The times., 1898-07-26
WILL PLUNGE AGAIN.
Soe Letter WI Try TO Retrieve.
His Fortunes

His Fortunes
New York, July 25-After having lost
his own millions and having forced his
father to sacrifice other millions of prop
erty TO pay the debts caused by his dis
astrous wheat deal. Young Joe" Letter
is in town. He is here determined TO re-
trieve his lost fortunes and TO recoup
his father for the large sums which that
multi-millionaire paid out
But Mr.. Letter doesn't propose TO re-
gain his losses and pay off his losses by
the slow process of work. Such thing
would be impossible, even if he had
salary larger than is paid to anyone in
the United States. He is looking TO
lucky speculation, another big coup to
reimburse him and his father for that
wheat money.
Just at present Young Joe" hasn't
nything TO speculate with save his own
name and his fathers standing. So it
is as a representative of L. z. Letter
that the young man has been comforting
with financiers in this city for the past
few days. It is generally understood
that before the deal" comes off Letter
senior viii drop from sight and every
thing viii stand in Young Joe's" name
Whether that is so only future develop
ments can tell. but at present everything
is in the fathers name.
Chicago street car stocks is the thing
with which the young man proposes TO
dabble this time. His father has a big
block of ii worth a million or two, and
between them they think they can make
ii worth more than double.
The deal is for the consolidation of
the rival street car systems of Chicago
which, since Charles T. Yerkes got hold
OF some of them, have been busy cutting
each others throaes To stop this.
mold them all into one big concern and
each take certain share OF the COM
mon profits, is the scheme of the two
Letters and the men who are with them
in the deal.
Such a scheme has been on foot for
some time, but heretofore L. z. Letter
has fought it. A year ago or more C. T.
Yerkes tried to put it through, but was
prevented.
Mr.. Yerkes, it may be said, controls the
transportation lines on the North and
West sides of Chicago. With him are w
l. Elkins and p. A. 3. Widener. The
Chicago City Railway Company has
monopoly of the transportation on the
South Side.
Having gained a firm control of the
lines in two sections OF the city, Yerkes
sought TO get the company possessing
the third. He tried 10 buy stock, but
L. z. Letter, the chief owner, prevented.
He bought a franchise and by his in
huence tried TO parallel the lines of the
Letter company. Again he was prevented.
Then he proposed consolidation, but
again the Letters did not want anything
TO do with mis- schemes
Now, however, il is different. Money
is not so easy with them, and they are
willing 10 raise the wind" by CONSOLE
dating. The wheat deal forced L. Z.
Letter to sell some OF his street car
holdings
This did not weaken him in the present
scheme. 1t strengthened him. in fact.
for the stock went 10 c. b. Farwell and
Sidney Kent, TWO OF his friends and men
who have influence to aid the work of
consolidation. With them are said to be
other rich Chicagoans who hold stock in
the same company.
There are Farmer s. A Allerton, Pot
ter Palmer and p. A. Armour They
have organized the Consolidated Street
Railway Company, Of Chicago, with a
capital Of s50,0000 600.
When these men proposed consolidation
TO Yerkes he would have none of il. They
D
not join with them in theirs. Then the
power and pull of the Letters and their
friends came in. All of the franchises of
the Yerkes roads expire within the next
ten years. He wants renewals, but with
the opposition of the Letters and the rest
and especially that of Sydney Kent who
has great political influence, he fears that
he cannot secure them. If they were with
him there would be no trouble.
All these arguments and many others
are now being laid before Mr.. Yerles by
I young Joe. At present he is merely
the promoter. the man who Is doing the
active work for the consolidation of the
I concerns. but fl IS said that when the
transfers come 10 be made it will have
{ been found that tha stock now in his ia
ther's name has been given to him
Mr.. Letter has great hopes that the
scheme viii 90 through He has had fire.
quent consultations with Mr. Yerkes at
the latter's office, 100 Broadway. in the
last few days and he thinks that his ia
Tiers old rivals objections have been
answered. If they have he expects to
make mint Of money out of the deal.