The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-05-26

Locally. the wheat situation is prac-
| ticaiiy featuresess In the East, however.
| everyone is watching with interest the
| closing hours OF Letters May deal. Prices
| In Chicago and New York are firm, caused
BY the Letter corner. some men say, and
By the influence OF the war.
The local market has dropped Off s
! points for No. club in the last ten days.
A condition approaching apathy REGINA
There IS little demand, and naturally
prices are not firm. This Is due, export
| ers say, to the late rains in California.
| which many people believe viii result in
| mucn larger yield than was predicted
i two weeks ago.
| a mighty factor In wheat circles in Wash
| ington. Two weeks ago. il was conceded
| by men who watch the situation carefully
that the California crop was damaged be-
| yond repair and that the yield would not
be over half normal crop. Bears are
| saying that these estimates were not re-
| liable and that the California crop will be
/ much larger than the earlier estimates.
/ OF course. this has a depressing influence
| here. This feeling, however. IS likely TO
Yield to a more buoyant tone as the season
| advances. Conservative men say that
Wnen harvest time comes IN California,
/ = Will be found that the crop Is short.
! Barley shows sympathy with wheat.
| and prices are low. comparatively speak
! ing
| The rains in Washington during the past
/ week have sent the crop growing sky
ward at rapid rate. Everything points
| to an enormous yield in this state, and
| consequently there are few croakers in
| the Big Bend and Paieuse districts.
The Letter deal Ia all tha one absorb
| ing topic In Chicago.
Close Of Letter Campaign.
| Newspaper writers for weeks have been
| figuring up the profits OF the bull leader
| says the Chicago Times-Herald, but tina
| campaign is still being carried on as in
! defatigably as six months ago. In some
1 particulars Letter is showing more soiici-
! tude than at any time IN the past twelve
! months. Last December he paid no at
! tention to the car lots. Elevator people
! gathered them In at big discounts, made
| them UP in 5000 bushel car lots and sold
| them In the pit at killing prefits--profits
! that Letter really paid. Now Letters own
broker Is running the sample market.
| grabbing the wheat as It comes from
the farmer and bidding enough for the ear
lots 10 keep the elevator man out Of the
| way. This Is all In addition to the old
| time indefatigahility IN the pit
It's a preciser. better disciplined cam
| paigning than at any time so far.
II illustrates the true present position OF
| the Letter wheat deal. 1t isn't over. But
| the crises have been passed. Enemies
| have been whipped so often and so thor
oughly that the bull campaign can now be
| prosecuted to a close with more attention
| TO detail and with a nicer observance OF
| tactics. Up to sixty days ago it was
| rough and tumble pit contest. with no
| time for consideration OF anything but re-
| suits. Economies could not then be prac-
| ticed. II would not have been true econ
| emy to attempt them. Letter had to whip
| the people who were trying 20 sell him
| more wind wheat than he could margin.
| It was good specializing then for him TO
| Get the details wait, even IL It was ex-
! pensive. until he had demonstrated that in
| the matter OF financial resource he was
! the equal of his opponents
That supreme test made ana settled, Il
/ IL as Illustrative OF Letters executive tai
/ ent that he IS now devo.ing himself TO
detail as that at one time he ignored de-
| tail.
Armour says that Joseph Letter is now
| bomb proof" The elder Letter tells
! his friends that nothing now could lose
! his son any money. Both announcements
/ are 70 the same effect. The big wheat
| deal begun over a year ago has been SO
| far Gcuidatei that IL is not longer 4
| matter OF winning or losing, hut merely
! OF how large the winning shall be.
| Letters Present Interest.
There was n time in March when Joe
| Letters interest In wheat everywhere ex-
( ceeied 2n.0oa 900 bushels. and when his line
Of cash grain In different markets exceed
| ed i,ooo Geo bushels. Il was necessary for
| him to take e,oo0od0 bushels May on one
/ day in the latter part OF that month, and
/ then to tak. 10000 bushels the next day
I in order to maintain the May price
! around sfe. One Of the crises was
+ passed on the 18th OF March Just at that
! time 81 was a defensive fight on Letters
/ part. His present interest in wheat ac-
Z cording TO his own statement. is practia-
ally confined 10 the cash and the May He
/ Sc supposed TO have less than $3.50 cD)
( bushels OF grain in all positions There IS
no likelihood OF his getting above $500
{ GO bushels additional on his May con-
( tracts during the next fortnight IN all
TIE markets where he Is the MAY holder
Chicago. New York, Duluth ana Min
! nsapoliS.
II IS certainly wiihIa the bounds 70 pu.
, Letters wheat risks row az ioooo GO bush
. els. half OF * spot somewhere ashore or
/ afioat and the other half coming on Nav
/ contracts THIS would still seem a big
figure II everybody had not had HIS IDEAS
as 10 El$kS so ENAA&eS " Tie FaSfEf DEfAS
which have become familiar since Let
ter has been in the market. But risk
Is not altogether a matter OF b:g holdings
/ Il depends very Largely upon the ability
/ 10 s.quldate instantly. In March when
Letters holding was =; rs height and
when the strain on him was the severest.
| Chicago wheat prices were the highest IN
| the world. Liverpool May prices were
/ then aAou: Asc A bUshel under parity
with Chicago: May wheat al SeT York
was lower than Il was here; 81. Louis
. Minneapolis and Duluth were from &C 70
&c a hushel under Chicago. Letter could
| not have Mquidared sixty DAYS ago with
! out vast loss. ard the situation was such
that there was no way for him or anyons
else 20 estimate waat compulsory iiquf-
dat!on would mean to him. Every OUT
SIDE market 10 a Chicago holder showed
less OF tire face. and there was the
appalling uncertainty as TO what any
actual wheat pressure would mean 10
prices. which everywhere n that tine
were hardly more <han nonina,.
A week - left o. the May deal. Be