The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-14
BUCKET-SHOP COLLAPSE
INDIANAPOLIS PEOPLE CAUGHT TO
THE EXTENT OF $500.
Failure of Reserve Commission Com
pany in ChicagO-ROberts a. Co.
Protect Their Patrons.

Word was received yesterday morning in
the local bucket shops of the failure of the
Reserve Commission Company, of Chicago,
successor to the c. c. Wall Company, and
the fact that two of the local houses had
relations with the collapsed concern led to
considerable speculation, of a different ma
ture, however, from that usually INDUCED
in in these places The speculation was on
the number of victims in indianapolis.
w. B. Overman & Co., brokers in the
Board of Trade building, leased their mar
ket wire from the Reserve Commission
Company, but Mr. Overman stated yester-
day that his firm had no dealings whatever
with the Chicago concern, merely paying it
a certain rental for the wire. No orders
were placed with the Reserve Company.
After the failure of the Chicago company,
Mr.. Overman at once had Western Union
wire put in his office. He said he knew
little of the affairs of the company. A
month ago he was in Chicago and called
at the Office of the company, a casual OBJ
servation of the business done in the office
not impressing him very favorably. There
didn't seem to be much local business, most
of it being with the country districts. A
dispatch from Chicago intimated that there
was something suspi, ic. u the company's
methods but of these A1r Overman heard
nothing. The company gave no orders to
the Chicago Board of Trade and had no
representative in the membership of that
organization. All orders for buying or sell
ing were taken by the company itself and
1t suffered by the losses and profited by the
gains. Mr. Overman did not think it had
much business in Indiana, and doubted if
this State would be the loser to the extent
of more than $500.
The press reports state that the Reserve
Company did one of the largest outside
CRTr mil CffaF1 h1Ie-i No
statement of assets or liabilities was given
in connection with the failure. AT the Of
fees of the company it was claimed that
the failure was due to the recent upturn
of the markets, which found the company
heavily short. The company was capitalized
for $1,000 last March, with A. H. Holmes
as president. Leased wires were maintained
with Indiana, Nebraska, Iowa, Kentucky
and Ohio.
John Roberts & Co., with an Cfice in the
Board of Trade building, were caught the
heaviest of the Indiana people by the col
Reserve Commission Company. Mr.. Roberts
was formerly a bookkeeper with L. w
Louis and recently he formed partnership
with John f. Grove, a telegraph operator,
opening an office at the Board of Trade
For about two months they have been TAX
ing orders and placing them with the Chi
cago concern. 1t was announced that Rob
erts q Co. S patrons had lost over 500 by
the failure but the loss had been made
good at once by Mr.. Roberts, who is a man
of some property, worth perhaps ST., 900 or
$4,000. The other brokers did not think the
loss would in the least affect Roberts &
business with the Reserve Commission
Company, but quit it on account of the
companys methods, which Mr.. Louis did
not regard as business like. There is an
impression in this city that the company
was what is known in bucketshop pariance
as skinner"