The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1900-10-03
Big WALL STREET CRASH.
Hatch 4 Foote, Stockholders, Assign,
With $2,OOO,OOO Liabilities.
MAD PARTNER CAUSED FAILURE.
Che Secret Speculation of Mr. Foots ?
Ruins tho Firln-His, Losses at Least
$500. .soo-Hs weneIasaue Under the
Crest str.in -11'n''' Led to tho Dis, z
coyeryeof fFraud-Liabilities Secured

5000. .e00-He Weut.1qsane Under the
Crest Strain = Illness Led to tho Dis
eoysry eof fFrsud-Liabilities Secured.
New York City (speciaD.-The Stock
Exchange banking and brokerage
sfrm OF Hatch s. Toote, which was
''fornssd Ia 1867, failed with Liabilities
of about $2,ooooo0. After an an
rouncement from the rostrum Of the,
New York Stock Exchange Of the
firms suspensioH a general assign:
ment was made|to E. Ellery Ander.
son, the firms counsel. p
Daniel b. Hatch,; the Stock Ex-
change member osthe firm, at once
.issue a statement saying that his
par 75ef Charles Eoote, who was
lYin8 '4aa cfaz3 al ytng condition at
l0ceapIc, ~, had 4pec cujadng
.f3f 66flS = Il tdes Fof TIE ket uncut
fhs dcwiedRe 6f the ] ahl req
166f upward 5of 500, ,000
attributed Mr.. Ute g sane 81 "
tionsto the financial oadSiie ha6 teen
;earrY1ng for q number OF years.
The aspeculatfohs Of 9r, Foote e.
.said ito cover a period s6 fpuS ofSe
years; and, as q reason WY they re
not detected until zhe recently sh9Esd
visible evidences Of mental breakd9Wn
flt Is said that Mr. Hatch as the boar9..
member executed all orders on tAa Ex-
change floor. while Mr.. Fqofe devoted
his time and work to the Office end
Of the business, such Jas caring for
HE books and attending to the clss
Tfomersss Consequently, Mr.. Hatch.
thinking they were for some customer,
Of tn Arm, eafrief ont Mr.. Foote'S
spec1lStive orders on q commission
Of Heeigbth Of (ona per cent.
s3sThe failure, Mr. Hatch said, was
Willy due to the speculations Of our
az. lFoote, who has been trading IN
the market fer his own account FOR
four years, but In the name of one
Of ,out customers. and without my
Edknx fedss. He was peclally sactiye
Ei6 ia faf 6eFtifc fes. which seemed to
|be 4i5 fS36rite In the market can
only acc6unt for. his act ctions by beneV =
Fing tb6f HE was and is insane.
Is Specul tions were frst ils.
eoxafl a ab0tt Septernb when Ar.s3
/ l)56fS Gafii to show signs OF iJl$
zg III ~ Oceanic, \ his summer 1gtpe
EHNef ghas been sseri osasly ~ sfog
9Sek Rna has aeez llIll1 for,
,ix 8 fle came:
I lIsa 4 RI e ~ Y from Of
| fiIea: Sxefed "a !Ef he had Been
specuiat tf fFjf Sut nly my aknoN Nledges be
haYsnc hsSi ciilI s e e 4 aqf ne lBSoka A;
thofoueh exAminatid Id ~. stte books
has been in progress and the result is
the announcement. Of our assignment
"I am quite sure that our assets
will exceed our liabilities. Our capij5
tai will show q shrinkage, but our con-f
tracts on the Stock Exchange show
a balance due us" ,.-..
Mr.. Hatch's son said that the market
value of the liabilities would not ex.
,eed $2,0O0,0OG. although their par
value was above that figure, and that
! the liabilities are pretty we'll secured,
One of the most surprising points
about the failure to many brokers who
talked it over was that the specula-
lions extended over such continued
period without being discovered by
the firms bookkeepers. The firm had
been regarded for years as an invest
nent rather than as speculative
| house, ~