The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-16
Statement from Fisk & Hatch Explaining
the Causes of Their SuspensiOn-CO
ditiOn of Other Broken Firms.
Wide Extent of Donnell, Lawson 4
Simpsons Financial Dealings.
The Liabilities of Grant & Ward Found To
Be More Than Fourteen Million Dol
lars-Effects Of the Panic.
AT THE STOCK EXCHANGE.
Returning Confidence Rudely Shaken by the
Failure of Fisk s Hatch.


Failure of Fisk s. Hatch.
New YORK, MAY 15-The floor of the Ex-
change had more than its usual complement of
buyers, and by $50 crowd of operators had
gathered in knots, waiting the signal to COM
mence the days business. Just as the clock
marked 10 Chairman Mitchell gave three rapid
strokes with his gavel, and in an instant the
pent-up excitement of the brokers gave vent in
howl, and five hundred hands were lifted in the
air, and the various pools formed in which the
different stocks dealt in. Ere five minutes had
elapsed the gavel was again heard amid the din
and the announcement made that Dimick
& Co.. of the United Bank had suspended
Dimck is president of the Bankers and Mer-
chants Telegraph Company.
1920 A. M.-The street is gradually filing up
with gaping crowds. On each of the streets on
which the Exchange faces multitude of sight
seers has gathered who look at the building
if they could gain an insight into the busy scene
being enacted within its walls On nearly every
corner within four blocks of the center of opera
tions knots of men are in earnest consultation
and passers-by can hear various comments on
the state of affairs. A majority of expressions
of opinion take favorable view of the situation
and such phrases as: ''The worst is now over"
'The banks are all right" "Jay Gould won't let
the market break" are heard amid the din.
During the first hour of business only one fail
ure was announced, and this did not involve any
other firms. Confidence is being gradually re-
stored, and among financiers fewer anxious faces
are met. 1t seems generally accepted that the
worst is over, and many capitalists are begin
ming 10 discuss the question as to whether now
is not time for a rise. Some few are buying,
and this fact relieves the situation of its most
dangerous elements, namely, Withholding capital
from the market.
At 1915 p NJ. the Metropolitan Bank resumed,
paying all depositors presenting checks. Even
before the hour named for resumption, the pay
ing tCller opened the window, and the first man
in line received his money At noon the num-
ber in line was not over twenty FIVE principally
boys and clerks. There was only one lady present
and she was attired in widows weeds. Her
qualification at receiving her money was plain.
The small number drawing out funds is regarded
as promising for the future of the bank,
At o'clock the hopeful signs still continued
the stock market although weak, was in no way
excited, and business was settling down to its
accustomed steadiness. Commission houses re-
ported orders to buy from the traders and were
trying to renew their vetures
representative of the Associated Press Wis
tied, during the day, most of the leading com
mission houses of the street. They in
variably answer to the query as to
whether the crisis was over, that there
are now no dangerous elements in the financial
situation. Many expressed themselves to the
H. A.
would prove benefit to the speculative commu-
nifty in enabling the people to realize the danger
of overspecuation. The rash ventures of some
of the most daring of the fraternity will, it is
thought, prove a wholesome check on their
brethren.
Russell Sage, who had been paying out checks
for stocks put to him on privileges, stopped pay
ing for the day at 2:15. Since o'clock this
morning line of clerks we're waiting their turn
to give notification of their desire to put stocks
under contract, and they were cut off for the
day.
SUSPENSION OF FISK 6 HATCH.
AT 2:45 the suspension of Fisk & Hatch was
announced. The firm is composed of A. S.
Hatch and Harvey Fisk. Mr.. Hatch was re-
Gently elected president of tine Stock Exchange
by unanimous vote. The firm have been
heaviest dealers in government bonds and on
the street were considered staunch, conservative
and reliable. They have been recognized as
fiscal agents here of the Chesapeake & Ohio rail
road, and of the Elizabethtown, Big Sandy &
Lexington road, and have carried heavy amounts
of stocks of these roads while the market was de-
clining. They have sons and sons in law in the
stock business
The announcement of their suspension came
like thunderbolt on the Exchange. VIM. Lum-
mis- is now acting president of the Exchange,
owing to Hatch's disability.
1t is surmised that efforts to aid the sons en-
barrassed the firm. Hatch has been prominent
in religious matters and philanthropical meas
ures, and was frequently heard lecturer on
religious subjects at McCauley's Cremorne Mis-
sions. Fisk had just returned from tour of
Europe
An immediate result Of the failure was de
cline of to points. The weakness in the
government bond market is explained by the
suspension of this frm although a reporter of
the Associated Press, who called there two hours