New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-16
HIeTOKY OF TIE FIRM.
sTAETING on A SMALL CAPIrAL-lTS FAILURE l.
1ST3-MR. HArCH', nOsPnALIrY.

STARTING on SMALL CAPIrAL-ITS FAILURE IL
1S73-MR. HATCH, HOSPITALITY
The firm of Fisk and Hatch first became promi-
nent in the early days of the war. Before they
started in business for thensclvcs IN March, l962'
they had both occupied positions OF trust Mr. F,<
was a teller in the Bank Of the Commonwealth,
while Nir. Hatch was cashier in similar instltu-
ton. On the date mentioned they entered into
partnership. with the firm name of Fisk IL Hatch,
which has ever since remained unaltered.
Their capital, at first, limited being
only 1t is said, about $4,000, OF
which each contributed one-half. They began
their operations naturally on a small scale. but
they exhibited such caution and sagacity that be-
fore long they were doing an exceedingly lucrative
business When the Government made application
for loans the young firm received large orders,
which they executed to the satisfaction of their
customers From that time till the present day the
major portion Of their business has consisted in
transactions Governm ent bonds. They handled
railway bonds however, In the ordinary
course of their business, and their sue
cess In the introduction OF the
Union Pacific bonds led to their acceptance OF
the position of financial agents of the Chesapeake
and Ohio Railroad bonds. They were also early in
terested in the Central Pacific Railroad, with the
construction and development Of which they be-
came identified.
Their large dealings in Chesapeake and Ohio con-
tributed chiefly to their suspension III 1873. Inc
stringency of tho money market which prevailed
during the fall of that year rendered 1t difficult
for them to negotiate the bonds and repay them
selves for their advances to the company. The
failure of Jay Cooke Thursday, September g. Of
that wear precipitate1 the crisis. and Messrs Fisk
g Hatch were forced to susp nj next day.
Their failure was attributed simply to the sudden
calls made upon them by their deposltor5. Tney
had upward of / O0J depostorS, whose deposits
amounted 10 over 81 OD0 0)O while their total in
debtedne,s was about $j,OG0OO0. 20 high was
Their reputation that they found no difficulty III
resaming operations in December of the same year.
| All creditors whose claims ere less than $4,000
were paid III full while the Others gave extensions
of time varying from one to iour years according 10
! circumstance. -,
It's former p0stion in the popular estimation. Ihelr
! transacti0 rs have been stll chiefly c0nihod u
| dealings in GOVERNMENTS" They have dealt
largely however in railroad bonds. and their con-
| nectiOn with Central Pacific and Chesapeake and
OHIO has continued. II Is thought 10 their own dis
! advantage. I1ey have also done large business
| with country banks from which they have received
deposits without giving any security Besides their
transactions Oh the stock EXchangc they did an eN
tensive "cOunleT business, as ii Is termed, buying
aud selling Government bonds over the counter ior
a commission OF l-l6 either way.
Personally few men are more popular in business
and other circles Alr Fisk Is a stout man, of about
medium height, with round, gOOd-humOred face
His partner is rather taller and of slighter build,
with dark, piercing eyes and closely cropped whsk-
ers. Mr.. Hatch is, perhaps, the more widely known
of the two. The unsweTving Tectitude Of his pri-
vate life is well known while his simple, unaffected
manner and the absence of any parade of his deep
seated rel igOus and moral cOny lotions has cndeaTed
| him to all his friends and acquaintauceS For
| many years he has been an enthusiastic yachts
man, and nothing pleased HIM better than
TO form a yachting party and carry off some OF his
friends on short crnise. Rarely were his inv Ia
tons refused, although lie was always careful TO
tell his guests that in accordance with his WE'LL
| known principles, nothing stronger than water
| would be found on board MIR Hatch was the
originator of well-known downtown mission
| house IA branch Of winch was subsequently opened
uptown. Here he often speaks, and IN plain. simple
language cOmmends an honest lie To hls hearers.
| When Brayton Ives retired from the presidency OF
! the stock Exchange last year, Mr. Hatch was
elected in his place. and he was reelected at the
last meeting OF the Board. No man, IT was al that
time said could more fitly fill that high position.
WHAT THE FIRMS COUNSEL SAY.
Lucius E. Chittenden and bis son, Horace h..
Chttenden, are the counsel for Fisk q Hatch. The
| Caufiuued mn second PAGE.