The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-01-29
LETTERS WHEAT PROFITS.
STANDS TO WIN AT PRESENT NOT
LESS TRAN ss,eSO,0Oo.

~ ~
win &c where Letter wants II. Ter ne
Has All the whent-Jack Boran In the
~ealinE-scsrcity Reported In siunesota.
CHICAGO. Jan. 2s.-Cash wheat Is soaring
toward tho clouds. Yesterday It was Sl.O5,
to-day 1t was S1.l0: tomorrow It may DO $l.25,
Sl.5o. or even 81, IL the man who owns 1t all
sees ut to push up" The shorts arc at his
mercy, and II he docs not apply tho thumb
screws very hard 1t will be because he 10 differ
ent from others who have taken everything in
sight in former Chicago wheat deals.
1t is said to Joe Letters credit that In every
move he has made in the wheat pit, calling Of
margins included, there has been no Indication
that he wanted to everyday his hand. In other
words. no has never shown q disposition to
trample upon any one because ho had the ads
vantage OF him.
On the other hand there arc mon here who
would be pleased to sec the young speculstor
out Of the way. as 1t has been demonstrated
plainly that he 10 q thorn in tho side of the aver.
age wheat bear. There ia no trading among the
little fellows. who are all afraid to buy or sell.
The shorts will only buy to get out at the best
terms they can make. but the truth 10 that there
Is no wheat to DO had. French had an order to-
day for $4,000 bushels. but no didn't get much.
as none was offered.
1t is an easy matter to bid up January wheat.
as nobody owns any excepting Letter. who has o
trife OF 100000 bushels here, and possibly
5000. 600 bushels elsewhere. Ono 10 In little
danger of being taken up at any price offered.
To-dey's climax was the highest price wheat
has reached on this crop. In December tho top
price was $1.oe. Within the past two weeks the
price for cash wheat has gone up 10 cents. For
q few minutes to-day tho Chicago prico for
January was L cont over the New York price,
while May was lie cents over New York.
The speculative trade was almost all in May
wheat, and the advance was all in the last hour.
Small shorts and the small fry traders generally
kept aloof and watched tho big men, who think
nothing Of making deals in from q quarter of .
million to two or three million bushels at .
time, do the buying and selling.
Such men as w. X. Linn, John Cudahy, O. W.
Brega, S. A. Kent, and W. I. Baker were the
only active men on Change to-day, and they did
little business. 1t was generally looked upon %
q bull market; the short sellers have Jared so
badly that there are few who dare to sell short.
A new figure on Change recently Is that of
young John A. Logan. He made his appear
ance modestly a few days ago with q purchase
Of about 100. 900 bushels, and increased his
trading until he had about a half million bush
els. He has made his sales at a comfortable
profit and has made quite a respectable kill
ing" Logan Is a close friend Of Letter. and it 10
thought that the owner of all tho visible wheat
in the market has been coaching Logan.
Letters wheat has cost him not more than an
average OF 81 cents a bushel. and q profit of Is
cents a bushel may be easily figured up for him.
As he holds somewhere nearly $4,000, 900 BUSH
els. 1t Is estimated that his profits now figure
So $50. 900. On the 9.O00.O 900 bushels in store
here no has a clear gain of 81. $4,000.
Letter has determined that there will be a sut-
hcient demand ut home for all the wheat he has.
and has. il is said, been reselling the ocean ton.
mage he had contracted for. Should ho want
any tonnage later he will be able. it is thought,
to get even better terms than he has yet made.
MINNEAPoLIs. Jan. 2s.-One firm sold 10000
barrels of patent flour to-day, about one.half of
this quantity going to foreign buyers. This 10
the largest amount sold by this firm in any day
for two years. The total sales aggregated 13o, 600
barrels. There is a critical situation here az
to wheat. Country mills are selling relatively
heavier than Minneapolis and it develops they
have no wheat. One broker here had orders to-
day for eIghty.ive cars Of wheat from country
mills and could fill only thirty-fve. that at q
hoavy advance. There was much demand for
high.Rrade mixing wheat that could not be filled.
Il. looks as II milling wheat would be a scarcity
here soon.
May wheat touched 81 in this market yester~
Ja,- op1 cIoaad AZ 90 capta