The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1898-04-09

Chicago Young Man Mo
march of the Market.
Young Mr.. Letter But a Few Years
tunes In the Pit.

Recent articles have reported a
mastery move in the wheat market
by young Mr. Letter, the Chicago
operator, the latest advice being to
the effect that he claims to hold all the
surplus wheat in the United States
Some very interesting particulars Of
this remarkable man and his coup are
given by New York correspondent:
'sThe most interesting figure in the
American wheat market during the
past year has been young Joseph
Letter. the only son of a Chicago mer-
chant prince. who has just beaten the
veteran millionaire and speculator,
Phil Armour, in a contest that re-
quired much nerve and millions of
capital. The end of the year finds the
young man in actual possession OF
5000, 900 bushels CT frst-class wheat,
all paid for, which he is shipping by
rail to Atlantic ports and thence to
Liverpool as fast as he can find yes
sells to carry it. When this boy whose
sister, by the way, is the wife OF Mr..
George Curzon, Under-Secretary for
Foreign Affairs in England-came out
of college four or five years ago, tan,
broad-shouldered, and handsome fell
low. he informed his father that he
desired to go into business. Where
upon Mr. Letter gave him 100000.
In two years he had lost three-quarterS
of it, but had gained much experience
and wisdom. Then the money began
to come back, and year later he had
doubled his original capital. He mad
made himself an expert in mining,
electricity. rail-roading, and the tnanc-
ing of projects. The pleased father
then entrusted to him the management
of his entire estate-$3O ,OOO,OOU, IN
various productive enterprises-and re-
tired to Washington. In July last the
Young man entered the wheat market
as a buyer, and the veterans marked
him as their prey. But as time passed
ON he continually accumulated prohtS.
He changed his holdings from month
to month-at one time he was carry
ing -. OOO. 900 bushels-and finally con-
fined his operations to wheat for De
cember delivery Armour, great IN peer
and pork and railroads, as well ds
grain. continually sold to- him, con-
fidently expecting a decline. But uhe
vo11ng man, whose fashionable cloth
ing and manners gained for him the
name of the dude" had gagged the
market correctly, and when December
came he demanded his wheat. 1t was
not in Chicago, but Armour under
took to deliver it there, and by grea'
exertions he brought 100000 bushels
to the city warehouses in a short tune
On December 81 Letter had his wheat
and Armour had lost something more
than 81 900 600 1t then became known
that the young man had already made
contracts for the shipment of the great
err part of the grain to the seapoarC
and to Europe. There he expects tC
take his profits. For the transport o.
the grain to the coast thousands OF
ears and hundreds of trains VIII oe
| required. Letters confidence IN the
value of the grain is so great that
while carrying these millions o.
bushels, he has bought 4,OOOOOO more
for May"
| "A firm in Honolulu has been told by
a foreign correspondent that Letter
will sell largely to the British GOV
| prnment