The sun., 1910-02-17
EXCHANGE PUTS OUT HASKINS
NINE BANKS AND TRUST cos.
PETITIONED IN VAIN.>

FlrSt Disciplinary Action 10 Fellow HOck-
ing Pool COlIapse-Mr. Hasl<ins Is
= Case TO he Decided Next Week.
Tho Stock Exchange authorities COM
pleted yesterday their investigation into
the affairs OF LAthrop. Haslxins q Co..
one Of the three firms that were suspended
upon their insolvency 40 q result OF the
collapse Of the pool in Hooking Coal and
Iron. The governing committee. through
George W. Ely. secretary Of the exchange.
made public the following statement
at the close Of the market yesterday:
The governing committee determined
that the failure OF Lathrop, Hsskins &
Co. on January 10. 1910. Of which firm
Henry s. Haskins. a member Of the ex-
change, was a member. was caused by
reckless and unbusinesslike dealing. and
said Henry s. Hsskins was declared
ineligible for reinstatement
This sentence was based on section S
Of Article 10 Of the constitution OF the
New York Stock Exchange as follows:
Whenever the governing committee
shall determine. upon the report OF the
committee on admissions that the failure
Of q member or Of firm registered upon
the exchange has been caused by reckless
or unbusinesslike dealing. said member
or the partner or partners In such Arm
who are members OF the exchange may,
by two-thirds vote Of the existing MEM
bers of the governing committee. be
declared ineligible for reinstatement
Henry s. Hsskins represented the firm
Of Lathrop, HaslZins b. Co. ON the floor.
He was also president Of the Columbus
and Hooking Coal and Iron Company.
The late Levi p. Lathrop. senior member
Of the firm. was his father-in-law and an
officer also in the Columbus and Hooking
Coal and Iron Company.
The action Of the governors IL final.
An appeal for q rehearing has never been
granted In the past in similar cases. and
the petition OF . member so ousted for
readmlssion cannot be considered. Mr..
Haskins. who was before the governors
yesterday. said. after the Judgment was
pronounced, that his seat would be sold
for the benefit Of creditors Of the Arm
He gave out the following statement:
while am not IN q position TO critiCtse
the action OF the governors Of the New York
Stock Exchange. do feel that have been
very unjustly treated.
lam charged with reckless and un bu siness-
like methods causing the break IN the Column
bus and Hooking Coal ana Iron Company
stock on January 10. and resulting In my
nrm's failure: yet the break In the Columbus
and Hooking stock was IN no way related 70
or affected by the condition Of our business,
a. we had no loans called and on January
10 our firm was amply solvent and did not
voluntarily or otherwise sell 100 shares Of
This stock
1 was positively informed that the entire
capital stock outside Of what we held was
In the hands of friends who would not sell
and who did not sell until the decline made
Others sell them out. Nothing but q raid
OF short selling could break the market,
and such selling would have TO be In larger
volume than the sellers could ever hope 70
deliver unless the force OF their attack 40
disaster at once. No ordinary
strength of assets could guard against
such an attack. did my best, nrst to stem
The tide. aud later. when that became hope |
less. TO cancel the buying orders.
In respect TO the pool itself I may say |
that no effort has been made by the Stock |
Exchange. although repeatedly requested.
70 inspect the books of Lathrop, Haskins |
4 Co. to learn whether the public belief In |
gross manipulation and matched orders |
g correct or not. ] solicit. and at all times !
lave solicited, such an Investigation, and |
30 not hesitate to say that In the matter OF |
matched orders and offences against the |
Jules OF the New York Stock Exchange the
Ia ndlins Of the Columbus and Hooking Coal
md Iron Company stock on the floor OF the
exchange has been from the hrst above
'eproach.
The object Of the pools was to accumulate
md keep. not distribute. the stock, and at
10 time was either pool closed out OF profits
aiken. and my friends believed and stiIl
believe in the dividend paying possibilities
II the property.
The honesty OF my intentions is shown by
he fact that my firm sAd my friends are
he worse sufferers. II not the only ones
>s far az my personal integrity In concerned
submit petition which was read before
he governing committee OF the Stock Ex-
'hanEe az my hearing this afternoon:
We. the undersigned creditors Of Lathrop,
1sskins Co.. understanding that the
governors Of the Stock Exchange will shortly
ender decision as to the eligibility OF
Henry 8. Haskins for reinstatement as a
neuOcF OI tne eACndnEe. 90 respectfully
epresent to the board OF governors that In
'ur opinion the interests OF the creditors
4 the said firm would be better served by
,ermitting Mr.. Haskins time and oppor-
unity to place himself In a position to re-
'ain his seat than by definitely debarring
i'm therefr ON. Our belief in his personal
and in the sincerity OF his motives
emains unshaken. We have confidence
n his expressed intention that II such op-
is given he will devote himself
arnestly to the rehabilitation OF his for
unes and the b'iilding up OF the pgoperties
a which he II Interested, to the end that he
nay make good the losses sustained by
is failure. And We believe that II deprived
{ his sest the probabilities OF his efecting
uch purpose will not only be greatly dImin-
he'd but that there 10 grave danger that
js removal would undessrvsdIy be re-
arded by the general public as q reproach
0 bic character and honesty.
The National City Bank OF
New York.
First National Bank OF New
York.
Guaranty Trust Company
OF New York.