New-York tribune., 1910-01-25
TO SEEK ACCOUNT
ACT IN HOOKING.
Pool agreement GiUes Sane
ton for Demand.

Some of the members of the pool in Co
lumbus and Hooking Coal and Iron common
stock. the collapse of which last Wednes-
day contributed TO the failure of three
Stock Exchange houses. are taking steps to
demand an accounting from James r.
keene. the manager of the pool. it was
learned yesterday from excellent sources
In the event of the refusal of Mr.. Keene to
furnish the members with the desired in
formation, il was said they would bring an
action in the courts to compel such an ac-
counting.
This proceeding will he taken under a
provision of the pooling agreement. a copy
OF which, vouched for substantially cor
rect by two members OF the pool, was made
public yesterday, to the effect that sub
scribers to the amount of 90 per cent Of the
stock purchased for the account of the
pool should have the right TO call on the
manager for - tement of accounts grow
ing out OF transactions authorized In the
agreement. 1t said that the necessary
o. per cent had been nearly secured.
The full text of the agreement, which
follows the recognized form used in Wall
Street in such cases. made public yes
Ierday, was follows:
The undersigned, being desirous of pur-
chasing at least twenty thousand shares of
the common stock of the Columbus and
Locking Coal and Iron Company, do here
by agree TO purchase the same, or so much
thereof a in the opinion Of the hereinafter
al pointed managers may be deemed ad-
visa BILE in the proportion set opposite the
respective names of the sid subscribers
and we hereby appoint ------ our
agent and manager to make such pur-
chases at such time times before the
first day OF September. 1909, unless sooner
dissolved by the majority or the stock
subscribed, IN such manner and amount
aud at such prices as il his judgment shall
be to our mutual advantage.
Each one signing this agrees to pay
on demand for so much of said purchases
as his SUBSCRIPTION tas near as may be
subscribed as such agent or manager may
require. Also. to return the same amount
OF certificates or part thereof at any time
when called for before the first day of Sep
tCmber. 1909. on receiving from the mana
ger the amount paid therefor, with interest
on any call from said manager to deliver
e. the said manager rhe same certificates
heretofore delivered to US by him.
Further hereby authorize the said
agent and manager to sell at his discre-
ton the whole or any part of the certlfl-
and selling at his discretion.
II is further agreed that any profits or
losses incurred through the purchase and
sale of said certificates shall be divided
in proportion to the amount subscribed
for by each one signing this agreement
No one. signing this agreement shall have
counts growing out of transactions here
in authorized except on the request in
writing OF 60 per cent in amount of GER
tificates subscribed.
We hereby agree TO reimburse the said
agent and manager for any commissions
paid by him to such brokers as he may
deem advisable to employ in the execu-
ton of the herein authorized purchases
and sales and such other expenses he
may incur and which TO him may seem
for the best interests of all parties to this
agreement.
This agreement is not to be binding on
the undersigned until certificates for
5000 shares are subscribed. and there
upon this agreement shall become opera
tive. Subscriptions beyond this amount
may be received by the agent and man.
ager up to 0000 shares.
The original hereof shall be signed by
the manager. COunterparts hereof may
he signed by subscribers and all shall be
Il ken together and deemed TO be one orig
fnal instrument. and upon the agree
n1ent becoming operative the manager
shall notify the subscribers.
There were only five men in the pool
originally. it was learned yesterday, and
when the agreement expired, last Septem-
ber, two Of these dropped out. Their in
terest was taken over by the remaining
three and others who became associated
with them, and the original agreement was
extended to March !. The published report
that Roberts, Hall & Criss were members
OF the original pool was denied by a repre-
sentative of the firm which said that he had
never owned share Of the stock. and that
the only connection it had with the matter
was through the transactions of Hugh f.
Criss, its Stock Exchange member.
Irving L. Ernst. receiver for J. NJ Fiske
& Co, unprepared yesterday TO give
an estimate of the assets and liabilities
of that firm. as the accountants had not yet
finished their work. Louis H. Moos of No.
93 Nassau street, attorney for ]. NJ. Fiske
& Co, was equally non-committal He said
hot sha @fsfvc Df -,
hands of the court and of the Stock Ex-
change officials
Howard Barnaby. who was one Of the
petitioning creditors in the bankruptcy
proceedings against Lathrop. Haskins &
Co. and was familiar with the details Of
the pool agreement, said that the pool was
formed by men interested in the property
the most advantageous way of getting
together the stock they wanted without
bidding against one another.
Members Of the pool supported Mr.. Bar
naby's view that the crash in the stock
was due to selling by somebody on the in
side and not to natural reaction due to
the fact that the stock was selling above its
real worth. They declared that. based on
the value of the property, the common
stock of the Columbus and Hooking Coal
and Iron Company was worth above par.
Secretary Ely Of the Stock Exchange
said that the authorities were busy with
their investigation, but had not yet
reached a decision in regard to the re-
pudiated contracts
Hugh F. Criss, who executed the buying
orders for the pool the reputation OF
which resulted in his suspension and the
failure OF his firm, was again before rne
governing committee Of the exchange yes
terday. He refused TO say anything except
that things seemed 10 be clearing up nice
ly.' but his manner gave his hearers to
understand that the governors were with.
him in the matter, and would hold the
members OF the pool accountable for the
buying orders he executed for their ac-
count.
The sales of Columbus and Hooking yes
terday totalled 3,10O shares and were within
range of p point. The stock opened at
22s4. declined to q, and then rallied to 22l1
at which IL closed, a net loss of y point
for the daV