The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-12-21

oONiFi iNNNS ~ TN tllAA AsNb
HE RUNS AWAY FROM IT.
A new Napoleon OF Finance has APP
peared In the person of Joseph Letter,
of Chicago. Five or six years ago he
was comparatively poor man. Mark
you, say comparatively. His father
gave him PaltFy million dollars, to see,
az he expressed IL, what sort OF stun
the college bred dude was made Of"
He is now thirty years old and is worth
$500 OOOO-just one million for every
year Of his life.
Young Letter calls himself self
made man, and in u sense he is. With
the first million he purchased a large
and varied stock Of experience, He
bought It in large chunks and profited
by II. Then he turned Il 20 good ac-
count He cornered the market In ex-
perience, He had secured all there was
to be had, his money was nearly all
gone, and then he began to realize on
his investment, He began unloading
large blocks of experience on others and
realized handsome profit.
To-day he IL the king OF the Chicago
wheat pit, He went into the deal ak
months ago novice, He now holds all
the cards, The veterans who In other
times have won through sheer force of
money. and have slaughtered oppo-
nents In the grain arena without mercy,
or pity, find themselves up against the
hardest game OF their lives.
They were rather inclined to pity the
verdant youth thrown in their path
One OF the veterans said he had once
read something in the Bible about a
lamb being led to the slaughter, and the
other veterans chuckled as they Thought
OF the big price the newcomer would
nay for his experience, They forgot
that he was now on the other side Of the
market when II came to dealing In eX-
perience.
When young Letter began trading in
wheat he already knew q great deal
more about II than any one supposed
He had studied II as he had previously
studied mines and street railways He
lacked practical experience. but Il didn't
take him long to gain that. Letter went
along smoothly and easily. When the
bears felt the squeeze and looked about
10 see who was applying the power they
could scarce believe their senss,
Young Letters career il all the more
remarkable In that It differs in every
essential from that of the average young
man born with silver spoon In his
mouth. AS the son OF old Levi Letter
he might have become one of the
jeunesse doree OF the Windy City. The
old gentleman Is credited with possess
ing barrel Of money, made largely In
the dry goods business. His wife and
daughters have social aspirations. and
are now occupying the Blaine house In
Washington,
Joseph Letter is Harvard man and
member of the famous Hasty Pud-
ding Club. He came home from Har-
ward with degree, and the elder Letter
didn't know what to do with him. He
remembered that he went through years
of tralnlng-very humble at times-to
arrive at his age OF financial discretion.
Joseph had no such experience. He
never had sold goods over counter. nor
worked from clcrkship TO CONNER
clal dictatorship His early life had
been spent In private schools and at the
unlversity-a course very different from
pioneer life In bringing ont the quail
ties which make sldlful money handlers.
He had never been against the hard
wall of making his own way Tho
father concluded 10 go slowly-slowly as
a man OF his wealth would estimate II.
He placed 100000 In his sons hands.
It was a lot OF money for an ineXper.
cnced Hasty Pudding man to start
with II was such a piece OF good luck
that there were men on all sides crazy,
willing, sottcitous about it's investment
men loaded down with advice and
suggestions,
He invested in advice until his million
had nearly dwindled into nothlngness,
But he never whimpered. He attended
strictly to business. He resisted most
OF the temptations to which the gllded
youth succumbs. He learned great
deal OF the ways OF promoters and spec
ulntors. with his experience he learn
ed that Il was poor investment to put
too much confidence In a proposition
which the other side made. There came
an intmatlon to him that the fact that
the other man had game was pretty
conclusive proof that the best side Of
the game was on the gamester's side.
All at once there was change, and
the Harvard graduate took a new tack,
He thought II would not be amlss to get
facts about street railways, the cost Of
operation and the advantages Of the va
rious motive powers and all other NIL
mute and technical inside information.
There Ia no one who can tell who was
his tutor, but Joseph Letter can tell on
hand the comparative amount Of resist
ance which Hat rails offer TO the wheels
as compared with grooyed rails, He
has had time to learn the amount of
electric current that Ia dIssipated In It's
transit over the wires. Older heads
marVeled at his sudden insight into the
mysteries of the corpdrdtfon--fr6nt hs
mechanical standpoint. he was made n
director. II was like letting camel
into the tcnt He Ia likely soon to walk
Off with the tent. He may be president
In the spring, when the company IL re-
organized.
Then he began looking Into mining In
torestg He became an expert In ores,
ana II there IN u mine owner looking for
young man with money to invest and
the mine w a bit shady, he knOwg
enough 10 keep away from Joseph Lei
ter II Is said he can guess at the value
Of rock or q shaft M accurately as
any man but an asgayCr
The remnant of hls million acted Ike u
magnet with his practical knowledge
Of street railways and mines his fortune
began 10 lncrenAc rapidly Thu cldui