the world with cheaI
| wheat, even though our own farmer!
! could hardly make both ends meet or
! the cost of production Now, perhaps
! in view of the prosperity which ha:
come to this nation from higher prices
there will be less sympathy for those
operating to depress grain values be,
low the values normally adjusted by
demand and supply. In the past un-
limited quantities of wheat have beer
sold on the market and resold with ne
demand for it's delivery. Now, how
ever. the wheat is wanted 50 badly by
consumers that contracts calling fol
delivery can stand fer no wind wheat
We shall probably see the same tight
conditions in May wheat when May
comes as we now see in December
wheat I think that this country al
ready has exported much Of the wheat
which it will soon need for its owl
consumption and that the full scarcity
Is not by any means yet appreciated.