Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1898-06-16
LETTER AND HIS WHEAT DEAL
The Chicago Plunger Tells of
His Big Failure.
HAS NO COMPLAINTS TO MAKE
His Affairs'are in a Fair Way of
Settlement.
MIR. p. d. Armour, He Says, Was Very KInd
to Him and Offered Financial Assistance
MIR. Armour Also Talks and Takes a Cheer
fuI View Of the situation.

Chicago, ILL.,, June IA. - Joseph
Letter, speaking of the collapse of his
wheat deal, saiu:
"It ia a case of where the tail has
begun to wag the dog. This statement
has its illustration in the fact that
futures began breaking faster than
cash wheat declined. Logically. the
conditions have been exactly the re-
verse. For several days-in fact. | may
gay for some weeks-cash wheat has
been slow sale, especially in the North
west and around milling centres gener-
ally. 10 certain extent this has been
Offset by fair degree of activity at the
seaboard, in response to an inquiry
from the other side, but the local
markets have been decidedly inclined
to drag. There has been steady mar
keting Of cash wheat but cannot say
as to the quantities in which 1t has
gone into home consumption or abroad
for foreign use.
II see no oh lection to stating that
all my holdings of futures have been
dspoesd of. A good deal OF gossip has
come TO me on the general subject OF
alleged treacherous conduct on the part
Of Northwestern grain interests which
/ have always heretofore considered
friendly to me in personal and bust
ness way, but have nothing whatever
to say OH this subject. IL in the his
tory of the deal there have been events
to which the public is entitled, it ia
more than likely the facts will come
out in good time, hut not from me.
have no complaints to make or charges
TO prefer against those with whom |
have been doing business. 1t is a
eource of considerable satisfaction to
me that my affairs, for the moment
more or loss tang are in fair way of
settlement without the intervention. Of
a trustee, or without invoking the ma
chinery OF the court, as would be necee-
sary in the case of an assignment.
The Chicago trade will all be taken
care of-in fact, may say it has already
been protected, for | am even on the
market go 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 aud which
wall act 10 concert. June wheat, rep.
resenting the cash wheat in this mar
ket, will be carried by Armour g. Co.
1.-The treatment have received at
the hands OF Mr.. Armour is in the
highest degree considerate, courteuus
and complimentary. Nothing cold have
exceedsd Mr.. Armour's generosity in
his offers of financial help, to an extent
covering any possible requirement on
my part 1t is particularly gratifying
to be the recipient of this kind OF
treatment at this particular time, es
tablishing as it does, the fact that the
business and personal relations between
Mr.. Armour and myself are not as
strained aB they have hssn represented
to be. !"
Mr.. P. D. Armour himself, one OF the
central figures in the Letter deal, which
has been going on for many months,
did not take particularly gloomy view
OF the situation. He said:
"Most of the wheat with the banks
is margined 80 cents bushel. / con-
fidently believe the market will react,
possibly before tho end of the week.
Wheat has got down to point where it
is worth the money, regardless OF specu-
lation. Ths arrangement which l under
stand hns bean perfected provides for
tho protection OF all parties in interest.
Mr.. Letters cash wheat in all positions
between the Northwest and Europe
ought to be 80 handled that the banks
will not have to take loss.
"In one sense there is not much local
and 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 2i0, 900 bushels.
II do not helieve 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 cnrry his
June wheat, we offered to help him in
any way we could. regret that the
deal has turned out as it has, but
believe that the worst OF it is known
and that the market will promptly
raant -