The evening times., 1897-12-21

Chicago. Dec. 21-The big battle over
December wheat furnishcd;a new surprise
yesterday. when Levi z. Letter, OF Wash
ington. father of Joseph Letter, appea red
with his family aud settled in his old home,
Tower Court. this city.
The elder Letter has undoubtedly grown
apprehensive over the wheat Situate and
has cane tG counsel his son in hedecisive
movements " hich will make tn. big deaia
success or tailure. He evidently fea rs
that the problem OF dtsposinG Of the mil
lions Of bushels OF wheat which are ac-
cumuIatipg on the hands of Joseph Letter
will prove ton knotty for the young man.
and that after all Philip d. Armour may
take adv a ntageof his son inexpet fence and
turn the IT, bles III costly fashion. The wheat
Dit nuw recognizes that there is an old and
experienced man at the head OF the bull
clique.
Joseph Letter has found the situation
perplexins ever since Mr.. Armour sud
denly demonstrated his ability TO deliver
all the wheat lie had sold. The problem that
puzzles young Mr. Letter involves the dis
posal of the wheat that is pouring in on
him. There seems little Doubt that he will
have some profit on settlement day, but
traders are inclined to believe that lie will
not realizs on more than one or two mil
lion bushels.
The members Of the Letter combination
are now fighting 10 keep down the price
Of December wheat, but in spite of this it
sold tolayat 81. o. and closed at 81. They
know that tie higher the price the more
r.. fll.ap
side wheat and they are anxious to bar
ont any grain that might come in CON-
petition with their supply. fhey sold
about 100 900 tushels tosia to keep the
market from so- ring, and their action
was the principal cause Of the break OF
cents.
My s,n has plenty Of money to pay for
what he has purchased said tie elder
Mr. Letter. About his wheat operations
he has informed ne fully. / have been i
merchant srelter part of my life, and am
much plea se.i that my son has broatened
out into a first-ciass merchant. Wheat Is
cotiIuodity of general use. The quality Of
wheat. wtich he has purchased is OF
the highest, and am sure that 1t W i'll be
in dcnIand at higher price than he has
paid for It, i aun. well pleased with the
situation
George P. French. one OF the Letter rep
reseRtatives, stated that the Letter CON-
binati,n viii have about 100000 bushels
OF wheat to take care of. The tactics OF
P. ID. Armour in rushing millions OF b,:stl-
els 10 The Chicago market. he said, had
caused the Letter follow ing to change some
OF its plsus materially.
The impression that we are going out
OF the market a > soon as we conclude this
months trading is hardly true" he con
tinued- We propose to remain in the
field. 1 am not prepared to say we will
ship all our wheat abroad, but We will
sell it th. best way we can
There was another big increase in the
amount OF contract wheat in store here
yesterday over SEQ. 600 bushels being added
to the stocks. Last Friday and Saturday
nearly $500. COO hashcls We're deliy cred,
all of which was taken by the Letter
people. Several million busfek; more are
expected TO arrive. and in tie liquidation
OF this is expected to come the final test Of
strength for the Letters