The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-06-14
LETTERS BIG POOL
HAS COLLAPSED.
Continued from Page I.

door that the bankers Of the Northwest
who have been carrying the Northwestern
bull clique refused 10 carry their burden
for longer time and that calls had been
made Icy Northwestern dealers. particu-
larry the Minnea polls interests, for mar
gins down 10 80 cents. These. 1t Is said.
were followed by calls upon Letter here
10 margin his wheat holdings down 20 80
cents. Mr. Letter had about four million
bushels of cash wheat on hand much Of
which he Is said TO have disposed OF al
a loss. Later ii was reported that l.. Il.
Letter. when asked by his son for money,
had refused 10 be drawn further Into the
wheat deal ard thus compelled the latter
to let 90 a large line of his holdings In
order to satisfy his warehouse creditors
and marginal demands.
Represent atiyes OF the Northwestern in
terests appear 10 have precipitated the
crisis by coming to Chicago Saturday on
learning that l.. Il. Letter would not adj
vance any mere money on his sons ac-
count Mr. Letters friends insis; that ne
has not made an assignment. but IL was
admitted tcnight that the Letter interest
had been "trusteed.'
Joseph K Letter could not he located
tonight. l.. Il. Letter was seen but posi-
lively declined to say wcrd.
Joseph Letter entered the market April
. 1897 and Immediately afterwards the
pressure OF tremendous power was felt.
but no man knew whose was the hand.
Letters first order vas negotiated by
Broker George r. French. l. was for
10000 bushels Of May wheat al 70-. cents
per bUshel Then orders came thick ard
fast. The cheapest wheat bought by Lett
or was Jcone bushels bought June Is. 1857.
for September delivery az Sac.
The deal ran fourteen months, during
which time the price Of wheat was down
10 Sac in June. 1897. aaG up 10 SIS in
inv
teyest Of more than 25.09eon0 bushels Of
wheat.
The Illinois Trust and savings bank Will
probably be selected as trust 90 for the Lei
ter grain ant: will place Ane or TWO broker
repre& atatives IN tina market. Accurate
figures "a 20 Mr. Letters holdings when he
decided 10 iiauidafe are difficult to secure
The best estimates Indicate tha. be has
100000 bushels Of wheat in Duluth and
Minneapolis 2.91to bushels CT route 10
Europe and a6.a go In or on route. 10 New
York. Mr., Letter viii not make an as
ssgnn2ent. and court proceedings for the
settlement OF he grain account viii not 10
necessary.
John j. Mitchell. pressdeu, o. the I!ii-
nols Trust and Savings bank. said TO-
night: Mr.. Latter has rot ard viii not
fail Nc assignment viii be necessary.
l. T.. Later having been acquainted with
the status q Joseph Letter with sne mar
kef. demanded that the deal ed NOW.
50 steps Tor "a settlement were taken i'm
fnesi!ateiy. The hanks @ere well pro-
sected, and there VIII not b. dollar lost,
I think fow that To bank lent money on
,his wheat Al over 80 cents bushsl.
Nos; u the Chicago banks were lenders
also those ia Minneapolis and Dui1th ard
some in New York The question Of
selecting 2 trustee has nat been decided
The HANKS can afford - hold Il Z neceS-
s8ry. ard there IS nothing in he eatlre
transaction TO occasion alarm"