Omaha daily bee., 1910-01-20
J. M. Fiske & Co. and Lathrop,
Haskins & Co. Suspend.
CHARGE OF FRAUD MAD.
MADE
Creditors Allege Preferential Trans
fers and Concealment.
ENTIRE MARKET IS AFFECTED
Close Is Weak, with ValueS mt
Low EbB-RumOr that Other
Firms VIII suspend
To-day.

NEW YORK. Jan. l9.-There was an
episode I'm the New York Stock exchange
today more spectacular in many respects
than the recent Itock Island fiasco. With
a break of more than 30 points the So
called Columbus g. Hooking Coal and Iron
pool was smashed. two stock exchange
houses were forced to suspend and the
market generally underwent severe de-
clines, involving the heaviest trading since
the day Of Edward II. Harrimans death.
Total sales aggregated 1,634,5O0 shares. A
rigid inquiry by the governors OF the ex-
change will probably be the aftermath.
The firms involved are j. NJ. F'iske &
Co. of Broadway and Lathrop, Haspins
G. Co. of 60 Broadway. The failure of both
was caused by the collapse of the pool and
involuntary petitions in BANKRUPTCY were
filed against both OF them.
In the case OF J. M. Fiske & Co. the
liabilities of the firm are placed by cred
itors at S750OOO with assets of 100000
Counsel for the firm. however, estimated
the firms liabilities at t250O,OOO at the
close of business on Tuesday afternoon,
with assets of $2,9OO,OOO. He did not esti-
mate the firms financial resources after
today's developments.
Fraud Is Charged.
In the petition against the firm creditors
anege the prefentlal transfer of property
to one or more creditors and further
charges that the alleged bankrupts per-
mitted a considerable portion of theil
property ito be concealed or removed, with
intent to hinder, delay and detraud cred
itors.''
Judge Hand, in the United States dis
trict court, appointed receiver tonight.
Assets and liabilities are not stated IL
the petition filed against Lathrop. Haskin'
g. Co., although It Is alleged that thu
claims OF creditors on stock accounts ag
.gregate $4,000. Admission Of insolvency Il
also alleged. No receiver had been ap
pointed for this firm tonight.
The collapse In the pool, today swai
brought about primarily by the refusal o
banks to make further advances on tn
stock as collateral and the inability o
failure OF those who were long of II t
make good impaired margins. The suspen
sion of the two firms most vitally con
cerned was therefore. a natural result
Several individuals also are said to hav
lost heavily
Entire Market Affected.
In all, about 5000 shares of Columbu
Hooking changed hands at range OF fror
SSh to 25. The stock closed at 49, a M
loss OF "a points. The entire maArket close
weak. with prices at low ebb.
With the breaking of the pool there weI
reports OF an immediate investigation int
the operations by the Stock exchange al
thorities. This was officially denied, HI
It seems more than likely that clrcuu
stances will force the exchange to tab
some cognizance of the matter. In fac
some of the principals OF the pool were b.
fore the governors during the day and
statement dealing authoritatively with II
matter probably will be issued tomorrow
According to common belief, James !
Keene was active In the market movemei
of Columbus and Hooking Some of II
associates said, however that the Keer
interest in the stock had been withdraw
some time ago. The pool had been
existence Off about year.
United States Steel was the feature
the market today in point OF actlvit
Trading in this stock totalled s61 900 shar
or approximately 25 per cent of the day
business.
1t was reported tonight that two 9th
stock exchange firms would be forced
suspend tomorrow. II was expected
some quarters that the failure of the "
additional firms would be announced b
fore the market closed. and there w
talk OF the filing Of a third petition
bankruptcy, but this was not done up
the close OF the United States dlstr
court