The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-03-09

. George II. Phillips failed twice within
six months.
WRITTEN FOR THE SUNDAY REPUBLIC.
Writ in letters big. high on the roll q
Failures. are the names of Letter. Phillips
Price and Stilwell. They are known only
as men of ~darins-men who hurled millions
against millions, captains who boldly
planned great campaigns. but who hac
their Moscows and their Waterloos. as
did that other great captain. Their fame
was neeting. and they are but memories
yet they builded better than they knew. and
there was success in their failure-success
wider. more diffusive and more enduring
than they or their fellows realize. There
was no thought Of philanthropy in their
schemes. yet their beneficence has been
scattered over a broader field and through
more channels than Carnegie's: they are not
recognized as great educators. yet they
have taught more men than have a hun
dred universities.
Letter sought a crown of golden grain.
Phillips the scepter in the domain Of maize.
Price the kingship of the world of cotton
and StiIlwell the imperial rights OF ruler
OF the rails. To each and all disaster came
at the steps 10 the throne.
WEN WHO FAILED WORKED
FOR FARMERS UPLIFTING.
ASK tne farmer VINO Hlteu Inc mortgage
that ate his yearly harvest. and he will tap
his broad chest or show his calloused
f, hands: ask him what doomed the price OF
! corn and cotton. wheat and oats. and he
will tell you the demand Is greater. the
nation is richer and Europe IS becoming
more and more dependent upon us for sup
plies: ask him who lowered the transpor-
tation rates from the farm to the ship
side and he will tell you OF railroad commits
SiOna and polifiCal apifationS and Of farm
ers' alliances. In each and every instance
he is right. but right only in part. FOR he
never has known and never will know.
how the men who failed worked for his up
| lifting.
No one can tell how much of the wealth
that has come to the producer Is due to
these four spectacular figures: no one can
measure what will be the gain in the fu-
| ture through the more judicious market
sng of the crops. through the better knowl-
edge the farmer has OF his power. and
through the improvements he has been able
to introduce and the burdens he has been
able to shake of.
EITER MOST PICTI RESCUE
OF THOSE WHO FAILED.
OF the four men Joseph Letter ia the most
picturesque character. What led him into
the maelstrcm Of wheat speculation he
alone can tell. He had been reared in lux
ury. was the heir to millions. was able to
lfluulEe IN any CdIliNt. ~ LdN'S hV oAtN
excitement or to show the stuff he Is made
of. Returning from a long yachting tour
in the Gulf Of Mexico. he began. In the
spring OF 1897. the most remarkable grain
deal in history. He was 4 novice. but soon
DEVELOPED abilities which stamped him as a
great leader.
The first lot Of wheat he purchased was
at 7assc a bushel. The market was heavy
and seemed TO have no sustaining power.
As II sagged and sagged lie added to his
purchases. The price dropped to s4a.c. All
this time the traders thought young Letter
simply was taking q flyer IL the market
and was waiting only for a good opportu-
nifty to get out with n profit. From Si.c the
price began to climb. 1t advanced slowly
at first. then more rapidly. and then by pc
RODS of convulsive bulges and breaks
Dozens OF room operators were in Letters
employment. He was as adroit and as
quick as the Oldest trader.
When the advance was more rapid than
Letter thought reasonable he was a seller.
unloading part of his accumulation and
gathering In profits. only to buy again at a
lower figure when the market. unable to
absorb the amount Of grain offered.
broke" He had mapped out his course
and was working toward one end.
SUCH A CORNER HAD NEVER
BEEN KNOWN BEFORE.
That was a corner" such as had never
been seen before. At one time ne was
long 100000 bushels of wheat. He was
absolute master of the grain trade and
had hundreds OF wealthy men 50 COM
pletely at his mercy that he could ruin
them at any moment.
Mr.. Armour. the most powerful operator
and wealthiest man OF Chicago. was one
of those caught in Letters net. He sued
for peace. he who had been supreme. He
was willing to pay sl.0oo.Oo or s2.Oo.ooo to
this dashinC young man of 9 TO be re-
leased from his obligation.
Letter had forced the price OF wheat up
to SIS a bushel. and il seemed he could
put il 10 any figure he wished. He had
thousands of men employed. he was ship |
ping millions Of bushels to Europe. as fast. |
In fact. as the stuff was delivered to him.
and he had had become in one short year |
known throughout the world. His father
had placed S.00o.00) TO the young mans
credit to carry out his gigantic project.
To this young Letter had added a profit
o, s.5oo.0o He could have retired from
the field and held a place as one of the
greatest plungers in history. But he found
1t hard to let go. |
CARRIED HIS OPERATION
THE NEW CROP.
He had his appetite whetted. had felt his
power, and rather than close out all his
trades he carried his operations into the
new crop. Overweening ambition had led !
him into a dangerous field. He had been
muster VI tHt May uptou. but Wnen III I
those he had driven turned and began To
drive him he discovered the difference be-
tween having his specuiations limited to Il
crop grown and one yet to be grown. II
simply was a question OF money-which
side would hazard the most. Letter had
his father behind him. The opposition had
ten times more money than the Letters.
The crash came so suddenly, on June II,
1855. as to amaze the public. Letter con-
fessed that all his profits Were gone. and
ss.5O0,00D in addition Mr.. Armour. who
had sued for peace, was the man with
whom the elder Letter had to make terms.
But that wasn't all. Mr.. Letter had ex-
ported such vast quantities Of grain that
he reduced the reserve stock In this coun-
try so materially that the way was paved
for better prices the season following his
great plunge. Prices have been good ever
since. The longer they remain so, the
longer Will prosperity last.
Ally of Mr.. Letter and the farmer, al
though unintentional in each case. was Ar
thur f. Stilwell. He is far better known
west Of the Mississippi than east OF that
stream. He made life miserable for the
Of the great trunk lines for sew
eral years. and some day the farmers may
come to understand what he did for them.
With a few other men he started out about
ten years ago TO build a railroad from
City 10 the Gulf.
OF q DELAYED
sTILW ELLIS GREAT SCHEME.
He got about 100 miles of line constructed
when the panic OF 1893 came on. II took
several years to build the next ten miles.
noxa,. and .jnzaDs of times IL .oau,>d -.