New-York tribune., 1908-04-30
FAILURE AFTER SUICIDE
COSTER'S FIRM ASSIGNS.
Liabilities Estimated at 81 900 300
Lost IN Stock Speculation.

Following the suicide OF Charles Coster az his
home. No. Il East 55th street. Tuesday night
came the announcement yesterday OF the sUspen-
sion of the brokerage firm of Coster- Knapp & Co.
at No. So Broadway. of which Coster was the
senior member The liabilities placed at ap-
proximately 8 000. The suspension IS traCea Die
directly the suicide, and this act is now known
have been due to heavy losses in stock speeula-
1t was not known that Mr.. Coster had been spec
ulating at all on his own account by his partner.
J. VI. Knapp the Stock Exchange member Of the
firm. by his most intimate friends The discov-
cry not made until after his death and then
the firm with whose money he had been specuat-
ing was compelled to suspend Until Mr.. Coster
killed himself it was said yesterday that Mr.
Knapp never contemplated the necessity OF assign
ing and within the hour that Mr. Coster rid
himself of his worldly Mr- knapp without
thought Of trouble. attending a theatre per
formance
According TO Louis Werner. assignee Of the bank
rupt firm and member of the Law firm of Simpson.
Werner & Cardoza. the liabilities may reach S1.o.'
90. the creditors being for the most part Mr. Cos
ters own friends. Mr.. Knapp said
The cause of the firm having 10 suspend was un-
doubtedIy the overspecuation by Charles Coster-
The loss for the most part Will be borne by the
members of the firm The firm had only about
dozen customers and vas doing a limited busi-
ness"
There was a story heard Yesterday about some
bonds valued at so 90 that missing but The
said that he knew nothing about these.
he had opened the FIRMS safe. and would not
do so before to-day. He did say. however. that a
superficial examination of the books revealed that
they were in a badly mixed condition. The as
sgnrnent of course. for the benefit of the
creditors. but the hope vas not strong that they
would receive a large percentage Of the money that
the firm owes them. Not more than Sl5.ots. il
said. was owing in Wall Street. Mr. Coster's specu-
lations had caught him on the short side Of United
States Steel
" z Coster an elder brother OF Charles Coster.
returned To this city yesterday the steamship
Oceanic from pleasure trip in Europe lnforma-
ton Of the suicide reached him by wireless Tues
day night Although the Stocs Exchange records
up to Yesterday included w B Coster mem
Der of the firm of Coster, Knapp < Co. he
nounced that he had retired from the co-partner-
ship on April o. ago., at which time he informed
the firms customers. But the retirement Of Mr
Coster was not made known the Stock Ex-
change until yesterday, and this fact may
plica1e matters If effort is made To hold "
B. Coster responsible for the firms liabilities With
Mr.. Knapp.
The firm was organized in 1898. and the members
WILLIAM h. Coster. John NJ Knapp and
Charles Coster John NJ Knapp the floor mem
Der: he becoming A member of The Stock Exchange
in April 1901 Prior TO that time ". 3 Coster was
the floor member but he transferred his Stock Ex-
change to Mr. Knapp Many years ago the
firm vas known Coster Brothers At that time
il did A large business the Produce Exchange.
Later the firm reorganized under the firm
of COster. Martin & 60 This frm did bust
ness principally in Chicago. operating extensively
in wheat and grain
The firm received much publicity about twenty
years ago py attempting bull corner IN wheat
against a syndicate headed by the Armours. VINO
at that time conducting a bear campaign. For
a time the firm of Coster. Martin < 90. was sue
cessfu but later the nrm forced TO the wall.
failing for about 81 4ococ" After that the 1rrn Of
Coster. Knapp & co. formed. this firm CON
fning its operations almost exclusively the Stock
Exchange.
When the United States Steel Corporation
formed and the services of well known operator
were secured handle the stock on the floor Of
the Exchange the firm Of Coster, Knapp & Co
was of the firms which were used ny this op-
orator in his big task In the early fall 1896.
Immediately after the sudden rise in Union Pacific
following the increase in the dividend rate, W =.
l'oster and Charles COster said TO have made
a bout SI5oI0o jointly in Union Pacific
There were bought in under the rule on the floor
of the Stock Exchange yesterday about nifty thou
sand shares Of stock. including Reading. Union
Pacific and United States Steel said 10 b, for the
account OF the firm of Coster. Knapp < 60.