The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1897-12-16
DECEMBER DEAL
Chicago Tribune Reviews the
Wheat Situation as It Now
Appears.
Battle Between Armour and
Letter for Control of the
Market.
Bear Has the Best of It Now,
but Things May Change
Later.

CHICAGO, Dec. 16.-The Tribune says:
There are just Ii days left to make or
unmake the December wheat deal.
The chances for fireworks and old.time
corner prices are scarcely SO bright as
they were some time ago.
Letter is learning something about
the possibilities of Chicago as q receiv.
ing market and about the resources of
Armour.
Earlier in the season Letter gave Ar.
mour, who came back from Europe q
''dollar wheat" bull, some points on
how to act promptly, but in the last
two days the local stock of wheat has
been increased by l,S50,OO0 bushels.
Such movement is simply phenomenal
and represents part of the energetic
campaign made by Armour and Weare.
The last cargoes Of an abnormal D uluth.
Chicago movement, aggregating $685.
QUO bushels, are arriving.
The bulk of this has been contract
wheat brought down for the special
benefit of the market made by Mr..
Letter. 1t has been variously disposed
of. Part Of it has gone into public ele-
vators and part into private houses.
Armour knows just how much con-
tract wheat is here. Letter would give
q snug sum for exact information assto
how much of the Chicago stock has
come here to fill short sales to him, and
how much is here to be dumped out on
December advances such AZ those Of
last Friday and last Monday.
Real Battle In Cash Property
The chance Of pyrotechnics is in the
speculative market for December wheat
The real battle is in the cash property.
Letter has been holding q large assert.
ment of speculative cards and has been
playing them rapidly. He has brought
the deal up from July to September
and from September to December, but
only recently has been pushing prices
to point to bring wheat from all di.
rectlons.
This is the situation which promises
to give Armour an opportunity to re.
coup any actual losses in his operations
and some of his consequential losses for
not having taken up the bull side of the
market when he came from Europe and
held to it aggressively since.
Letter has disclaimed any intention
to corner wheat. Armour has dis.
claimed. doing anything but ware.
houseman's business Letters opera.
tions, and more particularly his an
nouncements of plans to move the en-
tire Chicago stock of wheat out Of the
country. have put wheat to $l.o9. and
by forcing Chicago out Of line with
other markets, have started an ava
lanche Of wheat to Chicago,
Armours Opportunity.
As an elevator man, Armour's oppor'
tunity lies in the accumulation ut Obi
cago Of stock Of wheat such as did moi
seem possible at the beginning of the
season H..
Demand and supply prospect at tha
opening Of the wheat season was that
Chicago would get but htsle wheat
BY grace Of chronic corner recently
reaching more acute stages at or sbova
q q bushel, the chances are good for I
local stock Of wheat Of 10, ,000. 600 bush
els by the end Of December.
What is to al intents and purposes ,
Chicago corner 10 attracting ia. thi
market wheat originally laiA BY 70
milling not only in tho Northwest, bu
in Ohio, Michigan, Indiana and - f.
east % Buffalo.
II Armour can control the ebb :of <thi
tide q wheat to any extent there!is