Encyclopedia ofChicago
Historical Source
Historical Source
C
"Crash in Leiter Deal," 1898

 

 

 

"Crash in Leiter Deal," 1898

Philip Armour used his tremendous grain storage capacity on Goose Island and across the country to break another attempted corner on the wheat market in 1897-98. His adversary in 1897 was Joseph Leiter, the son of Levi Z. Leiter, a successful Chicago merchant. Armour even hired tugboats to keep the water open in the Duluth harbor until grain vessels could bring the wheat to Chicago.