The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-06
THE LETTER STOCK sold
The Syndicate Believed TO Have
Bought Metropolitan Shares.
The Chicago Millionaire AcLHowI-
edges the SaIe-COmpany Officers
Non-CommittnI. But Many Facts
Point TO Ii as the Purchaser-Pr"b-
nbIc Ending of the Famous suit.

Mrs. Mary T. Letter, wife OF L. Z. Letter,
Of Chicago, has sold her large holdings of
Metropolitan Railway stock. 1t is pre-
sumed that the purchaser Of the stock is
acting for the Washington Traction and
Electric Company, the holder of the large
controlling interest in the Metropolitan
company, but as TO this fact no official con
firmation could be obtained last night
either from Mr. Letter or from the street
railway syndicate. The Letter Metropoli-
tan holdings are practically the only stock
not held heretofore by the syndicate, and
II a. as the owner of this stock that Mrs.
Letter two months ago filed her famous suit
against the syndicate, assailing its right &c
operate its various street car lines and
electric companies rs one system, and
charging it with diverting Metropolitan
earnings to support the less prosperous
lines of the system.
Mr. Letter made the statement last nigat
10 a reporter for The Times that the
Letter stock has been sold. He refused to
go further into the details of the sale,
either 10 the price or the purchaser.
President Truesdell of the Washington
Traction and Electric Company, stated
chased the Letter stock. When asked II
any officer or other interested party had
made the purchase in the interest Of the
syndicate. ne stated that he did not know.
Such purchase may have taken place.
| am not prepared either to affirm or deny
it he said.
The Letter suit against the syndicate at
tracted wide attention among business
men and lawyers when it was filed, and
4. III nh
able outcome. The numerous prominent
lawyers engaged on both sides OF the case
are supposed to have been securing tes-
timOny during the past month or more
since the answer Of the syndicate was filed.
No time was set for the trial. and no fur
Their legal steps have been taken. 1t is
supposed that the sale of the Letter stock
will result in the dropping of the suit.
The price paid Mrs. Letter for her hold
ings is matter of much surmise. The
general suppostion has been that the suit
was a most unpleasant one to the syndi-
cate. and that II would be willing to pay
a high price in order to have it settled
out OF court.
Mrs. Letter was the owner Of .270 shares
Of Metropolitan stock out Of a total Of
-. ss5 shares, the remainder, with the pos
sible exception of leo or 200 shares. haviL,;
been held by the syndicate. The par value
of the stock was 500 a share The price
paid By the syndicate for its shares or a
large part OF them, was $3.50, or nearly five
times the par value. Mrs, Letters holdings
were se3 SEQ at par. but they were worth
1922. 100 at $3.50 share.
In the suit filed by Mrs. Letter she re
cited the story Of the operations OF the
syndicate in securing the controlling in
terest in its numerous street railways and
other COMPANIES and in forming the Wash
ington Traction and Electric Company to
hold their stocks, operate them, receive
their revenues. and disburse their funds
Mrs. Letter stated that the syndicate had
offered to purchase her stock, but that she