The herald., 1898-06-14
LETTER GOES TO TnE WALL
COLLAPSE OF GIGANTIC WHEAT
DEAL IN CHICAGO
No Failures AS Yet and Is Believed Disasters May Be
Averted-The "Young Napoleon" Wanted 1t
Al-MlIons Lost
u ASSOCIATED PRESS SPECIAL WIRE.

CHICAGO, 13-This has day excitement and wild
the Chicago wheat pit that looks like Waterloo has
the "Young Napoleon of Finance Joseph Letter At first there
wild tumble Of prices the board July wheat selling down cent
from Saturdays Close while September lost 4 and December 81 cents but
made a little recovery before the close
given out that Letter
ing rush the of this order accompanied
by flood Of concerning the stability of the big bull
ment which, for months has been the important factor the board of
trade dealings One these that Letter had been deserted by
of his associates the campaign In the meantime Letters wheat
being tunbed and prices becoming demoaiz.d.
Transferred His Trades
Later the day Letter made attempt conceal the fact that he had
sold out all his holdings futures probably oCoo0Oo 100000
bushels Of wheat came out that he had transferred of his trades in
futures other we'll known business houses and that they pretty well
protected by that whatever losses there would fall
Letter His cash wheat report Sad transferred to Armour but
later story that would be rusteed" and handled such
prevent slump be
market
panic partly subded July
September selling II and December making rally selling
shade above September Saturday. Of the
principals the Letter crisis willing to discuss the which led
his bdaon and the most plausible explanation that be offered
this time therefore crcumana and speculative The first indication of
approaching dissolution the Letter regime this morning. when the
made that his cash and June wheat had been
ferred by Allen and Sea Letters brokers' Philip Armour
and that the September option of which Letter heavy holder had
been transferred Lamson Bros These repoed transactions gave
conjectures that soon developed into panic.
Then Panic
the umored that Letter trying get
market Allen transferred their trades
to Larson selling directly the suspicion that
Letter hard pressed and endavorng dispose of his
holdings without disclosing the of his sudden withdrawal from the
the of Saturday millions of bushels
sold in the vicinity Of 24 Lamson Bros apparently having
orders for this line
Shortly before opening board today brokers' sup
posed to acting for Letter ready Sellers The price
speedily reached and Letter. the Lansons acting for him.
bled dispose millions of bushels of
whereas the actual wheat had been sold the
been of break Had Aen Greer and Sar the sales the
would have suspected but coming from there
indication as to the identity of the seller
Millions Of Bushels Sold
estimated that during the day from 100000 100000
of wheat optional and visible account of
the "Youg Napoleon This supposed have consisted chiefly
options September July and June wheat stored Minneapolis ST. Paul.
Duluth and Chicago stated the floor that the bankers
northwest who have been carrying the northwestern bull clique
carry their that
western Dealers particularly the Minneapolis interests for margins
90 cents These said followed by calls upon
margin his whole holdings down 80 Mr. about
bushels of cash wheat hand much
disposed of at loss.
The Old Man Pulls Out
Later reported that Letter. when asked
money had refused be drawn further into the wheat
PEELED the latter let large line of his holdings order
warehouse creditors and marginal demands Representatives North