The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-06-16
.IO CLOSE T8E DEAL
Armour Takes 100000
Bushels of Letter Wheat.
STEADYING THE MARKET
Liquidation Henceforth viii
Be Done in Order,

Chicago, June Heterogeneous for the
closing of the Letter deal have been com
pleted- Final papers were placed before
Joseph Letter today and 100000 bushels
of choice cash wheat were consigned 10
P. D. Armour. who will henceforth control
all the Letter holdings. Armour mas al
ready begun to dispose OF his holdings
and unless the coming crop is harvested
sooner than anticipated it seems likely
that the immense line of wheat in the
northwest will be consumed there.
It is stated that Letter will not lose
as much as was generally believed. Ar
mour's assumption of the burden is said
to have meant al least 81, 100000 for Letter.
That much loss would be incurred If the
immense line Of wheat had 20 be merchan-
dised by trustees, with the probability OF
q declining market. The loans made 10
Letter by the local banks aggregate nearly
1000 900. Each bank was careful 10 pro-
tect itself with wide margins that would
insure against loss. Interviews with a
number of the bankers interested show
that they are all satisfied with the trans
fer Of the deal to Armour.
INSURANCE ATTACHMENT.
New York, June 15.-The sheriff has re-
seph Letter of Chicago, in favor Of the
Thames and Mersey Marine Insurance
company, for $S1, 915 The attachment was
granted by Justice DAILY, Of the supreme
court.
Copies OF the writ have been served on
the officers Of the Chase National Bank,
the Hanover National Bank, and the Bank
of Montreal, in which institutions Letter
is said 10 have money on deposit.
1t is alleged by the insurance company
that he owes It amounts represented by
the attachment, for premiums due on pol
icies Of insurance issued by it since March
"A last. on wheat shipped from and to
various points on the Atlantic seacoast
and on the st. Lawrence river. The poll
cies it is alleged. were issued at the
special instance and request Of Mr.. Letter
and on his promise to pay the premi-
ums.
MONEY TO BUYOLD RUINS.
London, June 15.-It is said that L. L.
Letter of Chicago IS negotiating for Tin
tern Abbey, one of the finest historical
houses in the country. which the Marquis
of Worcester now offers for sale.
Chicago. June 15.-Joseph Letter was
shown the dispatch from London stating
that his father was negotiating for the
purchase of Tintern Abbey. Mr.. Letter,
Jr., declared that there was absolutely
no foundation for the report
COURSE OF THE MARKETS.
Chicago, June 1.-THE assumption of
Letters cash wheat by Armour had a
steadying influence in wheat today and
prices ruled higher. 1t was generally con-
coded that this put an end TO the pros
pect of many holders of that commodity
tumbling over each other to sell out,
and spelling the market for everybody
The liquidation now will be orderly and
under the best auspices, all things con-
sidered. Continued showers in the south
west where the grain is ready for the
reaper. had a strengthening influence
September at Liverpool was Il pence high
err and July 3i4 pence lower. The market
ruled strong until the close. The more
settled condition of affairs brought nu-
merous Inquiries from millers for wheat
and fair amount of the cash article was
disposed of for domestic milling purposes.
Chicago receipts were As cars, against s
last year Minneapolis and Duluth receiv-
ed IS cars, against 1877 the corresponding
day of the year before The Atlantic port
| cIearances were equal in wheat and -four
to $4,000 bushels. July opened IL cents
higher at 79c; sold up to 7924c; declined
! to 77l4c; rose TO SOC then sold off to 1888 C
bid, the closing price. September began
! Ea1s better at 1A0112, declined to 7O7s
up 10 7AG1?c, down 10 71sc; then raj
| lied TO 72l4c at the close.
The wet weather was again the founda-
| ton of the advance in corn Shorts got
no interval of rest TO give them hope. SO
pronounced and continuous was the bull
! ish feeling. that wheat, oats and provis-
ions were all influenced by the impetuous
| buying in the corn pit.
| July opened AG?c higher. at 325s G322i c,
and sold up steadily to 24c asked, the clos
/ ing price. Bad crop reports and the firm
ness in corn strengthened oats. July
! opened &c higher; declined TO 257sc: tben
/ rose to 25c. the closing figure Strength
/ in corn and reports from Mississippi 10
! the effect that yellow fever was not ex-
tending beyond the few original cases,
( contributed 70 the rise in provisions. July
/ pork opened 2ia cents higher at $945; de-
clined 20 $9.42ia; then rose steadily 70
/ Sa.S5. the closing figures. July lard start
/ ed unchanged at $50, and sold up to SIS
| at the close. July ribs began unchanged
at s. BE-. and advanced TO $5.55. the resting
/ figure.
! Estimated receipts for tomorrow;
Wheat, 80 cars; corn, 375; oats. l45; hogs
/ 3, 900 head.
| GRAIN AND PRODVCF MARKETS