New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-29
WHEAT TRICK DISCOVERED.
HOW A MILWAUKEE, MILLING FIRM SOUGHT TO
GET AHEAD OF JOSEPH LETTER

Chicago April q (Specia)-A scheme by a Mil
waukee milling concern TO trick Joseph Letter by
turning around a cargo OF wheat sold to II a
good deal under the May price. with the intention
Of putting II into elevator again and redeliver-
ing It TO the Chicago bull at the full May price.
met prompt check yesterday. The scheme was a
clever one although not new. but It's prompt dis
covery showed how complete the Letter arrange
ments for discovering all the wies OF specula-
tive enemies.
A week ago Letter sold a cargo Of seventy thou
sand bushels No. Northern wheat to Faisf.
Krause g. Co. the millers Of Milwaukee. It was
stipulated that the wheat should be used for mill
ing. ard should not be returned to Chicago In any
form except flour The price at which the
wheat was sold 20 them was to 10 cents under
the May price.
A cargo was loaded into the Mary n. Boice and
started for Milwaukee. The vessel did not
get far on its Milwaukee AS soon as It
got outside Of the harbOr Il was turned around
again and was headed for the Central Grain Ele-
vator upon orders from the Milwaukee owners.
Letter heard almost Immediately of the manou-
vre. and took steps TO make the trick effective
Tho sale to Faist. Krause & Co.. said Mr.. Lei
ter last night. was made on April q through J.
s. Templeton for the account OF Allen. Grier &
Cellar. The trade was confirmed by letter sent
the day. In which IT was declared that the
wheat was understood and agreed 10 be used for
or otherwise
The wheat was sold from TO 10 cents
under Chicago May price. becauee that concession
being made to millers In order 10 meet COM
petition and keep their mills going. The bill OF
lading issued in accordance with the agree
ment. and read. TO the order OF Allen Grier &
Cellar: notify Faist. Krause Co.. Milwaukee.
These Milwaukee people will be held on their
contract ! shall take the pains to do that, but ]
am anxious that tricks of this sort should be madt
public 20 show the character OF the people At
tempting them. and also to make II plain That
they cannot be carried out without being imme-
diatelv detected. am particularly ANXIOUS mat
the Milwaukee Chamber of Commerce should know
OF the fraud: g sly attempt to get the wheat
from me one plea NJ 10 cents under May and
then to attempt TO violate the pledge and to de-
liver il back to me on May contract
These schemes TO trick bull manipulators are
frequent. When CUdahy was running his rib deal
few years ago he found that people In the south
would buy ribs OF him for consumption. and then
turn them around and send them back here TO I'll
shorts with Shorts would pretend TO he dstribu-
tors. would buy cash ribs and would then hurry
them back to Chicago 10 deliver on their con-
tracts. Cudahy finally had to employ men TO cut
slit into each shortrib before il was shipped so
to make it non-deverable on contracts II was
the only way to meet the indefatgable efforts OF
those who were short to him.
There is. Of course. way OF making wheat nom
deliverable contracts except by affecting us
quality Letter has evidently been alive 20 the
possibility OF these schemes. however. The quick
ness with which he made the discovery OF the
trick OF the Milwaukee men shows that