The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-06-16
LETTERS GREAT DEAL.
Rise and Fall of the Wheat Pit Ma
pO1eOn.

pO1eOn.
There Is the romance of money, of i'm
mense fortunes changing hands quickly,
of the remarkable fight of golden eagles,
in the story of Joe" Letters wheat deal.
At one time he had several millions of
dollars ito the good" in his transactions,
but 1t seems that all of his profits and
millions of his capital have been swal-
lowed up.
The Letter wheat deal began several
months ago. Recently a short history Of
it was summed up as follows:
First wheat bought April 2. 1897 at
72ssc.
Cheapest purchase June IS. 1897, at 6424c.
"Price advanced to $1.S5 May 10, 1898.
Largest interest at any one time, 49,,
100000 bushels
Total of wheat exported and sold, 25,-
100000 bushels.
Largest profit on any one account, S5c
per bushel.
Total profit, approximately, $4500O00
"LeiteEs average monthly profit 1921, 400
"His daily average profit for fourteen
months, SOTO.
"He has made S446 each hour, or about
$3.50 per minute"
It was said few months ago that the
Joe, as he is caled-without assistance
from his father, who is very wealthy, but
this was doubted.
Joe Letter is probably the only man liv-
Ing who in Il speculation made 81 per
bushel in wheat. On Monday he expe-
rienced the sensation of seeing a loss OF
81 per bushel, for some wheat bought at
$l.75 sold for Zoe. Wheat bought at G4Ac
he saw advance to s1.S5. According TO his
own statement, he marketed cash wheat
at a profit as high as SIC per bushel Letter
prohted not merely by the straightaway
advance IN the price He made by turns"
in the market, selling out one month and
getting back again W a different and more
distant future at discount, not only get
ting his wheat carried for nothing, but
making handsome additional profits
When the Board of Trade session began
on Monday Joseph Letter owned 1G,0000 900
bushels of wheat, il is estimated, contract
and option. The latter was sold out IN
der pressure and the Illinois Trust and
Savings Bank was made trustee for the
remainder. Those who know or are in
position to know say the loss on the 49,
100000 bushels viii average thirty cents
per bushel which would aggregate a. $780,
900. Other experiences incldept 10 the deal
viii bring the loss up TO a round 100000,
and this immense sum the elder Letter OBJ
lgates himself 10 pay In order 20 help his
boy out and maintain the commercial
honor and integrity of the family.
How did Letters trouble begin? In
variety Of ways, and in every quarter. says
tho New York Heralds Chicago special.
His drafts against cash wheat shipped
al very high prices began to trouble him
when the price here collapsed A draft
against wheat on a basis Of S125 a bushel
does not look well to the acceptor when
the prices Of cash wheat kept around a
dollar. Letters troubles were most seri-
Gus, however up Ia the Northwest, where
he has had his big holding since the close
of the May deal here. He bad about 5,O00-
goo bushels Of cash wheat at Minneapolis
and Duluth on Saturday night, 100000
bushels of II through one concern at Du-
luth. He had a million bushels OF wheat
bought OF one elevator concern at Mime
apolis at $lf0 That one lot OF wheat to-
night showed a loss Of almost S500,00O, and
it was not bought so long ago. either.
People who have had a chance 10 get a
look at Letters holdings say that the