Fisk & Hatch
| Company type | Banking |
|---|---|
| Industry | Finance and insurance |
| Founded | March 1, 1862 |
| Founder | Harvey Fisk, Alfred S. Hatch |
| Headquarters | 5 Nassau St New York City, New York, U.S. |
| Services | Investment |
Fisk & Hatch was an American finance and insurance company formed in 1862. They had offices at 5 Nassau St in New York City. During the Civil War the firm floated many millions of dollars' worth of government bonds, reviving the public credit and confidence beyond all anticipation, and aiding greatly in placing the national finances upon a firm foundation.
History
Harvey Fisk and Alfred S. Hatch formed Fisk & Hatch on March 1, 1862, after several years in the financial industry. Acting as special agents of Jay Cooke & Co., Mr. Fisk's firm obtained within one month's time nearly $170,000,000 for the U.S. Government. In 1865-68 Mr. Fisk's firm successfully negotiated $27,855,000 worth of government subsidy bonds issued in aid of the Union Pacific and Central Pacific railroads, and placed $53,000,000 worth of bonds issued by the Central Pacific company itself.[1]
Fisk & Hatch became famous for their handling of Government bonds. They were also connected with the Chesapeake & Ohio Railroad Company, of which Collis P. Huntington was president.[2]
On May 14, 1884, Fisk & Hatch suspended payment. Two days previous, Mr. Hatch had been elected president of the New York Stock Exchange. Upon his firm's suspension he instantly resigned the office. When Fisk & Hatch failed for more than $8,000,000, in 1873, it was by reason of a debt of $2,651,000 owed the house by the Chesapeake & Ohio Railroad. This also caused the failure of the Newark Savings Institution, which had kept a large amount of securities on deposit with Fisk & Hatch. The firm never resumed business, but its members did. Mr. Hatch was reinstated in the privileges of the Exchange on June 6, 1884.[2]
In March 1885 the partnership of Fisk & Hatch was dissolved, and the firm reorganized under the name of Harvey Fisk & Sons.[1]
References
- ^ a b The National cyclopaedia of American biography: being the history of the United States as illustrated in the lives of the founders, builders, and defenders of the republic, and of the men and women who are doing the work and moulding the thought of the present time, Volume 11. J. T. White Company. 1901. Retrieved December 30, 2011.
- ^ a b Easton, Alexander N. (1905). The New York Stock Exchange: its history, its contribution to national prosperity, and its relation to American finance at the outset of the twentieth century. Stock Exchange Historical Company. Retrieved December 30, 2011.