New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-22
order" he sad that It is entirely out OF order
! FOR n windmill to run by water"
THE BATTLE AT CHICAGO.

Tho publc is not deeply Interested In the re-
or,, ~ any struggle between Letter and Armour
IN the wheat pit at Chicago. Both have been
engaged in speculation on future prices. Letter
hold one opinion about the future OF the mar
bot and Armour another One bought heaVhy
of contracts to deliver wheat during the month
of december at Il certain price, not because the
buver wanted the wheat, but because he nopeu
m force the seller to pay the difference between
the contract price and such market price rs
might be fixed near the end OF this month'
Armour sold large contracts to deliver Wheht
in December, not because he had the wheat out
because he believed that he would be abe 10
buy It ut lower price before the emo OF th's
month. Thus a curious exchange or positions
has come to pass. Because Letter has 10 take
the millions Of bushels bought by Armour ana
delivered on his contracts, and also mas 10 puy
tho other wheat attracted to Chicago, lest the
nr,ce should be broken wide open before the
end of December, he is at present hghtihg 10
keep the price from advancing too far On inc
other hand Armour Is getting wheat from points
all over the West and sending 1t by carload anu
shipload to Chicago for delivery, but as ne
wants TO have the price drop as far as possible
he reiolces In any temporary rise that may
draw more wheat into the Chicago market.
II Is reported that Mr. Letter, the father eA-
presses qualification and pride that his son mas
broadencd out into q great merchant. Inc
word merchant hardly fits the case. 10 puy
largely OF something he does not want Hereiy
because he believes that other people VINO nave
sold what they do not own can be forceu u
pay an artificial price for 1t, Is not eAacty "
be n great merchant At the outset IL WIS
said that the Letter party engaged room Oh
ships for Europe to transport oil the wheat II
had contracted to take. But such cohuhc.'
for shipment do not now appear 10 cover "''
the wheat which has been attracted TO chicago
nv the advance Possibly more contracts ior
shipment may be made. and everything AT pres
ent indicates that there will be market "itn-
in n few months for all the wheat this country
has TO spare but the immediate erect Oh lhe
operation at Chicago Is to make possible lot.
eigl buyers hold of as long as they caD "Nu
wait for an expected decline.
The public interest is not In the success OF
one speculative party or the other Out III the
marketing at good prices of supplies "hlch
this country has 10 spare. The question II
whether operations such as the one In progress
nj Chicago tend to assist the marketing OF the
American supply or to hinder H. II the specu'
lative operation delays buying by foreigners
tends TO bring enormous quantities or whca'
into the greatest market Of this country. where
the accumulation IS more likely TO impress the
minds of buyers all over the world, ana so ieads
possIble buyers 10 anticipate heavy decline III
the price. 1t may not help the true interests OF
tho country. nor even OF the farmers az whole
although many OF them are At the moment ge'-
ting better prices because OF this speculative
STRUGGLE II Is even conceivable that foreign
consumption OF American wheat may he 70
some extent affected by the artificial condl
tion Of the market. II buyers abroad are FOR
time h!ndercd from purchasing the usual sup
plies. The largest profits OF this country would
naturally result from free and legitimate mar
ket Mt no time overloaded with wheat, ana
gradually strengthened as the season advances
hv the constant demand from other countries
The danger Is that by artificial advances III
price and unnatural accumulation and the pros
pect OF decline foreign purchasing may bc
TO come extent arrested. and part OF the DC
mand for wheat transferred 10 other grain