The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-12-27
Between the Houses of Armour
and Letter
TO CONTROL WHEAT.
Both COmbatants Appear Sc
rene and Confident.
Each Has Millions of Ready
Cash at Command.

Chicago. Ill. Dec. 27.-Fhe stupendous
deal which has been going on in the Chi
cago wheat-the wheat pit of the world
during the last few weeks has riveted the
eyes of thousands upon two men unlike
in age, unlike in experience, but alike in
their ability to handle great enterprises
with consummate skill.
Whether the great battle ends in a py-
rotechnic display or whether the finale
will more resemble the calm after astorm,
the names of P. D. Armour and Joseph
Letter will go down in financial history
as the principal actors in one of the most
gigantic struggles ever enacted on the
Chicago Board of Trade. Perhaps the
eyes of man have never seen more SPLEEN
did generalship in the handling of a food
product. 1t has been as if the genius Of
a Napoleon We're pitted against the genius
of a Grant.
As settlement time draws near the con-
victiOn appears to be more general that
the last day of the month will not be
celebrated by the sort of display which
sometimes marks the squeezing Of the
shorts In the present contest, panicky
conditions have been absent. Not only
has there been genius, but unlimited cap
ital. In the Harper and Cudahy deals,
on the other hand, there were dozens OF
wildcat spectators; and when the day of
settlement arrived some were not free
from scars From start to finish the pit
was fun of exciting scenes But in a
case where men with rent rolls running
into the half million. bank accounts eal-
pressibIe only in seven figures, and match
les genius into the bargain. start on a run
for wheat, the course of things is apt to
be very different.
The present contest between the "Old
Man Of the Wheat Pit and the dashing
young son OF a merchant prince, has been
full of exciting revelations. Phil Armour,
perhaps knows more about the acreage of
the wheat belt and the concentration of
vast quantities Of this staple product
than any other man. Something like a
month ago he saw that the bull clique
would buy in all the December wheat that
was offered. This would. therefore. make
a scarcity in his huge elevators. 1t was
then that he called his generals about him
and a campaign 50 brilliant in execution
that it has dazzled the eyes of the hnan-
cial world has resulted.
Was there wheat enough upon the mar
ket to fill a shortage of six or seven mill
lion bushels2 If So where was it located,
how could it be transported. and if trans
ported, how warehoused and inspected be-
fore January u
Three million bushels of the grain could
sc EOl III 14llAAEdpDllS1 II WedS uGL0A AAA44lCNA
Duluth might furnish couple Of million
more, the granaries of the northwest an
other two. Agents of the La Sale street
house We're secretly dispatched.
Those who felt like eommiserating the
great packer for the losses he would sus-
tain and the bull clique, who counted up
on the "Old Man s. millions did not reckon
wisely. With what seemed to be reckless
extravaganza. Armour computed tonnage
cha at
of the biggest boats upon the lake were
ordered to sail for Duluth for cargoes.
Even nature herself had to bow to the
.S'Old Mans will. Winter was upon the
lakes and the close of navigation had been
declared Two tow boats at $50 a day
each plowed the ice to Duluth harbor and
kept it open for the grain laden vessels
"A couple of tugs were chartered to keep
the 500 canal free from ice and three
more for Thunder bay.
The stake was the glory and profit of
the house of Armour.
1t is not easy to realize what it means
10 move six or seven million bushels of
wheat to Chicago with only a limited
time in which to do it. with navigation
closed. and then to warehouse and in
spect it. Whether Armour will be caught
short when the settling day arrives, or
whether he will have wheat enough to
meet his obliga tions. the brilliancy of this
exploit could hardly be surpassed.
The situation was getting warm, when,
post-haste from the national capital came
the elder Letter to back his brilliant son
with the millions at his command This
added a new interest to the excitement
with which the great battle was being
watched. But valuable as the senior Lei
ter's counsel may have been, it was evil /
dent that the plucky young man needed /
no one to counsel him on how to play his
cards. The older operators, however, who
had shaken their heads at young "JOe's
rashness, changed their whistles to a de- |
gree when behind him was the avowed
backing of the elder Letters fortune |
And. altogether the Letters and Mr. Ar |
mour represent an aggregation of wealth
which has never been equaled on the /
board in any separate deal. The wealth
of James R. Keene of New York is also |
supposed to be behind the Letters.