The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-19
CHICAGO'S WHEAT KING.
Young Letters MeteCrie Career as a
PIunger.
From the New York World.

PIunger.
From the New York World.
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 smoothfaced, ath-
letic-looking Harvard graduate, 80
years old. He lives in magnificent style,
has a 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 nothing 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 a. self-made man in
the ordinary sense, yet he has made a vast
fortune. When he came home from college
six years ago his father, old Levi Letter
looked him over doubtfully. A boy with
out practical experience and who has spent
a deal of money is an uncertain quantity
So the cid man, to test his metal gave
him 100000 to do with as he pleased. And
great was the joy of the sharks thereat. A
college dude a Hasty Pudding man with a
million! Never was there greater promise
of fine plucking.
Joseph Letter began to plunge into spec
ulatons, and he found no end of holes
SChemers, spectators, promoters and con-
fidence men flocl1ed to him and carried
away such booty as they could. The young
man paid the price and never whimperod.
After a time he learned that you cannot
beat a man at his own game unless you
know it better than he does. His million
was nearly all gone before he learned this.
He began to study details. He liked city
railway stocks. He gained a marvellous
amount of technical and practical know
ledge. He took up mining in the same
way The tide turned. Money began flow
ing 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 gentle
man now admitted that the boy had out
stripped him.
More than a year ago the father turn
ed over all his holdings to Joseph. When
the financial world learned that a young
fellow, not yet 80, had absolute control
of $30000,000 worth of property, it was
aghast. His fortune is divided among the
best institutions in Chicago 1t extends
to railroads, ranches and mines.
1t Is supposed that Letter went into
the wheat market as a result of being
appointed a colonel on the governors
staff He was thrown into friendly re-
latonship with the state grain depart
ment Wheat interested him. casually al
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
A man with $50 600 coo and only six years
of business experience doesn't come along
every day. But they ought to have taken
stock of his chin and the manner in which
he had gained his possessions.
When young Letter began trading in
wheat he already knew a deal more about
it than any one supposed. He had studied
1T as he studied mines and street rail-
ways. He lacked practical experience, but
it didn't take him long to gain that.
Letter went along smoothly and easily
When the bears felt the squeeze and look
ed about to see who was applying the
power they could scarcely believe their
sense.
The Hasty Pudding Man has carried
everything before him. He has manipu-
lated one of the most successful corners
ever known. 1t Is believed that il can
not fail now. The youthful millionaire
can make the board settled on his own
terms.