The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-01-15

goods business, proceeded to double 1t
many times over by shrewd Investments
in Chicago real estate, and for a number
of years has been practically out of active
business. Mr.. Kersey, as the American
agent of the White Star Steamship COM
pany, has gained a wide acquaintance
with prominent men, and has made him
self solid with a wealthy corporation.
Tt seems that Mr.. Kersey has become in.
terested in a scheme to develop a big tract
of land in the Northwest Territories on
which he is assured there is lots of gold.
He says he has had the prospects exam
ined by competent agents and that their
reports have convinced him there are mil
lions in the scheme. Mr.. Kersey first went
to Ogden Mills and John w. Mackay.
They thought favorably of the project and
expressed a Willingness to invest Then he
went to Mr.. Letter. His arguments must
have been singularly convincing, for Mr..
Letter stands ready to put in any amount
of capital.
It is also understood that the Duke of
Teck and other English capitalists have
been let into the scheme and that a con
ccssion from the Canadian government
has. been secured. Mr.. Kersey is to man.
aS0 tiC inning enterprise duu lA64o6uSrS.
will put up the money.
Mr.. Letters connection with the enter
prise will not he an active one. Although
he is still a vigorous man in spite of his
advanced age, he long g passed the
point where money making is the control
ling ambition, and be noSy deyotes his time
to pursuits which suit his fancy, whether
they are profitable or not. And he can
well afford to do So, for he is estimated to
be worth s20,0o0, goo.
Mr.. Letter began life as q clerk in a
country store in Maryland, but he drifted
to Chicago whom the city was young and
in 1865 had accumulated enough capital
to associate himself with Marshall Field
and Potter. Palmer. In buying dry goods
and d;su ibuting them through the middle
west at handsome profits the firm was
singularly successful. Letter took his
share of the profits and bought real estate
in and Ground tie growing metropolis.
He WAS in no hurry to sell either, n
seemed quite content to pay taxes OF Idle
land which was doubling in value every
foursoF five years. When he did unload,
it wal to sell by the front foot what he
had bought by the acre. He also went in
for street. railway stocks and other sub
stantialinyestinents, and in this way piled
en- million.
Then he retired and about dozen years
ago went to Washington, where he rented
the Blaine mansion on Dupont circle. He
said his health was better in the milder
climate Of Washington, but it is probable
that Mrs. Letter and her daughters had
some influence in the matter. Along in
1891 he bought of William Walter Phelps
one of the choicest pieces of building prop
erty in Washington and erected on it the
fine mansion in which he has since lived.
For years the Letters have cut a consid-
cradle figure in Washington society. They
have entertained extensively and have cul-
tivated the diplomatic circle with such
success that their eldest daughter is now
Mrs. George Curzon, having married one
of the most attractive of the foreign eligi-
bles. Between seasons they nave travelled
much, and in London have. the entree to
the best houses. Mr.. Letter himself has
given much time to the collection of a fine
library, and it is said that he has spent
several good sized fortunes in books alone.
Mr.. Kersey is much younger than Mr..
Letter and has not nearly SO much money,