Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-05-18
WANTS TO PAY DEBTS
JOE LETTER OFFERS TO SETTLE
WITH CREDITORS.
Owes Brokers 5000, OOo-Young Wheat
operator Said to Have Disliked
Their Tactics

dispatch from Chicago to the New
York Herald says:
Joseph Letters alleged proposal to settle
with his remaining creditors for ., cents
on the dollar comes faint echo of the
collapse of the great wheat corner of 1907
and 1898
Until recently it had bser generally nm
derstood that Mr.. Letters father had sat
tied all the debts of his son, but il now an
pears that some brokers were left out i'm
the cold. Mr.. Letter believing that they
had made an attempt to fatten off him al
time when they knew that defeat was in
evitable.
Lew H. Letter paid about S9OooO9o for
ms son. and the present Indebtedness. 500
Wu, is insignificant compared with the
amount paid. but if a settlement is To he.
made it is the understanding that it must
be by compromise
Joseph Letter has recently gone into BUSH
ness along lines new for him and il Is his
desire to rid himself of all his debts so that
ne may not be annoyed in the future Were
IL otherwise he would not, his friends say
oHer even the compromise of twenty cents
on the dollar to the Chicago and New York
brokers' who still hold his paper.
He has never sought relief in the bank
ruptcy courts and it is improbable that he
VIII do so. He is at present in Mexico and
his father is also ont of the city but repre-
sentatives of the Letter interests do not
deny that arrangements have been made
for the compromise which has been sug-
geSted.
Beginning of His Operations.
Joseph Letter began his operations as .
real factor in the Chicago wheat pit in 1897
at time when it required no far-seeing
eye to discover the war clouds lying thick
and heavy upon the horizon of the United
States and Spain. Wheat was boosted in
price by Mr.. Letter and his followers until
the farmers of the west believed the day
Of their millennium had arrived
Profits were gathered by the plungers
until in December of 1897 the announce
ment was made that Joseph Letter had
the bears in corner and was holding
them up for $3,0O000O. Mr.. Letter had the
wheat. and the price was far above what
he paid for 1t. but when he attempted to
market 1T the prices dropped in a manner
that caused symptoms of panic. He made
a transfer and took up his load of May
options, prophesying that wheat would sell
at 81 a buShel
Fortunes were made in a small way by
those who followed the Letter lead and who
were able to sell their small holdings. But
all through the first months of 1898 stories
were told of the great profits that Joseph
Letter was going to make. In March he
had to borrow 81 100000, and on April 1,
with May wheat selling at s1.15 a bushel.
Mr.. Letter found 1t necessary to call upon
his father for money to assist in support
ing the load which was crushing him.
Father Came to His Rescue.
His father raised 10000 for him. and
wheat sold at s1.65. Mr.. Letter was held
responsible by some for the bread riots in
Italy. and he was always referred to
the youngest of the Napoleons of the wheat
pit.
With the public generally believing that
he was rolling up great profits. his init.
mates knew that he was carrying a load of
wheat which he did not dare to hold. and
which he did not dare to let go. Late in
May 1t was announced that he had closed
out and at a great profit. Two weeks later
il became known that he had been unable
to get out. but had been compelled to COM
promise with his opponents. The wheat
market collapsed and the Letter family
was out of pocket sum estimated by
many at $10.0O0.000.