New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-15
Letters Entry
Into Grain Pit
Was Spectacul,
First Attempt of You,
Harvard Man Cost Faith.
Several Million,
Beaten by P.D. Armo,
Coup in Which Navis.t,
Was Opened in Icebou,d
Lakes Ended Corner

Lakes Ended Corner
In the early 'sos, when Joseph L.s
returned full blown from csuhII
co Chicago, with the RICH. to NJ.
Harvard A. B., everybody liked !,
and, for this reason, abbreyla,.s !
nrst name. To this day he /, ~,,|
Letter, not only 10 those who ~
MIN intimately, but to the mu,,,
VINO know him only by repu,,,
About ten years before the Va,
mans graduation his father n
zeigler Letter, had withdraw ,,
me famous drygoods firm OF y.
Letter e. Co., taking with him a,
share in the partnership, an irn..
amount of ready money. This h. =,
cceded to invest in what wa, :,
known as central" Chicago rs,,
tate, what has since become known
Chicago Loop frontage Hi, IA
ings ran up and down and scro,, q
retail and ofice-building section n
gained in value with every th,sul
sdded to the city's population.
30 that "Joe," who was n,,
nne-looking young man, q rather hi
aole young man, and a rather con,
tent young man, was. prospective
NJ all events, rather rich young n,
His three sisters, moreover, an
wnom later contracted intern,,lo,
matrimonial alliances, were lesc.u
Chicago society, Circumstance W.,
mad most 10 do with making aIe
something Of a society figure lin.
causing him, az least, TO be freou.r,
mentioned az such. and much ss,s
MS will, in the society column, o. ID
newspapers.
Liked Business Better
lie rather preferred 70 bind 10 4
career IN business affairs, and \
rather, a man Of shrewd "P.nru|
wanna Dutch" stock, ENCOURAGED d
In this ambition, making hin q,
Tor his great real estate nolan,
Just when the notion OF becoming
grain Spectator entered his conco.
ness, and stuck there, he nss nev
revealed; but, suddenly and u.
pectedly, Chicago woke up ore Il
morning 70 discover that "Joe" kl,
WAS engaged iE the task Of corpg,
the visible and invisible supply
wheat. This was in 1897. III. n.s
papers had found out that great q,
mysterious purchases Of whss. vtid
had been recorded for several c,y
ana that were sending prices 'h.ns
were made on account; OF Joe
And there was romance In %. t.,
Joe" Letter. the youngest Openmr
the cereal, with the vast capita .. b
father presumably at his tsti. b.
tor a principal contestant IN ne es,'
no less a person than Philip Dsn.c', |
Armour, who dearly loved ne gar |
for the games sake. When ], bear
known that the Letter corner vas 9
recteG against 2. d. Armour, i,d =,
Levi Z. Letter was taking hand 10 |
and that il was to be rls
strength between two financial rir'
Joe" having been pushed sonevs
TO the background by his is,sS, .
only Chicago, but the whole Wssi q
eventually the whole country irc q
whole world, sat back, held 10 sr'i' |
and waited.
Letter Lost Millions
There is no use in going Into s.,s
tics IN n case of this kind. ~
Letter had bought practically oil Y
wheat in sight. lie bought i, im
time, as fast az Uncle Phil AT0
offered IT. The Letter capital seer
10 be inexhaustible. as the prlcs We
Up ana up and up. and the os'''
continued. Levi Z. Letter borro'
great quantities OF cash on seeurp' |
and finally on real estate. u 1905
for time as II he had 7. D. hn'
also cornered. The agents OF hrns
q Co. were scraping the Aof'h"
for grain, but IL was midwin"'
difficult 10 get grain delivered on .
by rail. Then "Uncle Phil came
ward with one Of the greatest o. :
many remarkable coups in ou'lne
He chartered tugs and had then 0l'
up the ice IN the lakes, and maze
sageway for the scores OF srain''-
vessels in lake ports awaiting the !"
ing OF spring. one day mere Wv
was offered 20 Joe Letter th,a
could take, the price broke. te e0l.
went 10 smash. and Levi q. lelM
forced 20 take a loss OF severn
lions. He would have been hh'ng
ruined save for two things;
Phil" refused 20 squeeze hln,
Marshall Field. his old psf's',
vanced him sufficient hnsncih ~
settle with Others and tide o'"
Crisis.
Now Condemns Speculation
Recently "Joev Letter, who ,"
been a resident Of Wsshlng'on
who is president OF the ArIry ~
has been engaged in q sharp ne
Iary controversy with ColoaH =
dore Roosevelt over the la''er
for leadership OF an oversee ~, =,
tionary force. More reeen'l,
ever, ne has been engaged 10 s ~
condcmnatory interviews on In'
speculation question. although "A
matter or common knowledge AVID
can be verified by reference 70 I'D
Who" that he has been rs'hs .,,s.
tnan otherwise or his conhe.,S. -
1897 with the largest indl'ioos :.
zeal ever entered into Up 70 'g r,,y1
On the Chicago Board o.
Christian Science Monitor
Malta a Garden