The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-15

CHICAGO, June 1.-THE traditional
irony OF fate was commented upon
among traders today when it was
learned that p. D. Armour, who was
at one time Letters most formidable
competitor, now comes to the rescue
How much Armour paid Letter for
the immense holdings of cash wheat IN
the Northwest has not been made pub
lie.
1t is known that Mr.. Armour today
bought all of Joseph Letters cash
wheat in the Northwest, amounting to
100000 or 100000 bushels. Semi-au-
thoritative information is also obtain
ed that Armour will take up all of
Letters wheat.
Those who were interested with
Letter in the bull campaign deny that
they were at all to blame for his mis-
fortune, and insist that Mr. Letter was
victim to the fatal disease of cover
staying and overbuying," which has
ruined nearly all the bold plungers
and spectators in the past. On the
other hand, it is claimed that circum-
stantial evidence is available to the
market was started in the Northwest
and that the immense unloading of
wheat there was the pivotal point.
ARMOUR'S PLANS.
Armour is to take up the deal where
Letter dropped it, and carry out Lei
ter's plans for merchandising his grain
Armour does not assume the owner
ship of the grain in any sense, but will
simply place the machinery of his bust
ness at the disposal of the banks in
terested, and it is believed all claims
will be liquidated, after which an
equity will be established between Lei
ter and Armour.
The amount will be easy to handle.
Armour has named Alexander Geddes
q Co. to take charge of all rates to
England and of all wheat af1oat for
that country. Through his own agents
and the French house of Styckney &,
Co.. continental shipments will be han
died. Foreigners bid freely for wheat
today, and Mr.. Armour expressed the
belief that good deal would be found
for all the grain placed in his hands
LOST A MILLION.
No reliable estimates can be placed
upon Joseph Letters loss. 1t is not
generally thought however, that they
will exceed million dollars.
An attachment for S793 900 procured
in New York by Lohrke & Co, the
grain exporters, against Joseph Letter.
was served today, but was released by
Lohrke when the arrangement with
Armour & Co. was completed.
President Mitchell, of the Illinois
Trust and Savings bank, which prob
ably holds the bulk of Letters ware
house receipts and bills of lading. said
today that an assignment of Letters
assets was unnecessary, inasmuch as
none Of the banks had advanced money
on the grain within5 to cents of tkn
lowest points at which wheat has sold
since the Letter campaign began.
WHAT LETTER SAYS.
cit is a case where the tail has be-
gun to wag the dog" said Joseph
Letter "This statement has it's illus
tration in the fact that futures began
breaking faster than cash wheat de-
clined. Logically, the condition should
have been exactly the reverse. For sew
eral days, in fact / may say forSeme
weeks, cash wheat has been slow SALE
especially IN the Northwest and around
'To certain extent this has been
offset by fair degree of activity at
the seaboard in response to an inquiry
from the other side, but the local mar
kets have been decidedly inclined to
-Ara q T'hA1IA- has been a steady mar
keting of cash wheat but cannot say
as to the quantities in which it has
gone into home consumption or aboard
for foreign use. I see no objection to
stating that all my holdings Of futures
have been disposed Of"