The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-06-15
LETTER SAYS 40 ONE Is HURT.
All His Contracts Are Provided ior'
and He Has No Complaint TO Make.

CHICAGO. June la-Joseph Letter
speaking Of t!le collapse Of bis wheat DEAL
says:
II, ia case where the tail has begun 20
wag the dog. This statement has aus ilIas .
trafioo In fhe fact that futures began
breaking faster than cash wfs4 deci.ita.
Logically the conditions should pave pTsn
exactly the reverse. For seNe9ai Gay "a
fact may say for weeks, cash wheat mas
been SO. Of sale. especially IN the North-
west and around milling centers gsnefaliS.
To a certain extent this has been ouset by
a fair degree q activity az the sea
in response 10 an inquiry from the other
side buf the local markets have been De-
cidedly inclined 10 drag. There has been d
steady marketing OF cash wheat, odt
cannot say az To the quantities In which e
has gone into home consumption, OF
abroad fer foreign use.
Il see no objection 10 stating that all my
holdings OF futures have been disposed OF,
A good deal of gossip has come 70 me- on
the general subject OF alleged treacherous
conduct on the part Of Northwestern grain
interests which | have Always heretofore
considered friendly 10 ne IN personal ana
business way. bat | have nothing whatever
10 say on this subject. II in the history OF
the deal taehrs have been events TO which
the public Is entitled II Is more than likely
that the facts viii come out IN good time.
but not from nle. | have no complaints 10
make or charges 10 prefer against those
with whom / have been doing bus ness. TX
Is a source of considerable satisfaction 10
or less tangled. are in a fair way OF settle
ment without the intervention 81 a trustee,
or without invoking the machinery of the
court as would be necessary in the case or
an assignment.
The Chicago trade viii al be taken care
of-in fact. / may say II has already been
protected, for ! am even on the market.
so far September contracts are con
cerned. The cash wheat business VIII be
transacted threnRh Alex Geddes. for the
benefit of the banks which have an inter
est in 1t, and which WIFI act In concert.
The June wheat representing the cash
wheat in this market VIII be carried BY
Armour x CO.
The treatment have received a. the
hands Of Mr.. Armour Is In the highest de-
gree considerable and complimentary.
Nothing could have exceeded Mr.. Armour's
generosity Of offers of help. which was
10 All extent eoverinv any possible require
meut on NV part II IS particularly grail
flying 90 be the recipient OF this Kind of
treatment and n this particular time. es-
tab"saing. as II does. the fact that the
business and personal relations between
MI Armour and myself are not as strained
as they have been reported 10 be-
Philip ID. Armour. himself one OF the cen
trail figures in the Letter deal, which has
been going for many months. did not take
a gloomy view Of the situation. He said:
Most az the wheat which is with the
hanks Is marginei at - cents a busAel.
consldentially believe the markei will re-
act possibly before the end OF the week.
Wheat has gene down 10 a point whore 1t
Is worth the money. regardless of specu-
iatian.
The Arrangement which ] understand
has been perfected provides for the pro-
tectiCn OF ali parties Ia Interest. Letters
cash wheat IN al positions between the
Northwest and Europe oug1t TO haul 50
thar the banks viii not have to take loss.
in one sense there IS rot much local end
70 tho story. The local stock q wheat Il
small and tn relieving Mr.. Letter OF his
June and Ioca, cash wheat wc took cnIy
go GO bushels
= do not believe anv OF the orai people
who have a-.ed for Mr. Letter viii he hurt
and she feeling ia the trade seems to be as
kindly toward him. When we arranged 10
cary his Iupc wheat We offered % help
him ia any way W. could | regret that
the deal has turned out as Z; has but
believe thar the worst af II is known and
that the market VIII promptly react