Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1873-09-27
Z Z L e CIR A p HIC.
LATER FROM THE ATLANTIC STATES.


The Evening Express on the situation.
New YORK, Sept. 19.-The Erenino
Express tonight sums up the situation
as follows: "The dav closes with
fewer killed and wounded than might
be expected. all things considered. No
trust company suspended, no bank re-
fused payment, and all the great rail.
way corporations are apparently as
firm as a rock. Rumor, however is
not yet satisfied, and it warns every
body to beware. Stock values have
! sunk enormously. but when bottom is
/ touched, rebound will be, as usual
inevitable. Business in nearly ali
branches of produce is at a stand still
and in fact almost bordering on gener-
al decentralization. Everybody is look
ing out for their money. Holders of
goods are not disposed to realize. A
feverish feeling prevails. Many mer-
chants fear greater depression unless
the Government comes to the rescue.
The cause of the financial crash is i'm
puted to agitation in the Western
States, threatening legislation hostile
to railroads. These reports caused Eu-
ropeatt bankers to decline advances on
American railroad securities. The inn
mediate cause of the suspension of
Fisk Il Hatch, is that the firm advanced
more than 81 900 900 to the Chesapeake
and Ohio Railroad Company on con-
struction and equipments account, TAX
ing as security their mortgage bonds.
the road is now earning enough to pay
expenses and interest on first mortgages
and can take care of itself excepting
debts to the bank. It is understood
that the G. p. r. r. Co., have been af-
fected by the failure of Fisk e. Hatch,
rs that company have been borrowers
of late.
The house of f. Randolph K Co.,
whose suspension is noticed was Tom
SCOTS New York house. Randolph is a
son-in-law Of Scott. The reason for the
last named failure, as stated by the
head of the film, was the absolute i'm
possibility of obtaining means due them
from other parties. To-day nineteen
failures have been reported. Most of
the brokerage firms who suspended to-
day expect to resume business in short
time.
Dispatches say that G. P. Bayard &
Co., one of the oldest and most reliable
firms of Philadelphia have suspended.
The street at the close of the Board
presented an intensely excited appear
ance; when the closing gong sounded
the members of the Board gave three
rousing cheers. Another exciting day
| ia nrecicted for tO-mOrrnw
Meeting Of brooklyn FinancIcrs.
NEW York, Sept. % Every bank
ing institution in Brooklyn, with a sim
gle exception, was represented at the
meeting of Presidents yesterday. 1t
was decided in case of run on any of
the banks all the others would come to
its assistance. 1t was also resolved
that savings banks, if necessary, should
take advantage of the thirty days clause
in their charter.
1OA. M.-The governing committee
of the Stock Exchange decided not to
open the Exchange to-day.
lis P. M.-The Gold Exchange is
open, and regular transactions being
made.
Suspension Of Henry Clevvs 4 Co.
2:3Op. M-Henry Clews e. Co., have
suspended. The firm say they have no
statement to make, except that it has
been deemed advisable by the firm to
suspend for the present.
Jay Cooke, McCulloch & Co., Dishonor Jay
Cooke u Co.'s DRIFTS,
New YORK Sept. 23.-The following
private dispatch is published:
LONDON, Sept. 23.-Jay Cooke, Nc
Culloch & Co., are throwing ont drafts
drawn by Jay Cooke & Co., which have
come to hand since the news of their
suspension was received"
The Great Panic---ORer of Commodore
Vanderbilt.
New York, Sept 21.-The story of
yesterdays panic fills from six to ten
columns of each of the morning Jour-
nails.
Commodore Vanderbilt made propo-
sition that if the President would au-
thorize the Secretary of the Treasury
to place $50, 0OO, 900 of reserve in the
banks of the city, he (Vanderbilt) would
add SIS 900 900 more. President Grant
, replied that he was anxious to do all in
, his power to relieve the present financial
embarrassment, and to prevent further
disasters, but that he must conform to
the constitution.
The secretary's Scheme for Relief
! Mr.. Redick and others represented to
President Grant and Secretary Richard
son the necessity of immediate action,
but they were informed that the Con-
stitution could not be violated. It was
agreed by the President and Secretary
! to instruct the Assistant Treasurer at
New York to buy all Government bonds
offered for sale to any amount. The
{ savings banks hold many millions Of
Government bonds, and it is probable
that they will sell them, and deposit
the proceeds in National banks, which