St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1901-10-05

should have become alarmed at the
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-lived. When the
market had advanced an average Of
ten points, Street & Rogers and Bos-
ton and Chicago interests turned
heavy sellers. They threw the stock
they had accumulated at the bottom
figures right and left. They found
plenty of purchasers. The Philadel-
phia dispatch was SO good it must be
true. It 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 $3.50 Wall street
was growing optimistic. It 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 at the
Hotel Lafayette, and that the dis
patch was bogus, having been sent
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.,ilts.
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
tions. Sugar fell II points on a sale
of 400 shares, and did not steady itself
for ten minutes, during which time
it was worth $35 share less than it
had been those few minutes before.
Once more it was Street & Rogers
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, B. & O., St. Paul, Jer-
sey Central, Metropolitan and Steel
and Iron from men who seemed will
ing to give it away. When the gong
sounded at three o'clock, the signal
that this awful day was ended on thu:
Stock exchange, these brokers were
yet surrounded by swarms of men
frantic in their efforts to sell stocks
at any prices. It was midnight be-
fore the lights went out in the Offices
of Street & 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 represented by
Street & Rogers, of New Yorl:, Nor
ris & Houser, of Boston, and Wright
& Tanning, of Chicago, were consevra-
lively estimated at $24,000,0cc.
But they were yet in precarious
situation. Shrewd judges calculated
that these houses were ''!ong" 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
thrown 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 100000 shares on the big break
which announced the disappearance
of the capitalists. Their average profit
was estimated at $40 a share, or $12,-
100000. On the rise following the
bogus dispatch they had sold 100000
shares, making total of 600, 900 shares
for which they were ''short." They
covered this, according to the best
judges, at an average profit of $25 q
share, or $15,OOO,0OO. This was done
during the panic which followed the
disappearance of John NJ. Rockwell
and Hiram Haven, and the disclosure
of the bogus Philadelphia dispatch.
This made their total profits $27,000.-
600, but they had purchased an addi-
tional 100000 shares, which at the
closing figures showed loss of about
three points, or $3,ooo,ooo. The syn
dictate was therefore $24,O00,000 win
ner, with 100000 shares yet in their
possession, which must be sold in a
market that seemed shattered beyond
hope of repair.
The members of the firm of Street
& Rogers gave out no figures and re-
fused to name the men they were rep
resenting. They stated that they had
considered the market overbought,
and had sold stocks in anticipation of
natural reaction. The unexpected
bad news had found them in a situa-
ton from which they could not help
reaping 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
the missing men. Mr.. Street declared
+ho+ pr;ooc xunrn tho low ok Tho clos.