New-York tribune., 1910-01-21

voivins only one hundred shares.
An agitation is gaining headway. ac-
cording TO report yesterday, for re-
constitution of the governing committee
of the Stock Exchange through the re-
tireplent of such of its members as do
"s2 business" 1t is argued that the
governing committee shoUld be COM
posed only of men who have no "en-
tangling alliances" and will therefore
be able to deal with all questions with
out bias conscious or unconscious In-
der the present conditions. 1t is contend
ed by advocates of the change. the pres
ence on the governing body of number
of men whose firms act as the agents OF
other houses in trading on the floor of
the exchange tends to make the gov
erning committee more lenient toward
cases of manipulation, of which exten-
sive trading operations are a necessary
feature. than ii might be II none OF the
members of that committee were en-
gagged in branch Of the brokerage busi-
ness in which they accepted commissions
from other houses which might some
time or other be called before the gov
erning committee to answer charges df
manipulative operations.
COURT NAMES RECEIVERS.
Henry D. Hotchkiss, lawyer, of No.
165 Broadway, and Irving l.. Ernst. also
a lawyer. of No. 10 Broadway. were
appointed receivers by Judge Holt, of
the United States District Court, yester-
day for the firms Of Lathrop. Haskins
& Co. and j. NJ. Fiske & Co, respective
ly. Mr.. Ernst was required to furnish
bond of $4,000 and Mr.. Hotchkiss a
bond of $4,000.
After several hours spent in examin-
ing the firms books, Mr.. Hotchkiss said
that so far as he had been able to as
certain the net liabilities cf the firm were
between S7500o0 and $1,000,000. The
firms outstanding trades were, however.
in such a chaotic condition, he added,
that Ii was next to impossible TO make
any definite statement at present OF the
amount of assets and liabilities He
hoped, he said, to be able to make an
accurate statement of its condition to-
day. when the accountants who had
been placed at work on the books were
expected to finish their labors.
SO far as the examination had pro-
ceeded, he said. everything had been
found absolutely regular and the firms
business methods appeared to be un-
questionable, he declared, whatever It's
business judgment might have been.
There is not a banking institution in
volved in this failure to any great ex-
no
institutions do not amount to flea bite.
There are between two hundred and
three hundred and fifty creditors of the
firm, but the amount owing to each
creditor il is, of course, impossible to
state at present The average, it would
seem, would be about $4,000"
Irving i. Ernst said that so far as he
had proceeded with his examination of
the books of the suspended firm of ]. NJ.
Fiske & Co. they appeared to be regu-
lar
He placed the liabilities of the firm
roughly at S2,0O0,000, but was unable
to given even an approximate estimate
of its assets. He said, however, that
100000 was due to the firm from Gus
toners, and that the books showed that
on Tuesday night it had an equity of
about 100000 in Hooking Coal G. Iron
and curb stocks.
The firms bank loans, Mr. Ernst said
aggregated about 81 .005 900. distributed
among the following institutions: Ne
chanics' National Bank, $4,000: Plaza
Bank, $4,000: Metropnlitan Trust Com
pany, 100000; Goldman, Sachs & Co.
100000; Lincoln Trust Company, $780,
600; Bank of New Yoftt,, 100000: Cen
tral Trust Company. $4,000 New York
Produce Exchange Bank 100000; Chase
National Bank, 100000. and the United
States Mortgage and Trust Company,
100000. These loans he said, were Sc
cured by four thousand shares of Co.
lumbus and Hooking Coal and Iron
stock and other listed securities.
Mr.. Ernsts statement of the firms
bank loans did not coincide with the an
nouncement made by the State Banking
Department earlier in the day, chat a
special investigation which had been
made of certain banking institutions fol-
lowing the collapse of the Hooking Coal
and Iron pool had revealed the fact that
in only one case was Hooking Coal and
Iron stock included in the collateral held
for loans. and then only to such a small
extent as not to impair the loan. An
other bank was found to hold some of
the stock, but not as collateral for loans.
Columbus and Hooking Coal and Iron,
which had closed on Wednesday at So
opened yesterday s points down, with a
sale of 800 shares at %. The next three
transactions were respectively at "a, %
and 22, the last being the low point of
the day. Later the stock rallied to
-, but II closed at 23, a net decline of
10 points. The general market, after
early weakness. displayed a rallying
tendency, and at the close there were
substantial gains in most OF the active
issues, running to 25s points in Steel
common, 21a in New York Central, 35s in
Northern Pacific, Ia in Great Northern.
rs in Atchison. Ia in Pennsylvania, 1Ss
In Union Pacific, "a in Reading, 81 in
Chicago & Northwestern 33s in Rock
Island and is in Amalgamated Copper
The Hawley stocks were still depressed
Chesapeake & Ohio losing Sc and
Alton and Glover Leaf advancing only
fractionally. ELECTROMAGNETIC
gained point and the preferred q.
WE'D WHEN DRUGGED2