The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-12-16

tors from any POInl OF View.
CHICAGO, Dec l5.-The Tribune says
to-day; There are lust feventeen days
left to make or unmake the December
wheat deal. Inc chances for fireworks
and old time corner prices are scarcely
SO bright as they We're some time ago,
Letter is learning something about the
possibilities of Chicago as Il receiving
market and about the resources OF Ar
mour
Earlier in the season Letter gave Ar
mour. who came back from Europe, u
dollar wheat bull. some points ON how
TO act promptly, but In the last two
days the local stock OF wheat has been
Increased by l95O,OOO bushels. Such a
movement Is simply phenomenal and
represents a part OF the energetic cam
pRign made by Armour and Weare
The last cargoes CT abnormal Duluth
Chicago movement, aggregating $780,
600 bushels, are arriving.
The bulk OF this las been contract
wheat brought down for the special
benefit OF the market by. Mr. Letter. 1t
has been variously disposed Of Part
OF 1t has gone into elevators and part
into private houses. Armour knows
Just how much contract wheat is here.
Letter would give snug sum for exact
Information as to how much OF the Chi
cago stock has come here to I'LL short
sales TO him and how much is here to
be dumped out on December advances
nf U7ril nd
Monday p.
The chance of pyrotechnlcs is in the
speculative market for December wheat.
The real battle Is IN the cash property.
Letter has been holding large assort-
mept 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 n point to bring wheat from all d.
rectlons
This is the situation which promises
10 give Armour an opportunity to re-
coup any actual losses in his operations
and some OF his consequential losses for
not having taken m the bull side OF the
market when he came from Europe and
held to It AggressiVely since.
Letter has dlsclaimed any intention
to corner wheat Armour has discaim-
ed doing anything but warehouse
mans business. letters operations,
and more particularly mis- announce
ments OF plans to move the entire Chi
cago stock Of wheat out Of tho country,
have put wheat to Sl09, and by fogcng
Chicago out OF llna with other markets
have started an avalanche OF wheat 20
Chicago.
As an elevator man Armour lies In
the accumulation at Chicago of q stock
of wheat such as did not seem possible
at the beginning of the season. The
demand and supply prospect at the
opening Of the wheat season was that
Chicago would get hut little wheat BY
grace Of chronic corner recently,
reaching more acute stages at or above
81 bushel. the chances are good for
local stock OF wheat OF l0,O0O,0OO bush
els by the end Of December This fur
nishes good working basis for mer-
chahdlsing operations, Lake navlga-
ton VIII be closed and there will be OPP
portunltles for controlling the distribu
ton of the Chicago wheat accumuln
tlon to the materia! profit of the party
in control.
What is TO all intents and purposes a
Chicago corner Is attracting to this
market wheat originally laid by for
milling, not only In the northwest but
in Ohio. Michigan, Indiana and as far
east as Buffalo.
III Armour can control the ebb OF this
tide Of wheat ia any extent there Is a
great opportunity for recOuplnS losses
actual or theoretical.
During the last few days the trade
generally has been working around to
theory something like this;
Armour and Letter have crossed
weapons and recognized their respective
points of advantage and strength
Letter will handle the December deal as
carefully as possible and realize just as
much profit BY sales az the market viii
stand. He Will then take some cash
wheat on delivery but practically leave
the cash situation to Armour. He can
go over to May with better prospects
than he went over into September or
over into December
Armour will then be left with Chicago
in control of the cash situation and with
foreign demand and domestic require
ments as n result of mlllers selling
their stocks on the high Chicago pre-
miums. This would furnish a basis for
advancing prices and give Armour an
opportunity for merchandising wheat
on a scale which was not thought pos
sible at the beginning Of the crop year.
William ~, Baker. president OF the
board Of trade, says with reference TO
tho unusual condition In wheat
Cash wheat Is at premium over fu-
ture delivery here and In all parts of
the world, because more OF II has been
sold than can he delivered. Wheat IS
scarce all over the world Not enough
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