Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-06-15
HELPS LETTER OUT.

HUWUUN 0EIfS IeJIkh UUl.
Takes All Cash Wheat on His Hands
and VIII Sell 1t for
Him.
CHICAGO. June H.-Arrangements were
completed to-day whereby the load Of
cash wheat which brought the Letter
grain dear' to a sudden termination yes
tercay, IL practically transferred to Ar
mourj& & Co. The plan was formed by
bankt which have loaned money to Letter
on hib grain. Armour & Co. are to take
the deal up where Letter dropped it, and,
by acting as agents for the pool Of banks,
carry out Letters plans for merchandise
ing his grain. Armour does not assume
the ownership Of grain in any sense. but
will simply place the machinery Of his
business at the disposal Of the banks in
terested, and 1t Is believed all claims will
be hquidated, after which an equity will
be established between Letter and Armour.
/ The Importance Of the deal has dwindled
considerably, owing to the fact that Lett
er's cash holdings are now stated to have
been only a trifie over 100000 bushels.
This amount will be easy to handle. Ar
mour has named Alexander Geddes & Co.
to take charge of all sales to England and
OF wheat afioat for that country. Through
his own agents. the French house Of Stick
ney & Co., Continental shipments will be
handled. Foreigners bid freely for wheat
to-day, and Mr.. Armour expressed the be-
lief that good market would be found for
all the grain placed in his hands.
Letters holdings In July and September
futures have, 1t Is understood been liqui-
dated. This line amounted to considerably
over 10000. 900 bushels. and was thrown upon
the market yesterday and to-day.
Announcement Of the plan for liquidation
of the cash holdings through Armour
caused a firmer feeling on the board of
trade. Plenty Of selling was done by Letter
brokers. but the market showed such an
improved tone over yesterday that the line
was cleaned up advantageously.
No reliable estimates can be placed upon
Joseph Letters losses. 1t is not generally
thought. however. that they will exceed a
million dollars.
An attachment for $4,000 procured in
New York by Lohrke & Co., the grain
brokers, against Joseph Letter, was served
to-day, but was released by Lohrke when
the arrangement with Armour & Co. was
completed.
President Mitchell, of the Illinois Trust
and Savings bank, which probably holds
the bulk Of Letters warehouse receipts and
bills Of lading, said to-day that an assign
ment Of Letters assets was unnecessary,
inasmuch as none Of the banks had ad-
vanced money on the grain to within to
cents of the lowest point at which wheat
has sold since the Letter campaign began.
Jospeh Letter, speaking Of the collapse of
his wheat deal. says:
1T is a case where the tail has begun
to wag the dog. This statement has its
illustration in the fact that futures began
oh 1rvInA
Logically, the condition should have been
exactly the reverse. For several days-in
fact. I may say for some weeks-cash
wheat has been slow sale, especially in the
Northwest and around milling centers gen.
orally. To a certain extent this has been
Offset by 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
. steady marketing Of cash wheat, but
cannot say as to the quantities In which it
has gone into home consumption or abroad
for foreign use.
ST 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 the Northwestern
grain interests, which I have always here
tofore considered friendly to me in q per-
sonal and business way, but have MOTH
ing 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 the facts will come out
In good time, but not from me. have no
complaints to make or charges to prefer
against those with whom have been do
Ing business. It is a source Of considerable
satisfaction to me that my affairs, for the
moment more or less tangled, are in q
fair way Of settlement without the inter-
vention Of trustee, or without invoking
the machinery Of the court, as would be
necessary in the case Of an assignment.
The Chicago trade win all be taken care
of-in fact, may say. has already been
protected, for am on the market so far
as September contracts are concerned. The
cash wheat business will be transacted
through Alexander Geddes for the benefit
Of the banks, which have an interest in 1t,
and which will act in concert. The June
wheat, representing the cash wheat in this
market. will be carried by Armour & Co.
1.-THE treatment have received at the
hands Of Mr.. Armour is In the highest de-
gree considerate. courteous and compli-
mentary. Nothing could have exceeded Mr..
Armour's generosity in his offers Of finan-
cial help. which was to an extent covering
any possible requirement on my part. 1t Is
particularly gratifying to be the recipient
Of this kind Of treatment at this particular
time, establishing. as 1t does. the fact that
the business and personal relations between
Mr.. Armour and myself are not as strained
as they have been represented to be-.
Mr.. p. D. Armour himself, one Of the
central figures in the Letter deal which has
been going on for many months. did not
a;a take paTsicul,ariy sa,d gloomy view OF the sit
Most Of the wheat with the banks is
margined at 80 cents bushel. confident
ly believe the market will react, possibly
before the end Of the week. Wheat has
got down to q point where 1t Is worth the
money, regardless Of speculation. The ar
rangement which I understand has been
perfected provides for the protection of all
parties in interest. Mr.. Letters cash wheat
In all positions between the Northwest and
Europe ought to be SO handled that the
I'm one sense there IL not much. local
end to the story. The local stock of wheat
Is small. and in relieving Mr.. Letter of his
June and local cash wheat We took only
248, 900 bushels.
'tI do not believe any Of the local people
who have acted for Mr.. Letter will be
hurt, and the feeling in the trade seems to
be most kindly toward him. When we ar
ranged to carry his June wheat we offered
to help him in any way we could. l re-
gret that the deal has turned out as It has.
but believe that the worst Of 1t is known
and that the market will promptly react"
D0CKERY'S HAND CONCEALED.
Rot Exposed at Third District Demo-