The sun., 1908-04-30
COSTBR RUINED The FIRM
AND LOST 100000 BELONGING
TO HIS RELATIVES.
stuck 70 the Bear Side IN steel and Read.
Ing After me PsnlO--An He Had Won
by ths FAN and $500 900 BelOUginE
10 His MOtherIn-IAw Lost In the Rise.

Knapp L Co. did not long survive the death
Of Charles Coster, the senior partner, who
shot himself on Monday evening, The
surviving partnerJJ. NJ. Knapp, announced
lie suspension before the opening Of busi-
ness yesterday and hled assignments for
the Arm and individually Mr.. Coster be-
fore he killed himself, according TO Louis
Werner, the assignee had ruined the firm
by individual speculation, in the course Of
which he hazarded and lost not only his
own and the firms money but some $500, 900
deposited with him by relatives.
Apart from Mr.. Coster's own losses, esti-
mated at N,SOOOOO by far the heaviest
loser, Mr.. Werner said. was Mrs. Anthon,
his mother-in-law. She had deposited with
him for safe keeping or had given TO him
for investment $4,000. All Of this money
was lost, and In addition there was lost,
according TO Mr. Werner's estimate, about
$4,000 belonging TO other relatives.
Among these relatives j. Rich Steers and
Henry Steers, the latter a brother-ln-law.
we're losers to a comparatively small
amount. The surviving partner, Mr.,
Knapp, says that he did not know Of the
depoSit Of these moneys with the firm until
re was informed by Mr.. eoster's relatives
after the suicide
Both Mr.. Coster's partner and a number
Of his intimate friends prolessed ignorance
Yesterday of the fact that he had been
speculating heavily. Very few OF his
market commitments we're made through
his own firm, but he kept accounts, in no
case a very large account, with a number
II other firms, and in this way concealed
the extent and nature Of his operations.
Last year he won large sums Of money
in the bear market. this year he lost all
his winnings and more than he owned
basides by Aghting the advance in the
market. Briefly his market experiment
illustrates the statement made by f II.
Hartman last October that the full history
II every panic shows the heaviest losses
IN the bear side.
Last October Mr. Coster told one Of his
intimate friends that he had been SUCCESS
ful in the market beyond all his expects-
lions. He was worth more money then, he
aid, than be had ever hoped TO nave. He
lid not state the amount Of his winnings,
hut he gave the impression that he had
certainly won more than 1000, 900, and
very likely much more. The money was
uade by selling stocks consistently through
out the year,
Not only in the parlance Of the Street
lid he -overstAy his market or fail TO
lake bis profits when stocks had struck
rock bottom, but he plunged more and
more heavily. parlaying profits, as the
market advanced. In his own house and
in a number OF others with which he did
business his particular fancy seemed TO be
the short side Of Steel common. He was
infatuated with the idea that the Steel
stocks In view Of the reports Of depression
in the steel industry. we're selling altogether
above their intrinsic value. According
to one broker he sold Steel short at % and
ken, on selling Il short until on Tuesday
A prioe of 81 exhausted his last resource.
This broker estimated that Mr.. CosteT lost
sbOO OO In Steel alone.
The assignee estimated yesterday that
MIR. Coster was short about 10000 shares Of
stock, principally Little Steel at the
time of his death. Most OF the remainder
Of the short line consisted Of commitments
in Union Pacific and Reading, The effort
10 protect these commitments was made
more difficult by the precautions taken
by houses In lending stocks since the Mcln-
tyre failure last Friday. Every house
under the rules has right to demand
On every advance additional funds TO Sc
euro stocks loaned by IL. The records Of
such transactions have been sorutinized
very closely and the margins insisted on
much more strictly since the Mcintyre
failure,
The Arm has few customers. Mr., Coster
never solicited business and used to tell his
partner that they could do well enough on
The business they got from other brokers
and from his own friends and associates.
He vac one Of the most popular members
NJ the Exchange. and the business from fel-
low brokers-two dollar business II is
called-was very large. The few regular
customers outside Stock Exchange circles
we're friends and relatives. None OF them
traded very hSavily, and apart from Mrs.
Anthon none Of them had any large amount
on depodt.
the cause Of the suspension was over
speculAtion on the part OF Mr.. Coster' said
Mr.. Knapp. The lossss for the most part
fall on Mr.. Coster's estate, on his brother
.nA -, ,.,naH n n Hrnall eHtAnt The firm