Watertown leader. [volume] (Watertown, Jefferson County, Wis.) 1909-1911, 1910-01-21
TWO NEW YORK
BR0kING FIRMS
FORCED UNDER.
LATHROP, HASKINS & co AND M.
FlSKE & COMPANY
FAIL.
BOTH ARE IMPORTANT HOUSES.
First Named Was Heavily Interested I'M
Columbus and Hooking Stock
Which Takes Tumble.
IMPAIRED MARGINS NOT HELD UP.

NEW YORK, Jan. 19.-Failure of
two stock exchange tirms-Iathrop. Has
kins x Co., and j. NJ. Fiske X Co.-was,
caused today by the collapse of the stock
of the Columbus X Hooking Coal x
Iron company. which fell to $50 n share.
decline of 521a points from the DAYS
opening.
The precipltate crumbGng away in the
price of Columbus and Hooking Coal
occurred within period of fifteen min
uteS. Wall street had barely time TO
catch its breath when the chairman of
the Stock exchange announced from the
rostrum the failure of Lathrop. Haskins
X Co, and u few minutes later of I NJ
tiSke 4 Co.
No Signs of Panic
a dissolution of Il pool which had sue
cessfully manipulated the stock from,
about $50 to $91.5O, and the calling of
loans secured by the Hooking Coal stock
by certain banks, is given as the primary
cause for the slump in Hooking Coal
stock. Standard shares in the general
list were weak during the Hooking Coal
crash but there were no signs of panic
No early statement was had from
either of the firms whose failure had
been announced. 1t was said that the
failure of Fiske & Company was due
in part to the Hooking Coal decline and
the recent skyrocketing of Rock Island
stock.
An investigation of the kiting of Hook
ing coal stocks is indicated by the gov
errors of the Stock Exchange
The stock of the Columbus and Hook
ing Coal and Iron company on sales of
about 1900 shares in the first two
hours of trading OH the Stock Exchange
fell to 10. Il decline Of 23I3 points from
the opening. The high point in the re-
cent advance of the company's stock was
9112.
subsequently, on running sales, the
price of Columbus and Hooking Coal and
Iron company fell to 81. Il decline ,f
5OA points. The price tumbled as much
as hve points between sales and fluctu-
ated with great violence.
The sensational price movement was
supposed Ill some quarters to be the
consequence of the activities of a stock
market pool. From 21A in February of
last year, the price has been carried up
TO 9212 since the first of January of this
year. Bearish traders who had the
temerlty to sell the stock short were Sc
Verely punished from time to time. and
the stock showed every evidence of be-
ing entirely controlled by the pool. The
assumption was promptly drawn that 81
rupture had occurred in the pool and it's
holdings were thrown into the market
for what they would bring.
Causes Firms Failure.
1t was reported on the floor of the
stock exchange that the failure of In
throp, Haskins q Co. had been caused
by the sharp decline in the stock. While
the decline was in progress the general
list was very weak. Prices broke all
around. in the stock market in sympathy
with the collapse in Hooking Coal.
which reached 1914 points. The average
losses in the list ran to between / and
2 points and in Interborough Metropoli-
tan amounted to 33s, the preferred fall
ing 6A points. Pittsburg Coal fell 4;
Chesapeake & Ohio, 81, and Westing-
house Electric, 234. The selling had ex-
hausted itself in the course of less than
an hour and a violent rally ensued with
a rush of shorts to cover. The losses
in the general list were entirely wiped
out by this rebound in some of the
principal special stocks.