The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-08-24

one possible exception on this sword wide
movement in the upward tendency OF
the price OF wheat Two others share
with him this Observation-Disclosures A.
Pilsbury OF Minneapolis and B. S. Barnes
Of st. Louis But both OF the latter
are old hands at the game, and their
success excites no wonder.
II is one Of those most covered. bifur-
Gated traditions that sons OF preachers
always turn out badly. and that sons OF
rich men never amount TO much. But
the world is full OF the examples TO the
contrary, vino al least may be called ex-
ceptions to the rule. When II first be
came noised about that Letter was ''in
the market" one curb stone gossip said
10 another.
81 hear Letter is in heavy on the bull
side"
40. I guess not. The wheat pit has no
attractions for Levi P. Letter"
II mean Joe Letter"
"Who the devil is Joe Letter"
The profane curostone orator knew
very well who Joe Letter was. but MS
amazement found no better expression
He had heard Of Joe Letter as the son
of one OF the richest men Chicago has
produced, and perhaps had tabled
and labelled Joseph as one of the sons
an appellation not uncommonly USED
by persons who do not claim 10 De sons
in designating others who have the mis-
fortune to be born with fathers OF some
note in the world
II is nevertheless true that Joseph
Letter has been known TO the pubic
heretofore briefly as society man. VINO
might possibly have an ambition 10
bum" money Instead of making IL, 50
far as the curbstone and other divisions
OF the public knew And when Joseph
Letter appeared on the horizon OF the ris-
ing wheat market this summer the
amizement was greater than II ne mad
been plain "Joe" Smith or Joe" john
stOn.
Mr. Letter saw good thing and knew
il when he saw il. TIE fact that he mas
made 100000 or $1,00o, 00t-as the sos-
sips say-does not prove that he saw this
good thing earlier or appreciated IL
more highly tina: others who have made
less than 10 per cent of that figure. Bit
II is believed that Mr.. Letter has made
thousands where others have made cents
and henceforward he must submit TO
finding his name mentioned n the small
type market reports as well as in the
society chronicles which are embellished
with pictures of pretty girls.
or course Mr.. Letter himself does not
appear in the wheat pit with disheveled
rainent, fighting and gesticulating in
the manner from which the galleries de-
rive SO much bucolic wOnderment il Is
doubtful whether he has been within the
walls of the board OF trade during all
the time that this comfortable little tor-
tune was being piled up by his brokers
A quiet, transformations gentleman nam
ed George French has been there. how
ever Yet even Mr.. French has not
prec.pitated himself into the hurry bur-
~ of the pit Mr.. French has been Mr..
Letters agent in his operations, and Mr..
French in turn has dealt with the regu-
lar commission houses. There are three
of these which are supposed to be car
rying the Letter line of bull wheat, the
Allen, Greer & Zeller company, c. 3.
Congdon & Co, and Norton, Worthing-
ton 6. CO. The firm first mentioned mas
figured conspicuously in the market re-
ports the last few weeks, and before MI |
Letters name was mentioned in this
frequent references were |
made to "the Allen-Greer crowd" |
Doubtless there are many persons asso-
ciated with Mr. Letter, through common |
interest, in the bull side OF the market, !
and il was not until recently that Mr..
Letter emerged from the obscurity OF
an anonymous member OF "the Allen |
Greer crowd" Mr.. French, VINO has |
prospered himself. it is said, by the ap- |
probation in the market quotations, and |
VINO is credited with being Mr.. Letters
alter ego in the business, is New |
Yorker, ami other New York men are |
said to be affiliated closely with Mr..
Letter.
Ii was six months ago when Mr.. |
Letter first essayed the market. He was !
q bull then and made money. His brief |
clrcsr on the board has not been en-
tirely = summers dream, il reports are
70 be credited. His September line was
sold out al 30 cents 10 IS cents, and ne
went short But brief reverse was /
mere incentive TO greater victories. and !
wner the market got around so cents ne
was back on the bull side, and now is
saii to hold between 100000 and 1900
lJO bushels on the September option,
with an assured profit on that alone OF
nearly half million. He also is said to
have made a neat sum in corn.
Among the other notable benef ciaries
II Dame Fortune is found the name OF
David r Francis. ex-governor OF Mis-
souri, and a member Of the cabinet OF
former President Grover Cleveland. MI
Francis is an old hand at the business
md has made cOmfOTta bic fortunes IN
,ast years the same way. II Is one o.
ne most essential facts in telling the
,cGry that ST. Louis and the st LOUIS
,l1ue with which Mr.. Francis IS init
nately associated were the first 10 get
n on the ground floor" They were the
biggest bulls a: low prices and they have
stuck it out through months Of uncer-
ainty. In fact, It IS asserted that 81
ouis and the saaboar1 have grabbed !
II the bulk OF the profits in the Chicago |
narket this spring and summer. a cir
ugostan-e which Mr.. letters success
Ices much 10 balance. Il Is believed oy
yaicago operators that p. s. Barnes OF
Z. Louis has made not less than a NIL
ion dollars on wheat in the last SIX
months. Credit Is gwen more 20 Mr.
Iear5xick than 70 any other although he
nay not be among the heaviest plu-s-
IS. fo- Il is said that the 'tiD" on
when s.. Louis has pinned Is fam
lne originally from him he Is the
xne- o. a barge line which transports
immense quantities OF wheat "a Europe.
nj through his correspondents he had
l-iy Information % the shortage in the