The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-11
WILL WHEAT GO HIGHER
TALK WITH ELEVATOR MEN ABOUT
THE SUPPLY
Some Idea of What Has Produced
the Present Conditions-Esti
mates of the Amount in Store in
the Northwest Elevator Systems
Where Mr.. Letter Comes In.

Probably every one who knows
anything about the matter is ready 10
concede that the price Of wheat -ust
now, is high,' was the remark of q
Well-knoWn elevator man of the
Northwest yesterday, to st. Paul
u b e reporter, and" he continued,
there are some who do not pretend ID
know more than other people, but who
Go really believe that between now
and next July the price of wheat Will
be still higher
This same Northwestern elevator
proprietor added, seriously, that III his
judgment the situation regarding
wheat was the most anomalous in his
experience. Not that the conditions
portend calamity or even sacrifice to
those who are classed among the poor
er in life. Many country boy can get
just as much enjoyment out Of the
Shrill music of a whistle made from a
willow sapling in the spring, as the
city artist from his flute or f1ageolet;
and often times he has more of sub
stantial nourishment as he goes along,
in the shape Of accompaniment
There is no famine pending so far as
the poor man is concerned, for there IS
corn in abundance; but the Well-tn-Go
and the rich. who want their bres d
white, may have to pay a little more
ir order to secure that whiteness, by
the time the next harvest period comes
round; that's all.
The regularity associated with the
handling of the crop of last year IS the
absence of what is usually regarded as
speculation. The advent of young Mr.
Letter as an operator In wheat, early
last summer, has had the effect of
completely altering the ordinary meth
DDS Of trading in this commodity
Brushing aside all precedents he
stalked into the arena like hungry
Cochin China cock will with an empty
craW, and proceeded to gorge himself
upon everything in sight P. D. Ar
mour is usually bull on wheat, and
strangely enough that we'll filled and
ordinarily steady hand proceeded most
literally to satisfy the young biped S
appetite. This picture was the most
surprising to those familiar with the
ordinary methods of trading.
do you not really think that Mr.
Armour was squarely in league with
Mr.. Letter in that December deal ."
was asked of the well-known elevator
man above referred to.
mo, I do not" he replied, thought
fully. "Mr. Armour was, Of course, a
recognized bull on wheat" he con-
tinued, "as he really is. But Mr.. Ar
mour has his own elevators. He may
use these for the storage Of his own
grain or for the earning of storage
charges. OF course, he was constantly
buying wheat to make good his deliy-
cries, and it is not unreasonable to
suppose that he had his eye not alone
upon the profits resulting from his
passing sales, but upon the storage
charges for the wheat after he had
sold it and before its removal
The complacency with which Mr..
Letter has leisurely advanced to the
control of the wheat market has sur
prised the ordinary operator whose ad-
miration it has likewise commanded.
1.-The striking feature of the Letter
position continued this Northwest
ern elevator man, "is that he has ac-
complished all this without creating
corner. But he has been unqueStion-
ably assisted beyond the average of
those conducting transactions of this
sort, by the natural circumstances con-
trolling the situation, as, for instance,
the continuous demand for export
This, of itself, not only maintained the
price, but prevented the creation of
a short interest of any considerable
volume. With an inevitably contin-
uous demand for export, the market
has been left to itself"
There was, hence, a reasonable de-
gree Of profit resulting from the natural
trend of the market. AS one elevator
man said yesterday:
perhaps there was sufficient profit
in Mr. Letters virtuOus avoidance Of
creating a corner to satisfy all his re-
Quirements, and consequently he made
no effort to encourage one.
There is no doubt in the minds or
Twin City grain men that Mr.. Letter