The Superior times. [volume] (Superior, Wis.) 1870-1912, 1898-06-18
TAIL WAGS THE DOG.
MIR. Letters Illustration of the Situ-
alton.

Chicago. Ill, June 14.-IoSeph Letter
speaking of the collapse of his Whrlt deal:
1T lS 4 ease where the tail has h@gfin to
waG tho dog. This statement has lis il
/ luStration in the fact that futures began
breaking faster than cash wheat declined.
Logically. the condition should have been
exactly the reverse. For several daye-in
fact | may say some weeks-caSh N1eIt
! has been slow sale, especially III the
Northwest and around milling Ccn;nrS
generally. To q certain extent this he's
been Offset 10y 4 fair degree of activity
at the Seahoard in response ro an inquiry
from the other side hut the local markets
have been decidedly inclined to .r1c.
There has been q steady marketing Of
cash wheat. hut ! cannot say as - the
quantities in which II has gone into home
consumption or abroad for foreign usC.
Il see no objection to stating that all
my holdings of futures have been disposed
Of. \ good deal of gossip has come IN me
on The general subject Of alleged treachCr-
uuS conduct on the part OF Northwestern
grain interests which have always here
toforc considered friendly Ia IN" in a per
Sonal and business way. hut | have moth
ing whatever Ia say on this subject. 1t IN
the history of the deal there have been
events u which the public Is entitled 1t Is
more than likely the facts will come out
in good time. hut not from me. have II"
compIailtS to make or charges to prefer
against those with whom | have been do
ing business. 1t X Il source OF consider
able satisfaction 10 me that my affairs. tor
the moment more or less tangled are IN a
fair way of settlement without the inter
ventiun Ot trustee or without invoking
thr machinery OF the court. would be
necessary i'm the case of an assignment.
The Chicago trade will all he taken
care of-in fact ! may say 1t has already
been protected. for | am even on the mar
krt 81 far aS September contracts are
IA hI1i bnSIDpSS Will
he transacted through Alexander Gcdd'S
for the benefit Of the banks which nave
an interest iii il and which VIII act IN
concert. The June wheat. representing
The cash wheat in this market VIII be
carried by Armour X CO.
The treatment | have received AT tn"
hands Of Mr. Armour i> in the highest
degree cnusidcratc. courteous and com
rrment3ry Nothing could have exceed
ea Mr. ArmourS generosity III his offers
Of financial help. which were 10 an extent
covering any puSSibl" requirement on my
part II * particularly CrahiSlhe 10 pt
The recIpIcnt Of this Kind Of treatment ~
Ms n,r,irular time. establishing as II
docs tn, fact that the business and per
souaI relations between Mr.. Armour anu
myself are not as stra as tteN nave
been repreS, uted to be.
T. II Armour, one OF the central h-
urcs in the Letter deal which has been
a particularly gloomy view OF the Sltua
tion. He said: Most Of the wheat win
the banks i marSinCd al 81 cents bu>n,
81. | confidently believe the market VIII
react. possibly before the end Of the
wee. Wheat has got down to polnt
whfr. il iS worth the money regardless
af speculation. The arrangement which
| understand has been perfected provides
for the protection of all parties IN inter
est Mr.. Letters cash wheat IN All lo-
sitions between the Northwest and Eu-
rope, ought to be 50 handled that the
hanks viii not have to take loss:
I'm one sense there is not much local
end 10 the story. The local stock of
wheat is small. and in relieving Mr.
Letter of his June and local cash wheat
We took only 10000 bushels.
I do not believe any Of the Local local pe;Glii 7-5;li
| PIE who have acted for Mr.. Letter VIII
| he hurt and the feeling in the trade
seems to be most kindly toward hlm.
When we arranged TO carry his June
wheat we offered 70 help in any way We
could I regret that the deal has turned
out as it has, but | believe that the