The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-06-14
LETTERS BIG POOL
HAS COLLAPSED.
Continued from Page l.

floor that the bankers of the Northwest
who have been carrying the Northwestern
bull clique refused TO carry their burden
for a longer time and that calls had been
made by Northwestern dealers, particu-
larry thu. Minneapolis interests. for mar
gins down TO 80 cents. These. it is sad.
were followed by calls upon Letter here
to margin his wheat holdings down to 80
cents. Mr. Letter had about four million
bushels OF cash wheat on hand. much OF
which he Is said TO have disposed Of al
a loss. Later Il was reported that l.. 4.
Letter, when asked by his son for mursy.
had refused 10 be drawn further Into the
wheat deal and thus compelled the latter
10 let go large line Of his holdings in
order TO satisfy his warehouse creditors
and marginal demands.
Represent atives Of the Northwestern In
terests appear TO have pfecipitateJ the
crisis by coming 20 Chicago Saturday on
learning that l.. 4. Letter would not a1-
vance any more money on his sons ac
count. Mr.. Letters friends insis, that he
has not made an assignment. but Il was
admitted tonight that the Letter interest
had been trusted"
Joseph X. Letter could not be located
tonight. L. T.. Letter was seen but posi-
lively declined 70 say a w-fd.
Joseph Letter entered the market April
,, 1897 and Immediately afterwards the
pressure OF a tremendous power was felt
ba. TO man knew whose was the hand.
Letters first order was negotiated by
Broker George T. French. i was for
100 900 bushels of May wheat 4. 70Ts cents
per bushel. Then orders came thick and
fast. The cheapest wheat bought by Lett
er was 50oeQ bushels bought ,hune Is. 1897,
for September delivery at 644.c.
TIE dea. ran fourteen months. during
which time the price Of wheat was down
20 SAC in June, 1897. ana up 70 SIS IN
terest Of more than &5.co,oqo bushels &C
wheat.
The Illinois Trust ard Savings bank will
probably ID selected is trustee for the Lei
ter grain and will place ore or two broker
representative IN tae marker. Accurate
figures az % Mr.. Letters holdings when ne
decided 20 iquidate are difficult; - secure
The best estimates indicate that he has
lease oss bushels OF wheat III Duluth and
Minnsap polls 21s1o o4 bushels en- route TO
Europe and 2.o'a.ls0 in CT en- route TO New
York. Mr.. Letter vii not make an as
s.gnu'tnf. ana court proceedings for the
settlement; OF his grain accoan, VIII not re
necessary.
John J. Mitchell. president ~ the ILL
nois Trust ant Savings hank said to-
night, Mr.. Letter has not and VII nor
fail No assignment viii he necessary.
l.. T. i.e tsr having been acqus .nt"d WITH
lhe status az Josspl Letter with ne mar
kei demanded that the deal ed ROW.
30 steps fer Il settlement we're taken tn
med!ately. The banks were well pro-
fected. and there VII rot be dollar los
I think now that 70 bsDk len. money on
tals wheat at over - cents a o3~heI
Most o. the Chicago banks were lenders
also those in M,gneap ol1s and Duluth and
some in New York. The question Of
selecting a trustee has nc; been decided
The banks can afford To hold Il Il neces-
ssry. ard there is nothlng in TIE entire
transaction to occasion alarm