The Wichita daily eagle., 1897-12-22
ONLY A MOCK FIGHT
WHAT SOME FOLKS THINK OF THE
CHICAGO WHEAT WAR.


ofthe Great Combatznts Lightly Pun
Away the Whole Matter, Declarin;
That 1t is . Mere Trifie, That He Know
Exactly What He is About ard Ha
Known all Along.
Chicago. Dec. PA mere incident,
assure you We are now practically on
or the whole matter. We have a iittl,
wheat yet TO deliver; the necessary bush
els are ready for delivery when the pro
per time approaches for the filling o.
! these comparatively small outstanding
contracts and there's an end of the ST
fair, 50 far as we are concerned"
Thus, with characteristic coolness, doe:
p. D. Armour define his position ir
these, the closing days of one of the big.
gest wheat deals that has marked the
history of the board of trade. Joseph
Letter, MS youthful opponent, is just as
calm and confident in his expressions
as the big provision man.
'tMr. Armour sold wheat" he declared,
"and 1 bought Of him. That is all There
was no battle. 1t was a common, al
most elementary, business transaction.
l shall sell the wheat that 1 have pur-
Chased when the need of the foreign
market demands it. I shall sell at a
profit, and that's 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 a profit on the round 1900, 900
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 productive OF results indicating a
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 ond over
This idea, however, is ridiculed by the
majority of traders.
Some members Of the board say that
Letter has secured 5000, 900 bushels Of
the cereal. Others place the figures as
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 viii go abroad
az the foreign market calls for if ''they
pay him his price"
Some folks On the board think I can't
transport grain eastward by rail with
out loss. do they?" said Mr. Letter
We'll, possibly they can't. but I'm will
ing to play out my end of the game
along my own lines, and 1 may differ
with these prophets considerably"
Chicago, Dec. 21.-The Post prints the
following concerning the recent sftua-
ton in the December wheat dead:
December 81, settling day. on the
board trade will witness the elimination
Of the gigantic Leiter-Armour deal.
The trade viii not be surprised then to
learn that Armuor will lose a clear ST.
OO0,00 on the December deal True ne
has, performed the marvellous feat OF
bringing 100000 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 a 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 IS or 20
cents a bushel
by settlement day the deal will have
been fought 10 a finish and only the for
nahties will remain to be observed. The |
present status of the case is about a. !
.ollows: In July, the Letter clique be- |
gan its operations in a formidable man. |
ie- by g1ob5ling up July wheat at 6S |
'ents. The amount in it's possession |
vas variously estimated at from 5000. 900 /
o 100000 bushels. No matter what
ne actual amount Of the holdings was, |
{ was large enough to boost the price,
N the growing foreign demand. The
rice Of July wheat rose TO 73 cents and
t that price the Letter clique sold out
IS stock OF July and transferred its op-
ion 10 September. When September
anne around the clique repeated its
uliish tactics and accumulated at SIS
ents large amount of wheat, estimat-
4 at II 900, 900 bushels. 1t was during
mis- month that the foreign situation
'as brought out boldly. September sky
ocketed in short time up 40 80 cents.
large portion Of the holding was
to December. with another
andsome premium 10 put away and a
bulk was sold outright for
big profit. The present line OF $780,
70 bushels OF December wheat, which
les Letter clique is caring for. was
ought from the elevate, people at from
to SO cents bushel. At one time the
ique mad an opportunity to sell this
nmense holding at profit Of nearly 20
,nts.
Armour. Seaver. Peavey and the Gen.
al Elevator company were the people
no sold wheat TO the Letter clique
smour's shortage was only guessed al
It'll the great shipments OF wheat from
uluth by vessel and rail showed the {
nsational amount os ne contracts in :
o-e. The amount said II have been
ought here is nearly 5000 coo bushels.
ID that is regarded as the amount Of
-mour's shortage. The other shorts did
e same thing that Mr.. Armour has ac-
nphshed. although nrt upon 81 large
scale. Before Mr.. Armour sent out q
: psople 70 bring in wheat sufficient
satisfy his contracts for delivery ne
is face to face with a tough problem = =
ii he been unable 20 secure the waea.
llc1 ne is now credited with having
ought here. he would have been com =
lied 10 pay 10 Letter the difference BE- p
cen the price al which he sold the :.
,eat TO Letter ard the market p:ice :.
on the day OF delivery. Inasmuc,1 as :.
:. French. OF the Letter crowd. insists :
l. the December wheat IN the cliqus's =,