Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1902-11-14

known to be interested withStood
the shock with smaller losses, but
the whole list was mutilated almost
beyond recognition. The news had
reached London too late to permit
English operators to cover in that
market, and the cables bore the tales
of their dilemma.
Shortly after one o'clock brokers
in the employ of Street & Rogers
jumped into the market as buyers.
In the first hour of the session, be-
fore the break came, it was estimated
that they had sold not less than
100000 shares, and Kent brokers had
sold fully 100000 more. The total
sales for the first hour reached the
unprecedented total of 1,2SO,OOO
shares. From II until o'clock the
representatives of Street & Rogers
did nothing. They then began to take
some of the stock as it was offered.
They became the center of riots.
Men fought like fiends to sell them
stock. In spite of their support the
offerings were so numerous that
prices still declined. They bought
Sugar in 10000 and 10000 share lots.
In an hour Street & Rogers had COW
cred 100000 shares.
Two papers appeared with extras
containing dispatch from Philadel-
phia stating that Messrs. Morton,
Carmody, Pence and Kent were in
conference at the Hotel Lafayette.
1t related with great explicitness
that they were considering the de-
tails of Il gigantic railroad combina-
ton, and the article contained a
brief interview with Mr.. Morton in
which he refused to discuss the OBJ
jects of the meeting, but regretted
that the public should have become
alarmed at the secrecy which had
been deemed necessary. The same
news was spread through the bro
kerage and commission houses by
the news agencies and came out on
the tape.
The effect was electrical. The mar
ket rose by jumps and bounds. Every
one seemed rushing to cover, but the
squirt was short-lived. When the mar
ket had advanced an average of ten
points, Street & Rogers and Boston
and Chicago interests, turned heavy
sellers. They threw the stock they
had accumulated at the bottom fig
ures right and left. They found
plenty of purchasers. The Philadel=
phia dispatch was so good it must be
true. 1t sounded natural, and was a
logical reason for the absence OF
these men. At two o'clock the mar
ket was firm and slowly advancing
notwithstanding the vast offerings
from Street & Rogers. AT $3.50 Wall
street was growing optimistic. 1t
regarded the selling as proft-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 NJ. Rock
well, 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
ut the Hotel Lafayette, and that the
dispatch was bogus, having been sent
out by a commission house which
took this method to recoup some of
Its losses. In the crash which fol-
lowed several houses went to the
wall. Their holdings were thrown
on the market. Sugar dropped an
extreme 40 points. Other securities
suffered in proportion. A man stood
in The middle of Broad street and
blew his brains out. Staid old invest
ment stocks which had regularly
paid dividends for years dropped five
points between quotations. Sugar
fell II points on Il sale of 400 shares,
and did not steady itself for ten
minutes, during which time it was
worth $500 a share less than it
had been those few minutes before.
Once more it was Street & Rog-
ers 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
and bought Sugar, B. & o., St. Paul,
Jersey Central, Metropolitan and
Steel and Iron from men who seemed
willing to give it away. When the
gong sounded at three o'clock, the
Signal that this awful day was
ended on the Stock Exchange, these
brokers We're yet surrounded by
swarms of men frantic in their eff
forts to sell stocks at any prices. 1t
was midnight before the lights went
out in the offices of Street & Rogers.
Scores of haggard men arranged pri-
waite settlements on terms which
would permit them to remain sol
vent.
The profits of the unknown prin-
cipals or syndicate represented by
Street & Rogers, of New York, Nor
ris & Hauser, of Boston, and Wright
& Tanning, of Chicago, were con-
servatively estimated at $24,OO0,O0o.
The members of the firm of Street
& Rogers gave out no figures and
refused to name the men they were
representing. They stated that they
had considered the market over.
bought, and had sold stocks In antic,
ipatiop of natural reaction. The
unexpected bad news had found them
in situation from which they could
not help reaping an enormous ad-
vantage. They had simply taken
profits on the various movements OF
the market, and did not share the
apprehensions of those who feared
for the safety of the missing men
Mr.. Street declared that prices were
10 La. IL