The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1897-12-17
LETTER IS BUYING FOR CASH
HOPING TO SELL AT BETTER
PRICES
Armour Thinks Present Values Are
Little Fictitious, But Buyers
Won't Lose Money
Associated Press Special Wire.

Associated PreSs Speclai WIRE
CHICAGO, Dec. 16.-In an interview
Joseph Letter, who is at the head of the
December wheat deal, said he expected
to pay cash for all the wheat delivered
to him and to ship it out of Chicago.
"How much wheat do I expect to
get?" he said, in response to a question,
that is getting little too exact. The
elevator people say that will get all the
wheat I have bought. If I say how
much cash wheat 1 expect to get then
everybody will know as well as I do
about how much wheat have bought.
II will keep that to myself. My plan
Is to ship my property away. I did that
in the fall, and 1t was successful. can
get good deal cheaper storage rate at
Buffalo or New York or at Boston than
can here. The lakes are closed, but The
grain can be sent all rail about as cheap
as it could have been sent by lake and
rail- Most Of it will go out. That has
been settled.
Corner talk Is ridiculous. There is
not any corner; corner has never been
contemplated. There won't be any,"
There Is much speculation as to how
much wheat will be loaded upon Letter
and his associates. There is an idea that
Letter has 100000 bushels bought, and
II these figures are realized there will
be still left shorts to the extent of 2,OO0,-
900 bushels to help pay toward the cam
paign expenses. Letter has unques-
tionably forced some settlements al
ready
It Is said Armour will deliver almost
A hsyc hale M
Weare and the other elevator people will
probably contribute 100000 bushels.
The delivery Of the cash wheat on the
December contracts may end the cam
paign and 1t may not. Letter may ship
his wheat, sell it, and take his loss or his
profit, as 1t turns out. But the shipment
Of so large line Of wheat would be pref
ty certain to bull the January and May
futures, and Letter may turn up as a
holder of those months. That is the play
the pit expects in case the wheat stock
Is moved away.
MIR. Armour was asked as to his views
on the situation and dictated the follow
ing:
II think there Is excellent value in
wheat. I believe 1t will all be wanted
in the end. Values at the moment here
in Chicago are perhaps little fictitious,
but 1t will all regulate itself In time. The
consumer undoubtedly will buy this
wheat and he will ultimately buy it at
higher than the present prices. 1 have
no direct interest in wheat. AS ware
houseman and merchant, am bringing
wheat here because this at the present
time Is the highest market in the world,
and have been able to bring wheat here
at the margin offered from all these
western points. But do not think that
there is a great deal more to come. In
fact, the time Is not very long to bring it
here. There is a good deal in transit by
rail. Most Of the wheat by vessel has
been received here. 1 do not expect to
see much more brought here by water
But there is enough in transit now and
in process Of being loaded to make good
receipts practically to the end of the
month.
II have no doubt but the parties get
ting this wheat will market it to the
consumer at a profit over present prices
although they perhaps might have
bought it little cheaper than to have
had it brought here artifically."