New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-20
THE SITUATION IN WASHINGTON.

THE ABILITY OF THE FIRST NATIONAL TO RESUME
DoUBTED-GREATNEss OF ITS BusINEss-RUN On
THE FREEDMAN's AND WASHINGTON SAVINGS
BANKs-sECRETARY RICHARDSON ACCOMMODATES
THE WASHINGTON NATIONAL BANKS-HIs COURSE
UNDECIDED.
IBY TELEGRAPH TO THE TRIBUSE.i
WASHINGTON Sept. 19.-The excitement here over
the failure of Jay Cooke & Co. and the First Ma
tional Bank has been somewhat allayed to-day, OF
has given way to the amazement felt on every mana
over the immense reverses among the bankers OF
New-York. There is nothing new i'll the situation
of the two banks named The officers have nothing to
say and nobody is admitted into either establish
ment there are no new facts to be gwen TO the pub
lie Mr. Edwin L. Stanton, lawyer in this CITY,
and son of Edwin NJ. Stanton, has been
appointed receiver of the First National Bank and
will take charge Of its business tomorrow. lie Is
the Secretary of the District and has had intimate
relations with ex-Gov. Henry ID. Cooke for several
years His capacity and high character are every
where commended. 1t has been iascertained by the
Controller of the Currency that the bank ewes
100000 to other national banks but that the amount
is SO much scattered that none of the banks
will feel the loss. The amount of business
done by this bank for others was some
thing enormous. 1t was the redemption
agent and general business agent, through which
passed the funds aud business of 600 other banks
throughout the country. The cashier OF Jay Cooke
q Co.. said to-day that all the clerical force IN the
bank was busy in preparing statement Tor the
public which will be submitted in day or two. lie
also said that the firm expected in few days to
open their doors and resume business. MIR. Cooke
made substantially the same statement. There IS
nevertheless general feeling about the streets
that the failnre is complete and that the
firm will not resume. Ii was stated on
the street to-day by prominent lawyer that clients
had come TO him witt certificates of deposit bearing
five per cent interest to the amount OF SGOOOO and
asked him 10 proceed against the firm in legal
manner If this statement Is true, 1t would seem
that the suspension could not have been wholly un-
expected by the firm it is generally understood
that bank must be hard pressed for funds that can
afford to pay five per cent on call deposits.
There has been during the day slight run on the
Freedman's Bank and pretty heavy one on the
Washington Savings Bank, which lately withstood
such a determined run. At the previous run the
President of the bank assigned all his clerks to the
duty of paying depositors fast they came
in and opened all the doors, front and to give
them an opportunity of free access and exit Now,
however he takes the run more deliberately, and
his teers and clerks do nothing but their routine
duty.
Many of the Washington banks have heavy funds
in New-York, and in anticipation of a run, it was
arranged by Gov. shepherd with Secretary Richard
son that currency might be issued to the banks from
the Treasury on Geographic notification from the
Assistant Treasurer in New-iOrk, and that funds to
| the amount had been deposited there.
There are no fears of other failures here aud IN fact
il il a subject of remark among Government officers
and Others that during all the excitement and panic
of the past two days not a single banker had sus-
pended, except those engaged in heavy railroad or
other specuatons in stocks. As for the Secretary of
the Treasury, he seems wholly unconcerned, and
laughs contentedly the crash which during the
dav has almost hourly assailed his He said at
y that he had done nothing whatever toward re-
leying the panic. and had not decided to do any
thing He said his business was TO take care of the
Treasury and he didn't know but he might do some
thing at any hour. This evening he refuses to say
anything whatever.