The Richmond Virginian. (Richmond, Va.) 1910-1920, 1910-02-09
MADE sCAPE COAT
FOR RECENT FURRY
Course of Stock Exchange Toward
Crisis of Failed Firm Amaz-
ing to Brokers.
FINDING Is CRITICISED
Special Committees Action Strange
Departure From Usual Course
and is Condemned.
FINDING is CRITICISED

NEW YORK. Feb. s.-Wan street
brokers' profess to be amazed at the
action of the board of governors of
the Stock Exchange in making Hugh
+. Crisis, of the failed firm of Roberts,
Hall and Criss. the scapegoat for the
ing Coal and Iron and in denouncinR
him for characterizing the firms that
Tailed to take up orders given him
as 'welchers."
Crisis himself admitted that ne was
amazed at the decision but referred
all inquirers to his attorneys,
Thompson, Nanderpool and Freed
man. Augustus III. Vanderpooi, of
that firm, stated that there was
nothing they were prepared to say
at this time, that they would wait
until the governors imposed punish
ment, and then they would take the
public into their confidence
Committees Action Amazing.
The amazing action of the special
committee that investigated the pool
in declaring that the ratification of
CRISES orders, which 1t is admitted
were carried out in good faith, was
not binding because the acceptance
was 'by clerks or subordinates, with
out the actual knowledge of the firms
themselves comes In for warm
criticism. 1t is argued BY leading
brokers that this action is revolu
tionary. inasmuch as every firm on
the street has been in the habit of
leaving all details such as these to
subordinates and never before has
any brW erage concern refused to
take up its orders on the ground
that the exchange broker failed to
deal directly with principals. This
action of the governors IL very likely
To be a factor in court proceeding,
inasmuch as Crisis insists that he
executed orders as they were sent to
him and that, AS those who gave the
orders were notified that they had
been executed, they and not his firm
must bear the loss.
To Go to Commissioner.
Irving l.. Ernst. receiver for the
failed firm of ]. w. Fiske and Com
pany, stated to-day that all of the
papers and evidence that was brought
out before the investigation commit
tee will be turned over TO him to
present to the Federal commissioner
In the bankruptcy proceedings con-
corning the Fiske firm. This was
agreed to by the governors OF the
exchange. he said.
noon to further consider the mat
ter and to mete out any punishment,
| should 1t be decided any Is necessary
! to the firms that are alleged to have
violated the rules of the exchange
/ in connection with the Hooking pool
Legitimate Pools All Right.
! None of the governors would dis
I cuss the action that may be taken
A peculiar condition resulting from
I the decision of the governors in the
/ Hooking case came when the market
/ opened to-day. The opening was by
/ far the strongest since the Christ
mas holidays. all stacks being strong
and the leaders opening from three
4! to- four points above last nights
| close. None of the brokers would
| comment on this feature other thar
| to declare that 1t showed the de-
| cision of the governors had been
tnterpretated by brokers generally a'
! indicating that Legitimate" pools In
/ stocks are considered all right.