The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1898-06-09
LETTERS WHEAT DEAL.

The following was sent out from
Chicago some days ago as the story of
Letters big wheat deal:
Letters famous wheat deal was form
ally closed Tuesday. The last mo-
ments were lively, and Joseph Letter,
to all appearances, was master OF the
situation. AS if to emphasize bis COM
mand of the market, Letter sent May
wheat down from $1.75 to $1.25. This
move was plainly for the purpose OF
evading the big receipts and to circum-
vent the "tailers," who wanted to "ring
IN" lot of wheat on Letter at fancy
prices. Letter fooled them by putting
the price down. Nevertheless, he had
to take on another 100000 bushels to-
day, in addition to the five million OF
six million bushels which he still has
on his hands.
It was generally believed that Letter
would force up the price beyond the
two-dollar mark, in order to eclipse the
record made in 1888 during the Hut.
Crimson corner" Then, on settle.
/ ment day, the bull clique controlling
the market sent the price up nearly
sixty cent.
The wheat deal just closed has beer
the most stupendous IN the history oil
the grain markets. Letter not only
made himself rich-his profits are est.
mated at 81 100000, or $3.50 minute
since April, 1S97-but he has placed
i the farmers of the United States in &
condition of wealth such as they have
never known. Kansas and several Cen
trail Western States, which a few years
ago were plastered with mortgages, are
now experiencing great prosperity.
The bull clique in wheat, OF which
Letter and French are the remnant, or
iginated IN Wall street. This was near
ly eighteen months ago. The price O
wheat was at such low ebb that plant
ers refused to let go OF their holdings
except in cases where they we're oblig
ed to do so in order to secure the nee
essaries of life. The railroads were do
ing nothing and the stock market was
down to hard pan.
J.R. Keen and several others decid
ed to boom wheat, cause its marketing
and put the price of stocks to a highe
level. Chicago, being the larges
wheat market of the world, was selected
as the base of operations. Letter wa
placed at the head of the clique. Ths
scheme worked like charm.
After the first healthy feeling had
pervaded the market and the countr,
looked upon wheat prices as likely t.
remgln near the new prices established
George B. French induced Letter t
go into bull movement in earnes
without any clique. Everything ia
vored higher prices in this country
Foreigners had to look to America fol
every thing they needed in the way O
breadstuffs. Countries which had al
ways been good exporters came t.
Chicago for wheat, and they got it a
advances.
! Letter has had many obstacles to en-
counter, but he has surmounted then
all. The big elevator interests at Chi
cago made an attempt to drown hin
with high priced wheat in December
but their offerings were all taken with
out murmur. Letter has always hat
plenty of money with which to con
: duct his business, and this has enable
, him at all times to cope SUCCESSFUL
with those against him. He Will hav
to market considerable cash wheat at
loss, but he has cleared enormous pro
its, estimated at 81 700, 600 on his Ma
| and can afford to lose On his cas-
wheat