Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1898-06-15
LETTER HAS TO GIVE UP.
Millionaire Father Declines to
Make Advances.
END OF WHEAT DEAL.
With Liquidation Through a Trustee
ship an Assignment will
Not be Necessary.

Chicago, ILL.,, June 13.-All interest on
the board of trade today centered in the
doings Of Joseph Letter and the results of
his famous big deal in wheat. A ire
mendous slump in prices was generally
attributed to immense sales by him.
According to one authority Mr.. Letter
ordered all his trades closed out at the
opening of the days transactions in the
wheat pit, and it was stated that at least
100000 bushels of wheat were liquidat-
ed for him in the Chicago market alone.
The seyerest breaks in prices, however,
were in the Northwest, where it was said
Letter had his big lines.
Cash wheat in Duluth went off 10
cents and in Minneapolis II cents. Halt
an hour before the close Letters sales in
Chicago today were placed as high as TO-,
OOO,00O bushels. His brokers, Allen 4
Grier, transferred June wheat to Armour
and September to Lamson Bros.
1t was reported that movement was on
foot among strong interests to take care
Of cash wheat, and that a meeting was III
session at which this matter was under
consideration.
Fifteen minutes before the closing bell
rang on change, the tickers reported that
Letters cash wheat would be trusteed.
1t is said that the bank which advanced
money on il had agreed to take care of it.
During the final moments of trading
Joseph Letter was at the Illinois Trust
u Savings bank in consultation with his
father, L. Il. Letter, and others. Joseph
Letter said in reply to inquiries that he
would not make an assignment; that his
options had been Equidated and that his
cash wheat would be trusteed.
July wheat in Chicago closed at 70 cents
against So cents at the finish on Saturday.
At enc time today July was down to IS
cents. September closed at II cents, a
loss CT . cents as compared with Satur-
day. During the day September went as
low 6914 cents.
Letters wheat interest has been turned
over to a board of trustees, who will set
tie up the deal. This course was neces-
sary on account of Mr.. Letters inability
to put up margins which were called for.
It was said that Letters heaviest losses
came in his European ventures Reports
Of good crops III view across the water
had q depressing effect upon the foreign
markets, and hence the shrinkage in
value of the cereal merchandised to Eu-
rODean ports.
Joseph Letter admitted that his father
had withdrawn his support. The young
man admitted to friends that he had lost
money. Excitement on the board ran
high. Stories Of financial trouble for the
young man who engineered one of the
greatest wheat uedlS IN the history OF the
country gained circulation. However,
little credence was given to this feyerish
gossip at first. Mr.. Letter was closeted
with his father, l.. Il. Letter. and when
pressed to tell whether the slump in the
cereal had affected his interests frankly
admitted that he had lost money. How
much he would not say. He had not the
time to go into details Conferences were
the order Of the day.
An intimate friend of Mr. Letter and
one who is believed to know considera bic
about his board Of trade business. said
this afternoon: Mr. Letter has not failed
nor has he made an assignment. and | do
not think he will do so. l understand he
IS arranging to put all his wheat in trust
with the banks here and so prevent the
stuff from being forced on the market !
am not aware of any outstanding contracts
on the board. You can rest assured that
If there is any trouble in store for Mr..
Letter he will face it like the man that
he is
Minneapolis, Mimi, June 13.-There
was sensational break in July wheat to-
day which demoralized the market badly
July wheat, which had closed Saturday
at S113112, opened this morning at 81. 11A
and then broke sharply to 991b cents.
There were rumors of treachery on the
part of some of the big bull operators
but these were unconfrmed. At noon the
market was more settled but still excit-
able.