Worcester morning daily spy., 1898-02-18
LETTERS WHEAT.
The Young Spectator Has a Cor
ner on May Grain.
Phil Armour Says Letter Can Put the Price
Up to $I,5o Bushel Without
Trouble.

Chicago, Feb. 17.-May wheat jumped
to S1.04 9S yesterday on the board of
trade, and sold at S1O6 on the curb
shortly after the close. Calls sold at
Slip, closing a cent lower, and puts
sold at 81, being a spread OF II cents
Letter did nothing but watch the course
of events, not buying anything to
speak of, nor did he sell any of his
grain. 1t has been definitely figured out
that the shorts are mainly foreigners
who have sold May wheat, on the
strength of foreign crops soon to move.
and the Californians who sold against
their grain now in transit, together
with a few men here who became con-
WINGED that Letter had too heavy a load
to carry and would be compelled to UNI
load at any loss. 1t was thought
strange that there should be such a de-
mand 70. the cereal, in the face of the
war scare, because If the United States
got into trouble it might interfere with
shipments from this country. People in
the northwest are said to be heavily
short also. Wheat opened at slightly
under dollar, and it was some time
before the true situation was unfolded.
Then every one scrambled for the grain.
and there was none for sale. Shorts tried
to cover, but could not. Letter would
not sell a bushel, and he is the only
one who has anything.
Letter can put the May wheat to
$1,50 if he wants to-" said Philip d.
Armour last night. He need not make
a move. Ee has only to keep still and
do nothing. He has the wheat and the
othar fellows have sold it. The puzzle
IS that people will take the risk with a
situation SO plain, but there are 50
many built that way"
The Post says: Joseph Letter has
securely cornered the May wheat mar
ket, plays fast and loose with the fears
of a tremendous short interest, and is
showing himself to be by all odds the
most remarkable factor ever encount-
cred in the local market. once more
the battle between Armour and Letter
is being witnessed. Vague rumors from
the northwest, showing that some big
forces were at work there, revealed
themselves today, in the shape of facts.
Armour sent his brokers to the north
west sections days ago to buy all the
cash wheat in sight 1t is said that
Armour wants to return an equivalent
for the wheat which, despite his denials,
it is asserted he borrowed from Peavey
to deliver to Letter on December con-
tracts. No SOONER did Letter hear of
this flank movement than he began to
plan a coup. Today instructions were
forwarded to all of Letters brokers in
the northwest to follow up Armour
agents and bid two to four cents higher
than Armour on all wheat offered to the
latter. Although Armour denies the re-
port of borrowing from Peavey, a lead
lis broker is authority for the state
ment that Armour placed a check for
SO, 100000 in the Northwestern National
Bank. payable to the order of Peavey,
TO insure the return of a vast quantity
of wheat which Armour secured from
Peavy to cover his December short line.
To what extent Armour has obtained
cash wheat to cancel these obligations
is a matter of conjecture. But, one fact
is certain, and that is, Armour had to
pay premium, and had to wrestle hard
with Letters agents to secure cash
wheat in the northwest"