15857. Fisk & Hatch (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
private
Start Date
May 15, 1884
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
38b85d9b

Response Measures

Borrowed from banks or large institutions, Capital injected, Full suspension

Other: Correspondent bank (Newark Savings) involvement: Fisk & Hatch had used/hypothecated Newark Savings bonds leading to Newark's failure; later arrangements with creditors and loans from private parties aided resumption.

Description

Multiple dispatches report a heavy drainage of deposits and crowds of depositors with checks outside the firm's Nassau St office on May 15, 1884 (a run), the firm 'suspended' that afternoon, and later resumed business (resumption announced June 2–3, 1884). Some articles OCR-rendered the name as 'Fish & Hatch' or 'Fisk & Натсн' — corrected to Fisk & Hatch. Cause attributed to decline in security prices, heavy calls/withdrawals, and adverse bank-specific exposures (railroad and Chesapeake & Ohio securities); not a rumor-driven random run. Resumption accomplished after funds raised from correspondents and other accommodations.

Events (3)
1. May 15, 1884 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy drainage of deposits and calls for funds amid long decline in market prices of securities and large holdings in depressed railroad and Chesapeake & Ohio bonds; country banks made heavy drafts on the firm.
Measures
Closed doors, admitted only urgent business; clerks worked to prepare statement; solicited forbearance from creditors; later raised funds from correspondents and private lenders to enable resumption.
Newspaper Excerpt
In less than five minutes after the failure was made known ... Nassau-st. ... was filled with an excited crowd ... many of them with checks on the firm.
Source
newspapers
2. May 15, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unable to meet calls and heavy withdrawals in a money market where securities (including government and railroad bonds) had fallen; inability to borrow at reasonable rates; calls from correspondent banks contributed to suspension.
Newspaper Excerpt
Fisk & Hatch have suspended. 'The firm has suspended payment,' was the only answer given to an avalanche of questions.
Source
newspapers
3. June 2, 1884 Reopening
Newspaper Excerpt
The firm of Fisk & Hatch ... resumed payment yesterday. The notice sent to the Stock Exchange was read shortly before 2 o'clock and received with cheers. 'We have this day resumed business.'
Source
newspapers

Newspaper Articles (24)
1. May 15, 1884 Evening Star Washington, DC
Article from Evening Star, May 15, 1884

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Article Text

2d Edition. Latest Telegrams to The Star. BAD NEWS FROM WALL STREET. Suspension of Fish & Hatch this Afternoon. NEW YORK, WALL STREET, May 15, 2:45 mFisk & Hatch have suspended. The Bank of Commerce. NEW YORK, May 15, Wall street, 1:45 p. m-It m stated that the Bank of Commerce was this mbrning a debtor to the clearing house to the amount of over one and a half millions. Heavy Foreign Purchases of Stocks. NEW YORK, May 15.-Wall street, 1:40 p. m.Foreign purchases of stocks and bonds have been heavy beyond dispute. Orders began to arrive yesterday afternoon and have been steadily kept up. The Decline in Government Bonds. New YORK, May 15.Wall street, 1:50 p. m-The decline in government bonds to 110a111% for the registered 4½8, to 110a112% for the coupons, to 122 asked for the 48 registered, and to 120a121 for the coupons, is due, it is said, to the fact that holders, anxious for cash, are selling. Money outside of the stock exchange is 6 per cent per annum. The New Loan Certificates. NEW YORK, May 15, Wall street, 1:30 p. m-The clearing house has already issued four million dollars of the new loan certificates authorized to be given to the banks of the association applying therefor. The Assignment of Dimock & Co. NEW YORK, May 15.-A. W. Dimock & Co. have assigned to George Putnam Smith. They give preferences in favor of depositors to whom they owe $1,000 or less and order the creditors of each partner to be paid out of the individual assets. The Troubles Due to Spectulation-A Good Word for Secretary Folger. NEW YORK, May 15.-The Mail-Express editorially says:-Only banks with speculative managers got into trouble. In fact, it is to the speculations of high bank officials that nine-tenths of the present troubles are due. The great newspaper notoriety given to the extensive real estate, manufacturing, railroad, building, and other speculative operations of Mr. Seney and "the Seney syndicate" have alone brought the Metropolitan bank into a temporary false position. It was not the least of New York's good fortunes that a New York Secretary of the Treasury, who has served as an assistant treasurer here, and knows a New York financial situation when he sees it, was here yesterday on his way from hiscountry home to Washington. Secretary Folger's' prompt action went to the limits of his power, and was an instant element in the confidence begotten among all our cool and clear-headed bankers and brokers yesterday afternoon. The Causes of Mr. Seney's Embarrassment. A prominent Wall street man who has been connected with Mr. Seney in most of his speculations, states that one of the immediate causes of his embarrassment was that he was loaded up with large blocks of Atlantic & Pacific income bonds and St. Louis and San Francisco securities, on which he was unable to realize. He also states that Mr. Seney was, as he calls it, "stuck" with a lot of Ohio Central, which was forced on him at high figures on representations which subsequently proved to be false. The Second National Bank. NEW YORK, May 15.-The rush at the Second National Bank has about stopped. There were one hundred and forty-eight depositors up to noon. The clearing house has made arrangements to pay all the Second National debits. An Encouraging View of the Situation. NEW YORK, May 15.-The Commercial Advertiser editorially says:-"Our conviction is that the real business of the country has settled down upon a pretty solid foundation. The after swell which always follows a tempest on the ocean will continue to be felt for some time, but the motion will be one of subsidence, not of disturbance and havoc." The Cause of the Better Feeling. NEW YORK, May 15.-The Mail-Express says that the greatly improved feeling in financial circles at the opening of business to-day can be traced directly to the action of the banks yesterday, first, in restoring to issue clearing house certificates, based on the deposit with the loan committee of bills receivable and securities, and, second, in coming to the assistance of the Metropolitan bank after having thoroughly examined that Institution and finding it in better condition than generally expected. The Boston Failure. BOSTON May 15.-T. A. Howley & Co., of this city, who have been doing a banking and brokerage business, have suspended. They cannot at present give any statment of their liabilities, but state that their suspension is due to a failure to ascertain just where they stand. They have been doing business as a bank of deposit, but the amount due to their depositors is not known. They express a hope of resuming, but thisi is not considered probable. The house has been rated at about $100,000.

2. May 16, 1884 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, May 16, 1884

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AUGUSTA, MAINE, FRIDAY MORNING, MAY 16, 1884 The deline in government bonds to 110 a in the Villiards, Oregons, and the North F THE WALL STREET STORM. 1101 for registered fours and a halfs. to 110 Pacific, and have been dealing heavily in a 1124 for cupons, to 122 asked for fours Mexican Central Union, Pacific and Atchison. registered and to 120 a 131 for cupons is due Yesterday some of their customers defaulted to the fact that holders are anxious for the their margins and this with a heavy run on cash, and are selling. Money outside of the their deposits led to the failure, which not The Worst Said to be Overstock exchange is at 6 per cent. only affects stock operations and speculations, rs. but will reach many people of small means Metropolitan Bank Paying Depositors. The Metropolitan Bank Reall over New England who have deposited 2 P. Metropolitan Bank is paywith the firm. Aft ing out to all depositors presenting checks. sumes. Quebec Unaffected by the Situation in agree Even before the hour named for resumption New York. Mond the paying teller opened the window. At I. The QUEBEC, May 15. noon the number in line was about twentyStates, from The banks here not effected by the situation five only. One lady was among the list, she Failures in ton-Stocks Still in New York. No excitement is manifested s, folpriati being attired in widow's weed. Her joy on the pr receiving money was plainable. It is stated est to Scarcely Noticeable in Liverpool. Heavily Depressed. United that the Bank of Commerce was this morning bound LIVEKPOOL, May 15. a debtor to the clearing house to the amount The effect of the New York panie is scarceThe of over one and a half millions. Money is lp noticeable on the cotton exchange. Some ably now loaning at one-fourth to one-half per what more cotton than usual is offered for By cent premium per diem. NEW YORK, May 15, 9.30, A. M. sale but not on American account. In the amend The Street Again Excited. The Metropolitan bank has posted a notice By grain trade merchants are awaiting events, on its doors saying that the bank examiners to aid and so far the impression of the panic has P. M.-The failure of Fish & Hatch have made an investigation of its affairs and tennia been slight. Provisions are selling more is announced. The clearing house has the bank will resume business at 12 o'clock On freely, principally on Chicago account, and already issued four million dollars of loan today. merchants are awaiting developments. At certificates authorized to be given to the put in rating At 10 A. M--A. W. Dymick & Co. have The Manchester a feeling of steadiness prevails, banks of the association applying therefor. adjust announced their suspension. The scene from t though operators are cautious. The opinion The suspension of A. W. Dimock & Co.. it on the street at this hour is one of unwonted pg 000,00 of both Liverpool and Manchester is that the is said, will prevent the contemplated exten. worst is over. activity. Since early morning the brokers' The sion of the bankers' and merchants' teleoffices have been open and the clerks are bill es graphic system. London Bankers' Opinions of the Panic. busy getting accounts settled up. Many of The There has been a semi-panic in oil in this LONDON, May 15. the leading firms kept their employees at and w city. The failure of Fisk & Hatch and the work until midnight and a general overhaulAn agent of the associated press this mornsuspension of Bradford Clark has created a ing of the accounts has been made so that on ing called upon the leading London bankers distrustful feeling. It is rumored that 15. the opening of the stock exchange this mornThe having important American connections. Several Heavy Capitalists Interested in oil affairs will be in a better condition than for House with a view to learning their opinions conutions Are in Trouble. whole many months past, as new margins have been cerning the panic of yesterday in Wall street. a New called for so as to prevent any rash sacrifice The feeling generelly expressed was that At 3.15 P. M. the oil was selling at 83. but priatic ucernSev of good securities. before the close it broke to 74, and is now the panic was merely a local disaster. 8. offered on the street at 72, No failures have A representative of the Associated Press They were positive that it would occasion rejecte no failure in London either inside or outside rose. has just talked with a financier of 35 years been announced, and if anybody has gone unwho experience on the street, who has been of the stock exchange. The general soundOn der it will be given out tomorrow when the Kins ness of the financial situation here is eviSenat through all the upheavals of that period. clearing is made. known denced by the fact that there have not even Without having had to succumb. he says. centen The closing of doors of the Atlantic State been rumors of large failures. The remarkthe action of the banks yesterday in deciding curred lasting Bank of Brooklyn embarrassed the depositable decline cf American securities during to pool their issues. in his opinion, decided ors, and caused a feeling of uneasiness among Adj ninent business men. President Puffer stated last past few days has attracted a new class of the situation favorably. He does not anticiyears investors into the market, who are stimulated pate any other failures either of banks or night that the bank would resume business banking firms. although he admits the possiby the cheapness of money in England. today, as the securities were all good, and t here Germany and France One prominent bankbility that some weak stock houses may sus. the suspension was caused by the effort to er said it was amazing how little real stock pend temporarily. The failure of the latter help the Metropolitan bank. There was a A. W. he does not regard as a real misfortune as the was being sold here, but he said the bear gathering of depositors this morning at the A. F. sales were immense. weeding out of such small dealers helps to bank, but they were unable to get any money The market shows a strong disposition to give a healthier tone to the general situation. and were very indignant in consequence. A Bil President Puffer assured them that it would The floor of the exchange had more than respond to anything gavorable from America. eamer ve its usual compliment of members in attendbe all right, and they would lose nothing Philadelphia Stock Stronger. Line, ance and by 9 30 a crowd of operators had He promised to have a statement for publiUnited PHILADELPHIA, May 15. gathered in knots waiting for the signal to be cation ready this afternoon. The panic Business opened this morning on Third Chas. given to commence the day's business. At seems to have extended to the depositors of street with a decidedly better feeling. Phil10 o'clock Chairman Mitchell gave three rape other banks in Brooklyn as well, and large made adelphia stock all took an upward turn of of his gavel and in an instant amounts of money were drawn out of the The , howstrength on the announcement that the savings banks. They were prepared for a duced The Pent Up Excitement of the Brokers heeler Metropolitan bank would resume at noon. run, however, and many of them were by no the sp Gave Vent in a Howl, means disturbed by the withdrawal of the WASHINGTON, May 15. Banki and five hundred hands were lifted in the air The secretary of the treasury has authorsurplus funds. They save thousands of dolBe today and various pools were formed in which the ized the assistant treasurer of New York to lars interest which would be due to the depospreside arshal various stocks were dealt in. itors June 1st. Among the banks are the, pay the bonds embraced in the 125th, 126th, execut office At 10 15 A. M.-Despatches have been reand 127th calls with accrued interest subject Broooklyn Savings Bank, Dime, and South associa ceived this morning from London houses, by to the decision of the department as to the Brooklyn savings institutions, which paid out amoun leading foreign bankers, giving orders to buy regularity of the assignments. large sums to depositors. This forenoon otherw ase of stocks and bonds at the market price. As it there was PROVIDENCE, May 15. bonds et al was feared that foreign orders to sell would The suspended firm of Fisk & Hatch was ions, A Run on the Irish Emigrant Savings be a chief factor in the downward movement agent of the Quidneck National bank of gin of indivio Bank today. this news is greeted with great satisNewport, but it is stated that the balance in profits aining In Chambers street. two hundred of the defaction and is regarded as another break in hand was very small Some private citizens have a The the clouds that threatened the financial world. positors withdrawing on account of the deare kown to be very heavy depositors. It is est in me the Wall street-The stock market has been positors belonging to the laboring classes. stated that one-tenth of the capital of the or bro President Hogarth said that the bank would strong and higher this morning. In consea verMetropolitan bank is held in Newport. ficer W gain about $10,000 by the withdrawals. At quence of the resumption of the Metropolior any $2500, The Tuna Valley Bank Will Resume. two 'clock this afternoon Wm. H. Sweeny, tan bank and the action of the clearing house in viol BRADFORD, Pa, May 15. banker, 18 Nassua street, made an assignyesterday. prices rose one-half to four per deeme The Tuna Valley Bank did not open its ment, without preference. The amount incent. The failure of A. W. Dymick & Co. impris doors this forenood. It was a correspondent volved probably is not large. announced shortly after opening, had but than f of the Metropolitan bank of New York, and A Letter From Fisk & Hatch. comparatively little effect on the values. 15. $10,00 the announcement was made to account for Bankers' and Merchants' telegraph stock, in about Late this evening Fisk & Hatch handed the the suspension of the bank, that it was which A. W. Dymick were heavily interested, following to a Associated Press representaaquoit thought best to suspend temporarily. A is offered at 75 against 119 sales yesterday. tive: A sale at 65 seller 52 has just been recorded. promise has been made to depositors that they g his To our depositors and other creditors:will be paid in full. Wall street 10.30-The street is generally LD obligad to d un

3. May 16, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 16, 1884

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At the opening of the Produce Exchange prices fell off and wild rumors of failures were started. Subsequently the market regained what it had lost only to decline, however, on the announcement of further failures in Wall street. The closing was slightly lower than on Wednesday. There was talk at the Exchange of abolishing calls, as has already been done in Chicago. It was the general opinion that this would be done Immediately. THE COTTOCE EXCHANGE. At the Cotton Exchange the market opened firmer, prices being firmer than at Wednesday's close. There was little business done. When the news of thefailure of Fisk & Hatch reached the Exchange the market broke somewhat at the close, May had tallen off 12 points and June 4 points. Some of the others had fallen off one point and others none at all. There were no failures afeither exchange. BOSTON'S BREAKS. NEW YORK, May 15, 11:30 A. M.-A patch from Boston reports the supension of F.A. Hawley & Co., a firm which, although not heavy dealers, were regarded as of good standing. Messrs. Hotchkiss & Burnham are engaged in the work of balancing their accounts and expect to be able to resume business to-morrow morning. BOSTON, May 15, 2 PC M.-Hill, Stanwood & Co., brokers, and Boston correspondents of Goff, Randall & Co., of New York, have suspended. Their liabilities will probably not reach $10,000. The failure is not considered of any significance. It is now said that the deposit account of F. A. Hawley & Co., at the time of their suspension, amounted to $250,000, and that their total liabilities are $500,000- There are rumors that the firm has been speculating, but nothing authentic is yet known. HAWLEY & CO'S FAILURE. BOSTON, May 15, 11 P. M.-H. A. Mandell has been appointed assignee of all the property, accounts and business of F.A Hawley & Co., without preferences. Mr. Hawley, in an interview this afternoon, acknowledged that his failure is a very bad one in that almost everything is gone, and that resumption is impossible. He says that his affairs are somewhat mixed, and it will require several days before any statement of a definite character can be obtained. His liabilities, he believes, will not exceed $150,000. BRADFORD'S EXCITEMENT. BRADFORD, PA., May 15.-The Tuna Valley Bank did not open its doors this morning. It was the correspondent of the Metropolitan Bank of New York, and when the announcement was made of the suspension of that bank it was thought best to suspend temporarily. It is thought that the bank will resume in a few days. A promise has been made to the depositors that they will be paid in full. There was a run on other banks to-day, but all demands were met promptly and the excitement was over by noon. A QUINCY BANK CLOSES. CHICAGO, May 15. A Quincy, III., dispatch says: "The Union Bank of this city failed to open its doors this morning. When the Marine Bank of New York failed, the Union transferred its account to the Metropolitan, and the closing of that bank yesterday IS given as the cause for the suspension. BONDS NOT RUSHED IN FOR REDEMPTION. WASHINGTON, May 15.-Up to noon today but $10,000 of the $10,000,000 worth of bonds called by the Treasury on the 127th call had been presented for redemption. ENGLISH SPECULATORS NOT ALARMED. LONDON, May 15, 10 P. M.-An agent of the Associated Press called upon leading bankers having important American connections with a view to learning their opinions concerning the panic yesterday in Wall street. The feeling generally expressed was one of confidence that the panic should be considered merely a local occurrence. They were positive that it would occasion no failures in London, either inside or outside of the Stock Exchange. The general soundness of the financial situation here is evinced in the fact that there have not been rumors of large failures. The remarkable decline of American securities the last during few days has attracted a new class of investors into the market, who are stimulated also by the cheapness of money in England, Germany and France. One prominent banker said that it was amazing how little real stock was being sold here, but he said the bear sales were immense. The market shows a strong disposition to respond to anything favorable from America. The participation of bank officials in fraudulent schemes was censured. This one thing had done more than anything else to weaken public confidence. TRAVELERS IN ENGLAND ANXIOUS. LONDON, May 15, 7 P. M.-The failures in New York have caused great anxiety and excitement among the Americans residing here and having business connections or interests in the United States. The anxiety is particularly painful among travelers, and many of these have decided suddenly to terminate their trips and to return to America.

4. May 16, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 16, 1884

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matter. FISK & HATCH. Causes of the Suspension of This Famous and Widely-Honored Firm. NEW YORK, May 15.-After 2 o'clock the feeling was generally that the day would pass without any further disasters, and, when at 2:40 it was announced that the widely-known and honored firm of Fisk & Hatch was unable to meet its obligations, there was great surprise and much sorrow. In less than five minutes after the failure was made known from the rostrum of the Stock Exchange, Nassau street, from Pine to Wall street, was filled with an excited crowd, and the space outside the railed inclosure in the large office of the firm was filled with brokers, brokers' clerks and messenger boys, many of them with checks on the firm. No explanation of the cause of the failure was given. "The firm has suspended payments." was the only answer given to the avalanche of questions. 'Will it resume?" was asked by a dozen voices. No one in the outer office was found who was willing to answer the question, and inquiries of members of the firm failed to produce any result. In a short time several detectives came in, and the rooms were slowly cleared of the throng, the heavy iron doors were closed, and a policeman placed on duty at the Nassau street en trance. Only those having urgent business with the firm were afterward admitted. For more than an hour Nassau street in front of the banking house was almost impossible. The general sentiment was one of profound sympathy with the firm. It acted with toward its its failure in all nearly or it have escaped a years and marked when paid succeeding liberality might obligations the creditors by panic paying quite of in in only 1873, full, the small percentage of their face value. Mr. Hatch, the junior member of the firim and president of the Stock Exchange, was seen by a Tribune reporter about ten minutes after the doors of the banking house were closed. He looked much worn and harassed. "I have nothing to say at present," he said in answer to an inquiry as to the cause of the failure, and the condition of the firm. I am so prostrated by the occurrence that I can give no clear idea at present of our condition. We shall prepare a statement as soon as possible. Mr. Fisk only returned from Europe a few days ago, and he therefore knows comparatively little of the details of the business during the time he was away-one year. Fisk & Hatch handed the following notice to an Associated Press reporter: To Our Depositors and Other Creditors. It is with great sorrow that we are obliged to announce to you a our suspension, which has been brought about by longcombination of circumstances. The continued decline in the market price of securities, even the very best, accompanied by a general weakening of confidence in financial matters, together with a heavy drain from depositors, are the principal causes of our unfortunate position. We can only request those having claims against us to extend to us such consideration and indulgence as we may need, and it may be in their power to grant. Very truly, FISK & HATCH. The general opinion seems to be that the failure of the firm was due, in part, to the fact that it had been for years a heavy investor in first-class railroad bonds. paying high prices for them, and their inability to realize on this class of securities without heavy loss was one element of weakness. Several country banks had balances at Fisk & Hatch's Some of those, it was understood. had made heavy drafts on the firm, partly on account of timidity at the financial prospect, and partly to satisfy demands made on them by their depositors. The attempts of Fisk & Hatch to raise cash on their securities were made futile by the peculiar condition of the money market. The decline in prices of government bonds was a serious matter to them. William Lummis, who has become acting president of the Stock Exchange, through the failure of Fisk & Hatch, said: 'The failure will have much less effect upon the street than is it generally supposed. It is unfortunate in that gives another shock to public confidence, but Ido not think it will involve any other house. The firm have few contracts with the Exchange, and there will not be many sales for their account to-morrow." Frederick P. Olcott. president of the Central Trust Company, said, in reply to the Tribune reporter's inquiries: "I know nothing about Fisk & Hatch's affairs. They have een trying to borrow money for a few days. My own opinion in regard to this trouble is that the only way out is for the banks to loan money. The banks should expand. They can do so. It is the easiest thing in the world. Fisk & Hatch had plenty of government bonds. There are lots of banks ready to loan on governments, but the thing is that the day you want them you don't find them."

5. May 16, 1884 New-York Tribune New York, NY
Article from New-York Tribune, May 16, 1884

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SUSPENSION OF FISK & HATCH. THE FAILURE ANNOUNCED AT 2:40 P. M. SURPRISE AND SYMPATHY-A STATEMENT OF THE FIRM. After 2 o'clock the feeling was general that the day would pass without any further disasters, and when at 2:40 it was announced that the widely known and honored firm of Fisk & Hatch was unable to meet its obilgations there was great surprise and much SOFTOW. In less than five minutes after the failure was made known from the rostrum of the Stock Exchange, Nassan-st., from Pine to Wall st. was filled with au excited crowd. The space outside the railed inclosure in the large office of the firm, at No. 5 Nassau-st., was filled with brokers, brokers' clerks and messenger boys, many of them with checks on the firm. No explanation of the cause of the failure was given. "The firm has suspended payment," was the only answer given to an avalanche of questions. Will it resume 9" was asked by a dozen voices. No one in the outer office was found who was willing answer the question. Inquiries for the mema bers of the firm failed to produce any result. In short time several detectives came in and the rooms were slowly cleared of the throng. The heavy iron doors were closed and a policeman placed on duty at the Nassau-st. entrance. Only those having urgent business with the firm were afterward admitted. For more than an hour Nassau-st. in front of the banking house was almost impassable. The general feeling in the street was one of profound sympathy with the firm. It acted with marked liberality toward its creditors in the years succeeding its failure in the panic of 1873, and paid obligations nearly or quite in full that it might have escaped paying with only a small percentage of the face value. A. S. Hatch, the junior member of the firm, and president of the Stock Exchange, was seen by a TRIBUNE reporter about ten minutes after the doors of the banking house were closed. He looked much worn and harassed. "I have nothing to say at present," hesaid, in answer to an inquiry as to the cause of the failure and the condition of the firm. I am so prostrated by the occurrence that I can give no clear idea at present of our condition. We shall prepare a statement as soon as possible." Just before 6 o'clock a TRIBUNE reporter again gained admission to the office. A number of clerks were poring over the books of the firm. Said Harvey Fisk, the senior member of the firm: "My clerk is now copying a draft of a statement we have prepared for the press. You shall have a copy of it in a few minutes." Meanwhile," said the reporter, " can you not tell me something of the assets and liabilities of the firm?" "Not now. not now." replied Mr. Fisk: "all that can make public is in that statement." But can you not tell me within afew millions of dollars what the liabilities are I'' A STATEMENT FROM THE FIRM. Mr. Fisk still courteously insisted that he could add no information to what was contained in the statement of the firm. Chestatement is as follows: OFFICE OF FISK & HATCH, No. 5 NASSAU-ST., } NEW-YORK May 15, 1884. To our Depositors and other Creditors: It is with great sorrow that we are obliged to announce to you our suspension. which has been brought about by a combination of circumstances. The long continued decline in the market prices of securities, even the very best. accompanied by a general weakening of confidence in financial matters. together with a heavy drainage of deposits, are the principal causes of our unfortanate position. We can only request those having claims against extend to us such consideration and indulgence as we may need and it may be in their power to grant. FISK HATCH. Very truly, Mr. Fisk only returned from Europe a few days ago. He therefore knows comparatively little of the details of the business during the time he was away-nearly one year. Mr. Hatch, who has conducted the operations of the firm in his partner's absence, said late in the afternoon: I cannot give any details of our condition. A statement of our actual condition will be prepared just assoon as it can be done. Until that time we must beg the indulgence of our friends." He was asked whether he could not give a fair guess at the assets and liabilities, but replied that it would be useless for him to do this. It would be better to wait for the detailed statement. THE PRESIDENCY OF THE STOCK EXCHANGE. Mr. Hatch uselected president of the Stock Exchange for a second term last week. There was no opposition vote. The failure caused a momentary flutter among the members of the board because it was found that the by-laws made no provision to meet such a contingency. The vice-president is authorized to act in the president's place in case of death. It is understood, however, that Mr. Hatch will resign at once and his letter probably will be read at the meeting of the Governing Committee to-day. An election will be held in a few days. Meanwhile the duties of the office will be performed by Vice-President William Lummis. CAUSES OF THE FAILURE. HOW THE FIRM HAS BEEN AFFECTED BY THE DECLINE IN GOVERNMENT BONDS. The general opinion seemed to be that the failure of the firm was due in part to the fact that it had been for years a heavy investor in first-class railroad bonds, paying high prices for them; and inability to realize on this class of securities without heavy loss was one element of

6. May 16, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, May 16, 1884

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The Fisk-Hatch Suspension. SAN FRANCISCO, May 15.-The suspension to-day of Fisk & Hatch, of New York, created more surprise than any yet announced. This was chiefly due to the fact that the suspenped firm were such heavy dealers in government bonds largely held on this coast; secondly they were the fiscal agents of the Chesapeake & Ohio railroad system, controlled by C. P. Huntington, first vice president of the Central Pacific. The announcement was immediately followed by rumors as to the effect the suspension might have on the railroad interests of this coast. Charles Crocker, president of the Central Pacific Railway company stated emphatically to a representative of the Associated Press that it would have none, that neither the Central nor the Southern Pacific were nor could be involved with the suspended firm. A bank manager who was interviewed said "We are interested but uninvolved spectators of the Wall street troubles."

7. May 16, 1884 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, May 16, 1884

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IN CHICAGO, THE REBOUND. CHICAGO, May 15.-At the opening on 'change this morning there was a violent rebound from the low prices of yesterday, and for the first half hour it appeared as though the depression of yesterday had been completely shaken off. Wheat advanced 3½ cents over the closing prices of yesterday in an incredibly short time. The heat and excitement in the trading pits naturally was very great, and for the first ten minutes there was a struggling and swaying mass of PANIC STRICKEN TRADERS. who were buying and selling large lots of wheat and corn at prices varying fully 1 to 2 cents per bushel. After the lapse of half an hour, there came rumors of bank troubles at Kansas City and Quincy, and similar discouraging rumors from other points, which caused prices to break, and but for which, it was contended, prices would have been carried well beyond the least prices of the day. July wheat rose to 91%, declined to 894. advanced to 901, receded to 90, and closed on change at 90}@90}, or 18@1} over the latest figures on change yesterday. June cloaed at 88g. On afternoon board a further decline occurred, owing to the announcement of THE FISK AND HATCH FAILURE at New York June, closing at 87%, July at 891. Corn was following the course of wheat very closely, July opening at 59 bid, fell off to 581, rallied to 581, closed at 581. On the afternoon board declined, and closed at 58. In provisions the trading was light, and prices closed nominally unchanged. The interest in the New York situation subsided in a large measure, though the rooms of stockbrokers were crowded during the day by people watching the quotations. A FEELING OF RELIEF was shown at the advance of values. The resumption of the Metropolitan bank 8 was the signal for some cheering about d the chamber of commerce, and the sentiment was generally voiced that anything like a general panic was impossible at this time. Surprise and regret, however, were shown on the announcement of the

8. May 16, 1884 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, May 16, 1884

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FISK & Натсн.-Тhе announcement of the suspension of this firm was made in yes terday's GAZETTE. The firm for over twenty years has been prominent in financial circles. They began business in 1862, and soon directed their attention to dealing in government bonds, and in all the loans put out by the government during the war, they took an active part in marketing the bonds. In the funding operations which followed the close of the war they took a leading part. Fisk & Hatch placed the Central Pacific bonds, also the bonds of the branch lines in California. They subsequently placed the Chesapeake and Ohio road bonds. The firm and company were both carried down by the panic of 1873. Fisk & Hatch finally paid 100 cents on the dollar, with interest, and began again. They were carried dow n yesterday by a heavy calling in of loans, large withdrawals of deposits, the great shrinkage in values, and the difficulty of obtaining money even on the best of securities. A New York special dispatch says; The firm has also been closely identified with C. P. Huntington's interests, and had carried for him and his friends large amounts of Central Pacific stocks and bonds. Central Pacific has depreciated some 50 points in the last six months, and the bonds have also gone down. Fisk & Hatch also backed Huntington's Southern Pacific schemes, which have been in a hard way for some time. Added to all this, the firm has been loaded up with a large lot of Chesapeake and Ohio securities, and these, too, have proved a big burden. The enterprise promises to be anything but satisfactory on a declining market. C. P. Huntington was also identified with these schemes. Very large quantities of these various sorts of Chesapeake and Ohio bonds are in the hands of investors, and although two or three are thought to have been gilt-edged, they are no longer considered such. The banks are refusing to take them, and there is trouble all around. The failure threatens a collapse in the Chesapeake and Ohio scheme, and if the collapse should come, it will hit and hurt a larger number of persons than any failure that has yet been recorded, because there are so many subsidy schemes connected under the one name. The great danger is that a large block of government bonds will be sold for the account of Fisk & Hatch under the rule. This will have a tendency to depreciate still further quotations in government bonds, and to shake out blocks of bonds now held by banks as collateral for loans.

9. May 16, 1884 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, May 16, 1884

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MONETARY AND COMMERCIAL. The topic of the week has been the monetary troubles in Wall Street, New York, and the announcement of the suspension of Fisk & Hatch yesterday evening caused a depressed feeling and graver apprehensions. Upon inquiry from the proper sources we find that the failures in New York have in no wise effected our banks or banking institutes whose correspondents there are the most reliable and conservative and business is going on here as usual. The high rates for money in New York attracted foreign capital, and leading English and German institutions telegraphed to their agents to draw on them for any amount. The buying of stocks for home account was also very large, brokers' offices being crowded with investors. The stocks SO bought, were paid for in full and taken out of the street. The Baltimore money market was not effected by the excitement in New York and borrowers were readily supplied upon good collateral. Government bonds were lower yesterday, and Virginia issues of every kind and variety were alike dull, there being no desire apparent on the part of anybody to operate in them and only one lot of consol coupons of 1884 sold at 39. Railroad securities are quiet with small sales of B. & O. at 185. NEW YORK, May 16.-11:25 a. m.-The marke t shows a rally of 1/2 to 21/4 per cent for some share 5, but a few stocks are heavy. New York Centr al is selling at 108 against 110 this morning w) ile Lake Shore is back to 83.

10. May 17, 1884 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, May 17, 1884

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Notes of the Street, Fisk & Hatch kept their office open all day for those desiring to consult the firm, but no business was transacted beyond receiving claims and fixing a basis of settlement. Mr. Fisk said many depositors and other creditors have expressed their entire confidence end notified them that their claims will not be presented. There was some wild talk to-day about closing the stock exchange, but it is treated with ridicule, as no necessity exists for such action, speculatien being in no sense panicy. An old member of the board says the dealings are less flurried than on many occasions when no particular cause existed for excitement. Hardy & Sons' offices are at 10 Wall street. They state their suspension is unaccountable at present. The clearing house committee have loan certificates ready for instant delivery, with the express determination to use them liberally, with the view of relieving without delay any stringency in the money market. Manager Camp, of the clearing house, says the

11. May 17, 1884 New-York Tribune New York, NY
Article from New-York Tribune, May 17, 1884

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NEW-YORK DAILY TRIBUNE, SATURDAY, MAY 17, 1884.-TEN PAGES. use. I am very grateful for the good works said about the seats in front of the paying-teller's window were our firm by the press this morning, and can only ask crop. A GREAT GAIN IN CONFIDENCE that it will say from day to day as little about us as warefilled; but the depositors seemed content to wait possible, until our statement is ready to be published. until their turn came and did notseem over-anxious And now I suppose you want an explanation of the in were Continued from First Page. Newark Savings Institution matter. Our counsel, Mr. Why to get their money. When the women, for here as Boardman, will give you our authorized statement of He ernment or other undoubted securities. Since 1877 at other banks the larger part of the waiters were that matter." subject, "Was It true, as stated by some persons, Mr. Hatch. the old depositors have received several dividends, a be women, reached the cashier's window, they looked to that the failure of your firm was caused by the drop in amounting altogether to 95 per cent. The present rather ashamed, and as though they were sorry that the price of Government bonds and the inability of the officers are Daniel Dodd, president, A. Bishop firm to borrow on good securities except at a ruinous rate they had ever entertained a suspicion about the Baldwin, vice-president; William D. Carter, of interest?" treasurer. There is a Board of Finance, but the exsafety of their money. Mr. Wood said, when Well. I saw that that and other'statements were made, ecutive work of the bank has been almost wholly in on but I prefer to say nothing about that matter at present.' spoken to about the Newark failure: the hands of President Dodd. It was announced prepared We shall have to expect such occurrences for some THE ARRANGEMENT WITH THE NEWARK BANK. late in the day that a statement was being pretime, as the fluctuations of the New-York Money Market Appropared. showing the exact condition of the instituThe following statement was made by Mr. Boardare wide-reaching. Then, this is the beginning of one of priations tion, and that it would be given to the public imthe dull seasons of the year, and we shall have to allow a man for the firm: United longer time for the people who use savings banks to reSome considerable time ago the Newark Savings Instimediately. The feeling in other banks in Newark was a congain their confidence. Fisk & Hatch's failure no doubt changes tution entered into an agreement with Fisk & Hatch, one fident and cheerful one. It was the general opinion induced that of the Newark Bank. but I do not know of a It of the provisions of which was that the firm might use prosingle bank in this city which has dealings with them. If that none of these banks could be affected except in from time to time such Government bonds as the Savreceive It is found hereafter that the firm did borrow money on the weakening of public confidence. At all the ings Institution left with them. provided at the time they their securities, it means nothing more than that the Southbanks the usual business was being quietly conused any of said bonds they substituted other bonds or banks have more money invested in Government bonds securities of equal value. Pursuant to the arrangement, ducted. Cashier Rockwod, of the Newark Banking than they did before; for savings banks, since the laws and with the knowledge and approval of the officers of ColumCompany, said the suspension would only be the of 1875, have been extremely careful in their investthe Savings Institution, the firm from time to time used means of drawing money out of the other savings ments and won't burden themselves with any other securdifornia, certain of said Government bonds, hypothecating them itles than those which bave as much actual value as a banks, which they would be glad to spare just now Eastern for loans, always, however, substituting in place of the United States legal-tender note. Our last statement to since they would get rid of the payment of six bonds so used other bonds or securities of equal value. As ouisiana the authorities in Albany was as follows: months' interest. soon as it seemed probable that the firm must suspend VerBOWERY SAVINGS BANK, January 1, 1884. VALUE OF THE SECURITIES. payment. they sent for Daniel Dodd, the president of Assets. Florida, the Savings Institution. and transferred to him the bal$150,000.00 The securities obtained by President Dodd from Banking House and Lot ance of the Government bonds remaining in their hands, Par value. MissisStock, viz. belonging to the institution. and also the bonds and other Fisk & Hatch, it was ascertained by a TRIBUNE 21,143,000 0 United States a paid 422,000.00 securities substituted for the Govermment bonds used State of New.York reporter last evening, have an estimated value of 135,000.00 allowed by the firm pursuant to the agreement above mentioned. Ohio 534,000.00 These bonds andother securities are of the full value of all $2,300,000 altogether, the estimate for some of Connecticut the of 10,000 00 the Government bonds deposited by the Savings InstituRhode Island 389,600.00 them being fifteen cents on the dollar. The obthe Maine tion with the firm, and the depositors need lose nothing in 177,600.00 New-Hampshire consequence of these transactions. lowances ligation of Fisk & Hatch to the bank 21,000 00 Kansas Fisk & Hatch had in their vaults for safe keeping 450,000.00 consists mainly of $855,000 of Government bonds Missouri. negotiable securities amounting to over $5,000,000, the 10,000 00 Eastern carried on the book accounts, for which the interest Michigan 233,000 € greater part of which they have delivered to the owners KenIndiana was due and had not been paid. A possible appre757,000.00 and they stand ready to deliver the balance to the Massachusetts each: ciation of some of the $2,300,000 of securities may 50,000.00 owners on demand. They have not in any case reMaryland Missouri, 3,834,500 00 reduce the apparent loss to the bank, and enable hypothecated any securities upon which they have made City of New.York ouisiana, 1,775,000 loans to secure a larger sum of money than the amount Brooklyn the receiver to pay eighty-five or ninety per cent to New125,000.00 Poughkeepsie loaned by their, so that any one to whom the firm has 432,000.00 Nevada, County of Kings loaned money can obtain his collaterals by paying the 9,103,778.00 depositors. The arrangement for the custody and use of the Southern Bonds and Mortgages amount due to the firm thereon. All the securities which 1,786,950.00 bank's Government securities grew out of the transStates Loans on Stock (U. S. Bonds as collateral) 674,312 17 have been bought for customers and paid for will be a $3,000 actions of the bank and the firm in Chesapeake and Deposit in Banks and Trust Companies delivered to the owners on demand, and a large part of the of Cash in Vaults Ohio bonds. After the bank had resumed operasuch securities have already been so delivered. District tions under the supervision of the Court of Chan$42,970.215 of the From a trustworthy source it was learned that 40,222,969 55 cery the Chesapeake and Ohio bonds appreciated The Liabilities to Depositors exfees largely ID value and blocks of thebonds held by the the Newark Savings Institution had on deposit with one $2,747,245 Surplus bank were sold. An agreement was made by Fisk & courts Fisk & Hatch $800,000 on account. This was Hatch with the bank to take the large balance of OTHER BANKS DECLARE THEIR SOLVENCY. apacities irrespective of the bond transaction explained by the bonds left. and this enabled the bank to pay The East River Bank in Chamber-st., the Union the counsel for the firm. dividends to the old depositors.. The bonds depreDime Savings Bank and the Greenwich Bank* in ciated and were left on the hands of the firm. This President Oscar D. Baldwin, of the Fourth NaSixth-ave., all had a larger number of persons call fact, it is believed, induced the bank managers to tional Bank, said: Charles afford the first undue accommodation to the firm upon them to draw money than they do in ordinary Fisk & Hatch had a balance with us. Checks drawn in the substitution for certain lines of lowerleademy, times; but there was no excitement at either of by them on us previous to their suspension were paid." priced Governmentsfor those belonging to the bank LieuAn official of a prominent banking institution them. Everything flowed along in its customary intrusted to the care of the firm, and finally T. R. channel, as though Wall-st. not. The close of in permitting or not objecting to the temporary said: Fullam, the Newark Bank had considerable influence in substitution of railroad and other similar securiAll checks drawn by Fisk & Hatch previous to their D. increasing the number of people who stood in line ties. The statement of the receiver will probably suspension on banks where they had balances were at the Seaman's Bank in Wall-st., but they were be made to-day. It is understood that as all the Naval settled for at the Clearing House this morning by the remet with their money as fast as they appeared and spective banks on which they were drawn. This could deposits are. by the law, special, to be invested only Surgeon President Macy smiled benignly upon them from readily be done, as the firm had funds standing to its in undoubted securities. there will not be shown in credit in several banks and none of these deposits had his private office. the statement any shrinkage of values. President Mass. been attached by creditors of the firm. I have heard The Citizen's, the Emigrant Industral, the GerDodd left the city last evening for Perth Amboy. nothing of the condition of the firm. It will probably be "deman, the Franklin and the smaller savings banks several days before a detailed statement can be made." t, accounts. have really been affected less than their great comCONDITION OF NEW-YORK SAVINGS BANKS. comMR. HATCH'S RESIGNATION ACCEPTED. petitors. There have been runs on them all; but PowNOT so GREAT A RUN UPON THEM YESTERDAYthe depositors have been met by so many evidences At a meeting of the Governing Committee of the been EFFECT OF THE NEWARK FAILURE. of solvency that they have been reassured and in at duty Stock Exchange yesterday the resignation of A. S. many instances have gone away from the bank fordetached The savings banks accepted Thursday's warnings Hatch, of Fisk & Hatch, who was last week getting all about the resolutions which took them to the yesterday with a good will, and when their deposthere. elected president for the second time, wasaccepted. itors appeared before the paying-tellers' windows A new election will be held a week from Monday. ALL SERENE AT THE METROPOLITAN. they were met by the reassuring faces of those In the meantime Vice-President Lummis will dis1884. At the Metropolitan Bank matters were in an functionaries, who accepted their books with a charge the duties of the vacant office. The usual of exceedingly quiescent state yesterday. It was exsmile and closed their accounts without interest. standing committees were announced for the year. of pected that the arrival of drafts from other cities There were long line of depositors waiting in all utionary Besides these matters nothing was done, except would strain the capacity of the bank, but such the banks during business hours, but there was no to discuss the question of disciplining Russell was the perfection of the arrangements that no owering, excitement manifest. There was none of that wild Sage on account of his delay in receiving stocks difficulty of this kind was experienced. It was not providrush for the windows which usually characterizes in accordance with the terms of his privileges. soldiers learned to what extent the bank had drawn upon After the meeting several members of the commitruns, and as the depositors were paid their money of War tee went to the office of Fisk & Hatch, where they the Clearing House for the loan certificates pronumthey seemed almost regretful when they placed it remained for some time. When asked about the urging vided to meet emergencies, and no statement was in their wallets. This was in the early part of the meaning of the conference, D. C. Hays, treasurer of made for publication of the business done by the day. It was not until nearly 3 o'clock that the the Stock Exchange, said: ney-Genbank during the day. There was an absence of all It was to learn from Mr. Hatch the truth of news of the failure of the Newark Savings Bank that the rumors that the firm had used improperly securities Brookexcitement in the institution and nothing. either was carried uptown. Then the newspapers were intrusted to it by the suspended bank at Newark. We within or without, to recall the exciting scenes of bought and read eagerly. and the word "Savings" were assured by Mr. Hatch that the exchange of securiwell ties was made under a contract with the officers of the Wednesday. Mr. Seney spent the day 10 his office seemed to act upon the crowds like an intoxicant. resibank and with their full knowledge and consent. Whatand President Jaques at the desk. It was stated afterPeople came to the banks from all parts of the city ever we may think of the prudence of the bank officers, by one of the bank officers that. in all probability, queen we are thoroughly satisfied that the firm has acted only only to find the formidablel-ooking doors closedthe personal embarassment of Mr. Seney would be She in the most honorable and straightforward way. to Bosfor it was after banking hours. overcome without serious difficulty.

12. May 17, 1884 The State Journal Harrisburg, PA
Article from The State Journal, May 17, 1884

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THE BULLS AND THE BEARS. THE FORMER SEEMINGLY RECOVERING THEIR GROUND. Another Day of Excitement and Turmoil in the New York Stock Exchange-The Metropolitan Bank Paying OutAnxious Americans in LondonFisk & Hatch Suspend-&c.

13. May 20, 1884 The Sedalia Weekly Bazoo Sedalia, MO
Article from The Sedalia Weekly Bazoo, May 20, 1884

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upon?" No. sir, nothing of that kind has been or will be done now. We shall not make an assignment unless satisfied we cannot go on or settle our business satisfactorily without it." "What are your liabilities?" "We cannot tell exactly, in the neighborhood of $3,000,000." How much are your assets worth?" "They will be more than that. We shall pav every dollar, I now think." "Is there any truth in the rumor that Sen y unloaded Cleveland, Youngstown and Pittsburg bonds on you?" "Not a word of truth. President Seney has unloaded nothing on us at any time." "What has been the character of your securities? "They have been such as would commend themselves to the conservative judgment. The greatest shrinkage in their value has been in some railroad bonds upon which we made advances." "Cleveland, Youngstown & Pittsburg?" "These and some others." "How much was your deposit in the Metropolitan?" "It was a good deal larger than we could have wished Can you not resume now that the Metropolitan has done so? That is what we are trying to find out ; we shall know to-morrow. It is understood that you have been offered $200,000 to help you out Yes, S. B. Elkins offered that but that would have been a drop in the bucket; we were offered several hundred thousand dollars by cable, but We must see where we stand first. An attache of the firm told the reporter that matters had gone SO far that resumption would be impossible; the $200,000 offered by S. B. Elkins was made in good faith, and may lead to the re-establishment of the concern under a new name. The members of the firm are MISSOURIANS. Robert W. Donnell, the head of the concern, was formerly a merchant of St. Joseph, where he is a large stockholder in in the Savings' bank. He is also a partner in the banking firm of Donnell, Clark & Larabie, of Deer Lodge, Montana, the second member of which is a millionaire. Lawson and Donnell married sisters. The former was a lawyer at Boonville, Mo. He is a member of the Union League and Manhattan Club Simpson lives in Orange, N. J. He formerly resided in Kansas City. THE LOANS OF THE HOUSE were all passed upon by him. The banking house was besieged all day with messengers and clerks copying notices and persons calling to have signatures identitied. Hotehkiss, of the firm of HOTCHKISS, BURNAM & COMPANY say that they would resume. It was only a question of time. They were hard at work straightening out their affairs and had get sufficiently far to prove they could pay overy dollar they owed the office of O. M. Bogart & company remained cleared. Yesterday the assignee began to his examination into the condition of affairs. but late in the afternoon he was not able to give any information settlements of balances at the clearing house between associated banks were accomplished without trouble. The Metropolitan bank received an issue of about $2,000,000 on loan certificates. The Second National bank applied for $6,000,000, the total amount issued to five banks is $5,000,000. Wm. A. Camp, MANVGER OF THE CLEARING HOUSE spoke encouragingly of the situation. With regard to particulars of the failure of Fisk & Hatch he said "I am certain it can in no way affect the banks." The Second National bank opened its doors and began to pay checks yesterday morning. During the day there were many deposits, the total of these being larger than that paid out. The assignee of A. W. Dimmick & C., says their liabilities are large but he expected the firm to resume. Soon after 2 o'clock the feeling was general that the day would pass WITHOUT ANY FURTHER DISASTERS, and when at 2:40 it was announced that Fisk & Aateh were unable to meet their obligations. there was great surprise and much sorrow. No explanation of the failure was given. "The firm bas suspended payment," was the answer given to the avalanche of questions. For more than an hour Nassau street in front of the banking house was almost impassible. Fisk & Hatch handed th following notice to an Associated Press representatives. TO OUR DEPOSITORS. and other creditors. It is with great sorrow we are obliged to announce to you our suspension, which has been brought about by a combination of circumstances, the long continued decline in the market price of securities, even the very best, accompanied by a general weakening of confidence in financial matters, together with a heavy drainage of deposits, are the principal causes of our unfortunate position. We can only request those having claims against us to extend to us such consideration and indulgence as we may need and it may be in their power to grant. FISK & HATCH. [Signed.] WM. LUMMIS, who has become acting president of the Stock Exchange through "the failure of Fisk & Hatch, said the failure will have much less effect in the street than is gen.

14. May 22, 1884 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, May 22, 1884

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in Wall street. The announce prevail of the failure is thus graphically reported ment by the New York Herald: little after 2 30 o'cleck in the chair- afterA three ominous raps of the of noon gavel sounded from the rostrum there man's Stock Exchange. Instantly floor, the hush upon the the and was the a brokers crowded to of The stereotyped language front. "regret inability to meet engagements" showing their listening ears, There fell upon another firm had auccumbed. the that sound until the signature to Then note-"Fisk was no & Hatoh"-was read. long shout of surprise and dismay crowd one through the room and the seemed rang rush for the doors. It man was trying to made if every a street get they out. Through as the doors on Broad of New and along the sidewalks "Fisk & rush the ury was repeated, I' The market was not 80 the suspension as street Hatch affected by might the much have firm been expected, for it was known not a "stock house," and probably was carrying few if any railroad stocks. the was than a minute from the time In announcement less was made a crowd firm had gathered in front of the office of the No. 5 Nassau street and a dozen per- at at were making anxious inquiries : the ons counters. Mr. Hatch, in reply. so all inquiries, said, wearily Pray don't ask me any questions just now." few minutes later the iron doora have were A and only those known to closed business with the house were admited. The New York Times says regarding the question of liabilities : A gentleman familiar with the affairs of firm admitted that calls for money the had the been made during the day which firm could not meet. The calls, he said, amounted to several hundred thousand dollars. It was said that the full extent not the concern's liabilities were of known even to the members of the firm. At 10.30 last night the handsomely office of Fisk & Hatch was with light. Busy olerks turnished brilliant between rushed their around with pen-holders teeth and turned over the leaves of Hig canvas-covered books. Passers-by on their in to the ferry stopped and looked inway the windows. A policeman kept at &way from a bolted sheet-iron the quirers In Mr. Hatch's private office two ooor. partners glanced over files of corre- Fisk spondence and wrote letters. Mr. said to a Times reporter : "We shall positively not be able to make any statement are to-night. You can see how busily we have at work, and by to-morrow we may something definite. Beyond what is con- to tained in our cironlar I have nothing me BAY. We don't want any guess wor "Have you aay idea youraelf ?" of extent of the firm's liabilities Well, that's what the lawyers ald a leading question, and I meat ie call cline to answer. Matters are not 1u a condition to admit of my doing eo." The following circular W&R issued by Fisk & Hatch last evening to their depositors and other creditors It is with great sorrow that we are obliged which announce to you our suspension, of to has been brought about by a combination circumstances. The long-continued decline in the market of securities, even the very best, ac by a general a in financial matters, prices dence companied weakening together of principal with confiheavy drainage of deposits, are the causes of our unfortunate position. We can only request those having claims us to extend to us such as we may need and against indulgence consideration and it may be in their power to grant. At the Windsor last night the story was everywhere current thato of the immediate causes leading to the suspension of Fish & Hatch grew out of a transaction on Wednesday between the firm and a bank doing a large business in government boads. It was said that on the day mentioned the bank purchased about $50,000 of bonds from the firm, tendering certified check in payment. When this to Mr. Hatch he stating that in times was receive it, shown declined like the to present he would only accept greenbacks, whereupon the transaction was canceled The bank officer informed Mr. Hatch that the if he was not prepared to accept check his firm had better enspend. to the story the firm had a in loau According of $400,000 Government yesterday bonds from the same bank, which was called and the firm, not raise the to meet the in, money demand,were being able the to obliged to suspend. An effort to see official of the bank by whom both transwere said to have been managed but the story was was actions un&vailing, the facts generally accepted as correct and 88 largely instrumental in causing the sus. pension.

15. May 22, 1884 The Austin Weekly Statesman Austin, TX
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before 3, the closing change, but the effect was instantaneous depression. On the announcement of the failure a rush of operators was made to the office of the firm, and anxious inquiries were made by brokers as to how the firm stood. Fisk was seen by an associated press reporter, but refused to say anything. The doors closed, and the crowd outside increased. The suspension was so unexpected that its effects became more than doubled, and the street again was excited, brokers rushing around wildly, while the situation again assumed a troubled aspect. SUPPOSED TEXAS LOSSES. ST.LOUIS, May 15.-The situation here is practically unchanged. Bankers and business men generally have no apprehensions for the future. Much satisfaction is expressed at the resumption of theMetropolitan bank,and while little uneasiness was produced by the suspension of Fisk & Hatch, a very slight flurry was created by the temporary trouble at Kansas City. Still the general opinion is that nothing serious will result. Outside of New York considerable attention is attracted, however, to Donnell, Lawson & Simpson, and there is a considerable desire to know the condition of that firm, and what its future action will be. It has intimate relations with, and is correspondent of nearly 100 banks in Missouri, some 60 in Kansas and 30 or 40 in Texas, and has numerous connections in all the extreme western states and territories It is not known, of course, to what extent they are involved in this direcS tion, but their indebtedness to west ern bankers may run into millions L. W. Stephens, of Booneville, one o the most prominent bankers in the in terior of Missouri, estimates, in cas of a complete failure of the firm, the loss to Missouri be fully half a mil S lion. It is also fear the loss to Tex e as bankers will be heavy. A dispatel 0 from St. Joe says attachments hav been laid on Donnell's property in e that city to the amount of $60,000

16. June 3, 1884 Daily Republican Wilmington, DE
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Jerseys Bought for Cost. Worth $4.50, now $2.90, at Russell's. The Suspended Ban Ms. Fisk & Hatch, of New York, resumed business on Monday. The directors of the Mexican Central Railroad, at a meeting in Boston, on Monday, appointed a committee to consider the advisability of funding the July coupons. D. W. Middleton, of the suspended banking firm of Middleton & Company, of Washington, said on Monday that he thoughttberrors liabilities would not exceed $200,000 The suspension, he added, " was the result of bad loans and the steady withdrawal of deposits for three weeks past." There was a run.on the National Savings Bank in Washington on Monday, but all demands were met. President Riddle, of the defunct Penn Bank of Pittsburg, made a long "statement" on Monday morning. He gives details of the oil speculations in which he was involved, and asserts that he acted with the knowledge of the leading directorsofthebank. The sole purpose of his schettes, he declares, was the profit of the bank In concluding, he charges that, on Thesday last, two of the directors wen to his bedside when he was "unfit," and "had him sign a judgment to secure them for $90,000, transferring his colatteral to the directors.or his individual security for the indorsement, while intended all these collaterals tue use of depositors." The directors lin. plicated by Riddle's statement indig. nantly deny the allegations made," but Riddle claims that the books now in the assignee's hands will corroborate h is assertions

17. June 3, 1884 The Dallas Daily Herald Dallas, TX
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IN GENERAL. A Fierce Fight on the Stock Exchange Floor. A Serious Insurrection Threatening In Mexico. And Other Tales of the Telegraph. Tone of the Stock Market NEW YORK, June 2.-Governments irregular. Railroads strong. State securities quiet. The Stock exchange opened for business at 11 o'clock to-day. Before opening the streets were flooded with reports concerning Reading. It was stated the company was unable to meet the interest on its consol mortgage bonds due to-day: that the dividends on the JerBey Central stock would be passed and that application for a receiver for the Reading company would be made. It was also sttated that considerable St. Paul and Erie new seconds and other securities would be sold out for the account of Jere Milbank and J. G. Mills. Consequently the street was prepared for a lower market at the opening and was notdisappointed in this report. In the early trading the bears madea sharp attack on values and extended their lines materially. Prices dropped 1.4 to 41 4 per cent. Later-Reading broke to 22, Lackawann sold;down 3, Jersey Central 3 1 4, Pacific Mail 2 1-2, St. Paul 2 1-2, Louisville & Nashville 2 1.2, Union Pacific 2, and the remainder of the list declined 1-2 to 1 per cent. Subsequently it was announced from Philadelphia that A. J. Drizel & Co. were buying at par the interest coupons of the Reading consolidated mortgage and simultaneously it became known that the Jersey Central dividend was being paid at the company's office. At this time it was also stated that the New York Central directors would this week déclare the usual quarterly dividend of 2 per cent , and owing to the institution of certain economies, the earnings of the roads would be much better than heretofore expected by the street. It was further stated, that the Western Union directors would convene on the 11th and declare a regular quarterly dividend. and that a statement to be presented would be very favorable. The shorts then attempted to cover, but found the floating supply of stock smaller than expected. Prices rose rapidly 1-2 to 538 per cent., the later for Union Pacific, which rose to 47 18. In the alternoon the resumption of Fisk & Hatch was announced at the ex. change, and this had 8. huovant fect. Near the close there were 88188 to realize and prices reacted 1.4 to 1 1-2, except for Missouri Pacific, which continued strong and in demand. Reading, however, was weaker and fell off to 23 on appointment of receivers. Compared with Saturday's closing prices are 1-2 to 3 3.8 per cent. higher, except for Reading, which was 314, and Louisvile & Nashville, 1 1-4 lower.

18. June 3, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 3, 1884

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FINANCIAL AND COMMERCIAL MONEY AND SECURITIES. The Stock Market Closes Higher, Except Reading and Louisville & Nashville. NEW YORK, June 2.-Money easy at 2 per cent.; closing offered at 2 per cent. Prime mercantile paper, 5@6 per cent. Sterling exchange steady; sixty days, 483 1-2; sight, 485 1-4. Government bonds were irregular. Railway bonds were strong. State securities were quiet. South Carolina rown consols sold at 105 7-8. The Stock Exchange opened for business at 11 o'clock to-day. Before the opening the street was flooded with reports concerning Reading. It was stated that the company was unable to meet the interest on its consolidated mortgage bonds due to-day, that the dividend on Jersey Central stock would be passed, and that an application for a receiver for the Reading company would be made to-day. It was also stated that considerable St. Paul and Erie new seconds and other securities would be sold ont for account of Jere Millbanks and J. G. Mills, consequently the street was prepared for a lower market at the opening, and was not disappointed in this respect. In early trading the bears made a sharp attack on values and extended their lines materially, and prices dropped 1-2 to 1-4 per cent., the latter on Reading, which broke to 22. Lackawanna sold down 3, to 100; Jersey Central 3-1-2, to 52 1-2; Pacific Mail 21-2, to 30 3-4: St. Paul 214, to 72; Louisville & Nashville 1-2, to 34 3-4; Union Pacific 2, to 42, and the remainder of the list declined 1-2 to 1 per cent. It was subsequently announced from Philadelphia, that A. J. Drexel & Co. were buying at par the coupons of the Reading consolidated mortgage, and simultaneously it became known that the Jersey Central dividend was being paid at the company's office. At this time it was also stated that the New York Central directors would this week declare a quarterly dividend of 2 per cent. It was further stated that the Western Union directors would meet on the 11th inst. and declare the regular quarterly dividend, and that the statement to be presented would be very favorable. The shorts then attempted to cover, and found the floating supply of stock smaller than was expected. Prices rose rapidly 1-2 to 3-8 per cent., the latter. Union Pacific, which rose to 47 1-8. In the afternoon the resumption of Fisk & Hatch was announced at the Stock Exchange, and this had a buoyant effect. Near the close there were sales to realize, and prices reacted 1-4 to 1-2 per cent., except for Missouri Pacific, which continued strong and in demand. Reading, however, was weaker, and fell off to 23 on the appointment of receivers. Compared with Saturday the closing prices are 1-2 to 33-8 per cent. higher, except for Reading, which is 314 per cent., and Louisville & Nashville, 1 1-2 lower. American Cable rose 3-4 per cent.: to 50 1-2: Oregon Improvement 2, to 15; Pullman Palace 1, to 103 1-2; West Point Terminal 1, to 21; Manitoba 2, to 90; St. Louis & San Francisco preferred 1. to 37; Long Island 2 1-4, to 60 3-4, and Memphis & Charleston 4, to 29. Transactions. 455,000 shares, to-wit: Delaware & Hudson, 56,000; Hannibal & St. Joseph, 5,000; Lake Shore, 11,000; Louisville & Nashville, 11,000; Missouri Pacific, 48,000; Northwestern, 19,000: New York Central, 14,000; Pacific Mail, 9,000; Philadelphia & Reading, 46,000; Milwaukee & St. Paul, 66,000; Texas Pacific, 9,000; Union Pacific, 69,000; Western Union. 46,000; Northern Pacific, 8,000, and Oregon & Transcontinental, 10,000,

19. June 3, 1884 New-York Tribune New York, NY
Article from New-York Tribune, June 3, 1884

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FISK & HATCH RESUME PAYMENT. The firm of Fisk & Hatch, which suspended in the midst of the recent flurry in Wall Street, resumed payment yesterday. The notice sent to the Stock Exchange was read shortly before 2 o'clock and received with cheers. The circular letter which the firm sent to its correspondents is as follows: To our Customers and Correspondents: We take very great pleasure in announcing that we have this day resumed business. We are sure that you will all share with us the satisfaction we feel in making this announcement. We would express to our depositors our grateful appreciation of the forbearance which they have shown, and thank them for the implicit trust which they have manifested. We cannot let this opportunity pass without expressing our sincere thanks to our many friends throughout the country who have extended to us the warm hand of friendship and the expression of their sympathy and confidence. Our business reopens at our old address, and we shall be glad to continue, as heretofore, the relations with our customers, correspondents and depositors which have proved so satisfactory to us in FISK & HATCH. the past. Very truly. The announcement in Newark that Fisk & Hatch had resumed gave great satifaction, and confidence was everywhere expressed that the promise of the receiver of the Savings Institution would be made good, and the depositors be paid dollar for dollar. Treasurer Carter, of the Savings Bank, said in reply to a question that he knew nothing of the details of the statement, and he could not say when the depositors would be paid. It was understood early in the evening that the details of the settlement of Fisk & Hatch with the bank had not yet been communicated to Chancellor Runyon. The Chancellor has notas yet given any indications of his purpose regarding the continuance of the bank. A petition has been circulated and largely signed for a reorganization of the bank with a new set of managers, and it is thought the Chancellor will favor the object of the petition.

20. June 3, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, June 3, 1884

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MARKETS. New York Stock Market. NEW YORK, June 2.-Governments ifter plar. Railroads) strong. State securities quiet. Stock exchange opened for business at 11 to-day. Before opening the street was flooded with reports vencerning. Le was stated the company pay the interest on its consolidated mortgage bonds due that dividend of Jersey (tonoral stch would be passed and application for receiver Heading would It was also see that considerable St. Paul and Srie new seconds And other securities would be sold out for the acc ount of Jere Millbank and J. G. Mills, consequentis the street was prepared for a lower may ket at the opening, and they were rofulsa pointed in this respect, for in the early tradIng the beacs made sharp attachs. OM values, and extended their lines materially and priced droped y. to per cent, but fater Reading broke to 22, and Lackawanna sold down three points: Jersey Central, Pacife Mail, & 25% Union Cadina seconds remainder eque list declared tol per cont., and it was subsexuently announced from Philadelphia that A.J. Drexel & Co. were buying at par laterest coupons of the Reading Consolidated mortgage, and simultaneously it became known that the Jersey Central dividend was being paid at the company's office at this time. It was nteu stated the New York Central directors. would this week deelare the trankl quarterly dividend or 2 per: cent. IGwing to the institution o certain economics the earning of the road would be much betor than heretofore EX pected D3 the street. It is further stated the Western Union directors would convene on the 11th Instant and declare a regular guar. terly dividend and/hat the statement to be presented would be very favorable. Shorts then attempted to lower, but found the floating supply of stock much larger tean they expected. Pricesro.e rapidly from to5% per vent., the latter In Union Pacific, which rose to 17½ In the aflernoonthe resumption of Fisk & Hatch was announced at the exchange and this had a buoyant effect, near the close were sales to realize and prices ached 4@ 136, except for Missouri Paciffe, which COL I tinued strong and in demand. Reading Hows ever, was weaker and fell off to 23on the ap pointment of a receiver. Compared with Smi urday closing prices are X@8M per cent higher except for Reading 854. and Louisville and N lower. NEW YORK, June Money 2, closed of fored 2: prime mercantile paper, 5@6: sterHng exchange B. B, stemly at sight 183% BONDS.

21. June 6, 1884 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, June 6, 1884

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Fisk & Match Resume Business. Fisk & Hatch have just notified the Stock Exchange of their resumption of business. A Newport despatch says that Mr. Hatch was there in the early part of the week, and made arrangements to raise a large amount of money from Allred Smith, the real estate king, who had a heavy deposit at Fisk & Hatch's when they suspended. He is reported to have loaned them 8 quarter of a million to assist them to begin again. Some Newport banks have loaned money on securities offered by Fisk & Hatch

22. July 10, 1884 River Falls Journal River Falls, WI
Article from River Falls Journal, July 10, 1884

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A Bank President Kneels and Weeps. A New York paper says that President Daniel Dodd of the Newark Savings Institution has been so nervous and worried since the bank failed that dark circles have appeared under his deep set eyes and additional lines of care are seen on his sallow face. He is restless by day and night, and his friends say that the preparation of his answer to the allegations of contempt of the New Jersey court of chancery is a great strain on his mind. The manager of the bank cast all the blame for the failure on Dodd. A story is told in Newark that on the day Fisk & Hatch suspended they notified President Dodd that they had used the bank's money and cash. Mr. Dodd's face blanched and he came to this city. In the office of Fisk & Hatch, according to the story, Dodd fell upon his knees and with tears streaming down his cheeks implored Mr. Fisk and Mr. Hatch to give him en ough securities to save him from eternal ruin and disgrace. A large batch of securities of different kinds ere-packed into & stout satchel, which was handcuffed to the arm of President Dodd's son, who is employed in Fisk & Hatch's office, and a clerk of the firm entered the carriage with President Dodd and his son. The party drove rapidly to Newark, the securities were locked in the vaults of the bank and then Chancellor Runyon was notified that the bank was in trouble. Then came the crash and the discovery.

23. August 15, 1884 The Warner Weekly Sun Warner, SD
Article from The Warner Weekly Sun, August 15, 1884

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A Bank President Kneels and Weeps. A New York paper says that President Daniel Dodd of the Newark Savings Institution has been so nervous and worried since the bank failed that dark circles have appeared under his deep set eyes and additional lines of care are seen on his sallow face. He is restless by day and night, and his friends say that the preparation of his answer to the allegations of contempt of the New Jersey court of chancery is a great strain on his mind. The manager of the bank cast all the blame for the failure on Dodd. A story is told in Newark that on the day Fisk & Hatch suspended they notified President Dodd that they had used the bank's money and cash. Mr. Dodd's face blanched and he came to this city. In the office of Fisk & Hatch, according to the story, Dodd fell upon his knees and with tears streaming down his cheeks implored Mr. Fisk and Mr. Hatch to give him en ough securities to save him from eternal ruin and disgrace. A large batch of securities of different kinds were packed into a stout satchel, which was handcuffed to the arm of President Dodd's son, who is employed in Fisk & Hatch's office, and a clerk of the firm entered the carriage with President Dodd and his son. The party drove rapidly to Newark, the securities were locked in the vaults of the bank and then Chancellor Runyon was notified that the bank was in trouble. Then came the crash and the discovery.

24. February 27, 1885 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, February 27, 1885

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As to the question whether the United States needs a navy or not, the New York Evening Telegram says: "We want a navy, but we do not want to have any use for it. As the world is now constitut ed, however, it is better to have a navy when we don't need it, than not to have one when we do need it," which is a very neat way of putting the whole matter into a nutshell. The Washington correspondent of the Christian Union says: "Senator Elmunds tells his friends that he is seriously thinking of retiring from the Senate when his term expires, two years hence. He has grown old within the past three years, and thinks of taking a long rest and trip to Europe. His Vermont constituents have long ago repented of their little burst of anger at the luke-warm disposttion he showed toward Mr. Blaine's election, and are now writing him by scores, begging that he will remain in the Senate." The admissions made in Parliament by the English ministers, and the news that the English troops are retreating to Korti, and will probably be withdrawn further down the Nile, amount to an announcement that Gen. Wolseley's campaign is an utter failure. He is himself, it is said, about returning to Cairo, and if his army gets away without serious disaster, it will be lucky. The baby's epitaph, "since I am so quickly done for, I wonder what I was begun for" will answer for the motto of his campaign. It is stated that the well-known banking-house of Fisk & Hatch, of New York, is about to go out of business. It was established in 1862, and has been a leading house for twenty-three years. It has twice suspended-the last suspension being a few months since. Connected with that were indications of a want of entire harmony between the partners; and to that and to impaired public confidence is doubtless due the present decision. It is reported that Mr. Fisk, with one or two of his sons, will organize a firm to succeed the old one.