The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-13

dressed, easy-going in his ways. but
always dignified and evidently possess
ed Of a good deal of quiet humor. He
appreciates the novelty OF his present
notoriety and can chuckle over some OF
the ludicrous incidents associated with
| 1t as heartily as any one.
For instance, during the visit OF Inc
Globe representative, letter was
opened by Mr.. French, who called out
to Mr.. Letter in the next room:
"Joe this is the third one today"
'What is that?" asked Mr.. Letter.
This is the third baby named for
you by today's mail"
"All right, let the good work go on"
was Mr.. Letters quiet response, as he
rose to greet his visitor.
A few moments of conversation as
to his relations to the wheat market
brought forth this brief summary Of
his views:
II figure that there are about 15.OOO
900 bushels of wheat outside of that
which the farmers will need for seed
and the requirements of Minneapolis
and Duluth for grinding, which would
be about 30,000,000 bushels. Now they
have got to get more wheat from
| somewhere. in order to keep going, or
shut down some Of their mills
THE total surplus in California, Ore
gon and Washington, beyond the re-
quirements for their own needs, is
about 100000. L am speaking now of
the eXportable surplus from those
states. France and England are both
buying that wheat now.
rs it true that the Southwest is
shipping largely to the Northwestern
mills, and that the country down there
is becoming bare of Wheat?" was
asked.
Il know something about the South
west, 1 think" he replied. Il happen
to run bank down in Kansas and
keep myself pretty we'll posted as to
what is going on in that locality with
respect to crops. 1 can say this, that
from the information which comes to
me. the Southwest is practically clean
ed out of wheat. Ordinarily, this goes
out in April. May and June, but this
year the most of it has already been
moved out. The milling concerns
have scarcely any stocks, and the
elevator companies throughout the
country are practically bare-in fact
very much in the same condition there
that the people are in the North
west"
Asked as to whether he was selling
much for export, he replied:
I am sending out for export about
100000 bushels at the present time"
Mr.. Letter was asked whether it was
true, as stated, that he possessed all
the contract wheat which, of course.
has special reference to the amount
for delivery, in connection with the
May option He replied:
AS to the May option there is not
enough contract wheat left in the
Northwest to fill the May shorts in
Minneapolis, Duluth and here There
Is not enough left here that will go
grade for delivery in any place. Th.
people who are short will simply have
to come and settle on differences. 1
would a great deal rather have the
wheat, because [ think [ could make
more money on it. The warehouse men
do not own wheat to hedge against,
and every bushel sold on this market
is net short wheat"
The statement was made week be-
fore last that Mr.. Letter was a large
dealer in the July option. Asked as TO
the truth of this statement he replied
tersely:
Il am not botherng with July. that
baby can walk by itself when the time
comes
His mind was evidently still dwell.
ing on the babies named for him.
MIR. Letter said in conclusion:
The strongest condition in the Sit
uation is the extreme lightness in
foreign stocks, the decrease in the
amount on passage, the weather in
Russia, which has been very bad lately,
and also the Russian complications i'm
the East, which will in all likelihood
prevent further shipments of any large
quantities from Russian ports 1 do
not see anything in the situation to
cause me to, change my views in the
slightest | feel more strongly now
than | have for a long time back over
the situation"
Leaving Mr.. Letter and visiting MI.
Armour, that gentleman said in reply
TO some direct questions: Il am not
interested in wheat except in a mer-
ch&ndiSing manner; that is, buying in
the West and selling in Chicago as fast
as purchases are made. 1t makes NJ
difference to me whether the market
goes up or down. AT the same time I
nave been and continue to be very
bullish on wheat, From the reports
that we receive from the Northwest IL
is evident that wheat is getting very
scarce"
This is practically all that Mr.. Ar
mour was willing to say for publica-
ton. 1t has for a long time been SIR
missed in ST. Paul and MINNEAPOLIS that
the transactions of Mr.. Letter werc
participated in through some mutual
understanding by Mr.. Armour A rep
resentative of the latter, speaking by
authority. said:
Mr.. Armour has had absolutely no
connection whatever with Mr.. Letter in
that gentleman's transactions during
the present crop year. Whatever Mr..
Armour has done. as he himself has
already stated was in the nature of a.
merchandise business, pure and sim
pie. Mr.. Armour feels that he is grow
ing old and is indispOsed to burden
himself with the knowledge of details.
He has ceased to be a Spectator in
the wheat market"
Mr.. Letter candidly remarked when
quiZzed on the same point that he was
padding his own little canoe and that
there was no league between himself
and Mr.. Armour
Fine watch repairing. prices reasonable.
T. H. Harm. 16 West Sixth street.