The Superior times. [volume] (Superior, Wis.) 1870-1912, 1898-06-18
SUIT AGAINST LETTER,
his New York Creditors Take
Legal Action.
ISSUE AN ATTACHMENT
Letter Knew it was Couiur ,nd
NO Assignment Would be
Necessary.

New York, June 14.-Justice DsIy of
the Supreme court has issued an attach.
ment against the property of Josepb
Letter, the wheat speculator of Chicago
Tor Sl93,925, in favor of Otto T.. Loebrle
William 7. Callagnan and William
NhiSht' grain dealers, for money ad-
vanced
he attachment was levied upon funds
pelohSlng to Letter ana deposited in the
chase National bank, the Hanover bank
and other financial concerns in this city,
1 he plaintiffs. who comprise the firm of
otto l.. Loehrhc x Co. assert that they
advanced, ut the special instance and re-
quest oil Letter. III various sums said
Si95,92o since February l. 1SgS. which
ne promised To pay On demand. They al
ieSe that he has refused to pay the
amounts 50 advanced to him. The attach
ment was issued on the ground that Letter
Is nonresident.
Mr. AaronS. counsel for the plaintiffs.
said that .. L. Loehrkc, one of the com
plalnantS, was the shipping agent in this
city for Letter and had handled for him
many millions of bushels of wheat. Mr..
Aarons said his clients were not antago-
nlstic to Letter and secured the attach
ment because of the number Of interests
they have to protect. The attachment,
MI. AaronS said, would probably be sat
lshed before the close Of the day.
Chicago, Ill, June lit was stated
by friends of Joseph Letter that the at
tachment issued against him in New York
VIII not affect the Situation-that it will
not force an assignment. The appeal to
the courts i'll New York, was evidently an
uclpated, rs representative Of creditor
was here and told Mr.. Letter that h., was
going TO do Somcthing.' Mr.. Letter told
him 10 90 ahead and do it.
Armour Buys All the Wheat.
L. u. Armour today bought all of Jo-
seph Letters cash wheat in the North
west, amounting to 4.NOoOo or 5000
900 bushels. Semi-authoritative informa
ton is also obtained that Armour will
take up all of Letters wheat.
Contirmatory information was sought
at the office regarding the sale of Letters
cash wheat in the Northwest Mr. Lei
ter was unwilling TO say anything except
that he would neither deny nor affirm
the report. In other quarters in the 81 me
Office It was stated that the sale had been
mad"
Friends who are close to Letter say he
ascrIhcS the failure of his deal to the
treachery of alleged friends in the North
west. Letter himself does not make these
charges, but there is no doubt that he is
posltly" III the opinion that if those who
were with him i'll the Joint account" had
heid on Tor some time the deal would have
been successful. Both PillSbury and Pea
ycy, who We're interested with Letter in
the hull campaign. deny that they We're at
all I" blame for his misfortune and insist
that Mr.. Letter was 4 victim to the fatal
disease Of over staying and over buying
which has ruined nearly all the bold
piungers and spectators in the past. On
the other hand, ii Is claimed that circum-
stantial cvidcnc" * available to the effect
that the initial break in the market was
started III the Northwest and that the inn
m"nse unoadings of wheat there was the
pivotal point.
II is generally admitted that the sale
TO Armour clears the atmosphere to con
siderable extent. and if trustees are neces-
sary to lquiiate the rcst of Letters cash
wheat in this city. New York afoat on
the ocean and in European storehouses. il
will not require much time to dispose of
the remaining 100000 bushels or more.
There will apparently be little difficulty in
winding up the deal. inasmuch as it is
authOrltativcly stated that bids have
heen received for all cash wheat tnat
Letter has.
There is fair prospect that Letter
creditors will lose nothing and that the
wheat will bring in sufficient. with re
covering markets, to pay al claims.