New-York tribune., 1910-02-24
PUNISH FlSkE FIRM
Stock Enchange Committee
Keeps on Housecleamng.

The governing committee of the New
York Stock Exchange continued its house
cleaning in connection with the columbus
end Hooking Coal and Iron scanoal Sester-
day by declaring Clifford NJ Nashourn,
the board member of j. NJ. Fiske q Co.
one OF the three firms that failed as re
suit OF the collapse of the pool on January
l9. ineligible for reinstatement
The charges against the Fiske firm were
tho same as those made against Lathrop
Haskins & Co. whose board member was
declared ineligible for reinstatement by the
governors last week, namely, reckless ana
unhusinesslike dealing" and in addition 1t
was found guilty of -overeXtension-
The drastic punishment meted out to j.
NJ Fiske & Co for its part in the Hooking
pool transaction did not cause much sur
prise in Wall Street although the mem
hers Of the firm evidently had not expected
to be so severely dealt with. judging from
the remarks of their attorney. Louis H
Aioos. after the decision was announced
Nr. Noos. speaking in behalf Of the firm,
said that the action of the governing COM
rnittee came as a great surprise. -. NJ
Fiske & Co he added. cannot but con-
sder unjust the charges preferred against
il of reckless and unbusinesslike dealing
and -overextension,' which mean that it
was carrying on a larger business than
Was warranted by its capital. As a mat
ter of fact. the capital invested by the
firm was s2Jo.0.O above its liabilities All
loans were fully margined, and the firm
was fully capable of taking care Of all its
Investments, in addition TO any orders that
81 might receive
In regard TO the developments Of January
l9 Mr.. Moos stated that. possibly If the
firm had not accepted Mr.. CRISIS orders,
a. some OF the other firms In the pool had
refused TO do, IL might have carried
through. The only mistake the firm had
made. Mr. Moos said was that il had prob
ahiy gone too far in accepting Mr.. Crisss
orders on the day of the collapse when
It took 400 shares OF stock he had pur-
clssed for its account, but without its au-
thority- lie added that the onlyinvestment
account of tile firm was in Columbus &
Hooking stock. and that il was only inter
ested in pool No. ?. which carried an aIlot-
met Of 1900 shares. This amount. he de-
Clared. the capital Of the firm fully
q Me 10 take care of, and its failure was
que TO its inability TO take care of custom
ers who were carrying 4,ieo shares in ad-
clifton.
Under the Circumstances, he continued, the
firm believed that il had been treated with
unmerited severity. and felt that the pres
en1 agitation against the Stock Exchange
In Albany might have had some influence
in causing the governing committee TO mete
cut such drastic punishment In other
words he said, il was All attempt by the
Stock Exchange authorities to show the
public how vigorously they enforce any
breach OF their rules.
The present firm of J. N. Fiske & Co was
organized on April >. 1890. and in addition
to Mr.. Nashburfl. who was the only board
member. the firm consisted OF Josiah NJ.
e. Tske, Arthur {. Sherwood and Dudley 7.
Humphrey. MI WaShburn, who. by the
ectlon Of the governing committee in de-
clarirg him ineligible for reinstatement Is
practically expelled from the exchange, has
- been a member of the institution since No
-yerHher e. 1905