The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-03-12
WHEAT FIGHT ON AGAIN.
LETTER AND ARMoUR's MEN CLASH
ON 'OHANGE IN CHICAGO.

Margins Demanded on Both sides. and Leitor's
Men nuy More Than 1000. 900 Bushels
OF HanS W~heat-beiter elves Ont an Inter-
visw-whent Comes Out or Hiding Places.
CHICAGO. March 11.-Joseph Letter bought in
all to-day moro than q million bushels Of May
wheat. Baldwin s. Quincy sold 100000 bushels
to Ailon.Grier, for Letter, at Sl.O4, a half cent
moro than wheat was commanding in the pit Mt
tho timo. Armour also sold heavily without
showing his hands.
The fun was started by tho Armour house In
calling everybody for 10 per cent who had
bought May wheat OF them. This was n smart
rap across the knuckles of the bull brokers, and
when the matter was reported to Joe Letter no
told all of them to hit Armour a retaliatory
punch by calling him for 10 per cent. Tho
bull brokers obcyed to q man, and the big
packer was obliged to put up some of his cash.
There is good hpmor in the margin calling"
What Letter regards as a malicious attempt to
impair his credit and break the wheat market
occurred to-day. Brokers were sent into the
pit with May wheat for sale and with instruc.
lions to sell a half cent or moro below the prico
offered by Letters brokers and bar the latter
from buying their offerings.
1t is admitted generally that the price of May
wheat would have slumped seriously had not
Letter taken In all offered. What is more.
Letter is being flushed with great quantities of
wheat, Notwithstanding his confident statement
that there is little, IL any, contract wheat avail
able which he does not possess. Tho design
which Mr.. Letter says Ia behind this barring"
policy is to create an impression that the trade
has lost confidence in his ability to carry his
deal, and that he is nearing the end Of his re-
sources.
Letter wns not dismayed by the combined at.
tack upon him. but he was angry.
Tell them shall be ready to answer all
calls for margins on all the wheat they can
attack us l regard as very undiRniicd and tho
scheme Of desperate men. Those brokers arc
tract wheat in the Country 'Iy' to the amount unit
IS not more, 't than s,ooo oSSSS0' bushels ahsis
rather, in the Northwest. or that j, own 5000:
600 bushels and the remainder Is held by people
who are on the same side OF the market as we
are. Most of this will he used for milling pur-
poses. The 8, 5000. 900 bushels in the Northwest
are tied up, securely in elevators. OF course to
yn,s Is e Th ore G is no co 1no Local Iv s.ock % OF t contract cdso.
try aside from that named. We are treasured
rather than ,friEhtened by the present returns
An astonishing feature of the market to-day
was the flood OF wheat which is, being brought
here on contract from the Northwest. The re-
ceipts at Minneapolis and Duluth to-day
amounted to 43O cnrs, as compared with only
172 last year. This wheat comes from private
elevators and farmers hands. The figures are
not unusual in normal times. but when it is
known that tho general trade was assured that
tho Northwest had been secured of wheat, no
one can account for this unexpected opening of
concealed wheat stores.
The Government estimate Of reserve wheat.
showing that there are 121 900, 900 bushels in
farmers hands. cast n benrish shadow on tho
1O.OOO.O 900 bushels OF this Is contract grade.
while others assert that at least sc, 900
is the one feature OF the market which will de-
eide Letters fate.