Audubon County journal. (Exira, Iowa) 1884-1993, 1897-12-23
ARMOURIs SQUEEZED
WHEAT DIAL SAID TO HAVE COST
HIM A MILLION DOLLARS.
Mombers OF the Board Say Letter Has
Secured 100000 to 100000 Bushels
of the Cereal-Wn Sell His Holdings
When the Foreign Markets Demand It.

CHICAGO, Dec. 22.-"A mere incident,
assure you. We are now practically
out of the whole matter. We have
little wheat yet to deliver; the neees-
sary bushels are ready for dilivery
when the proper time approaches for
the filling of these comparatively small
outstanding contracts and there's an
end of the affair insofar as we are con-
cerned."
Thus with characteristic terseness
does P. D. Armour defined his position
in these. the closing days Of one Of the
biggest wheat deals that has marked
the history of the board of trade.
JosephLeiter, his youthful opponent,
is just as calm and confident in his ex-
pressions as the big provision man.
"Mr. Armour sold wheat" he de.
clared, "and bought of him. That is
all. There was no battle. 1t was a
common, almost elementary business
transaction. shall sell the wheat
which have purchased when the need
of the foreign market demands it. l
shall sell at a profit and that's the clos
ing 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 a profit on
the round 100000 bushels of real
wheat which has been placed in his
hands by the provision man, is now the
question, The report is going the
rounds that the whole affair was pro.
ductive of results indicating big
Armour-Leiter combine. In many
minds this rumor was given credence.
The manipulation of the local market
by Letter agents pulling the wires from
the Liverpool end was recited over and
over. This idea, however, is ridiculed
by the majority of traders.
Some members of the board say that
Letter has secured 100000 bushels of
the cereal. Others place the figures as
high as 15,0O0,OO0, while the more con-
servative are willing to admit that half
the latter amount is nearer the correct
estimate. Mr. Letter .asr~rts that Just
as much of this '' broad, as the
foreign markA or it if "they nav
him his price
"Some folks on the board think II
can't transport grain eastward by rail
without a loss. do they?" said Mr..
Letter. "Well, possibly they can't, but
I'm willing to play out my end of the
game along my own lines, and I may
differ with these prophets consider
ably"
Armour Will Lose q Million.
The Post prints the following con-
corning the present situation in the
December wheat: dec. 81, settling
day on the board of trade, will witness
the elimination of the gigantic Letter
Armour deal. The trade will not be
surprised then to lea.n that Armour
will lose clear $l,OOO,0OO on the De-
cember deal. True, he has performed
the marvellous feat of bringing 5000, 900
bushels of high grade cash wheat to
this city in defiance of all settled rules
Of commerce, but that act may result in
nothing more substantial than glory.
1t is growing belief on change that
Mr.. Armour had to pay dearly for
bringing the big volume of wheat to
this city and that this short selling will
cost him about 18 or 20 cents bushel.
By settlement day the deal will have
been fought to finish and only the
fOrmalitieS will remain to he ohsprvad