The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-05-15

Letters long line Of May began to assume
huge proportions. Only by unlimited orders
was the market kept up. 1t looked for
time as n Letter would have to take many
millions in May, In addition 10 the load
OF cash wheat he was carrying and at
tempting to sell abroad. When the deal
looked the darkest a strange thing hap
pened. Armour withdrew from the con-
test. There are many curious stories in
circulation explaining this move. Some Of
them border on the sensational. The
pressure to force him 20 give up the fight
was undoubtedly OF the most influential
character. Levi z. Letter came on from
washington about this time and /, is
said that he figured in the truce that was
made with Armour. There was q settle
ment OF some kind. and the big packer re-
tired from the pit, His mixing houses
ceased operations. and his special trains,
fast boats and wheat gathering resources
were turned TO other uses. This left only
the smaller fry TO keep up the battle, and
Letter proved that he was too much for
them. The May dea! VIII show royal prof
It's. II Is estimated that his line OF day
wheat amounted TO 100000 bushels He
began buying around "a cents and has the
stun tightly cornered. He has put the
price over $50, and where IL VIII go no
one can guess lie has sold half of his
holding back TO the shorts, above Sl.10.
eraged not less than 10 cents a bushel net.
This means se00.ooe. He is supposed TO
have 6.00o,ooo bushels still coming to him,
which can be delivered any day this month.
Profit Problematicai.
The profit Of This line is problematical.
II looked like As cents Thursday night. 1t
will surely show this IL the shorts and the
demand keep the price around $50. Cos
sip has II that most OF this wheat will be
delivered TO him. II Il is. Liverpool is
clamoring for t at sl.55. which means less
cost OF transportation, about $50 here.
There is at least an additional s., &c. coo
profit in sight.
OF Dewey's fleet caused fcod fright In
England. During the last month wheat
has advanced A. cents q bushei IN Liver
pool. The reduction OF the French duty
Is equivalent 10 26 cents a bushel. and there
have been similar advances in most CT the
continental markets. The supplies in Liv-
erpooi ara low, and in this country tbs
visible supply is smaller at this time of
the year than It has been since 1881.
4 glance over the annals of speculative
literature shows failures far outrumber
the successes Letter is one of the few
who has made big winning. from the
days of Jack" Sturges to Letter, the years
are marked by the wrecks OF fortunes and
frequently the deaths Of plungers. James
r. keene spent twenty years on the Pa
eifc coast accommodating se.a0oooo. Then
he went 10 Chicago with a flourish of
trumpets TO show the talent how to spec
ulate. In two years he had a ticket 10
New York. and little besides. This hap
penei IN the hate '1os.
Nothing like Letters plunging luck has
ever before been known, although the Chi
cago press IL busy digging up compare
tive operations in the history OF It's Board
OF Trade At any rate, the Young specu-
iasor has made fer himself R fortune and
rendered great services to the farmers Of
all the West