The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-12-23
The BIG GRAIN GAMBLERS
NEAR APPROACH OF SUPPLEMENT
DAY" ADDS INTEREST TO THE
BIG WHEAT DEAL.
ARMOUR My LOSE A SI.OOO,OOO
Jos. Letter, His Young Adversary,
VIII BE the Winner-BOth Prin-
cipaIs Talk Calm and Com
fdcntIy of the Matter.

Chicago, Dec. 21.-The Post prints the
following concerning the present situation
in the December wheat deal:
December 81. settlement day" on the
Board of Trade will witness the culmina-
ton of the gigantic Leter-Armour dead
lock. The trade will not be surprised
then to learn tha; Armour will lose n
clear million on the deal. He has per-
formed the marvellous feat If bringing
G0O0,0O0 bushels of high grade cash
wheat to this city iii defiance of all set
tied rules of commerce., but that act
may result in nothing more substantial
than glory. 1t is Il growing belief on
exchange that Mr.. Armour will nave to
pay dOubly for bringing the big volume
of wheat to this city, and that his short
selling will cost him about Is or 20 cents
bushel. By settlement day the deal
will have been fought to Il finish and only
the formalities will remain to be OBJ
served.
Mr.. Armour in speaking of his part in
the deal, today said:
"A mere incident, l assure you. We
are now practically out of the whole
matter. We have little wheat yet to
deliver: the necessary bushels are ready
for delivery when the proper time APP
proaches for the filing of these COM
paratively small outstanding contracts,
and this is an end of the affair in so far
as we are concerned"
Thus with characteristic terseness,
does p. ID. Armour define his position in
these, the closing days of one of the
biggest wheat deals that has marked the
story of the Board of Trade.
Jos. Letter, his youthful opponent is
just as clam and confident in his eX-
pressions as the big provision man. "Mr.
Armour sold wheat" he said, ''and l
bought of him. That is all; there was no
battle. 1t was a common, at most ele-
mentary, business transaction. | shall
sell the wheat which | have purchased
when the need of the foreign market de-
mands it. | shall sell at profit and that
is the closing chapter of my part of the
story"
These statements. coming from the
principals in the December wheat deal.
have caused much comment in Board of
Trade circles. Will Joseph Letter make Il
profit on the round 100000 bushels of
real wheat which has been placed in his
hands by the provision men is now the
question. The report is going the rounds
that the whole affair was productive of
results indicating a big Armour-Leiter
combine. In many minds this rumor was
given credence the manipulation of the
local market by Letters agents hauling
the. wires from the Liverpool end was
recited over and over. This idea, how
ever, is ridiculed by the majority of
traders. Some members of the board
say that Letter has secured 5,OOO.OOO
bushels of the cereal. Others place the
figure as high as 15000,O0O while the
more conservative are willing to admit
that half the latter amount is nearer the
correct estimate. Mr.. Letter asserts
that just as much of this will go abroad
as the foreign market calls for. If they
buy from him at his price. "Some folks
grain east by rail without loss, do
they" said Mr.. Letter? "Well possibly
they can't, but l am willing to play out
my end of the game along my own lines
and may. differ with these prophets con-