New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-17
ARMOUR AND LETTER TALh'
MICH SPECULATION OVER THE ULTl-
NATE OUTCOME OF THEIR BIG DEAL.
LETTER WILL. SHIP WHEAT AWAY FROM CHICAGO
BECAUSE OF CHEAPER STORAGE AT BUZZ
FAIo BOSTON AND NETWORK
ARMOUR SAYS PRESENT PRICES


ARMOUR SAYS PRESENT PRICES
ARE FICTITIOUS
Chicago. Dec. 16-In interview with JOSEPH
To,ter who is at the head Of the December wheat
deal he said he expected TO pay cash for all the
wheat delivered to him and ship II out of Chicago
How much wheat do l expect 10 get? That Is
getting a little too exact said MT Letter ! ne
elevator people say that | will get all Inc wheat
have bought. If say how much cash wheat
exrcct 70 got then everybody Will know as wei as
do about how much wheat ! have bought
will keep that to myself Ny plan is TO snip my
property away did that in the fall. and II was sue
cessful I get great deal cheaper storage
rate at Buffalo at New-York or at Boston IMAM
| can here The lakes are closed, but the gram
can he sent all rail about as cheap as II coud nave
been sent by lake and rail Most OF Vt VIII 80 out
That has been settled. Corner talk Is ridiculous
There Is not any corner; corner has never oeen
contemplated: there won't be any.
There is still much speculation as TO now much
wheat Will be loaded upon Letter and his ascot
ates There Is an idea that Letter has S.WoOoo
bushels bought. and If these figures are realized
there will be stu left shorts TO the extent OF
100000 bushels 10 help pay toward the campaign
expenses. Letter has unquesuonably forced some
settlements already. 1t is said Armour Will deliver
almost 10000 bushels, and Seaverns and Weare
and the other elevator people VIII probably con
tribute 10000 bushels.
The delivery OF the cash wheat on the December
contracts may end the campaign. and II may not
Letter may ship his wheat, sell 1t. and take his
loss his profits. II turns out But the snip
ment OF large a line OF wheat would be pretty
certain to bull the January and the May futures,
and Letter may turn up holde' OF those
months That is the play the pit expects in case
the wheat stock is moved away
Mr.. Armour was asked as 10 his views the
situation. and dictated the following II think there
IS excellent value in wheat believe it viii all be
4 rk. nd Vol, .ha 49, In,
Chicago perhaps little fictitious but 1t will all
regulate itself in time. The consumer undoubtedly
Will buy this wheat, and he viii ultimately buy II
q higher price than the present price I have
direct interest IN wheat. AS a warehouse man and
merchant / 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 there is great deal more TO
In fact the time Is not very long TO bring
4. here; There is a good deal in trsnsl, by rail
do not expect 10 much more brought here by
water: But there is enough in transit now and in
ucaly TO the end Of the month 1919, 49,.
wheat market IT TO the consumer at a profit over
present prices, althogsh they perhaps might have
brought here arthcialy."
FEATURES OF THE DAYS MARKET
Up to noon It was anybodys wheat market At
the close the bull had everything his way. May
opened at 91ie cents sold between 914 cents bid and
s21. cents and closed at 921sQ924 cents There was
no trade up to noon. The business got to fair pro-
portions in the last hour Both Liverpool and Paris
steady. Antwerp reported damage In Arsen-
tina by rain and sent buying orders for futures
here.
Paris bought line Of cash red winter wheat, 49,
900 bushels. There was rumOr at the last mo-
ment that reduction in the French duty was on
the cards. The December was very little traded
ih not 100000 bushels changing hands In all. II
sold at s74 cents and at 81 vD12, and closed at the
one-half cent over December price. St Louis was
strong. really starting the advance. Receipts every
where small. 774,o09 bushels at primary points,
against 40l 90 bushels last year: 524 in the
Northwest, against Az here there were 357 cars.
against ~ a year ago. Only 1N cars graded con-
tract. The rush to this market TO catch our high
prices ia not as heavy as expected. Cearances
were not large $4,000 bushels. New-York reported
81 loads for export, the best business in week.
Clearances from both coasts for the week will be
1000 900 bushels under the week previous unless the
Pacific Coast shows up large The market might
have been affected by the prospect OF an extremely
severe cold wave. THE Price Current" bear