New-York tribune., 1885-02-21
Committee.
FISK AND HATCH TO RETIRE.
GOING OUT OF BUSINESS AFTER TwtNif-!hi'h
yFARs-Two SUSPENSIONS.


yFARs-TwO SUSPENSIONS.
Tho wall l-tnown firm of Fisk & Hatch. which
xCos established twenty three years ago. Is ABOUT 90
90 out of business. The formal announcement VIII
be made in few days as soon as Of fe me % rn have
been completed. II is understood lhdt ndlNeS .oN,
the senior partner, i'll connection WIN one VI VA
OF his sons will form new firm TO succeed tne oiu
one .a,,;obod IN Norcb
1862. and IT soon gained pfoinInenU pt inans ~
its successful negotiation OF Government Ioahs.
From that time the bulk OF the pusiheSs vi tno
firm was in Government bonds, ana the hlln DC
came an authority on al questions concerning lien.
II became largely interested III ,aIlIoaG bonds, eheny
those of the overland railroads ana iater OF tnc
Chesapeake and Ono railroad. me ne, nrin II, 'a was
forced 10 suspend III the panic OF 1919 III coh7eI
0uence of Its large holdings OF CHESAPEAKE anu
ONO securities It's indebtedness at tnat tme was
estimated at about T5,OOO.OOU, Dut ls rePuldtoh
was so NIGH that il had no difficulty III Tesumlng
payments i'll December of the same year, WITHIN
three months after the pane; All @ - MI
while others gave extensions OF time varying ac-
cordlng TO circumstances. .-- .o-;.,e,, -, oo,,
ular estimation when again failed III tlle Nay CIT
sls of last year. Mr.. Fisk had returned rom hloPo
only few days bctoie, ana tiie carr oi III Ii.h Nc
dining his absence had fallen on Mr. iiatcn, WHO
had shortly before been elected PRESIDENT Oh 'i'9
Stock exchange for a second term. Inc secVIu
failnre was considered to be due largely 10 inc
heavy purchases OF railroad bonds by the hrih az
Though IL was soon learned that the cohlinuc III
terest in Chesapeake and ONO securlrs II aded
also with Government bonds bought III eApcclati,oh
OF large advance from the expected lesisId'loh ps
of the consequences of tho failure was
The @ snsnension of the Newark Savings lnstI-
tuition. of which the firm was tne Ne"o f ad-
agent 1t was charged that substitution OF Sc Sc
curIties had been made by the hrm but tlle cnaiee
was not fully sustained III the legal actions which
The firm again resumed payment after a few
weeks. with extension Of time by It's Rrihcpai
creditors. 1t has not been dong large Duslle'''
however, since the second ldliure.
CLEARING STOCKS AT THE EXCHANGE.
A CIRCULAR CMICIslNG THE GOVERNING COM
MIrrEE.
A circular signed by f. X. Willard, Spencer Trask
and ii. j. Morse, the committee appoihten py mem
hers of the Stock Exchange IN December 10 e&'
anime plans for clearing stocks as Telle1 from the
present system of setting contracts, caused con-
siderable talk among the members of the Exchange
Yesterday On the petition OF a large majority oi
the active members the Governing CoIimitte91 aP-
ponted three of its number to cooperate with tnc
COMMITTEES from the iiOCr, and after some tiuc inc
ioipt-committee reported a plan, similar I'D many
resDpcts TO the OsteI burg system when III was De-
iieved might prove successful The committee re-
ouested that an experimental trlal OF the betu9u
might be made III one or TWO acto Nv sect A. one
or tyO meetings but took no action. Inc circular
issued by the members committee yesterday after
reciting these facts continues:
The Joint Committee having fulfilled the duties I'M
posed upon them in preparing the report ana requesting
the Governing Committee to arrange or rla, cohsld
ered their duties at end, and therefore formally AIS
solved the undersigned feel 1t to be their iuItlei
duty as your representatives TO formally protest III
your name arainst the reception accorded Dy the
ernuV Committee the report and the request OF tht
Joiut Committee The Governing Committee n0twlth
standing your request refused TO take any action what
ever further. voted against simple resolution 10
refer 10 the members Of the Exchange the question
whether they desired trial OF the proposed plan certain
OF the governors stating nfeentiay that they objected
TO referring IL 10 the floor they believed majority
there would be iand further that they dd not
consider the floor should be allowed to
dictate a course OF action
The committee proposed to bring the matter again
before the Governing Committee and for that pur-
pose asked signatures to petition to that commtec
that a trial should be accorded the plan at the
earliest practicable moment. prominent member
of the Governing Committee said of the circular
and the accompanying petition: Tho statements
in the circular are incorrect and unJust-uDJust
perhaps because they are false The subcommittee
apparently trying 10 force the governors into an
approval Of It's plan and because it has thus far
failed i'll the attempt calls them arbitrary ana des-
potIc. The Governing Committee has taken no ac-
fion on this plan if for other reason because II
does not beheve that ma orlty of the members OF
the Exchange III favor of il. The subcommittee
knows this perfectly well. but excites prejudice
against the Governing Committee.