Lincoln County leader. [volume] (Toledo, Lincoln County, Or.) 1893-1987, 1898-07-01
WEEKLY MARKET LETTER.
The End of the Remarkable Letter
Wheat Deal.

Reported by Downing. Hopkins & Co., Inc,
Board OF Trade Brokers, III 10 IL Chamber OF
building Portland, Oregon
The Letter wheat deal, so-called,
which was certainly one Of tie most
remarkable business enterprises of
modern times. has come 10 an end.
Liquidation is now the order of the
day, and many millions of money
which were at one time profits on one
side of the ledger have been wiped out
by losses on the other side OF that same
truth-telling book.
1t is the old story over again OF Pro.
metheus challenging the gods. The
forces OF nature are too strong for any
man. and work and cortrive as he
may, he cannot maintain himself
against that eternal decree that seed
time and harvest shall not fail.
The outlook in 1897 for the pun
chase of wheat justified all that Mr..
Letter did. There were short crops
everywhere abroad, and the United
States alone possessed the grain the
whole world needed and must have.
AS the year advanced and it became
more and more apparent that the short
age was certain, the big deal began to
look more and more promising, and
after the December deliveries were pro-
vided for it seemed easy enough sailing
for b young merchant.
Mr.. Armour, who is no mean Judge
OF such undertakings. and who has
fought many a great commercial battle
on the board Of trade, in speaking of
this splendid deal. said: THE lluck
and wisdom manifested by him in the
remarkable deal which he all but sue
cesfully contaminated, challenged the
admiration Of men everywhere. /
fully expected that he would carry the
deal through safely, as there was merit
in his position"
This Is testimony from one who had
felt the prowess Of the youthful COM
meIcial athlete. and who, in a meas
ure, had been put to his trumps to
meet that antagonist on his W ground.
and it is therefore all the more trust
worthy as evidence that Mr.. Letter had
a strong position to begin with.
But time and tide wait for no man,
and ever-teeming mother earth gladly
responds to the husbandman's toll.
Unprecedented prices were responded
to by an unprecedented crop, and
bountiful nature offered to pour into
Mr.. LRiter's lap q much greater pro-
duct than he cared to possess. He
wisely closed the bina. =,
Seattle Markets. :
8l1
@l2 per ton; natives, $8@10; Califor-
MIA potatoes, $l.60@2 per 100 pounds.
Bests, per sack, 81. 30; turnips, $l.25;
carrots, CLIPS; dollhouse lettuce, Acc;
radishes, l2HG
Fruits-Califnrnia lemons, fancy.
s.; choice. % 80; seeding ranges,
el.Po@l.75i California n~avels, fancy.
eS@S.2h; choice, g. 0@2.7 rs; ban
anss, shipping, $2.96@2.76 per bunch;
strawberries, coo @$l.0 90 per crate.
Butter-Fancy native creamery,
brick, l8c; ranch, 7@12o; dairy, l2H
@16c; Iowa, fancy creamery. l8c.
Cheese-Native Washington, 11@
l2c; Eastern cheese, Il @l2hc.
Meats-Choice dressed beef steers,
prime, INC; cows, prime, 70; NUT
ton, INC; pork, 7Ho; veal, &c.
Poultry-Chiokens, live, per pound,
lac; dressed, 100; spring chickens,
%. 5O@8.76.
Fresh Fish-Halibut. 8@4c; steel
heads, 1850; salmon trout, 9@lec;
Founders and sole, 8@4o; herring, &c.
Oysters-Olympia oysters. per sack,
tss. so; per gallon, solid, 81 80.
Wheat-s28; feed wheat, $28.
Oats-Choice. per ton, $40.
Corn-Whole, s25; cracked, s25;
feed meal. &25.
Barley-Rolled or ground, per ton,
t25; whole, $24.
Flour-Patent g. 80, bol; straishta,
e4.s5; California brands, $6. rs; buoy
wheat -four, 90. 90; graham. per bel.
81. Les; whole wheat -four, g. $50; ryA
-four, 81. 90.
Millstuffs-Bran, per ton. $I5;
shorts. per ton, els.
Feed-Chopped feed, s21@22 e
ton; ~middlings, per ton, Sl8@19; oil
cake meal. per ton, $86.
Hsy-Puget Sound mixed, Sl0@1 8;
choice Eastern Washington timothy.