The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-06-03

last 100000 bushels were liquidated in
March at profit of to cents.
George b. French, who is associated with
Letter, is a young man of about IS years,
or the same age as Letter. He came here
from New York after receiving an educa-
ton in Wall street. His father is a spe-
cial partner in the firm of Van Emburg &c
Atterbury. 1t required several months
after young French appeared here as an
operator through Allen, Grier & zeller for
the trade to determine who was backing
him. There were all kinds of surmises as
to his principals. The names of ]. Pier
pont Morgan, James r. Keene, and p. ID.
Armour have all been mentioned, but
Letter has been backed only by his father,
L. q. Letter. Joseph Letter did not as
sumo active command of the wheat deal
until December. Since then he has worked
steadily. putting In long hours, and con-
Quoted all negotiations himself, using
Lohrke and Alexander Geddes to arrange
part of the details on export business.
In March. L. a. Letter made an agree
ment with Armour, who had been fighting
the DEAL, whereby over 100000 bushels OF
cash wheat was taken on May contracts,
and Armour ceased to be factor.
No other transactions can be compared
with Letters. b. P. Hutchinson's corner in
1883 put the price to two dollars, an ad-
vance of So cents being made on the last
day of September But he did not handle
mour's deal did not extend beyond 100000
bushels cash and 100000 bushels futures.
John Cudahy's attempted squeeze in May,
in $685. eliminated in April and although
he had 2S 100000 bushels bought, he did not
take the cash wheat.
The Harper deal in June, 1887, although
resulting in 1000 900 bushels being accumu-
lated, did not involve the payment for any
cash wheat. He had the Fidelity Bank of
Cincinnati back of him, and both went
down. James r. Keenes interest in wheat
in 1878 and 1879 resulted in 100000 bushels
cash and 20, 000,0 900 bushels futures being
traded in, in which the brokers made
all the money, and Keene secured the ex-
perience. The Mackay-Flood-O' Brien OPP
rations in California in 1887 and 1888 ac-
cumulated 10000, 900 bushels at San Fran
CISCO but resulted dsastrously.
p M.-Leiter's May wheat deal ends to-
day in a different manner from what was
expected. The market closed strong on
Saturday at $1.75. Greatly to the surprise
of every one in the trade, h brokers COM
menced today to sell at $145 or 30 cents
under Saturdays cltEe. There were 5000
bushels sold at that figure.
The next trade was at $1.40, and so on
at cents a clip to SIPS. At that figure
Darlington Hannah sold 250O$0 bushels.
Letter supported the price at SIPS, taking
about 100, 900 bushels. whenever an anxious
short wanted to buy he was accommodated
by Allen rier who are doing Letter s May
business.
The short interest is light, and it is ex-
pected that he will get his wheat. The last
big short came in Saturday. The small
ones have been getting in today.
A great effort has been made to rush
wheat here for delivery on May contracts,
and $4,000 bushls of contract grade has
been run into store since Saturday. The
holders of cash lots have some difficulty
in finding purchaser at the top prices.
They expected to get 81 out of their wheat
before the close today, but indications
point to their having to accept $l.25.
The break of so cents created compare
lively little excitement, the interest in
May bling so small. The collapse of July
with its break of 10 cents to 941s cents at
tracted more attention and developed the
fact that there has been an immense army
of tailers, who were waiting for Letter
to put the price up.
The break today has shaken them all
out The range on May wheat has been
n cents to $1S7 during its life. The first
trade was made in July, 1897. The high
point was $1.S5 on May 10. The lowest
priced wheat that Letter bought during his
bull campaign was 64% cents on June 10,
1897.
George French said; 1--WE never had
any intention of running a corner. We
might have run one Thursday and put the
price up. The big shorts are all in. we
knew Thursday that one of them was in a
bad way There will be no fireworks In the
May today, and I am willing to go on
record as saying it,"