Evening star., 1898-06-14
MARKET IN A PANIC
Liverpool Feels Effect of the Collapse
of Letters Deal.
LITTLE SYMPATHY At HIS Loss
The Noted Young SpecuIator Dis
cusses His Present Status.
P. D. ARMOUR'S VIEW S
2. D. ARMOUR'S VIEW S

LONDON, June 1.-THE collapse of the
Letter wheat corner has caused a panic
in the Liverpool market, the heaviest
movement recorded in wheat since the ex-
element began on the corner. In London
the news of the collapse was received with
cquanimity The consensus of opinion of
number of operators Mark lane is that
the English markets will gain steadiness
now that the plunger operating without
regard to market precedence is shaken
out
1t is asserted Mark lane that the col
lapse was due to Messrs. Armour and Pills
bury.
The newspapers generally rejoice at the
breakdown of the Letter plans and point to
it a moral
The Star says: IF the prime mover in
this war against mankind is beggared by
his greed the retributon is we'll merited.
Nothing can atone for the awful suffering
Letter and his accomplices have caused
Letter Makes n Statement.
CHICAGO, June 14.-Joseph Letter, speak
ing of the collapse of his wheat deal, says:
1t is a case where the tail has begun
to wag the dog. This statement has it's
illustration in the fact that futures began
breaking faster than cash wheat declined.
Logically the condition should have been
exactly the reverse. For several days-in
fact, may say for some weeks-cash
wheat has been a slow sale, especially in
the northwest and around milling centers
generally. To certain extent this has
been offset by fair degree of activity at
the Seaboard in response to inquiry from
the other side. but the local markets have
been decidedly inclined to drag There has
been steady marketing of cash wheat.
but L cannot say to the quantities in
which it has gone into home CONSUMPTION
or abroad for foreign use.
Il see no objection to stating that all of
my holdings of futures have been disposed
OF. A good deal Of gossip has come to me
on the general subject of alleged treacher-
Gus conduct on the part of the northwest
ern grain interests, which l have always
heretofore considered friendly to me in a
personal and business way, but l have
nothing whatever to say on this subject.
IL IN the history of the deal there have
been events to whicn the public is entitled
II Is more than likely the facts will come
out in good time. but not from me- | have
no complaints to make or charges to prefer
against those with whom / have been doing
business 1t is source of considerable
satisfaction to me that my affairs, for the
moment more or less tangled, are in fair
way of settlement without the interven-
uon of trustee or without invoking the
machinery of the court, as would be neces-
sary in the case of an assignment.
Arrangements for Settlement.
The Chicago trade will all be taken care
of-ln fact, I may say it has already been
protected. for | am even on the market so
far as September contracts are concerned.
The cash wheat business will be transacted
through Alexander Geddes for the benefit
of the banks, which have an interest in it,
and which will act in concert. June
wheat representing the cash wheat in this
market will be carried by Armor & Com
pany. The treatment l have received at
the hands of Mr.. Armor is in the highest
degree considerate, courteous and compli-
mentary.
Nothing could have exceeded Mr.. Ar
mours generosity in his offers of financial
help which were to an extent covering any
possible requirement on my part 1t is par
ticularly gratifying to be the recipient of
this kind of treatment at this particular
time. establishing, as 1T does, the fact that
the business and personal relations between
Mr.. Armour and myself are not strained
as they have been represented to be-
p. ID. Armour Talks.
Mr.. P. D. Armour himself one of the CEN
trail figures in the Letter deal which has
been going for many months, did not
take a particularly gloomy view of the sit
uation. He said:
Most of the wheat with the banks is
margined at 50 cents bushel. l confident
ly believe the market will react possibly
before the end of the week Wheat has got
down 10 point Where IL Is worm the
money. regardless of speculation. The ar
rangement which l understand has been
perfected provides for the protection of all
parties in interest Mr.. Letters cash wheat
in all positions between the northwest and
Europe ought to be SO handled that the
banks will not have to take loss.
In one sense, there is not much local end
to the story. The local stock of wheat is
small, and in relieving Mr.. Letter of his
June and local cash wheat we took only
,4O 900 bushels. / do not believe any of the
local people who have acted for Mr.. Letter
will be hurt and the feeling in the trade
seems to be most kindly toward him. When
we arranged to carry his June wheat we
offered to help him in any way we could.
/ regret that the deal has turned out as it
has, but l believe that the worst of 1t is
known, and that the market will promptly
react