The Wichita daily eagle., 1897-12-12
DEBTOR TO HIS CHIN

\ i
CAREER OF JOSEPH LETTER, KING
OF THE WHEAT PIT.
Raw From College, His Father Turns him
Loose With q Modest Million Among
Raveninz Wolves of Financedom, With
Which Million He Immediately Begins
to Purchase Experience, Whereby He
is Given Grace to Profit, However, and
Now just Look at Him-and His Chin
Story of Man Who Knows Things
Chicago, Dec u.-Joseph Letter is the
king Of the wheat pit He went into the
deal six months ago a novice. He now
holds all the cards The veterans who in
other times have won through sheer
force of money, and have slaughtered
opponents in the grain arena without
mercy or pity, find themselves face to
face with a new giant, whose check
covers one OF the richest estates in the
world. 1t has been a battle OF pluck,
snrewdness, persistence and desermina-
tion- The dealers over the way pitied
mis- verdure, the sublime simplicity
which brought the greenhorn into their
paths. They were chuckling over the
big price which the young man would
contribute for his lesson and experience.
They counted him about the incest,
juiciest victim they had ever set their
eyes upon. They neglected 70 look at
his chin.
Joseph Letter is most peculiar man
not peculiar in the sense of eccentric
or in any other disparagfng sense. There
probably never lived a man just like
him. He Is not even like his father. A
son unlike a father Is apt to be unlike
any one. 1t never will be possible for
the biographers TO say OF him that he is
a self-made man, self-cnade as the self
made men tell. His success has come
10 him because he was capable enough
10 succeed to the management f vast
properties. This Management did not
come 10 him until he had shown that
he was able to plant dollars where they
would grow, blossom and yield him two
fold He came from Harvard five or six
years ago with a degree. 1t was some
what Of a disappointment and surprise
to two sorts OF friends Of his that ne
went into business at all. All the men
and women VINO mad known him pick
ed him 10 assume at once the procession
Of a gentleman of leisure. He kept the
big house at Tower place going. 1t was
reported that dhe had a valet 1t would
have regularly followed in the natural
order OF things that he should have
frowned upon markets and rentals and |
leases. The people VINO thought trash |
Ike that failed to look at his chin.
The father did not know exactly the |
stuff that was in the son. He remen- !
bered that he went through years or
training-very humble at times-to ar
rive at his financial discretion. Joseph |
had no such experience. He never |
had sold goods over a counter nor work. |
e5 from a clerkship to a commercial die |
tatorship His early life had been spent |
IN private schools and at the university |
"a course very different from pioneer
life in bringing out the qualities which |
make skillful money handlers he |
never had been against the hard wall
OF making his own way. The father
concluded 10 go slcwly-slowly as man
ef his wealth would estimate 1t. He
placed 81, 900 in his sons hands 1t
was a lot Of money for Hasty Pud-
ding mana beardless Delta Kappa Ep-
silon brotiher-to start with 1t was
such a piece of good luck that there
were men on all sides crazy, willing. so
licitous about its inyestIn enS-men load
ed down with advice and suggestions
The young graduate never found fnat
the Bible meant pretty nearly what it
said when It declared that all men were
more or less liars. His piunges went
awry for a long time. It began TO look
like another case Of rich mans sons in
the philosophers eyes. The phiioSo-
ohers had not studied that chin.
Joseph Letter learned good deal dur
Ing mis- first years among the wolves His
experiences taught him that IL was a
poor investment to put too much conf
dence in a proposition which the other
side made. Then came an intina;zon to
him that the fact that the other man
had a game was pretty conclusive proof
;g1at she best size o. the game vas on
the gamester's side. All al once there
was a change and the Harvard gradu-
ate took a new tack. His plan was TO
study OF the details Of the things he
wanted 70 have anything 20 do With.
One line OF stocks he liked was the City
Railway. He thought il would nc< be
anliss Tor an ambitious man in that line
70 get facts about street railways. the
cost Of operation ana the advantages OF
the various motive powers and al other
minute and inside technical inside in !
formation There is no one Who can tell c
VINO was his tutor, buI Joseph Letter
can tell you offhand the Comparative :
amount o. resistance which fat rails Of
fer to the wheels as compared with the I
groove rails. de has had time 10 learn (
the amount OF electric current that is 7
dissipate1 in its transit over ire wires
Older heads usaryeled At tais sudden III :