New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-04-14
RUINED BY MAY WHEAT.
Suicide OF JOHN JACKSON, OF ST. LoUla.
A FORTUNE SUNK IN DISASTROUS SPECULATION
LOSS OF SLEEP SAID TO HAVE DRIVEN
THE MILLIoNAIRE CRAZY.

A FORTUNE SUNK IN DISASTROUS sPEoULAT1oH
LOSS OF SLEEP SAID TO HAVE DRIVEN
THE MILLIONAIRE CRAZY.
ST. Louis, April l3.--The failure of q S. Louis
syndicate to bull May wheat forced PresidenS John
Jackson, OF the ST. Louis Elevator Company, TO hang
himself Tho suicide occurred about daylight this
morning, in dngy ofice In the elevator at the foot
OF Bidde-st. AT o'clock porter for the company
entered the Office and found Mr.. Jackson hanging
by the neck The news caused tremendous sensa-
tion because Mr. Jackson had been for thirty years
prominent citizen, whose nsmc had been connected
with many enterprises, and whose fortune was esti
mated at several millions There Is dispute about
the cause Mr.. Jackson before taking hs life wrote
a dozen letters 10 his family and friends. In one,
received by E. Swarner real estate dealer the writer
says May wheat has beaten me; you can guess the
rest"
The public IS now guessing, and the guess fs that
the story OF the ruin and death which overlook tho
Harper syndicate, two years ago IN Cincinnati, viii
be repeated here. The ST. Louis syudica.s =
alleged to be composed of the GFer Commission Cons
pany, Langerburg Brothers, and John Wahi q Co.
they begaR buying May wheat last October, aIthcpsb
II appears from his letters that M kson who wasS
represented by Grier wanted to take the short sida
but was talked out Of It by his associates. Il Is
further alleged that this syndcsce acted Jointly with
Chicago syndic ate, represented ~ 5ohn B. Lyon.
It also saed that besides LSo several St. Louis
elevator companies were lntofeSeH IN tnc lung Ssu5
of May wheat In this market Usually when an ele-
vator carries It's own or part Of Its own stock Of
grain 10 sells against it for some future delivery In
order to mako carrying charges and profits too, IS
that is possible They thus have the wheat provided
for and can carry it without loss TO themselves 10
Is alleged In fact IL has been an open secret ON the
oor that three least of the elevators In this mar
ket were not alone the of their stock Of whea
but were also long in May wheat instead Of having
It sold. These elevators were the st. Louis, Of
which John Jackson president, the Valley IN Eass
St Louis, with Hugh J.. Rogers tJacksons Drofhcr-
n-aw) president, and the Union Depot OF which k
Lionberger is president These elevators did their
business through the following houses the ST. Louis
through the Grier Commission Company; the Valley.
through Langsrburg Bros, and the Union Depot
through John wahl g. Co. This, at any rate, Is ths
Aeef among all the traders on Change. The May
deal has suffered heavy decline, selling today loU2o
cents bushe perhaps more below the price at which
a large part, II not all, tho wheat was bought Taxing
the highest price reached by May wheat some time
during last October It IS now over 80 cents bushel
lower
The pressure on jackson was tremendous He had
within two years invested 100000 in real cstate
and the investments were all profitable. He owned
tho Pope's Theatre block and large tracts IN tho
suburbs The heavy losses In May wheat forced him
10 mortgage his real estate and hypotbecste long
line OF stocks in various terprises. Mr.. Jackson
was an old man, vergng on seventy, but withal an
active man. He selfmade and worEed himsen
up from poor boy: He does not seem to have post
sessed the GOODNESS Of the gambler and he couid
not bear up under his losses. Day after day the mar
ket sagged and the call for margins came Ike deStn
knel The result frenzy bordering on insanity.
Tie saw his vast fortune dssolvng before him. melting
away Nike snow on an April day. In letter 10 Leont
ard Mathews, he says:
The Losses in wheat under my control have bean "a
heavy that unable to 500 my way sat Loss %
n. I
am not altogether blame my secretary VIII ssao new
IL occurred. Goodbye. - rs =
The same wall OF insomnia and destruction Is ecnoed
In all the letters he penncd. OF bis vast fortune Of
three millions IL is believed there is scarcely enough
eft to keep his small family comfortably. BIS business
career has been marked by honor and integrity, and
he was emineutly successful in all his enterprises
y Is hs old Il sSns uP mS9ss be ons
for never came. Whether Mr.. Jackson's losses weru
fScng death rather than creditors, or whether bis
losses aud insomnia combined forced him to taxa
Thomas Z. Tutt, president Of the Third National
Bank. and intimate friend of Mr. Jackson is of the
for the family when all liabilities are paid. Mr.
Jackson has been a director in the Third National
From o'clO, last evening, when NJ Iacbsop dIned
t the Planters House with his real estate agent r. $
At the Planters and went to his office He wrote
letter to LEONARD n Mathews s a telling 1 him briefly he %as
lie wrote another u J. b. McKehoe of the largest
stockholders In the Louis Elevator touching on tho
subject He wrote TO Thomas Z. Tutt IN which
he bade him farewell Ills secretary, Horace Ghiselini
remembered many times and atfectOnately, and
he did not forget to bid his boy last goodby Though
he had lett his agent but few hours before without
hint of his intention, ho remembered him. too, with
farewell. Mr.. Jackson was a strict Presbyterian.
He was born In Belfast He leaves wifi and grown
son and daughter
J. II. NJ. Kehlor, director in the St. Louis
Elevator Company and prominent miller, said
tonight that Mr.. Jackson's fortune not as large
as popularity believed. Since the new crop began
to come In tho elevator losses had been large but not
so great that any man would be justified In cosn,
mitting suicide. lie could not say about personal
losses In this and other cites but believed that lo
of Sleep exaggerated idea of losses deprived Mr.
Jackson Of his The suicide was the absorbing
topic the Merchants Exchange, and much sympathy
was expressed for the family