The Red Cloud chief., 1898-06-17
WHAT LETTER HAS TO SAY,
lie Could Not Sell Ills wheat Fast
Enough and Had TO Quit.

spohk" W " W Vui-
CuICAGo. Juie 10. 49, Joseph Letter,
speaking Of the collapse OF his wheat
deal. says:
'It is a case where the tail has be-
gan To wag the dog. This statement
has its illustration in the fact that
futures began breaking faster than
cash wheat declined. Logically. the
condition should have been Just the
reverse. For several days - i'm fact,
] may say for some wccks-cash wheat
has been slow sale. especially in the
Northwest and around the milling CEN
ters generally. TO a certain extent
this has been Offset by a fair degree of
activity at the seaboard in response TO
an inquiry from the other side. but the
local markets have been decidedly in
clincd TO drag. There has been "A steady
marketing of cash wheat. but ! cannot
say anything as to the quantities in
which il has gone into home consulnp-
ton or abroad for foreign use.
81 see no objection to stating that
all my holdings of futures have been
disposed Of. A good deal of gossip has
come to me ON the general subject Of
alleged treachcrous conduct on the
part Of Northwestern grain interests,
which ] have always heretofore consid.
cred friendly to me in a personal and
business way. but | have nothing
whatever 10 say on this subject. IL in
the history OF the deal there have been
events OF which the public is entitled
To he informed IL is more than likely
the facts will come out in good time,
but not from me. have no complaints
To make or charges to prefer against
those with whom | have been doing
business. IL is "a source of considerable
satisfaction to me that my affairs. for
the moment more or less tangled. are
In a fair way of settlement without the
intervention Of a trustee or without
invoking the machinery of the court,
rs would tie necessary in the case OF an
assignment.
THE Chicago trade will all be taken
care of-in fact, | may say il has al.
ready been protected, for | am even on
the market 80 far as September con.
tracts are concerned. The cash wheat
business will he transacted through
Alexander Geddes for the benefit of
the banks. which have an interest in
il. ana which will act in concert. The
June wheat. representing the cash
wheat in this market, will be carried
by Armour x Co.
The treatment ! have received at
the hands Of MIR. Armour is in the
highest degree considerable. courteous
and complimentary. Nothing could
have exceeded MIR. Armour's gener-
osity in his offers of financial help.
which was to an extent covering any
possible requirement on my part
Mr.. J.. ID. Armour. himself one Of the
central figures in the Letter deal which
has been going on for many months,
did not take a particularly gloomy
view Of the situation. lie said:
Most Of the wheat with the banks
is margincd at so cents n bushel. |
confidently believe the market will re.
tract, possibly before the end Of the
week. Wheat has got down to q point
where it is worth the mSh3tyr' regard.
less Of speculation. The arrangement
which | understand has been perfected
provides for the protection of all
parties in interest. Mr.. Letters cash
wheat in all positions between the
Northwest and Europe ought to be SO
handled that the banks will not have
10 lake a loss.