The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1901-09-13

secrecy which had been deemed neces.
sary. The same news was spread
through the brokerage and commits
sion houses by the news agencies and
came out on the tape.
The effect was electrical. The mar
ket rose by jumps and bounds. Ev-
cry one seemed rushing to cover, but
the squirt was short-liyed. When the
market had advanced an average of
ten points. Street g. Rogers and Bos-
ton and Chicago interests turned
heavy sellers. They threw the stock
they had accumulated at the boitom
figures right ana left. They found
plenty Of purchasers. The Philadel-
phia dispatch was SO good it must be
true. II sounded natural, and was a
logical reason for the absence Of these
men. At two o'clock the market was
firm and slowly advancing notwith-
standing the vast offerings from
Street Rogers. At 2:30 Wall street
was growing optimistic. 1t regarded
the selling as profit taking, and bought
with confidence. Sugar rose TO within
seven points of the opening figure.
Then came the final disaster. 1t was
announced that John M. Rockwell, the
great capitalist, and Hiram Haven,
the sugar magnate, also were missing
simultaneously. word was received
from Philadelphia that none of the
gentlemen mentioned had been al the
Hotel Lafayette, and that the dis
patch was bogus, having been gent
out by commission house which took
this method TO recoup some of its
losses. In the crash which followed
several houses went to the wall Their
holdings were thrown on the market.
Sugar dropped an extreme 40 p.,iit.;.
Other securities suffered in proper
ton. A man stood in the middle OF
Broad street and blew his brains out.
Staid old investment stocks which had
regularly paid dividends for years
dropped five points between quota
tons. Sugar fell II points on sale
of 400 shares, and did not steady itself
for ten minutes. during which time
it was worth S35 a share less than it
had been those few minutes before
Once more it was Street K Ioe"rs
to the rescue. For two DAYS they
had been selling on good news and
buying on bad news. Again their
brokers stood in the breach al d
bought sugar, u. g. o.. St. Paul, Jer-
sey Central, Metropolitan and Steel
and Iron from men who seemed w,l,-
ing to give it away. When the gong
sounded at three o'clock. 'he signal
that this awful day was ended on the
Stock exchange, these brokers were
yet surrounded by swarms of men
frantic in their efforts 10 sell stocks
at any prices. 1t was midnight be-
fore the lights went out in the Offices
of Street d Rogers. Scores of bag.
gard men arranged private settle
ments on terms which would permit
them to remain solvent.
The profits of the unknown princi-
pals or syndicate represent d by
Street e. Rogers, OF New Yori-, Nor.
ris e. Houser, Of Boston. ana Wright
e. Tanning. of Chicago, were consevra-
lively estimated at s24. 100000.
But they were yet in a precarious
situation. Shrewd Judges calculated
that these houses were ''long" on
stocks to the extent of fully 100000
shares. In the existing state Of the
market, with the panic in full sway,
the profits might disappear in the
torrent of holdings which were being
TIN own overheard. The experts .ig-
ured that the unknown syndicate had
sold 100000 shares on Friday, Satur-
day and Monday, and during the early
part of Tuesdays session. They had
covered COO. 900 shares on the big break
which announced the disappearance
of the capitalists. Their average profit
was estimated at $50 share, or Sl2..
000, 200. On the rise following the
bogus dispatch they had sold 100000
shares, making total Of 100000 shares
for which they were short" They
covered this. according to the hes,
judges, at an average profit of SIS
share, or $4,000, 900. This was done
during the panic which followed the
Of John NJ. Rockwell
and Hiram Haven. and the disclosure
of the bogus Philadelphia dispatch
This made their total profits $4,000.
600, but they had purchased an addi
tional 100000 shares, which at the
closing figures showed loss of abou,
three points. or S3,0O0,00O. The syn
dicate was therefore $24,O00,00 win
ner, with 100000 shares yet in theiI
which must be sold i'm
market that seemed shattered beyond
hope Of repair.
The members of the firm Of Stree,
b Rogers gave out no figures and re
fused to name the men they were rep
They stated that they hae
considered the market ovcrbought.
and had sold stocks in anticipation OF
q natural reaction. The unexpected
bad news had found them in q situa.
ton from which they could not help
an enormous advantage. They
had simply taken profits on the va.
rious movements of the market, and
did not share the apprehensions OF
those who feared for the safety Of
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