Encyclopedia o f Chicago
Interpretive Digital Essay : Water in Chicago
Essay: People and the Port
Photo Essays:
Solitary Lives
City of Bridges
Chicago Harbors
Essay: Using the Chicago River
Photo Essays:
Goose Island
Indiana Dunes
Essay: Sanitation in Chicago
Photo Essays:
The Sanitary and Ship Canal
Water-Related Epidemics
Essay: Water and Urban Life
Photo Essays:
Houses and Water
Shoreline Development
Growing Up Along Water
Goose Island

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Grain Trade

Leiter's Corner that Armour Breaks with Goose Island Elevators

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.

Leiter's Debts when Armour Breaks his Corner

Joseph Leiter lost between $5 and $10 million on his lost wheat corner in 1898. His father covered most of his debts, as seen here from Levi Z. Leiter's account book and from two checks the elder Leiter wrote to cover the debts. The account book also lists checks to: Pullman Palace Car Company, American National Bank, Merchants National Bank, Marshall Field, and the Northern Trust Bank.

See also: Commodities Markets; Business of Chicago

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