New-York tribune., 1910-01-20
POOL C0LLAPSES,
TWO FIRMS FAIL
COLUMBUS & HOOKING
DROPS 63 POINTS.
Stock Erchange Steps in and
Stops DeIiUeries-More Fail
ures Expected To-day.

Two Stock Exchange houses. Lathrop,
]. NJ. Fiske & Co. OF No. AZ Broadway.
announced their suspension yesterday in
the course of a 631 point break in the
common stock OF the Columbus and
Hooking Coal and Iron Company. This
also caused extreme weakness in the
general list, and gave rise TO complica-
tions so serious that the governing COM
mittee of the Stock Exchange has begun
an investigation OF the circumstances
and has meanwhile taken the very un-
usual step of directing that the cOmpari-
son tickets be withheld.
The result is that Columbus anS
Hooking stock sold yesterday shall not
be delivered until after the exchange
management has made a further ruling
An involuntary petition in bankruptcy
against J. NJ. F'iske & Co. and it's mem
bers, Dudley T. Humphrey, Clifford NJ.
Washburn, Josiah NJ Fiske and Arthur
c. Sherwood. was fled in the United
States District Court yesterday after
noon. by A T. Lindley. Gerald NJ Cur
ran and Stanwood z FIitner- The
claims OF the petitioning creditors al
legged 70 be due on stock transactions
aggregate 1852.
The petition was fled by HAYS. Hersh-
field & Wolf. OF No 115 Broadway.
Judge Hand appointed Irving L. Ernst
receiver. with a bond Of $4,000
The liabilities OF the firm. according 70
petitioners, are about S7J0,OOO and the
assets are stated to be about $4,000
Asking for the appointment OF Receiver
Ernst, the petitioners told OF the sus-
pension of the firm and stated that the
alleged bankrupts had practically aban-
doned their business.
petition was also fled against Henry
Stanley Haskins Henry s. Leverich and
Fannie Graves Lathrop. the last named
a special partner. composing the firm of
Lathrop. Haskins & Co. The petition
ing creditors are H. c. C. Baruaby. OF
the Crescent Athletic Club. Brooklyn: H
P Clark. of No 511 West 1O1st street,
and Alexander Melchers. OF No. 42S
Pacific street, Brooklyn The claims OF
the creditors balances on stock accounts
aggregate $4,000. MeIchers's claim
amounts TO $1,000 Admission of in
soIvency is alleged in the petition Mas
ten & Nichols. OF No. 40 Wall street. fled
the petition
POOL HANDLE STOCK
Columbus & Hooking common sold
toward the end of February last year as
low as 21$s. and on December 81 at OH.
it's high record price of 921s having been
made on January 4 this year It's drop
yesterday was from ssh TO -. The rise
of 20 points within less than a year was
due to the operations OF a pool. OF which
Lathrop. Haskins & Co. have been COM
monty understood 10 be the managers
and OF which James r. keene. according
TO accounts from various quarters, has
been member
The stock has paid no dividends since
March, 1901, at about which time 1t was
selling at 5 The outstanding common
stock is only So. 900. 400. out OF a total
authorized S1OOOOO0. and there is only
$4,000 of the 8 per cent preferred stock.
on which dividends have been regularly
paid
The pool, which is said TO include a
dozen or so houses. has been in full con-
troll of the situation. very little OF the
stock being in the hands OF outsiders.
and it has thus been possible for the pool
to advance the quotation at will, traders
who failed TO see Justification in the
known condition or prospects OF the
company for the great rise in market
value having been taught by experiences
n iCh1
Columbus & Hooking short, as the issue
was virtually cOrnered-
Reports have been current for several
months that an enormous body OF oil
underIay the company's lands in Ohio.
and one of the representatives of the
pool declared last summer that il these
indications should be realized the COM
mon stock would be worth $1,000. But.
as noted. there has been no distribution
of the stock. and no popular demand for
it developed.
ONE MEMBER SOLD OUT.
Explanations for the collapse OF yes
terday differ. One story was that a
man who had been a member OF the
pool made up his mind several days
in view OF the declining tendency Of
the market since the beginning OF the
year. and sold his holdings which were
taken without materially weakening the
price OF the stock.
Yesterday morning. The report goes. he
put out 5000 shares more. TO test the
market for the issue. and finding that IL
yielded easily. proceeded 10 sell Column
bus and Hooking short on a large scale,
other traders soon joining him in the
movement against the issue Of which
they had stood in fear for many months
Another theory was that the banks had
called loans with Columbus and Hooking
stock as collateral. and that II was this
action which had precipitated the
break
one institution in particular was men
toned as carrying heavy loans on the
stock and perhaps facing trouble as
the result of this policy. but il was
learned from authoritative sources later
in the afternoon that this institution
had no such loans. and that its condi-
ton was sound.
REPUDIATE TRANSACTIONS
The most upset man in the financial