The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1898-06-30
Letters Meteoric Career.

Now that Joseph Letter is no
longer king of the wheat pit, he
will no doubt pass into comparative
oblivion, along with hundreds of
other men WHO have for time had
greatness thrust upon them, but
have not been able to carry the
weight long. Whether Letters
collapse proves to be great or not is
not material. 1t lis by no means
likely that he will again be the fig
ure in the business world that he
was for few brief, and to him ex-
citing, weeks. The story of his
rise to be king of the wheat pit is
thus told in a Chicago dispatch:
Letters first dabble in wheat was
on April 2, 1897, when he bought
one hundred thousand bushels of
May wheat at 1915. The orders
followed each other pretty fast as
the market declined. The cheaper
wheat bought was on June Ie, 1897,
when there was exec uted an order
for 100000 bushels for September
delivery at 64A cents. This was
the beginning of the operation which
has lasted through thirteen months,
has carried the price from 90 accents
in June, 1897, to $I.S5 in May,
1898, has involved at one time an
interest of over $4,000, 900 bushels
and has resulted in the merchandiz-
ing of rs, 1000, 900 cash wheat.
That there was some big interest
active in wheat became apparent to
the pit in April, 1897, but it was a
long time before Letter S connection
was discovered.
In September, 1897, Joseph Lei
ter admitted he was the man under
the wheat market. Although Lei
ter gave his first order April 2, he
accumulated line of almost 7, ,ooo,-
900 for the following May, sold it
out and bought as much more for
July, and repeated the proceeding
for September. About 5000, 900
bushels cash grain was paid for in
September and was hurried abroad.
An enormous line, about 7, $50, 900
bushels, was changed over to De-
cember. The size of the specula-
tion had grown with each change
of future.
1t increased for December very
much faster than it had for any
other month. 1t had become the
most imposing, because Letters in
terest was no longer in Chicago
alone. He had at the close of 1897
about 5000, 900 bushels of wheat
bought for December at Chicago.
He had several millions cash wheat
at Liverpool, or between Chicago
and Liverpool, and he had begun to
accumulate interests in other mar
kets. 1t was in this month of De-
cember that Armour and the other
Chicago elevator men had their ex-
citing race with the elements, finally
bringing their wheat-1aden fleet into
Chicago ahead of the blockade win
ter was trying to establish. Letter
expected to get 5000, 900 bushels
cash wheat this month: he got over
10, 600, 900 bushels.
Later in December Letter opened
an Office in the Board of Trade
Building, and assumed personal
charge of the campaign. The deal
grew in size until all others in his
tory were left behind. In March
and April of this year Letter had a
wheat interest of rs, 900, 900 bushels
half of which was cash grain. L.
Z. Letter came over from Europe to
lend his brains to the enterprise.
The war rumors and other condi-
tions sent up the price until it
reached the high water mark May
10 last at St.85. When the deal
closed, May 81, at $I.3o, it was
supposed that Letter had made S.
900, 900 and had 5000 900 bushels
of cash wheat on hand.
Of course there are more ques-
tions involved in this brief history
| than simply the personal fortunes
of one young man. The rise in the
price Of wheat and Letters connec-
ton with wheat speculation have
started the discussion of many eco
nomical and financial questions. 1t
may be mooted for some time as to
whether Letters operations have
done most harm or good. The New
York Journal takes this view of it:
Whether Letter won or lost is inn
material. His apparent collapse
makes all the more complete evil
dence that by monopolizing wheat
he has spread starvation and misery
throughout the world. 1t is fit
punishment if his tainted wealth
l L.