New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-17
WORK DAILY TRIBUNE SATURDAY, lssA-TEN PAGES

use I am very grateful for the good works said about
our firm by the press this morning, ana can only sss
possible until our statement Is ready TO be published
And now | suppose you want an explanation Oh tno
Newark Savings Institution matter our counsel SI f.,
Boardman, will giyo you our authorized statement OF
twas It true rs stated by persons Mr.. Hatch.
price Government bonds and tho inability or the
firm TO borrow on good securities except AT ruous rao
well saw that that and Embellishments we're made
but prefer say nothing about that matter at present
THE ARRANGEMENT WITH THE NEWARK BANK.
The following statement was made by Mr.. Board
man for the firm:
Some considerable time ago the Newark Savings nsti
tuition entered into agreement with FISK Hatch one
OF tho provisions OF which was that the hTn mig use
ings Institution left with hen provided ut the time tne
securities Of equal value Pursuant the arrangement
and with the knowledge and approval OF tne OnceIs o
certain OF said Government bonds hypothecans them
for loans always however substituting III place OF e
bonds so used other bonds or securities ofequa value As
aeon as it seemed probable that the firm must suspend
payment they sent for Daniel Dodd, the peslieut Vi
ance ~ The Cove -nTncn bonds remaining in their hands
belonging to the institutions and also the oos nu Vsne
bv the firm pursuant to agreement above mentioned
These bonds securities OF the full value o. an
the Government bonds deposited by the savings inst-
ton with the firm and the depostors needose nothing III
consequence of these transactions ,,
negotiable securities amounting TO over SoOOOOOO inc
greater part Of which they have delivered 10 inc owners
and they stand ready tn deliver inc oaIanoe W w
owners on demand. They havo not IN any case re
hypotnecaed any securities upon which they nave ln"t
loans to secure larger sum OF money than .lc I'LL IN
loaned bv then so that any to whom the hrm mas
loaned money obtain his colaeras ny bayng tnS
amount due 10 the firm thereon All the sectlileS Wmh
have been bought for customers and pald tOl VIII oee
de cred to the owners on demand and large part OIL
such securities have already been so deANercu
From a trustworthy source it was learned that
the Newark Savings Institution had on deposit with
Fisk & Hatch $500, 900 on open account. This was
irrespective of the bond transaction explained by
the counsel for the firm.
President Oscar d. Baldwin, of the Fourth Ma
tional Bank. said:
Fisk & Hatch had balance with us. Checks drawn
by them previous to their suspension were pau
An official of a prominent banking institution
said:
All checks drawn by Fisk & Hatch previous to their
Suspension on banks where they had balances were
spcctvc banks on which they drawn. This could
rrady be DONE as the firm had funds stsndnG 10 i1
been attached b. creditors Of the firm have heard
nothing OF the condition OF the firm IL VIII prooap DC
several days before detailed statement can Dc made
MR. HATCH's RESIGNATION ACCEPTED.
At meeting of the Governing Committee of the
Stock Exchange yesterday the resignation of A. 5.
Hatch, of Fisk & Hatch, who was last week
elected president for the second time was accepted.
now election will be held week from Monday.
In the meantime Vice-President Lummis will dis
charge the duties of the vacant Office. The usual
standing committees were announced for the year.
Besides these matters nothing was done, except
to discuss the question of disciplining Russell
Sage on account of his delay in receiving stocks
in accordance with the terms of his privileges.
After tho meeting several members of the commit
tee went to the office of Fisk d Hatch where they
remained for some time. When asked about the
meaning of the conference ID. G. Hays, treasurer OF
the Stock Exchange said
IN lear
the rumOrs that the firm had used improperly securities
intIqlsted to by the suspended bank at Newark We
were assured by Mr. Hatch that the exchange OF secur
ties was made under contract with the officers OF the
bank and with their null knowledge and consent What
ever may think OF the prudence ~ the bank officers
we are thoroughly satisfied that the firm has acted only
in the most honorable and straightforward way.