The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1909-01-28
LUCK " AS
AGAINST
HIM
Loves Failure Due to
His Being on Wrong
Side of Market

Chicago, Jan. 2S.-The Chicago Trib.
une today prints the following ac-
count of the sudden closing up of the
business of Sidney c. Love C Co,
which, IL says. turns out to be, accord
tendency for the wrong side of the
stock and grain markets.
1T is said that the young operator
has lost In the last two or three years
over $1.500,O00 When the firm went
out of business on Monday morning.
1t was reported Mr.. Loves previous
winnings In stocks, together with his
capital, were practically gone. He
had. however. warm friend and
Staunch supporter In w. H. Moore.
who guaranteed all accounts and turn
ed them over to Hollister & Babcock,
firm long friendly TO Mr.. Moore. No
losses were sustained by any credl-
tors who had market or bank ac-
counts.
'Mr. Love began business in 1900
with a rich clientele, the center of
which was the Moore group. He made
money fast and within a relatively
short time was able TO repay the loans
made TO him by w. H. and j. H. Moore
To start him In business. AS his bus
mess prospered, he moved to New
York and became a leader among the
fashionable set at Newport and was
not outdone by any i'll liberal cXpendi.
lures.
He was bear on both the general
stock list and on wheat. The present
bull movement, begun last June. found
him short OF A number of stocks.
though his trading was general He
was short, 1t is reported, Southern Pa
cifc around $l0S. He is said TO havo
been still short the stock at the pres
ont price. which is around $120. This
Is only an instance of being short
T. -"As losses continued to go against
him, Mr. Loves former friends are
said to have returned to his assist
ance and backed him until the losses
rendered 1t advisable to close out tho
business.
ID G. Reed. one OF Mr.. Loves
friends and clients, was also bear
on stocks. For three months past, lie
is presumed to have been on the wrong
side Of the movement With MIR.
Love. IL was case OF fighting the
market all the way up. He would buy
i'll at a loss the stocks he had sold
short. only TO put out more short lines
and suffer more losses And In so do
Ing he was not alone. for number of
we'll known spectators did the same
thing. They evidently had longer
purses, however. than Mr.. Love.
James A. Patterns bull campaign In
wheat is regarded in board OF trade
circles as at least partly responsible
for Mr.. Loves retirement
1T has been the gossip of the floor
of the board for some time that Loves
firm had been heavily short of wheat
ever since Patten started his cam
rsign.
Last week the house was big
buyer of wheat. supposed TO be cover
ing Of line of shorts put out when
tho market was much lower. Several
million bushels Of May and July wheat
we're bought In, the purchases being
ascribed by some TO D. G. Reed. the tin
plate magnate who sailed for Europe
few days ago. Whether any of the
purchases Of wheat were for the per
soral account of Sidney c. Love was
not known, but the sudden suspension
of business by the firm led to man.
surmiSes.
The firm has operated quite heav-
lily at times in corn, but II was not
known that any serious losses were In
CURED in this cereal
"A local rumor, in circulation yes
terday, was to the effect that Love han
ocen caught long on line of Consol-
iIated Gas stock previous to the su
preme court decision adverse TO that
company and had suffered serious
losses In the subsequent slump in that
security"