The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-09-13
VIVIAN YOUNG LEITER DID.

what he IulsndU to dO-IIIs Les. til.
Farmrr's Galn.
New York Times: Young Mr.. Letter
announces with a satisfaction that Is
undoubtedly heartfelt. that the some
what lively "wheat deal" in which he
was recently engaged has been closed
out, and all his debts have been paid
except a trife OF I5.5OO,OOO due his faith.
er for money advanced to pay the losses
OF the operation. The 100000 bushels
OF wheat belonging to him which was
turned over to p. D. Armour and the
Illinois Trust and Savings Bank at the
time the market collapsed, has been
sold. Mr.. Letter announces that his ef.
forts from now on Will be devoted TO
relmbursIng his father. II do not IN
tend he shall lose money through the
support he gave me in my operations"
says young Mr.. Letter. No man Of true
feeling win miss the fine fillal quality OF
this declarations. Would that every par
emit might have such son! This noble
resolve almost btones for his mistake
in judgment as to the amount OF wheat
he needed and could carry" By Indus.
try, earlV rising, and frugalltH the
young man will undoubtedly be able
within year or two 20 lift the last OF
the mortgages placed upon the parental
realty. Wetmpst remember that he
lives In Chicago, where fortunes come
with an audible whlE, which, 1t must be
confessed, increases in pitch and vol
ume as they take their swifter flight.
But let no I1an say that Joseph Letter
has done harm to the tolling millions O.
given any P6pulist good cause to bowl,
In so far as his operation affected the
market at all Il tended to raise the
price Of wheat. II throuah his large
buying and tenacious holding on to
what ne bought the farmers OF NeeFas-
ka and Kansaa were able to get higher
mr. prices for their wheat he was theIr
friend and not their despoiier. Dollar
wheat has made the Populist farmers
OF the west and northwest rich, happy
and quiet. The erstwhile ululant Popu-
list has been ysobered and silenesd BY
prosperity. Money 10 plenty and cheap
In Kansas.
No man can measure with precision
that part OF the Increase in the price OF
wheat that was due to the operations Of
Mr.. Joseph Letter. Il must be remem-
bered that the worlds wheat crop tbs
wear IL about one billion three hundred
million bushels. In these days OF instan-
taneous Communication and quick
TRANSPORTATION pretty much all OF the
worlds supply Is within the sphere OF
influence 10 which the worlds market Is
subject. That Is, practically no wheat
IS too far of to be without effect upon
the price OF wheat In Liverpool Large
as were the purchases Of Mr.. Joseph
Letter, they were not great enough 70
have much effect upon the price OF ins
worlds supply. OF more than biIloa
and a quarter bushels. II the tendency
OF the market had not been upward,
for reasons quite independent OF MI
Letters buying and cornering. the
wheat market had not been advancMs'
he would have been unable to carry the
| price to a dollar, his corner would nave
collapsed much earlier and with resul!S
less costly 70 the elder Letter. Does ms
assertion require any other proof than
the fact that at the moment when ns
was lifting hardest on the market tHe
price OF wheat broke and went iowa
with a rush that ruined him? The cause
Of the break was the discovery that tIe
crop was to me many million ousAeIa
greater than previous reports had M
dlcated. There was cause quite .ot-
elgn to Mr.. Letters operation. II M
stantlV controlled the market. Leltet
could not control st. He never did CON
troll Il. He took advantage OF IT, aSs'
ed with II, and made money until "
market. altogether disregarding MS
puny efforts. went the other way.
But II Letter lid not raise the price os
wheat no man can say that he lowete1
It, So far as he was able he MADE ms
attempt at monopoly Conduce &c the en.
richment OF the wheat growers. lnis
truth would be !nconceivably bitter tot
the anti-monopolIsts and foes OF the
JuEgernaut II the wallet on the wP
shelf OF the cupboard were not ouls'nS
with Ave and two dollar bills