The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-03-13
MAKING WAR ON LETTER.
THE YoUNG sPECULAroR GIVES THE
TRADE rive SURPRISES.

No Asks That y Margin NE fixed on May
Wheat nsaIipES ara Ee Sells 100 o
Bushels uncnpec,ediy-uis Present HoldinEs
-Easrt or His Rrekers 10 Keep Up rrices.
CHICAGO. March l2.-Joscph Leitor treated
tho wheat pit to two big surprises to-day. The
first was whom. through Allen NJ. Rier 6 Co.,
his agents on tho board, no called upon the Board
OF Directors to fix n marginal vnluo on May
whoat, thus, 1t 10 reported, forostalling the action
about to DO taken by that governing body. The
news created tremendous excitement, and the
directors took tho matter under Immediate con-
sideration.
1t has been commended for some time that
Letters manipulations were forcing wheat
above Its natural selling value; that It was
up about $1.05. when its actual value for
freiGhtinE purpose was only % cents, and that
under the rules Of tho board Letter should put
up cash for the 10 cents difference on every
bushel, Tho talk Of calling Letter to this &C.
counting was fast becoming general whom he
made his request Of tho directors. The matter
will DO examined thoroughly and passed on at
the earliest possible moment.
The second surprise of tho day came with
the announcement that Letter had sold
1000. 900 bushels Of cash wheat to Counsel.
man & Day. This is tho first official
announcement Of any sale Of wheat made
" SAs SAbhot Nv WIN vi ootouNt hihiO
surate with hia holdings, Already 100000
bushels Of the immense amount of wheat con-
trolled by Letter has been contracted for ship
mment. but there are no statements, to warrant
the assertion that this wheat has already been
That the trade had not the slightest intimation
OF this move until after the close was made man
ifest by the sensational slump in the price Of July
wheat and the abrupt decline in May despite the
forces which Letter ia bringing to boar upon
tho May option to Illustrate tho attacks of the
bears. The sale to Counselman & Day, will put
Snaat SS Se0t ,ho s pn ! S opens t om M Tnsas a undouSa.
eddy there will be evidence OF the fact;
radical q espdic DECLINE sIllS1 II iso pS NsM ydr for ,, Shsa m.T 5ss
sIe SsssIRs tSe%ss!ves for ! turn \ Even &c
feeling that something is in the wind.
Armour has the entire trade on his side be-
cause, with few exceptions, the local market IL
Letter.
Tho transfer of cash wheat in local elevators
b bay C Tsyiyss c { sisnJ1iSanii m s5ssS%eDt m nfsas
came back the most sapsnine bull. The state,
wheat and pay market price The impression is
unnamed men, and that more may follow. Tho
ma r price ,o OF cash "a 1, vi Wheat eat as rev zeal dr, by
pnid 10 fEslsor IS Close to this asS ire p'.'
The flank movement yesterday. on Letters
l SgSssrs IN in ,d 5hn wheat Hho pit was o mot openly lSk fol;
from buying Wheat at biidf prices is a dan:
Eerous expcdisnt. and. despite the rul,
no doubt the barring su6terfuge is contrary
to the ethics Of the trade, and will be held SO BY
the directors OF tho board IL the question should
be submitted.
May wheat was a greater burden on Letters
time since that option became q factor in tho
market. His brokers worked like Trojans to
keep the price Of May at $l.oi. when July
keep the price OF Mey wheat from bowling
down, too. AS II was. the price OF May sank l
cent tn y short time, but owing to tho quick
suppoft from Letter returned to $l.o4 and re-
nalped steady in tho face Of fluctuations.
July Is the speculative commodity and the
general trade 10 concerned in that option, so
that the Wall strees scare had tho most imme-
eniertained hat Nav wheat would aist'S have SSNt tSm.
millions.
1t is said that Letter will remain in the market
only a short time. II is his intention to buy
some more wheaty the amount he has slreadyde g
termined upon-nnd then get from under. What
Leiter intends to do with his wheat when this
step 10 taken remains for him to say. The ac-
troll Of nearly 10, 600. 900 bushels Of cash wheat,
exclusive Of the transfer to-day to Counselman
&pay.a and tho possession OF 10000. 600 bushels
ot.May wheat. The trade knows that Letter in
because freight room for that amount has been
engaged In the East.
To-day there are 9, 456. 900 bushels of contract
grade wheat IN this city, Al owned By Letter.
week.
This leaves the remainder still above s,oOo.-
rivals OF about lOO. 900 bushels.
Letters profit on tho sale to Counselman g.
Day Is estimated at $3.50, 600.