New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-15
.puOnR GETS LETTER WHEAT
ur TAKES ALL IN THIS COUNTRY TO
MARKET 1T.
,r,rrR EXPECTS TO PAY HIS CREDITORS AND
HAVE AN EoU1TY LEFT

HAVE AN EQUITY LEFT.
fay TELEGRAPH TO THE TRIBuSEl
,.,ooro June 14--Armour has taken all the
I,,n- cash wheat IN this country-amost TO-
noonno bushels-and will market It, The banks
thor. in interest decided this this after
Of a long meeting held in the presidents
o. OF the Illinois Trust and Savings Bank
&C., Letter wheat as is in France. or anoat to
1900 Will be handled by Eughster, Of Dijon.
,.,ce The cash wheat In Great Britain will
- handled by Alexander Geddes Peavey, who
"a $50 900 bushels OF wheat for Letter, will
,andle that himself.
n, "a believed that there will be large equity
,.c and It IS confidently believed by Letter.
amour and others that sharp recovery will
..uov this disposition OF the cash wheat. These
asotiations over the cash wheat have been
..rsng all day. Armour took z, $50 900 bushels
=, Duluth wheat this morning from the Duluth
hanks. and this afternoon he took all the wheat
4, this country belonging to Letter.
The latter says: This covers the cash wheat
,expect before rons 10 call other creditors to-
esther and I believe there will be money
enough for ALL with an equity for me-" All in
,ornation as 10 the amount Of wheat involved
"a refused but 1t is believed it aggregates TO-
10000 bushels or more.
There was remarkable quiet in the wheat
market. after such collapse as Monday; there
we're no failures anywhere. no sensational
noyement Of prices. The only suggestion Of
Ills sort was the drop IN the Liverpool prices
m July wheat, over Is. at the opening and
i0gd decline on July at the close. equal TO over
10 cents bushel
The trade kept shy on Duluth and Minneapolis
10 see II there would be any new trouble up
there Those wheat markets were kept as quiet
and uneventful as this June wheat here closed
,ust where It did Monday night, S. cents. Tho
cash and July IN the Northwestern markets
were kept just about steady. Every one
felt II was an artificial quiet. q result 0f support
By the big interests. which held the each wheat.
but that fact did not provoke any attack
The Letters and some OF the Northwestern in
terests were here early in consultation at the
Illinois Trust and Savings Bank. 1t was ru-
roored early n the day that Armour had taken
225OOOO bushels Of the Letter cash wheat at
Duluth. grain held by the banks at Duluth. for
the account II Letters broker. A. D. Thomson.
II was not possible to get a confirmation Of
this while the market going. In the after
noon It was learned that Armour had taken all
the Letter wheat in the country.
Prices here were irregular within narrow
limits July sold at 20 and at &c cents. and
closed at 49, cents September opened AT Io'sG
III cents and sold between 11Ia and Co.'S cents.
and closed at 70Nsa702l cents. The speculative
trade was narrow St Louis and NewYork
were inclined 10 sell. certain Of the shorts 10
cover. The foreigners were on both sides. but
only In a small way. The worlds visible de-
creased 100000 bushels Private cables saii
that Central Russia complained Of extreme
drouth SeabOard clearances were 100000
bushels Receipts were light-131 cars In the
Northwest and a cars mere.
There was some anxiety early as - whether
the attachment Cor almost SSunOOo. sued out
By Lohrke at New-YOrk. against Letter. might
not compel change III the method OF lQuda-
ton here People managing IT, however. said
this was not the fact. Late to-day Lohrke tele-
graphed that he had dismissed his attachment
Lohrke at New-York. financed the export bust
ness for Letter. shipping or CONSUMING his
wheat and making the drafts against Il.
There IS feeling here without any direct au-
thority that when the loss Of Joseph Letter Is
matter OF record. the elder Letter VIII pay H.
He has not, however, authorized Il. The biggest
losses are in the Northwest and ara suffered by
those who were either carrying wheat for Letter
or else Joint account with him. Peavey. Pills
bury and others The Letters are savage against
his Northwestern partners particularly Peavey.
declaring that he sold him out.