The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-01-20
SOME WILD TIMES
ON STOCK EXCHANGE
Columbus and Hooking Coal and
Iron Pool Smashed After De-
cline Of 60 Points.
TWO BROKERAGE HOUSES
FORCED TO THE WALL
Banks Refuse Further Ad-
yances on Stock and the
End Is Not Yet.

NEW YORK, Jan; 19.-Thers was an
episode in the New York stock exchange
TO-DAY that vas more spcc,aculaTs IT! IN
| island fiasco With break OF more
than so points, the so-called Columbus
& Hooking Coal and Iron pool was
| smas shed. two stock exchange houses
were forced 10 suspend, and the market
generally underwent severe decli ines. IN
volyng the heaviest trading since the
dag OF Edward III. Harrtmans death.
Total sales aggregated i,6%i.@oO shares.
4 rigid inquiry by the governors OF the
exchange probably viii be the after
math.
Firms involved arc i. NJ. Fiske Co,
~ Broadway and Lathrop. Haskins &
Co. ca Broadway. The failure OF both
was caused by The collapse OF me p3o.:
We're filed against hotn this afternoon.
Owes Nearly Million.
In The case OF j. A. F'lslse & Co, la
bllities of the hrm arc placed by cred
itors at SI5O.000 with assets of SiOoo 600;
Counsel for the fam 80 hoWeyer. G estina'c'i Una ot
business on Tuesday afternoon, with as
sets OF $4,000, ooo. lie did not estimate
the firms financial resources after to-
In the petition. creditors alleged The
preferential transfer OF property 10 one
or moGe creditors, and further charge
that tile alleged bankrupts permitted a
large portion Of their property TO be
concealed or removed, with intention TO
hinder. delay and defraud creditors
Judge Hand, in the United States DIS
trict Court appointed a receiver tonight.
Assets and liabilities are not stated IN
the petition filed against Lathrop., Has,
kins Co, although 1t is alleged that
ereCate $1,000. Admission of Insolvency
also aS' is alleged No receiver had been
appointed for this firm tonight
Why Bubble Burst.
The collapse In the pool today was
brought about primarily by The refusal
stock as collateral and the inability OF
failure OF those who were long OF 1t 10
make good impaired margins. The sus~
concerned was, therefore, natural re,
suit Several individuals also are said
TO have lost heavily.
In all. $1,000 shares Of Columbus &
Hooking changed hands at a range OF
| from SSl 10 % The stock closed at 55.
a net loss Of 5if points. The entire mar
ket closed weak. with prices at low enn.
With the breaking OF the pool therS
were reports of an immediate inVestiSn-
tion into operations by, the stock en-
change authorities. This was officially
that circumstances will force the eN.
change 10 take some cocnizanCe of the
matter. In fact. some principals OF the
pool were before the governors. and an
authoritative statement probably will be
issued tomorrow.
jim Keene in Game.
According to common belief James L.
Kecne was active In The active move
ment OF Columbus & Hooking. Some OF
his associates said, however. that the
Keone interest In the stock had been
Withdrawn some time ago The pool had
been in existence about a year.
United States Steel was the feature OF
the market today in point OF activity.
Trading in this stock totaled $4,000
shares or approximately, 20 per cent OF
the days business.
IL was reported tonight that two other
stock exchange firms would be forced
| 10 suspend tomorrow. If was expected in
some quarters that the failure Of the two
additional firms would be announced be-
fore the market closed, and there was
| talk of the filing OF third petition in
| bankruptcy. but this Was not done upon
the close Of the United States district
court.