The times. [volume] (Richmond, Va.) 1890-1903, 1898-06-15
LETTERS COLLAPSE.
His Property Attached in New York
Armour has Bought His Cash Wheat

NEW YORK. June 4--Judge Daley Of
the Supreme Court, has issued an at
achment against the properly OF Joseph
Letter the wheat Spectator for S"'szo'
in favor OF Otto T.. Lohrke. william r.
Caliaghan and William knight, gram
dealers for money advanced.
CHICAGO. June N-Joseph Letter,
speaking OF tho collapse OF his wheat
deal, says:
1T Is a case where the tail has begun
to wag the dog. This statement has us
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 centres
generally. To a certain extent this has
been Offset by a fair degree Of activity az
the seaboard in response 90 an inquiry
from the other side. but the local markets
have been decidedly inclined 20 drag
There has been a steady marketing OF
cash wheat but l cannot say as to the
quantities IN which IL has gone into home
consumption or abroad for foreign use.
"I sec no objection TO stating that all
Of my holdings OF futures have been dis
posed OF. a good deal Of gossip has
legged treacherous conduct on the part
OF the northwestern grain interests
which I have always heretofore consider
ed friendly 20 me in a personal and ousi-
ness way, but I have nothing whatever
TO say on this subject IL in the history
Of the deal there have been events to
which the public Is entitled IL Is more
than likely the facts will come out IN
good time. but not from me. l have no
.F.f. 80. ..fr ar oh a a
against those with whom I have been do
ing business 10 is a source Of consider
able satisfaction TO me that my affairs,
for the moment more or less tangled are
In a fair way Of settlement without the
intervention of a trustee or without IN
voking the machinery Of the court as
would be necessary in the case OF an as
signment
THE Chicago trade will all be taken
care of-in fact. I may say II has already
been protected, for I 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,. am which will act
I'm concert. June wheat representing the
| cash wheat IN this market will be carried
| by Armour & Co. The treatment / have
received at the hands Of Mr. Armour is
in the highest degree considerable, cour-
teous and complimentary.
Nothing could have exceeded Mr.. Ar
mour's generosity IN his offers Of fnan-
cial help, which were to an extent COW
ering any possible requirement on my
part. 1t is particularly gratifying TO be
| the recipient Of this kind treatment at
| this particular time establishing. as 1t
| does. the fact that the business and per-
| sonaI relations between Mr. Armour and
| myself are not as strained as they have
| been represented TO be-
Mr.. Il. D. Armour himself one of the
! central figures In the Letter deal which
has been going on for many months ala
| not take q particularly gloomy view OF
| the situation. lie said:
| Most Of the wheat with the banks is
| margined at so cents a busheL / coniden-
| ly believe the market viii react, possibly
| before the end of the week. Wheat has
| got down TO a point where il is worth the
| money. regardless of speculation. The re-
| arrangement which / understand has been
| perfected provides for the projections OF
| am parties I'm interest. Mr.. Letters cash
| wheat I'm all positions between the north
west and Europe ought to be 50 handled
that the banks will not have to take
| loss
"In one sense. there is not much loca
/
wheat IS small and IN relievging Mr.
| Letter OF his June and local cash whea
we took only 100000 bushels. l DO no
believe any OF the local people who have
acted for Mr. Letter will be hurt, and TN
feeling I'm the trade seems 20 be mos
| kindly toward him. When we arrange
10 carry his June wheat We offered Z
| helm him I'm any way we could. / re
eret that the deal has turned out as i
has. but believe that the worst OF II j
known and that the market will prompt
| ly react"
! CHICAGO. June 14.-P. d. Armour 70
day bought all OF Joseph Letters casl
wheat IN the northwest amounting Z
100000 or 100000 bushels. Semi-au
lucrative information is also obtaine'
that Armour will take up all Of Letter
wheat
| LONDON. June 1.-THE English whea
markets all chow a heavy decline. tn
general opinion IS that the Letter crasi
is due TO q tremendous drop In Jul
wheat. f.ItIllta