The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-06-15
ARMOUR TO LETTERS AID.
THE worst Amour THE WHEAT
DEAL BELIEHED TO BE KNOMM.

DEAL bELIhIGD TO BIZ NOVA
Letters Cnsh wheat h the Northwest taken
ny rmsur-7umor or TreAcheFy Flying
A~rouad-COs sr the Deal TO the Elder
Leiter-Tra nsactions with BohrEe a &c.
CHICAGO. Juno 14.-The final act of the great
Board OF Trade drama. in which Joseph Letter.
the Young Napoleon OF the Wheat Pit" made
his final bow and exit from the stage, was rung
up to-day. 1t closed with an anti-climax, In which
the hero came out second boSt, while the lead
ina heavy man stepped to the place recently
occupied by him. and complaccntly remarked
that he rockoned that a part of the world is
his" The heavy man in question is Philip d.
Armour. who to-day bought all OF Letters cash
wheat in the Northwest, amounting to 100000
or 5000, 900 bushels. 1t is said also that Ar
mour will take up all OF Letters wheat
The irony of fate was commented upon among
traders this afternoon when II was learned that
Mr.. Armour, who WAS at one time Letters most
formidable competitor. has now como to the
rescue. How much Armour paid Letter for his
immense holdings of cash wheat In the North
west is not made public, although some idea
may DO gained by quoting the price OF juno
wheat here yesterday, which closed at 30 conta,
and considerably lower at Minneapolis.
Early in the day dispatches were received
from New York stating that Justice DAILY had
granted an attachment thcre against Joseph
Letter Of this city in favor Of Otto L. Lohrke &
Co., grain brokers and ocean %shipperB, for
$685. 600. on advances made mainly between
Fob. / and June / Of the present year.. Robert
McDougal, local representative of the firm, says
he has not yet boon apprised OF such action. He
added that the business his firm transacted for
Letter amounted for u number Of weeks to moro
than 500. 900 every day.
A remarkable calm settled over The wheat
r,. - thfa t,,nHntn~ uftar vnGtnrda E'E Gnnaa-
tionAl turns. There were no quotations availa-
bic on June wheat for several hours, while all
the future options were close to the line OF yes-
~terday's closing. Later there WAS a slump of 3
cents In July and a decline from 7ll9 to 607s in
September wheat. The impression prevailed
generally that the worst had come out, and
| that Letters tremendous wheat deal Is now q
matter OF history.
All morning l.. z. Letter. his son, Mr.. Zeller Of
Allen. Grier & Zeller, and representatives OF
p. d. Armour were In consultation with bankers.
Neither of the Letters would speak. The elder
was curt, while the younger courteouSly replied
to questions that he was exceedingly busy try
ing to arrange his affairs. The sale OF the
wheat to Armour was effected this morning. 1t
is generally admitted that 1t clears the at
mosphere to a considerable extent. and II trus-
tees are necessary to liquidate the rest OF Letters
cash wheat in this city. in New York, attoat on
the ocean, and in European storchouse5 it will
not require much time to dispose Of the re-
manning 100000 or more. Inasmuch as 1t 10
stated that bids have been received for all cash
wheat that Letter has. there will be no difficulty
in winding up the deal. What is moro. the sill.
yer lining to the cloud is said already TO be COM
ing out. Thoro is fair prospect that Letters
creditors will lose nothing and that the wheat
will bring in sufficiently with the recovering
markets to pay all claims on Letter. No doubt
is entertained at this stage OF OF the proceed
ings that the elder Letter will have to come to
the rescue to an extent variously estimated from
SO, 900, 900 to $1,000. 900. 1t is probable that
tho former figures are nearer the truth than
the latter.
Men who are close to Letter say he ascribeI
tho failure Of his deal to the treachery of alleged
friends in tho Northwest. Letter himself does
not make these charges. but there is no doubt
that he is positive in tho opinion that II those
who were with him in the joint account had
held on for some time the deal would have beer
successful. Both Pflsbury and Peavy. who
wero interested with Letter in the bull cam
paign. deny that they were at all to blame fol
his misfortune and insist that Mr.. Letter was O
victim of the disease Of "overstaying and over
buying which has ruined nearly all the bold
pluneers and spectators In the past. Evidence
is available to the effect that the break in thu
market was started in the Northwest by i'm
mense unloadings of wheat.
George B.. French, who has stood by Joe Lett
er's side from the start to the finish. is also mad
the subject OF flying rumors. In answer t.
statements that suits have been filed agains
him for the recovery of money said to have beer
paid TO him in 1893 on his personal checks. Mr.
French says:
81 had hoard nothing OF any suit beinf
brought against me until I read tho papers thir
morning. l see in one paper an announcemen
that failed several years ago in New York.
have never failed or assigned in my life Nnc
don't intend TO. and am not at all worried owe
my present financial condition. l have had mt
personal connection at any time in this whea
deal except that I have been and hope always t.
be a close friend OF Joseph Letter. These partie'
who are alleged to have brought suit agains
me are not New York brokers, never were m!
friends, and are engaged in another class o
business. I have no FEAR OF tho result Of an.
oc+ Inn thayy ms ~ heiDn"