The San Francisco call., 1898-06-15
BOUNCED UPON
 BY CREDITORS Joe Letters Property At
 taChed. DEBT OF NEARLY A MILLION. FLUNGER SAYS THERE WILL BE NO ASSIGNMENT. All of His Cash Wheat Bought bv Armour, Who Declares the Bankrupt's Backers Will
 Not Lose.
DEBT OF NEARLY A MILLION.
FLUNGER SAYS THERE WILL BE
 NO ASSIGNMENT.
Special Dispatch to The Call.


 NEW YORK, June 4.-Justice Daly of ene Supreme Court has issued an at tachment against the property of Jo- 5eph Letter, the wheat speculator of Chicago, for S793,925 in favor of Otto E. Ioehrke, William P. Callaghan and William Knight, grain dealers, for money advanced. The attachment was levied upon funds belonging to Letter and deposited in the Chase National Bank, the Hanover Bank and other financial concerns in the city
 The plaintiffs, who comprise the firm of Otto B. Loehrke & Co.,, assert they advanced, at the special instance and request of Letter, in various sums, S79S,925, since February, 1898, which he promised to pay on demand. They aI- lege that he has refused to pay the amounts so advanced to him. The at tachment was issued on the ground that Letter is a nonresident
 CHICAGO, June 14.-It was stated by friends of Joseph Letter that the at tachment issued against him in New ork Will not affect the situation and will not force an assignment. The ap- peal to the court in New York was evi- oently expected, as a representative of a creditor was here and told MT. Letter ne was going to do something" Mr. Letter told him to go ahead and do it.
 MT Aarons, counsel for the plaintiffs, said that Loehrke, one of the complain ants, was the shipping agent in this city for Letter and had handled for him many millions of bushels of wheat MT. Aarons said his clients were not antagonlStic to Letter and secured the attachment because of the number of interests they protect. The attach \ ably be satisfied before the close of the day.
 P. D. Armour to-day bought all of Joseph Letters cash wheat in the Northwest, amounting to 4,0OO, GOO or 100000 bushels. Semi-authoritativ information is also obtained that Ar mour will take up all of Letters wheat
 Joseph Letter, speaking of the col lapse of his wheat deal, says:
 It was case where the tail has be- gun to wag the dog. This statement has its illustration in the fact that futures began breaking faster than cash wheat declined. Logically, the conditions should have been exactly the reverse. For several days-in fact. ] may say for some weeks-cash wheat has been slow sale, especially in the northwest and around milling centers generally. To a certain extent this has been offset by fair degree of activity at the seaboard in response to inquiry from the other side, but the local mar kets have been decidedly inclined to drag. There has been a steady mar keting of cash wheat, but I cannot say as to the quantities in which it has gone into home consumption or abroad for foreign use.
 T see no objection to stating that all my holdings of futures have been dis posed of. A good deal of gossip has n T01n 1,n alleged treacherous conduct on the part or Northwestern grain interests which l have always heretofore considered friendly to me in personal and busi- ness way; but I have nothine what ever to say on this subject. If in the history of the deal there have been events to which the public is entitled, 1t Is more than likely that the facts will come out in good time. but not rom me. have no complaints to make or charges to prefer
 a MT. P. D. Armour, himself one of the central figures in the Letter deal. - which has been going on for many months, did not take a particularly gloomy view of the situation He said.
 Most of the wheat with the banks is margined at 80 cents a bushel. I con- fidently believe the market will react, possibly before the end of the week. Wheat has got down to a point where 1t IS worth the money regardless of speculation. The arrangement which I understand has been perfected pro- vides for the protection of all parties in interest. Letters cash wheat, in all positions between the Northwest and Europe, ought to be handled so the banks will not have to take a loss.
 T do not believe any of the local people who had acted for MT. Letter were hurt, and the feeling of the trade seems to be most kindly toward him. ,, When he decided to carry his June wheat we offered to- help him in any way we could. I regret that the deal has turned out as it has, but I believe that the worst of 1t is known and that the market will promptly react" l LONDON, June 14.-The collapse of the Letter wheat corner has caused a d panic in the Liverpool market Tn Lon don the news of the collapse was re- ceived with equanimity. The consensus of opinion of a number of operators on Mark Lane is that the English market will gain steadiness now that the plum ger, operating without regard to mar ket precedents, is shaken out. It is asserted on Mark Lane that the col lapse was due to Messrs. Armour and Pillsbury. The newspapers generally rejoice at the breakdown of the Letter plans and point to it as a moral The Star says:
 "If the prime mover in this war against mankind Is beggared by his brood the retribution is we'll merited Nothing can atone for the awful suf fering Letter and his accomplices have caused
 Carn,, Na,,oad f+ar Gapera1 Marr,,