New-York tribune., 1910-01-20


the poo..
After tile close OF business. however.
svhen the comparison slips were sent out
several of the firms fer whose account
purchases had been made repudiated the
transactions. This left Mr.. Criss with
prge blocks OF the stock on his hands at
high prices. It was said he had fifteen
thousand shares all the way up TO 81.
He said last night that he did not know
JUS where he was at" in the matter
ard thar ten of his Stock Exchange
friends were aiding him in trying to
straighten out his affairs Just what
the outcome would be he was unable TO
sey,
II was learned that the buying orders
In the stock were given 10y Henry s.
Haskins. the board member of Lathrop,
Haskins & Co and president of the Co
luIatus and Hooking Coal and Iron Com
pany. who had charge OF the POOLS
operations on the floor.
in his capacity as manager Of the pool,
II was said. he gave TO Mr.. Criss the
name not only OF his own firm but also
the names Of other houses which were
members of the pool for their pro rata
share in these supporting orders The
latter. acting under his instructions.
bought the stock for their account only
20 have some of the orders reDudiated
later
The ground upon which some of the
pool members repudiated these buying
orders, il was said. was that they had
been executed after the stock broke be-
low 20. under which figure supporting
orders had been cancelled.
EXCHANGE STEPS IN,
The Stock Exchange authorities were
toid Of the state Of affairs. and promptly
sent out word that no Columbus and
Hooking tickets were to be exchanged
until an investigation Of the matter had
been made by the governing committee.
This Investigation was begun last night,
put unless the transactions are adjusted
before the time for the delivery Of the
stock today there may be further sus
pensions
altogether Il is said. seven Stock Ex-
change houses and fifteen floor traders
are mixed up in the matter. and are in
Exchange authorities can find some way
out Of the difficulty for them.
The traders who are involved are
understood 10 have sold the stock short
- the top Of the decline. and after hav-
ing bought it on the way down in order
10 make their deliveries find that the
firms they sold it 10 may not be able to
take the stock off their hands This, of
course, viii leave them long OF the stock
Al Z figure far above its present selling
price.
The failure OF Lathrop, Haskins & Co.
was announced in the second hour Of
trading. and that OF J. NJ. Fiske & Co.
about half an hour later No statement
could be obtained from representatives
OF LathTop, Haskins & Co, but an esti-
mate OF the assets and liabilities prob
ably VIII be given out to-day
louis Il. Moos, attorney for the other
failed firm. estimated the assets OF the
firm at the close OF business on Tues
day at 2,ao9.000 and the lie bilities at
S-.5o0.o0o. no assignee has been named,
he continued. as the firm hoped TO be
able 10 resume business. The attitude
Of the banks was not unfrendly, he said,
and they were lending support TO some
extent. The stock was worth par. Mr.
Noes thought, and the break had been
caused by manipulation. He added that
: NJ. Fiske & Co We're not members of
the pool in Columbus and Hooking
The firm, which was organized on April
. 1900 is composed Of Josiah NJ Fiske
arthur c. Sherwood, Dudley T Humph-
Tcy and Clifford NJ. Washburn, the lat
tcr being the board member IIAaddition
10 lis office al No II Broadway it has a
sTsnch office at No. 624 Madison avenue.
The firm Of Lathrop, Haskins & Co. is
composed Of Henry Stanley Haskins.
~Ro is the Stock Exchange member. and
Henry Stanton Leyerich. Mrs. Fannie
Graves Lathrop. widow of the former
head of the firm, Levi c. G4athrop. is spe-
tial partner her interest in the firm
Icing 100000. Mr. Haskins formerly
Was newspaper man. He is a graduate
o. Lafayette College. class of IS. and
lives al South Orange, n. j.
CONTEST FOR CONTROL.
The predecessor Of Lathrop. Haskins E.
Co. was the house of Lathrop & Smith.
lNfslifN SdtAdll J. 1888, OF winch the
late Levi c. Lathrop and Oscar B. Smith
we're the members, Frank NJ Cronise and
Albert A. Johnson entering the firm 2
few years later. The co-partnership
under the present style was formed on
March %, 1907. the partners being Mr.
LsthroP and Mr. Haskins, Mr. Levericb
being admitted in the latter part Of 1908
Ny Lathrop. who was the board mem,
her, died on February - 1909 Mr..
1-athrop owned at the time of his death
about $4,000 syndicate certificates OF
the Columbus & Hooking, % per cent
Taid-
Lathrop * Smith in 1902 conducted a
contest for control or the Columbus e.
Hooking, and at the annual meeting in
May Of that year elected a board of
directors opposed 10 the administration.
headed by President William h Ziegler.
Litigation followed. and the Ohio courts
decided that tho election Of the Lathrop
4 Smith representatives was illegal and
that the Old management must be con-
i1nued ~ control until another election
as held under the provisions of the
onio law Later the control passed 10
the Lathrop & Smith interests. and Mr.
LafhroP became president Of the
company