The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-06-14

CHICAGO. June 13--Thts has been =
Gay OF excitement and Tunor in the Chi
cago wheat pit. reverse that looks
like Waterloo has come to the Young
Napoleon OF finance" Joseph Letter. AT
first there was wild tumble of prices
II cents from Saturdays close. while
September lost IS cents and December
S7s cents but all made a little recovery
before the close.
1t was given ou, that Letter mad or
dered his deals all closed. and a selling
rush was the result OF the execution of
this order. accompanied as IL was by a
food of rumors concerning the stability
OF the big buil movement which for
months has been the important factor on
board of trade dsalings One Of these
raHors was that Letter had been deserted
by some OF his associates in the cam
pagn. In thu meantime letters wheat
was being tGmhled. and prices were be-
coming denoralized. Later In the day
Letter made no attempt to conceal the
fact that be had sold out all his holdings
in futures. probably 100000 or 5000. .ooo
bushels OF wheat. II came out that he
had transferred most of his trades IN
futures TO other we'll known business
houses. and that they wers pretty wel'
projected by margins. so that whatever
losses there were would fall upon Letter.
His cash wheat, one report said. was
transferred to Armour. but later story
was that 1t would be trusted and
handled in such way as 20 prevent the
slump which would be inevitable IL it
were all thrown on the market at once.
Before the final c.ose the pane partly
suhsided and July reacted cents. Sep
temher selling up IA. cents and December
making ? cents rally, selling a shade
above September, where il was cent
under Saturday.
Name II the principals on the Letter
crisis was willing 10 discuss the causes
which led to his ahd,casion. and the most
p.aushle kxp.arat.3n that can be Of
fered 1T this time is, therefore. cIrcum-
stantiai ard speculative. The first indi-
catou OF approaching dissolution in the
Te.ter regime came this morning. when
sac announcement was made that an his
cash ani June wheat had been trans
ferYed by Allen. Cr.er & Seliar. Letter
brokers. 30 Phil.p l.. Armour. aad .iha.
the September option. Of which Letter was
a heavy holder, had been transferred TO
I.ams0n Bros. Thess reported tranSac-
tons gave rise 10 conjectures that soon
4 was rumored that Letter was trying
20 get out OF the market. but the fact
that Allen. Grier < Seliar had transferred
their trades 20 I-amson Bros, Instead OF
eet!Irg out directly, aroused the suspicion
that Letter VAS Aard pressed and vas
enaeavorng . disrosc OF his immense
holdings. without disclosing the causes
or his sudden withdrawal from tae pit.
After the close OF business saturday
millions az bushels OF September wheat
puts were sold IN the vicinity OF ,2ia
cent? Lsmson Eros. apparently having
large orders Tor tbs tire. Shorty before
re opening Of the board CT trade today
brokers supposed - DC acting for Letter
we're ready sellers The "pus'' pr.-s was
spee St3y reached. and Letter II Tie Lam
soas were really acting fer him. was eu-
aAied TO d,spoes o. millions Of wheat
On the sale e pats. whereas. r
the actual waea: ha4 been sold n the
market there would have been even more
90 break Had Allen. Gvier & se.'ar
made the sa,es :As stree; wo2l2 have
suspected reSs. tGs. coniag from Lam
S7a Bros, there ~as uo sucA zd.caston
q 20 tae t4satity o the seller.
Il = estimates taat curing the day :row
Ssna..e - Iaaae8 r's<Sess 81 I4e.ser
wheat. op,iona! aad visible, were sold %
the account = ;be Young Naps,eoa.''
ms = supposed 20 have consisted eh.say
q op..aas 3a Sepsez,oev. Jay g.: June
waes.. stored 81 >Egans4gao1ls. s; PAU.
DGiuth ar. Caicsgo. +; wax stated Oh ne
aA-sfrrFSf m