The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1910-01-20
SPECTACULAR
!. BREAK OCCURS
COLUMBUS AND HOOKING COAL G.
IRON SMASHED WORSE THAN
ROCK ISLAND

NEW YORK, Jan. 19.-There was
an episode in the New York stock
exchange today that was more spec
tacular in many respects than the
recent Rock Island fiasco.s With q
break of more than 60 points, the So
called Columbus and Hooking Coal and
Iron pool was smashed, two stock ex-
change houses were forced to sus-
pend and the market generally under
went severe declines, involving the
heaviest trading since the day of Ed
ward H. Harriman's death. Total
sales aggregated 1,634,500 shares.
A rigid inquiry by the governors of
the exchange probably will be the afer-
math.
Firms involved are j. M. Fiske and
company, and Lathrop, Haskins and
company The failure Of both was
caused by the collapse of the pool
and involuntary petitions in bank
ruptcy were filed this afternoon against
both.
In the case of j. nj. Fiske and COM
spany liabilities Of the~firHf- are placed
by creditors at $750,OO0 with assets Of
| 100000 Counsel for the firm, how
ever, estimated the liabilities at ST.
100000 at the close of business on
Tuesday afternoon with assets of 81
900, 600 He did not estimate the firm
resources after today's developments
In the petition against the firm,
creditors ALLEGED the preferential trans
fer of property to one or more credi
tors and further charged that the al
legged bankrupts permitted a large
proportion of their property ito be
concealed or removed with intent to
hinder, delay and defraud creditors
Judge Hand, in the United States
district court, appointed receiver to-
night.
Assets and liabilities are not stated
,, in the petition filed against Lathrop,
Haskins and company, althOug it is
alleged that claims of creditors on
stock accounts aggregate $4,000. Adj
mission of insolvency also is alleged
No receiver had been appointed to-
night for this firm.
The collapse in the pool today was
brought about primarily by the refus-
al of banks to make further advances
on the stock as collateral and the IN
ability or failure of those who were
!; long of it to make good impaired mar
gins. The suspension of the two
firms most vitality concerned was,
therefore. a natural result. Several
individuals a so are said to have lost
heavily.
In all $4,000 shares of Columbia and
Hooking changed hands at a range of
from SO IL to %. The stock closed
at 33, a net loss of "a IA points.
Market Closes Weak =.
The entire market closed weak with
prices at low ebb.
With the breaking of the pool there
were reports of an immediate invest
igatiOn by the stock exchange authorl-
ties This was officially denied, but
it seems more than likely that circum
stances will force the exchange to
take some cOgniZance of the matter.
In fact some principals of the pool
were before the governors tonight and
an authoritative statement probably
will be issued tomorrow.
According to common belief, James
R. Keene was active in the market
movement of Columbus and Hooking.
Some of his associates said, however.
that the Keene interest in the stoc71
had been Withdrawn some time ago.
The pool had been in existence about
year
United States Steel was the feature
of the market today in point of activ-
ity. Trading in this stock totaled
So, 900 shares, or, approximately. %
per cent of the days business.
Tt was reported tonight that TWO
stock exchange firms would be forced
to suspend tomorrow. 1t was expect
cd in some quarters that the failure
of two additional firms would be an
bounced before the market closed. ard
there was talk Of the filing of third
petition in bankruptcy, but this was
not done I'D to the close of the Unit
I'D States district court.
The very offer that NAV mear