Semi=weekly graphic., 1897-12-29
LETTER THE PLUNGER.
The Meteoric Career of Old Hutch's
 Successor.
lNew York worldN

kNeW Ofk NOflusJ
 Joseph Letter, the king of the wheat pit in Chicago, the man who has engineered the biggest corners since the palmiest days of "Old Hutch, is a smooth-faeed, athletic looking Harvard graduate, 30 years old. He lives in magnificent style, has valet, keeps many horses and dogs and is extremely careful about his dress-almost as careful as he is in business.
 When Letter went into the wheat deal six months ago he knew noth- ing about the game. Now he is teaching men who have passed their lives on the board of trade. He is looked upon as the most remarkable man. Chicago has produced.
 Young Letter is not q self-made man in the ordinary sense, yet he has made a vast fortune. When he came from college six years ago his father, old Levi Letter, looked him over doubtfully. A boy without practical experience and who had spent a deal of money is an uncer- tain quantity. So the old man, to test his metal, gave him $1 100000 to do with as he pleased. And great was the joy of the sharks thereat. A college dude, q Nasty Pudding man with n million! Never was there greater promise of fine pluck ing.
 Joseph Letter began to plunge into speeulations, and he found no end of holes. Sehemers, speculators, pro motors and confidence men fl0cked to him and carried away such booty as they could. The young man paid the price and never whlmpered. Al ter time he learned that you can not beat man at his own game un- Jess you know it better than he does His million was nearly all gono be fore he learned this.
 He began to study details. He liked city railway stocks He gaia ed a marvellous amount of technical and practical Knowledge. He took up mining in the same way. The tide turned Money began to flock back more swiftly than it went out. Old Levi began to realize that his son was not a failure. He began turning over properties to the youth. The old gentleman now admitted that the boy had outstripped him.
 More than a year ago the father turned over all his belongings to Jo- seph. When the financial world learned that young fellow, not yet thirty, had absolute control of S30,- 000,000 worth of property it was aghast. His fortune is divided among the hest institutions of Chi eago. It extends to railroads, ranches and mines.
 It is supposed that Letter went in- to the wheat market as a result of being appointed q colonel on thegov- ernor's staff. He was thrown in friendly relationship with the state grain department Wheat interest ed him, casually at first, and then the fever took possession of him.
 When he appeared in the wheat market six months ago there was joy in the pit. 4 man with $50, ,000,- 900 and only six years of business ex- perience doesn't come along every day. But they ought to have taken stock of his chin and the manner in which he gained his possessions.
 When young Letter began trading in wheat he already knew great deal more about it than anyone sup posed. He had studied itas he studied mines and street railways. He lack ed practical experience, but it didn't take him long to gain that.
 Letter went along smoothly and easily. When the bears felt tine sqeueze and looked about to see who was applying the power they could scarce believe their senses.
 The Hasty Pudding man has car ried everything before him. He has manipulated one of the mcstsuecess- fuI corners ever known. It is believ- ed that it cannot fail now. The youthful millionaire can make the board settle on his own terms.