New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-08-22
NEWS From THE SUBURBS.
WHY PRESIDENT DoDD SIGNED A RECEIPT.
FISH & HATcH's RELATIONS WITH THE NEWARK
SAVINGS INSTITUTION.

FISH & HATCH's RELATIONS WITH THE NEWARK
SAVINGS INSTITUTION.
In the Vice Chancelors Court at Newark, in tho
proceedings for contempt against the president and
e PTSr%in' Thomas RS n. MccarteT Yesterday
Within the first week of his term az president, IN
1871. he said he first learned OF transactlons pend
ing between the bank and Fisk IL Hatcn, INVOLVING
1896, 900. The bank had 81 5000 invested IN
Western Pacific and as that road was far away 1t
was thought good policy to invest this million IN
Chesapeake and Ohio, which was newer home The
transfer was mad witt the knowledge and consent
of the entire board of managers. In rela-
ton TO the bonds belonging to the bonds that
were in the box and the vaults of Fisk x Hatch
the witness stated that the bonds were not IN the
possession of Fisk Hatch. Ii was supposed that
thew were in the box of the bank. There was no
other arrangement than that they should be regis
tered in the name of the bank. There was no ar
rangement between the witness and FISK " Hatch
relative to the banks funds, either direct or
Indirect and witness had had no reason TO
suppose that Fisk & Hatch would use the order FOL
any other purpose than was stated IN their CORE
sp0ndence. Witness had frequently converse with
Fisk * Hatch about the bonds, which were always
said to be safe III the box in the iirln vault MT
Fisk faniliarly referred to them as Uncle DanePS
bonds" Fisk & Hatch never asked for loan from
the Savings Institution, and never asked for loan
of bonds for trading capital.
The witness asked why the bonds Of the
bank were kept in the vault Of Fisk Il Hatch. lie
replied that there a large amount in the banks
vaults and it was thought best to have some of 1t
IN another safe depository. 1t was also considered
that as there dealings at all times In
these bonds 1t would be best to have
them conveniently placed for that purpose,
aud save the worry and anxiety of transporting
them. In January, 1883, the bank had deposit of
81 700 900 with Fisk & Hatch, secured by Gov
erument bonds. He never made any arrangement
with Fisk d Hatch that they should use the bonds
of the institution to assist them IN their present
business.
In reply to a question President Dodd described
his visit to the office of Fisk x Hatch on the day
of their failure last May. He had been sent for by
Mr.. latch and did not suspect the condition of
things. He was thunderstruck He asked for the
books and securities. and told there were bonds
enough to secure his claim Young Mr. Fisk
brought in the bonds, and they were placed in
satches, and hc wrote the receipt for them at the
suggestion Of Mr.. Hatch. He Tecepted for over
SO 600, 900 of securities. "rhere was" said the
witness. no physical duress but signed that re-
ceipt under the impression that If | didn't would
not be allowed TO bring the securities away
Ex-Judge Stevens, of counsel for the depOsitOrs.
began tho cTooS-eXaminaton of Mr.. Dodd The
question asked why, on March 81 1854, Mr.:
Dcdd called in the Hartman loan of Ss0O,OOO and
invested II in Governments. and on April went to
Hartman aud asked him to take the same loan
again at the rate of interest averrng that the
bank had so much money no didn't know what TO
do with il. The witness admitted in reply that 1t
for the purpose of getting non-taxable securI-
ties.