The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-06-04

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started buying craze that resulted in al
advance Of nearly IS cents here inside OF
three weeks-something unheard of. AZ
a foreign writer recently put Il, there has
never been a time IN the history OF the
trade when prices advanced so sharply
in SO short a period. The farmers OF the
west have been benefited 20 the extent OF
about $500. 0oo. 900 by the shortage IL foreign
crops and By speculation on che buying
side under Letters leadership. Letter,
however, says he Is not a Spectator. but
a merchant. and this has been year thar
wheat could De merchandised with uL-
usual advantage.
In addition TO the heavy transactions in
wheat, Letter at one time last August had
10, coo, O00 bushels of corn bought to help
along his wheat deol. He also took on
Is, 900 bushels of oats, 100000 bushels (
which ne sold few days later and tts
last 100000 bushels were iiquidated in
March at q profit of 10 cents.
George B. French. who is associated
with Letter, is young man Of about SO
years. or the same age of Letter. He came
here from New York after receiving an
education in Wall street, His father IS
a special partner IN the firm of Van Am
burg & Atterbury. II required several
months after young French appeared here
as an operator through Allen, Grier & CO.
for the trade to determine who wos back
ing him. There were all kinds of surmises
as to his principals. The names OF J.
Pierpont Morgan. James r. Keene and
Phil d. Armour have all been mentioned.
but Letter has been backed only by his
father, L. Z. Letter. Joseph Letter did
not assume active command of the wheat
deal until December. Since then ne has
worked steadily. putting in long hours
and conducted all negotiations himself
using Lohrke and Alexander Geddes to
arrange part of the details on export bus-
ness.
In March, L. z. Letter made an agree
ment with Armour, who had been fight
ing the deal, whereby over 100000 bushels
of cash wheat was taken on May con-
tracts, and Armour ceased to be a factor.
No other transaction can be compared
to Letters. B. 2. Hutchinsons corner
in 1888 put the price to 81, an advance of
So cents being made on the last day of
September. But ne did not handle over
> 1000 900 bushels all told. In 1882 Armour's
deal did not extend beyond 1900 900 bushels
cash and 10000 900 bushels futures. John
Cudahy's attempted squeeze in May, in
1898 eliminated in April, and although he
had 2S 900 900 bushels bought, he did not
take the cash wheat.
The Harper deal in June 1887. although
resulting in 5OOOO,000 bushels being ac-I
cumulated, did not involve the payment
of 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 S,OO0O00
bushels cash and 20, 900 900 bushels futures
being traded in, in which the brokers
made all the money AMI Keene secured the
experience. The Mackay-Flood- 'Brien
operations in California in 1887 and 1858
accumulated 2O,O00,OO0 bushels at San
Francisco, but resulted disastriously.
P. M.-Leiter's May wheat deal ends to-
day in different manner from what was
expected Themarket closed stdong on
Saturday at s1.75. Greatly to the surprise
of every one in the trade. his brokers
commenced today to sell at $1.45. or 3Oc
under Saturdays close, There were 5000
bushels sold at that figure.
The next trade was at $40, and so on az
sc clip to S125. At that figure Caring
ton Hannah sold % 600 bushels Letter
supported the price at 1925. taking about
100, 600 bushels. Whenever an anxious
short wanted to buy he was accommo-
dated by Allen-Grier, who are doing Lett
er's Nav business.
The short interest IS light, and it is ex-
pected that he will set his wheat. The
last big short came Saturday. The small
ones have been getting in today.
A great effort mas been made to rush
wheat here for delivery en- May contracts,
and $4,000 bushels Of contract grade has
been run into store since Saturday. The
holders OF cash lots have some difficulty
in finding a purchaser atthe top prices.
They expected 10 get 81 out o ftheir wheat
before the close today. but indications
point TO their having TO accept 1925.
The break of soc created comparatively
little excitement, the interests in May be-
ing so small. The collapse of July with
its break Of 10c 10 94'sc attracted moro
attention and developed the fact that
there has been an immense army Of tai!ers
who we're waiting for Letter to put the
price up.
The break today has shaken them all
out The range on May wheat has been
&c TO $lS7 during lis life. The first trade
was made in July, 1881. The high point
was SIS on May 10. The lowest priced
wheat that Letter bough, during his bull
campaign was 63Sac on June 10. 1891
George r. French said: We never had
any intention Of running corner. We
might have run one Thursday and put the
price up. The big shorts are al in. We
knew Thursday THAI one Of them was IN n
bad way. There viii be no fireworks in
the May today and am willing TO 60 on
record as saying III
lNOlA'S RECORD CONFEDERATION