The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1898-04-12
is A WHEAT KING SAID STUDENTS"
Chicago Young Man Mo-
march of the Market.
Young Mr.. Letter But q Few Years
Out OF College-Has Made For
tunes In the Pit.

Recent articles have reported a
mastery move in the wheat market
b. young lIr. Letter, the Chicago
operator, the latest advice being TO
the effect that he claims to hold all the
surplus wheat in the United States.
Some very interesting particulars of
this remarkable man and his coup are.
given by New York correspondent:
The most interesting figure in the
American wheat market during the
past year has been young Joseph
Letter, the only son of a Chicago mer-
chant prince, who has just beaten the
veteran millionaire and Speculation,
Phil Armour, in a contest that re-
Quired much nerve and millions of
capital. The end OF the year finds the
young man in actual possession o.
5000 900 bushels OF frst-class wheat,
all paid for, which he is shipping by
rail 70 Atlantic ports and thence TO
Liverpool as fast as he can find yes
ssls to carry il. When this boy whose
sister, by the way, is the wife Of Mr..
George CurzOn, Under-Secretary for
Foreign Affairs in England came out
Of college four or five years ago, a tall,
Observation-Disclosures, and handsome fell
low, he informed MS father that he
desired 10 90 into business. Where
upon Mr.. Letter gave him S1,000,000.
IN two years he had-lost three-quarters
Of it, but had gained much experience
and wisdom. Then the money began
10 come back, and a year later he had
doubled his original capital. He had
made himself an expert in mining,
electricity, rail-roading, and the fnanc-
lng Of projects. The pleased father
then entrusted 10 him the management
Of his entire esJate-S30 ,000, 600, in
various productive enterprises-and re-
tired 10 Washington. In July last the
young man entered the wheat market
as a buyer, and the veterans marked
him as their prey. But as time passed
on he continually accumulated profits
He changed his holdings from month
20 month-at one time he was carry
ing $4,000 600 bushels-and finally con-
fined his operations TO wheat for De
cember delivery. Armour, great in beef
and pork and railroads, as well a:
grain, continually sold to him, con
fdenJly expecting decline. But tht
young man, whose fashionable cloth
ing and manners gained for him the
name Of the dude" had gagged the
market correctly, and when December
came he demanded his wheat. 1t was
not in Chicago, but Armour under
took 10 deliver il there, and by grea
exertions he brought 100000 bushel!
10 the city warehouses in a short time
On December 81 Letter had his wheat
and Armour had lost something NOR
tlan 81 600, 600. II then became known
that the young man had already mad
contracts for the shipment Of the great
er part of the grain 10 the seaboarl
and 70 Europe. There he expects I
take his profits. For the transport 0
tie grain 10 the coast thousands o
cars and hundreds of trains will b
required. Letters confidence in tn
value Of the grain is so great that
while carrying these millions Q
bushels, he has bought 100000 NOR
for May"
a firm in Honolulu has been told b
foreign correspondent that Leite
viii sell largely TO the British Gov
eminent