The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1904-06-09
LEVI I. LETTER
A SELF-MADE MAN


Levi Zeigler Letter represented the
possibilities Of American citizenship At
their best His success was distinctly
the reward Of his own capability and
industry applied year after year to the
development OF retail trade.
As n youth. he was store boy in dry
goods store in Leitersburg. Md--where
he was born IN 1S34-and he obtained
his education by studying at nivht. He
remained a clerk in that district until
about twenty years old. when he struck
out with his small savings TO find indc-
pendent work in the West. He first tried
Springfield. Ohio but after a year pushed
on 70 Chicago, where he became an en-
ploye and later partner of the dry
goods firm of Cooley. Wadsworth &
Co
Associated With Marshall Field.
In that store Letter was associated
with Marshall Field. IN 1865. having de-
veloped the old y-Wadsworth prop
erty into one OF the most prominent
firms ia the United States. they
sold their interest to John V FarUell-
They then bought a controlling interest
IN the dry goods house OF Potter Palmer.
the latter firm then becoming Field.
Palmer < Letter. Between 1865 and 1880
Field and Letter expanded their buss-
ness so that it was a supply house for
half the Middle West
At the close of the last-named year, in
fact. Mr.. Letter felt justified in with
drawing from active labors as a mer-
chant He had by that time become the
holder OF vast quantities Of corporation
property, he was distinctly one of the
commercial powers g Illinois, and his
means were known TO be enormous
According to the gossip Of the Board
Of Trade. however his retirement did
not mean inactivity on the contrary,
he was able to improve his real estate
and other holdings in Chicago so stead
iIy that the popular estimate of his
wealth multiplied every year
Farsightedness and Initiative.
Mr.. Letters commercial progress is
generally attributed TO farsight in esti-
mating values and initiative IN expand
ing his markets, and a business-like
system of sixty and ninety days credit
to country merchants. Both he and his
partner believed in the steady mainte-
nance of fair prices instead of advertis-
ing fIuctuating bargains Their Chica-
go store soon became standard gauge
of other dry goods firms.
His profits, invested and reinveSted
over and over. now represent about SzO,-
600 900. Before the marriage OF his
daughter. Mary NlCkOElts his NeetAIA4 Me-9
thought to be greater than SO 900. 0Oo;
but large settlement made upon her,
and the loss of $11.000,0o0 through the
attempt of his son, Joseph. 10 corner the
wheat market, in 1897. made deep I'M
preston on his resources.
From appearances Mr. Letter maue
hut few friends Actually he enjoyed
the friendship of a moderate-sized cir
Gle which included many men OF extra
ordinary intellectual power and ccnspic-
uous position In the fields OF industry
| and science. He avoided social Ire,
went driving and to the tneater only
! with members of his family, and when
at his club dined alone
/ In Washington Mr.. Letter Fas known
! generally only through his frequent
/ drives about the city, which made his
/ heavy, broad figure and bushy white
1 beard a familiar sight, and through hi9
regular attendance at the thcater. where
/ he sat invariably at the back OF 3
| lower box as far out OF sight as pos
/ sihle.
/ Mr. Letter was a large stockholder in
several Washington corporations. al
/ though most Of his holdings were in his
/ wife's name.
From the last statement made TO Con-
/ gress by the Capital Traction Company.
| covering the year 1903 it appears that
| Mary +. Letter owns 1915 shares Of the
Stocl-.
] Mr. Letter held a large block Of stock
/ in the old Metropolitan Railwawy Com
panv and sold out TO great advantage
when that company was merged with
/ the Washington Railway and Electric
Company.