The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1898-06-16
JOE LETTERS WATERLOO
The Chicago Wheat Gambler Comes
to Grief in His Deal.
FATHER REFUSED MORE MONEY


Finance" Was Forced to Release
Largely ofHis II holdings, Which Have
Now Been ''Trusteed."
Chicago. June A.--Yesterday was a
day Of excitement and wild rumors in
the Chicago wheat pit. A reverse that
looks like a Waterloo has come to the
Young Napoleon OF Finance" Joseph
Letter.
At first there was a wild tumble Of
prices on the board. July wheat selling
II cents from Saturdays close. while
September lost ~ cents and Decem-
ber as cents. but all made u little re-
covery before the close. 1t was given
out that Letter had ordered his deals
all closed, and that the selling rush
was the result of the execution Of this
order. accompanied as II was by a
flood of rumors concerning the sta
bility Of the big bull movement which
for months has been the important
factor in board of trade dealings. One
OF these rumors was that Letter had
been deserted by some Of his assist
ants In the campaign. In the mean
time Letters wheat was being tumbled
overheard and prices had become de-
moralized
Later in the day Letter made no at
tempt to conceal the fact that he had
sold out all his holdings in futures
probably 100000 or 100000 bushels.
1t came out that he had transferred
most of his trades in futures to other
we'll known houses, and that they
were pretty well protected by margins.
! so that whatever losses there were
would fall upon Letter. His cash wheat
one report said, was transferred To Ar
mour, but later story was that II
would be trusted" and handled in
such way as to prevent the slump
which would be inevitable If it were all
thrown on the market at once. Before
the final close the panic partially sub
sided. and July reacted 4 cents, Sep
tembcr selling UP IA, and December
making 2 cents rally, selling a shade
above September, where IT was cent
under Saturday.
None of the principals in the Letter
crisis Is willing to discuss the causes
which led to his abdication, and thC
most plausible explanation that can ht
AL
a,,,,,,,,,,,t,, ,,,, .,,,,,,,i,,i,.a r,,. or..,
,,Iia,,i',, 20 o,,,,,.a,,r,ir,, ,,i..aI,ti,r
T., ,,,. it. ,.a.,i,,,, CON-, T., "a,
,,,,,,,i,,,, ,..,a,, t,,,,,,,,,,,,o,,,,,,,t va.
,,,.,,I,, ,t,,, an ti. ,.,.h ,,,I I,,,, ,,,h,,,
r,,l ,.'.,,, ,,,.,,,.'r,r,,,I r,,. ,r,an r,,,or c
IN, ,I,'.,.. i,,,,I,.r. g. p,iI,, !,
49,. 49,, ,t.,, ,,,a ca,,,,,t,or ,,,
tiun. Of which Letter was a hCaNN
h,I.I,r ,..I i.'..,, t,,,,.,,,roI "a I,,,
,,.,, r,.,,..... ,r,,....,. ,..,.o.,.,l ,,,,..,,.
,i'',,.' ,,', .i.. .,,t,,',,,r,,, ,t,,, 500,
L,,.a,,,,,.l io,, , ,,,rj, A. tno o,,.s.
g., ,,,. -, 49,, ,i.a,. ,,.a., ,r,.f,,.
- ,-'t 49,, 80 49,, ,,,.,rr.,t nu, ,,, ,,..
,t,. ,u,n ,,r,.r O.. y,,I,r h,1 ,r.,r.
,a.,.,, ,t,..i,. I,,,,,,,, r,r,.,,,.....
,,,,,,d - .,,,ri,,,, ,,,, ,,ir,.,I,. ,r.,,...
49,. ,,,.-,,,i.r ,,,, roi,or v.o. ~,
,,,..,1 ',,,1 ,,.., ..,,l..,,.,ri,,,, =, rr,,....
,,f hi. i,,,,,,.,,,, b,I.li,.., ,,ith,,,t gf.
,I.,i,,., ,i,,, ,.,,,,,., ~ l,t.. .,,,Ii., ,i..
,,ra,,.ai ,,...,,, ~ ,,i,
A. ,,,a ,r,,a 80 Iuei,,,,s c,,,,r.,..,
nj, ,,,,-,,,,, - s,,,,,.,,i,,,.. ..,.,.,...
.,,,,,.,, ,,.,,,o ,,r,I l., ,bo ,.ici,i,,. or -.,
80. -, t,.,,,,.,r., ,,,,,.,.,.,.,,,
,,a,.t,,,, ,ar,,, ,,'Iars Coz ,ht, rr.
e,ta,,i,. r,,,r,r, ,,,l o,,,,i,,,, ~ ,to I,,,,.