The times. [volume] (Richmond, Va.) 1890-1903, 1898-07-03

riots that al one time threatened the
ruling dynasties Of two OF Europe oio-
est countries. namely, Italy and spain.
Yet this Is what Joseph Letter Of chi
cago has done.
NEVER EQUALLED.
What all the greatest wheat specula-
tors this country ever knew-from heene
and Harper in 1851 10 "Olt Hutton ana
Cudahy OF later years-had tried 10 40
and failed. this young stripping ms
'lamb." this fathers SON. accomplish
ed. And all because he worked a gigantic
deal on the hopelessly simple plan OF
buving at a low figure what people would
have TO purchase later-but at higher
onel
1t twas nine months after Letter began
his enormous dealings in wheat before
the world knew who it was that was
behind this new Corner" When the old
hands learned that 1t was Joe Letter they
all smiled in their sleeves. thought OF
him as the mildest of baaing lambs
and waited, with III conceived anxiety
for the shearing!
WHAT THE DEAL NETTED.
But. whom the shearing was done the
wool all went into Young Joe's' bags;
and the results OF the years shearing
Melted Ieiter-on no less authority than
the president Of the largest bank in the
olty-nearly 100000.
Think Of that for q years work. AND
yet II was carried out on the principle
hitherto unheard OF In wheat dealing cir
cles-of actually buying and storing the
grain until 1t was needed by the con-
sumer.
The Letter wheat deal. which bids for
many wears 70 come 10 be a grain mar
ket classic. was begun on April p 1881
and lasted thirteen months. The first
order was for 10000 bushels of May
wheat which was bought by Broker
George p. French, who was the repre-
sentative OF Letter through all his grain
speculaOons. The advent Of these huge
orders. following each other I'm rapid sue.
cession, within two weeks caused con.
siderable discussion as to who George B.
French was. and what was more I'M
portant. who ne was acting Tor. 1t star
tied the old hands TO see this young man
French placing orders for wheat in lots
from 80 90 TO 1000 co0 bushels for a prln-
cipal no one knew ANYTHING about.
HE rs A WESTERN MAN"
Speculation ran riot over who could
be back OF all this buying 1t was known
that French. previous 10 his having come
20 Chicago from ST. Paul. had been
Wall street broker. And for month
Wall street was believed 20 be behina
French. most Of the men on the Board OF
Trade fixing on j. Piermont Morgan as
the responsible party.
IT was not until six months after he
began operating that Letter admitted ne
was tNte power behind Broker French.
81 have always been Western man"
esid ne. IN explaining how the deal start
ca ''eEd have consequently always had
an eve on the grain markets. have mad
ranch inierestst 10 look after and have
each year found It part OF my business
70 stock them with cattle There has
never teen time when have not been
somewhat familiar with the grain situa-
ton. II was natural enough that ]
should have a theory as to wheat condi-
lions and not unnatural THAT 1 should
act on them
SAID HE WAS IN EARNEST.
He declared the interest was entirely
his although he had the sympathy OF
his father and would be able to avail Of
his resources IN financing his deal He
at this time made the statement. ridi-
culed a. the moment but shown since 10
have been made IN sober earnest that he
proposed ~ carry on a great merchardis-
ing operation. and that he contemplated
no corner and cared nothing about the
size Of the short interest. He was after
the WheUts ne SAID. not Aiter the scalp
ers.
HIS BIG DEALINGS
Some extent OF the orders placed may
be gained when II Is stated that in the
fret month OF May 100000 bushels OF
wheat were bought The size OF the spec
uiation grew until in December he had
1000 900 bushels OF wheat bought for that
month. several millions cash wheat AZ
Liverpool or between Chicago and Liver
pool. and had begun 70 accumulate in
tsrssts IN other markets
II was in December that Armour and
the other Chicago elevator men had lheir
exciting race sFainst the elements 10
prevent their csrgoes being frozen up at
Duluth and thus being prevented from
dlilng their contracts. They won: but at
tremendous cost December also marked