The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-17
LOOKING UP HIS WHEAT DEAL.
A HINT EXPRESSED THAT HE HAS
THE MELLERS IN a TIGHT
PLACE.
Norscmen Give banquet to De-
parting COmrades-News of
Minneapolis.

that age is not essential to success in
the business world, was in Minneapolis
yesterday. Speaking strictly by card
1t would perhaps be proper to refer to
Mr.. Letter, as "of Chicago" in the
same way as one would refer to Will
liam Mckinley, of Canton, o., or w. ].
Bryan, of Lincoln, Neb., but like the
two last mentioned gentlemen, the Chi
cago man has outgrown Chicago;
has acquired national reputation and
is simply Joseph Letter, of America,
if you please.
MIR. Letter is twenty-nine years of
age and has been out of college but
seven years, and yet his name is known
as well as that of almost any other
man in the United States A few
short months ago he first appeared on
the floor Of the Chicago Board of Trade.
He wanted wheat and he bought all
that was offered. For a time he at
tracted no more attention than usual
~ centers around an operator on the
board, but as his accommodations in
creased and it was found that he was
to demand delivery of every bushel he
had purchased, and was ready with
the cash to pay every dollar o the OBJ
legation he had contracted his became
name that the wires carried far and
near and older heads wondered at the
nerve of this young man who was
able to pay out millions of dollars and
store the wheat thereby purchased un-
til such time as he could dispose of II
at the price that would bring him
profit in keeping with his enormous in
vestment.
1t is no wonder, therefore, that when
the name of Joseph Letter was inscrib-
ed upon the register at the West hotel
yesterday small sized sensation
should have enSued, and those who gaZ-
ed upon the register should have asked
the clerk to point out to them the man
whose name attracted such general in
terest. But Mr.. Letter was seen about
the hotel only during the dinner hour
dining as soon as he arrived there and
departing Immediately afterwards.
He arrived in Minneapolis over the
Milwaukee road yesterday morning, ac-
companied by his broker, G. B. French
his own expert grain inspector, Peter
Reed; w. S. Carver, a guest, and A. D.
Thompson, of Duluth. The party came
in special car and were met at the
depot here by State Grain Inspector
A c. Clausen and A. HUM, a local
grain man, who handled Mr.. Letters
business in Minneapolis.
The objects of the flying trip to Min
neapolis and the results are best told
in Mr.. Letters own words, who receiv-
ed the G o b e reporter in his car
prior to the departure of the train,
shortly after o'clock. Mr.. Letter had
made himself quite comfortable in a
big armchair and did not look for a
minute as though he was worrying
about the $7,000,000 he has tied up in
grain in elevators throughout the coun-
try. He did not look a year older than
he is, and his six feet two inches in
height is balanced evenly by two broad
shoulders, a handsome cOuntenance and
the appearance of an athlete in good
condition.
well, what do you want to know"
asked the big man pleasantly, when
the reporter had introduced himself
and Mr.. Letter had in turn introduced
the reporter to his associates.
''The object of your visit, think
would be of interest"
THE object Of my visit, Ell? Well, I
suppose there is but one thing to do,
and that is to tell you. l have in ele-
vatOrs in Minneapolis a considerable
quantity of contract wheat. I came up
here to satisfy myself by actual exam
ination of the character and quality
of that wheat Mr. Reed, an expert
is here with me, and this morning we
all paid a visit to the elevators and
examined the wheat in every bin. We
found that the wheat here is much bet
ter than the average of the contract
grade A considerable portion of it is
of No. 1 hard variety, which was, how
ever, delivered on No. l northern con-
tracts, making the general average Of
4
tract wheat in fact, Of so fine a quality
that it will be suitable for seed, and
will hold it for that purpose and, when
I get my price, will let it go to whoever
may desire it."
do you mind telling, Mr. Letter, how
much wheat you have in Minneapolis
and Duluth?' was asked.
mo, indeed, that is one of my Sc
crets.''
"Wen then. do you expect the mills
in Minneapolis will eventually come to
you for wheet?'
For an answer to that question
would refer you to the millers. They
could answer it more accurately" and
this was all Mr.. Letter would say.
From another source il learned, how
ever that Mr.. Letter has in the elevators in
Duluth about twice as much as he has in
Minneapolis. The wheat at the head of the
lakes is IN public elevators, and 1t must
went into store, there Is no doubt about the
quality and a personal inspection was I'M
necessary. The wheat Mr. Letter has in
Minneapolis is nearly all stored in Elevator
"B,'' of the Chicago, Milwaukee & St. Paul
road the balance, or about one-ffth of the
entire amount, being in the Great Northern
elevator.
Many different stories have appeared in
print concerning Mr.. Letter, and when some
of these were recalled by the reporter the
big grain man only smiled. Mr.. Letter and
Mr.. French his broker were not college
mates. Mr.. Letter graduated from Harvard
in the class of go. AS mentioned
before he is 20 years old but, as one of his
friends said of him yesterday, he has a
"60-year-old head" Prior to his appearance
on the Chicago board of trade Mr.. Letter
had charge of his ia: TIERS extensive real estate
holdings in Chicago, and was himself inter-
ested in many enterprises. He was recently
offered the presidency of the Chicago City
railway, the largest street railway system
in the world but on account of other duties
declined. He was. however, elected to the
vice presidency of that road Saturday last
He practically controls the Chicago Edison
company and is active in its management
In addition to this he Is president of three
banks in Kansas and runs them from Chicago
on daily discount balances He is one Of
the largest stockholders in the Grand Pa
cifc hotel in Chicago which is now being re-
built and is to be one of the most magnificent
public houses in America The hotel is to
be opened about Feb. 10, and will be man
aged along lines entirely different from those
prevailing in other large institutions of the