The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1910-01-20
SPECTACULAR
BREAK OCCURS
COLUMBUS AND HOOKING COAL E.
IRON SMASHED WORSE THAN
ROCK ISLAND

NEW YORK, Jan. 19-There was
an episode in the New York stock
exchange today that was more spec
tacular in many respects than the
recent Rock Island fiasco. With a
break of more than go points, the So
called Columbus and Hooking Coal and
Iron pool was smashed, two stock ex-
change houses were forced to sus-
pend and the market generally under
| went severe declines, involving the
| heaviest trading since the day of Ed
| ward H. Harriman's death. Total
sales aggregated 1,634,50O shares.
A rigid inquiry by the governors of
the exchange probably will be the afer-
math.
Firms involved are J. M. Fiske and
company, and Lathrop, Haskins and
company. The failure of both was
caused by the collapse of the pool
| and involuntary petitions in bank
ruptcy were filed this afternoon against
| beth.
! In the case of J. M. F'iske and COM
pany liabilities of the firm are placed
| by creditors at $750,000 with assets of
100000 Counsel for the firm, how
ever, estimated the liabilities at 81
| 100000 at the close Of business on
| Tuesday afternoon with assets of 81
| goo, 900 He. did not estimate the firms
resources after today's developments.
In the petition against the firm,
creditors ALLEGED the preferential trans
fer of property to one or more credi-
| tors, and further charged that the al
legged bankrupts permitted a large
/ A,,fx 1n
| concealed or removed, with intent to
| hinder, delay and defraud creditors.
Judge Hand in the United States
| district court appointed receiver to-
| night
! Assets and liabilities are not stated
, in the petition filed against Lathrop,
| Haskins and company, althoug it is
| alleged that claims of creditors on
stock accounts aggregate $4,000. Adj
| mission Of insolvency also is alleged.
| No receiver had been appointed to-
! night for this firm.
The collapse in the pool today was
brought about primarily by the refus-
al of banks to make further advances
on the stock as collateral and the in
ability or failure of those who were
, long of it to make good impaired mar
! gins. The suspension of the two
| firms most vitality concerned was.
! therefore. a natural result. Several
| individuals also are said to have lost
| heavily.
| In all $4,000 shares of Columbia and
| Hooking changed hands at range of
| from SO IL to 25 The stock closed
| at SO, a net loss of 81 1-4'points.
Market Closes Weak
The entire market closed weak with
prices at low ebb.
| With the breaking of the pool there
were reports of an immediate invest
! igation by the stock exchange authOrl-
ties. This was officially denied, but
it seems more than likely that circum-
stances will force the exchange to
| take some cognizance of the matter.
In fact, some principals of the pool
| We're before the governors tonight and
an authoritative statement probably
will be issued tomorrow.
According to common belief, James
| R. Keene was active in the market
| movement of Columbus and Hooking
/ Some of his associates said, however,
| that the Keene interest in the stock
| had been withdrawn some time ago.
| The pool had been in existence about
a year.
/ United States Steel was the feature
| of the market today in point of activ-
| ity Trading in this stock totaled
3S1 900 shares. or, approximately. %
per cent of the days business.
| 1t was reported tonight that TWO
stock exchange firms would be forced
to suspend tomorrow 1t was expect
ed in some quarters that the failure
| of two additional firms would be an
| nounced before the market closed. and
| there was talk of the filing of third
| petition in bankruptcy, but this was
1 not done up to the close Of the Unit
| I'D States district court.
| The very offer that nav neaH