The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-04-01
LETTER WINS $4,000
On a Pair of SevenS and His
Monumental Nerve.
SKINS JOHN w. GATES
Who Helped Armour Skin
Him Once Upon a Time,


most successful in carrying to success
the greatest wheat deal of modern years,
won Tor Joseph Letter a jackpot contain
ing about $4,000 and turned the tide Of
fortune his way. with the result that the
young Chicago plunger pulled himself
put of bad hole and evened up an old
score with his bosom friend John W
Gates, president of the American Steel
and Wire Co.
mat incident in which two sevens fig
ured so conspicuously was only one of
many that occurred in what was probab-
~ the most sensational poker game ever
played, East or West At one time Mr.
Letter was heavy loser, and at the con-
clusion he had very small balance. if
anything, 10 the god side of his gambling
ledger. but he had all the emotions of a
Winner L. L. Smith, also Of Chicago.
pronted most from the game, adding. il
is said, quarter of a million dollars to
his reserve by the time the last hand
had been played.
Unlike many famous poker games this
one was played for cash Il. O. US"
We're seldom seen on the table. and when
used were only temporary accommoda-
Ton The players We're all mutual friends
and yet every hand was played for blood
No favors were asked or given
Away back in June 1898. when the
American fleet was bIockading Santoago
Harbor and an American army was fight
ing It's way through Spanish trenches,
Joseph Letter was engaged in the ma
hlpulatlon Of wheat and the world. when
not figuring on the result of the military
operations in Cuba, was wondering how
much profit the young millionaire would
De satisfied with. Suddenly the Chicago
wheat pit was startled by the appearance
Of heavy selling orders which did not
emanate from Letter. There Here a few
days of hesitation, and then a crash which
tore terrible hole in the Letter mil
lions John w. Gates was responsible
for that crash.
One of the men closest to Joseph Lei
Ter was the late John A Logan, Jr.. who
mad been drawn into the wheat deal and
at one time had a profit of S20O.OO0 Lo-.
gan carried his deal a trife too farand
became involved. Naturally he turned to
MS friend Letter for assistance Just as
naturally Letter, who was much shorter
OF funds than any one knew turned to
his old friend, John W. Gates for tenn
porary loan. Letter made out his check
Tor 100000 which he gave to Mr. Gates,
at the time requesting that it be held for
a few days
John w. Gates had not lived fifty-five
years, much of the time in Chicago. for
nothing. He knew that Joseph Letter
would not request him to hold his check
unless there was good reason for it, He
also knew that man carrying such a
load of wheat as Mr.. Letter had should
cred had need of a large amount of ready
money. The algebraic equation was easy.
Moreover, Mr.. Gates knew that he was
amply protected in regard to the check,
as the father of Joseph would never see
the name of Letter protested.
That day there was a conference down
in La Sale street. Gates took his check
70 p d. Armour. who looked at 1T and
smiled until wrinkles formed double |
bridges between his eyes and his mouth |
Gates and Armour united in throwing
selling orders into the wheat pit until the |
Letter deal was crushed and the greatest |
bull movement of the decade brought to |
a halt
Joseph Letter was dazed for a time, but |
as he recovered himself he looked about |
TO discover whence had come the blow |
that had worked upon him so great a CT |
saster Seeing Mr. Armour and Mr. Gates |
standing together he realized how he had |
beeE- betrayed. He too his defeat in good |
humor betrayed no i'll feeling toward his |
friend, Mr.. Gates. but took oath that |
if they both lived he would make the |
president of the Steel Trust wish he had /
never heard Of wheat.
Since 1898 Joseph Letter has sought |
rather than evaded the company of Mr.. |
Gates. Both men are fond Of poker and !
during the last two years have often met |
across a table covered with green baize. |
Mr.. Gates has more than once lost heav-
lily, and it has generally been Mr.. Letters
fortune to get the money Several times
there have been stories to the effect that
Mr. Gates had lost as high as $4,000 at
a sitting, while at least once he quit the
game with $4,000 of his companions coin
Inglng in his trousers pocket.
In this manner things ran along until
nearly a month ago. when Mr.. Gates and
Mr.. Letter and some others met in a pri-
vate ear on a trip from Chicago to New
York. Hardly had the smoky atmosphere
of the city by the lake been left behind
than cards and chips were produced. and
one Of the heaviest games of poker was
under way that has ever been known.
The details OF that game have not been
made public All that can be said about
Il Is that it was one thousand miles long.
lasting until the Grand Central Station
was reached. and that il cost Mr. Letter
upward of S2Oo.000
However that was only an ''eye-open-
er" for the higher play that was 10 fol-
low For months millionajres from Chi
cage have set so hot pace in the me-
tropois that few can be found able or
willing to follow them It was that spirit
which has made the wise men in Wall
Street shake their heads in anticipation
of future trouble which resulted in the
Of the game which was begun
Oh the cars.
Following a good dinner at one of the
finest hotels in the city, the proposition
was made that the evening be spent At
cards The game was quickly made.
there being al the table John W. Gates,
Joseph Letter. L. L. Smith John A.
Drake. one other man from Chicago, and
& young New Yorker The two last men
toned were content 10 pike" along
watching the pyrotechnic evoiutions Of
the Others. Mr.. Drake too played
conservative game. The
result was that these three wen nicely,
without taking any OF the chances in
dulged in by the three high flyers
At first bad luck seemed 10 pursue Lei
ter. though he won an occasional pot
which kept him from falling hopelessiy