New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-15
FORCED TO SHUT THE DOORS.
(Continued from Second Psse.)

Continued from Second Pagc.)
consistently bull " one. Mr.. Hatch particularly
being person of sangune temperament Its meth
| DDS, however, have mover for a moment been re-
| garded as aught but conservative. The firm lost
considerably by the collapse of the New-Haven,
Middletown and WIllimantic Railroad Company,
which was forecosed In 1875, and rsorganzed
under the name of the Boston and New-l ork AIT
Line. This road was started rs an air line between
Boston and New-York, and Its projectors Ioi-
lowed ont their plans as far as they could
regardless of the expense involved ID following
direct route Many of the Connecticut towns issued
bonds TO aid in building the road, notably Middle
town. whose progress has been retarded by the bur
den of its interest. In October 1888, the Air Limo
road was leased to the New-York, New-Haven and
Hartford Company on favorable terms, and Hatch
& Feote and their friends recovered part OF their
previous losses in the enterprise. The firm was
prominently interested in the Boston, Hoosac Iun-
mel and Western Railroad, and the scheme OF
the late General Burt TO extend the road
through New-YOrk State to Buffalo. The collapse
OF this enterprise which occurred within two years,
inflicted heavy losses on the firm. The extension
OF Its business III stocks was compelled by the
gradually decreasing activity lii Government bones
within the last three years and the firm TOR SIX
months prior 10 its suspension has done little IN
these bonds. Well-nfOrned brokers say That the
firm is one of the many sufferers by the breaking
Oregon and 1ransoOntinental enterprises. lt Is
denied that it had any direct interest IN the
stocks and bonds. but the members were warm ad-
herents of Mir. Willard and their customers nave
largely lost by the declines. TO the carrying OF
customers in these stocks since last Autumn the
embarrassment of the firm is generally aScrbed
The house had great faith i'll Western Union ana
some of the Gould stocks and it Is said that they
did not small business in the interest OF Mr.. Gould
If not from his direct orders.
Hatch & FOote have been rated high by the
mercantile agencies and their capital has been
put at from 100000 to $5O0,0OO Their
house was the principal headquarters for
New England people who speculatcd in the Street
although they had customers all over the country.
They probably had larger number OF separate
open accounts than any other hOuse III " ali Street.
They handled the loans of many New England
towns, and had particularly large cllentage IN
that part of the United States For some time the
firm has been advertising literally, audit sent ont
regular daily stock market letter, the tone OF
which generally reflected Mr.: Hatchs buoyant
views of affairs. 1t had two direct private tele-
graph wires to Boston, whore it had two branch
Offices besides a branch in Norwich, Conn A we'll
known broker in Government bonds said yes
terday:
This the first failure in the street, believe Of boys
who have been trained to the stock business from the
start. II is proyefb IN VAL street that no man wHo
had his business education in the street from boy
fails but these times knocking that ldea along
with many others, in the head
RELATIONS WITH The PHOENIX BANK.
The firm had banked with the Phoenix National
Bank from the time it began business and the ac-
count naO Deen Il inost pTOHldnio W tno oduh'
The certihcatiOns it required have ranged from
$500, coo TO 81 900 900 day. When the PhGnix
Bank directors decided on last Saturday TO aban-
don the practice of oyercertcation Hatch & FoOte
were one of the seventeen firms who were
compelled to transfer their accounts to other banks
President Dutilh, of the Phoenix Bank, said yester
day:
We were perfectly satisfied with Hatch Foote'S az
count and have had nothing but pleasant relations dur
ing the seventeen years they were win US myself
went their office tell them Of the decision OF the
directors expressing my regret that would be obliged
IN consequence limit Qualifications TO the amount Of
funds actually deposited and saying that would be
pleased to continue their account otherwise. They were
plea with the necessity for change, but they
acknowledged officers could not do anything else
view Of the directors action They showed no ifeel
ing and on Monday took their account to the Fourth
National Bank.
There is no credence in the rumors that this trans
fer Of account prcciptated the suspension of Hatch
d FOote.
Mr. Hatch has been active in the government of
the Stock Exchange and at times has served on the
Governing Committee aud the subcommittee
The utmost sympathy was expressed for both part
in their misfortune.