New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-02-17
EDWARD HATCH FAILS.
MUCH COMMENT AT THE STOCK EXCHANGE
MANY CONTRACTS CLOSED BEFORE. THE HALF
HOLIDAY ENDs-oHARGEs OF SKATING
ON THIN ICED

MANY CONTRACTS CLOSED BEFORE THE HALF
HOLIDAY ENDS-CHARGEs OF +" SKATING
ON THIN ICE"
The failure of Edward Hatch, who was known
as Noisy Hatch on the floor of the Stock Ex-
change, caused no little excitement yesterday for
several reasons He was one of the best known
of the younger members of the Board, and his
lung power, rather than his family connections
or his stock operations, made him conspicuous.
The announcement of the suspension on Saturday,
when there are no deliveries of stock on account
of the Half-holiday law, and the UNEXPECTEDLY
large amount of his outstanding contracts, at
tracted attention. At the close of business at
noon the purchases for his account had not been
completed, but it was nearly an hour before the
vice-chairman was able TO make report about
the number Of shares bought " under the rule"
for Mr.. Hatch's account. IT is not impossible
that this delay was caused by efforts to ascertain
the amount that will have to be bought in to-
morrow 81
The contracts that were absolutely closed in
cluded 2,l00 shares of Lackawanna, 100 Union
Pacific, 900 st. Paul, 600 Reading, 500 each
Western Union and Northern Pacific preferred,
500 Oregon and Transcontinental 400 New-Eng-
land, 200 Lake Shore and l,l00 American Cotton
Oil, which il not on the regular list" and 100
Northern Pacific common stock These contracts
amounted to 5000 shares, and the sounding of
the gong at the close of business left large group
of anxious brokers in front of he rostrum. 1t is
known that contracts for several thousand shares
were settled privately when 1t was apparent that
the business could not be officially adjusted before
the close. II was estimated roughly that the
short interest of Mr.. Hatch amounted to 10000,
and perhaps TO $4,000, shares Either amount
was so far beyond the popular estimate of his en-
gagements in view of the embarrassments he had
been known TO be ilboring under for a few weeks,
that lot of vague theories were started 10 ac-
count for the failure.
The most startling Of these stories was that
NJ Hatch had been acting for syndicate Of
brokers in the Consolidated Exchange and it was
supported by the fact that under the rules
of the Stock Exchange Mr.. Hatch could easily
have delayed the announcement until tomorrow. IL
was rumored in connection with this theory that
Mr.. Hatch had been called upon to put up / per
cent margin in trust company, and that the
hypothetical syndicate on which he had relied was
not able TO respond promptly. more plausible
rumor in the opinion of some Wall-st. men was
that Mr.. Hatch was forced to the wall by his
fellow members in the Stock Exchange, who had
doubted his solvency or been displeased with his
speculative methods
The members of the Consolidated Stock and Pc
troleum Exchange, who would be likely TO know
of any important business going 10 Mr.. Hatch from
their exchange, or Of any transactions done by his
authority in the little board" universally scout
the idea that he was repres nting any syndicate
of stock and oil brokers. They assert emphatcally
that the transactions and the losses were con-
fined to the Stock Exchange, and some well-1nown
houses say that they knew through certain delin-
ouencias in meeting occasional drafts or calls for
margins that Mr. Hatch has been skating on thin
ice7 for several weeks.
One prominent broker Of the Consolidated Tx
change said that among the private settlements
that had been made were short contracts in Della
ware and Hudson which had been made by sir.
Hatch at figures considerably under current quo
tations. This broker estimated Mr.. Hatch's total
losses since he has been trading his reputation
as broker for the prominent room operators at
100000. He did not believe however, that the
differences now outstanding were more than S4O,-
600 to $4,000. Estimates might be modified
by the developments in to-morrow's stock market
in case there were any purchases under the rule
Edward Hatch was elected to membership in
the Stock Exchange on July IL, 1883. His
father is partner in the well-known dry-goods
urn OF DOfU a. Taylor, NO. Oul DTOduNdNi anu
at the time of his election, Alfrederick s. Hatch,
who is an uncle, was the president of the Stock
Exchange, as well as a member Of the Banking
firm of Fisk 81 Hatch, Young Hatch formed o
business connection under the style Of Bell ~
Hatch, but for the last few years he has been
operating on his own account. Mr.. Hatch's office
is at No. Al Broad-st, but inquiries made there
Yesterday were not answered satisfactorily except
TO the clerks There is no doubt that his methods
of business have made him extremely unpopular
among his associates, and one member OF the
board said epigrammatically Yesterday Hatch's
only capital in trade his voice.
The amount of his liabilities could not be
learned but while few brokers found that they
had balances in his favor, the differences are
supposed TO be heavily against him. The checks
gwen by him on Friday in the usual course
Of business were returned yesterday by the Bank
OF New-York but the amount was not large in
comparison with the amount of his stock obhga-
tons.
The failure is the first in long time on the
" bear" side of the market, and in some quarters
it was interpreted merely as sign Of large