The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-05-17

pie were concerned. The day being warm
and sunshiny. all Of the brokers not
Obliged TO remain indoors quite naturally
lounged in the streets. Tne music OF Gil
more's Band at the head OF Tue twenty
second regiment, marching oown Broad.
way. attracted the attention OF several
hundred Wall.street men ABOUT O'Clock.
The fun.loving Gilmore, WIN his usual
appreciation Of the fitness OF things, caused
his band to play 81 The Heart Bowed
Down." In front Of the metropolitan
Bank, and "wait Till the Clouds Roll
By" while passing the head OF Wall
street. The band was enthusiastically
cheered.
THE TROUBLES OF FISK HATCH.
Neither member OF the firm Of Fisk &
Hatch was prepared to give an explanation
Of the causes that had led to the suspen-
sion. Mr.. Hatch paced nervously to and
fro. and TO a friends inquiry replied
"Please don't ask me anything now. /
cannot talk about the matter" He re-
NAMED in the office until about O'Clock.
ID. o. Mills then Joined him, and the two
gentlemen walked up the street together.
Meanwhile the crowd outside OF the closed
doors increased rapidly, and frantic efforts
were made by several gentlemen to get into
the office. Some OF the more clamorous
ones who held'uncerti1ed checks, issued
by the firm during the day, insisted that
they were entitled to have their securities
returned to them. The imperturbable po-
liceman returned to all applicants for adj
mission the same answer: "Our orders
are TO let nobody in"
Friends OF the embarrassed men insisted
that the cause OF the present trouble was
the inability Of Fisk & Hatch to borrow
money on Government bonds on reasona-
BILE terms. 1.-THE difficulty is just this"
said friend OF Mr.. Hatch the firm was
loaded up TO the muzzle with Government
bonds, and, strange rs 1t may appear, they
could not get money on them to-day with
out sacrificing them" This version Of the
case was also given by employees OF the
suspended firm, who said that Government
bonds had been offered in vain as collateral
for a loar which was desired to meet heavy
call loans. A son Of Mr.. Hatch is quoted
as having said that the firm III vain en-
deavored to borrow several hundred thou
sand dollars from large financial institu-
ton on Government bonds.
C.P. Huntington denied that the sus-
pension Of Fisk & Hatch was due TO the
depreciation Of Central Pacific and Chesa-
peake and Ohio securities. He attributed
the trouble to the firms inability to realize
on Government bonds.
At night the handsomely furnished Of
flee OF Fisk < Hatch was brilliant with
| light. Busy clerks rushed around with
pen. holders between their teeth and turned
over the leaves OF big canvas-covercd
books. Passers-by OIL their way to the
! ferry stopped and looked in at the WIN
dows. A policeman kept inquirers away
| from bOlted sheet-iron door. In Mr.
IIatch's private Office the two partners
glanced over tiles OF correspondence and
wrote letters. Mr.. Fisk said to a Times
reporter: 1--WE shall positively not be able
to make any statement tonight. You can
see how busily we are at work, and by to-
morrow we may have something definite.
Beyond what is contained in our circular |
have nothing to say. We don't want any
guess-work."
"Have you any idea yourself of the eX-
tent Of the firms liabilities?"
"Well, that's what the lawyers would
call leading question, and | must decline
to answer. Matters are not in n condition
to admit Of my doing So"
o. d. BALDWIN, the president OF the
| Fourth National Bank, was credited with
an intimate knowledge OF the affairs OF
| Fisk d Hatch. Toa Times reporter who
called upon him he denied this rumor,
and said:
"All that know is that the failure was
occasioned by the firm being overloaded
with Government bonds which they were
carrying to sell, and the per cent. deprc-
citation in their value during the past week
was more than Messrs. Fisk & Hatch could
stand"
els it true that they tried to negotiate n
loan with your bank, and offered Govern
ment as collateral.'
"No, it is not. They made no overture
to me with that object"
"Do you know il they tried to secure n
loan on that basis from any other bank or
banking house?"
mo, have not heard OF any such at
tempt being made by them"
GLOW does their account OF this bank
stand 2"
:" 1t has not been overdrawn. In fact.
they have a balance here, though not a
large one. The rumor that the firm were
! loaded up with Chesapeake and Ohio
bonds" continued Mr.. Baldwin, sis UNI
true. The whole cause Of their troubles,
as | said before, was Government bonds,
and il the price OF those securities comes
up don't doubt they will pull through
all right"
BANGING on sAGE's DOOR.
Promptly at 10 O'Clock the doors OF the
Office OF Russell Sage were thrown open,
and wild, indlscriminate rush to the inner
room was made. The process OF receiving
the stocks and the payment OF checks was
begun and carried on up to 1:30 in most
deliberate fashion, and at that hour the
amount OF stocks taken in was COMPARE
tively small, and the last OF the line which
had formed in the morning had not got up
to the teller's wicket with their notices.
At 1870 the doors were closed, the
clerks saying that no more stocks
could be taken, aud no more privileges
stamped with the acceptance OF the
notice for delivery to-day. When this was
done an unearthly howl went up from the
crowd OF $50 who were waiting on the
| landing outside with the notices. Shouts
OF 4" Ii the old man is gone up. why doesn't
he come out like n man and say so," were
sent up, aud on every hand were heard
denunciations of what was called by every
one "laying down on his privileges"
Some OF the crowd noticed that the fam
light OF the Office door was open, and isl-
mediately the genuine messengers began
writing out on slips OF paper the formal
notices required and they were thrown
over the transom into the office. When
great many had thus been thrown in the
transom was closed, and then began wild
scene OF excitement.
One large Spectator, who bad heard OF
the refusal to take any more notices, came
rushing into the crowd and began ham
mering on the door. His blows were heard
all over the building, raising din sufil-
cient to awake the dead. He shouted, I"
want to see Mr.. Sage, and l wilt see him."