Daily capital journal. (Salem, Or.) 1896-1899, 1898-06-15
ATTACHMENT

Property.
New YORK, June 15.-Justice DAILY
of the supreme court, has issued an at
tachment against the property Of
Joseph Letter, the wheat speculator
of Chicago, for $793,925 for money ad-
yanced. The attachment was levied
upon bonds belonging to Letter was
deposited in the Chase National'bank,
Hanover bank and other financial con-
Germs In the city.
1t is stated by friends of Letter that
the attachment issued against him
will not effect the situation and will
not force an assignment.
Joseph Letter said in reference to
the late grain deal:
"It is case Of where the tail has
begun to wag the dog. This state
ment has its illustration in the fact
that futures began breaking faster
than cash wheat declined. Logically
the conditions should have been ex-
actly the reverse. For several days,
in fact l may say for weeks, cash
wheat has been slow of sale, especially
In the Northwest and around milling
ing centers generally. To a certain
extent this has been Offset by a fair
degree of activity at the seaboard in
response to an inquiry from the other
side. but the local markets have been
decidedly inclined to drag. There
has been a steady marketing Of cash
wheat, bnt / cannot gsay as to the
quantities in which it has gone into
home consumption, or abroad for
foreign use.
II see no objection to stating that
all my holdings of futures have been
disposed Of. A good deal of gossip
has come to me on the general subject
of alleged treacherous conduct on the
part of Northwestern grain interests
which l have always heretofore con-
sidered friendly to me in a personal
and business way, but have nothing
whatever to say on this subject. If
In the history Of the deal there have
been events to which the public is
entitled, it is more than likely that
the facts will come out in good time,
but not from me. haYe no complaints
to make on charges to prefer against
those with whom have done busi-
ness.
"It is source of satisfaction to me
that my affairs, at this moment more
or less tangled, are in fair way Of
settlement without the invoking the
achinery of the court, as would be
necessary in the cease of an assign
ment. The Chicago trade will all be
taken care of-in fact, may say 1t
has already been protected, for am
even on the market, so far as Septsm-
b9r contracts are concerned. The cash
wheat business will be transacted
through Alex. Geddis for the benefit
of banks which have an interest init
and which will act In concert. The
June wheaU representing the cash
wheat in this market will be carried
by Armour & Co.
"The treatment l have received at
the hands Of Mr., Armour is in the
highest degree considerate and COM
plimentary. Nothing could have ex.
ceeded Mr.. Armour's generosity in
his offers of financial help, which was
to an extent covering a possible re-
quirement on my part. 1t is gratify-
ing TO be the recipient Of this kind
OF treatment at this particular time,
establishing as 1t docs the fact that
the business and personal relations
between Mr.. Armour and myself are
not as strained as they have been re-
ported TO be-"
Philip ID. Armour, himself one Of
the contral figures 10 the Letter deal
which has been going or for many
months, did not take gloomy view
Of the situation. He said;
"Most Of the wheat is margined at
so cents bushel. j confidently be-
lieve that the market win react, pos
sibly before the end OF the week, when
il gets down TO a point where 1t is
worth the money, regardless OF specu-
lation, The arraugement which
understand has been perfected pro