The Portland daily press., 1884-05-16

would be ali right, and they would lose nothing He
promised to have statement for publication ready
this afternoon. The panic seems to have extended
to the depostors of the other banks in Brooklyn
WELL and large quantities of money were drawn
from the savings banks. They were prepared for a
disturbed by the withdrawal of of the surplus
deposits. They thousands of dollars in interest
which would be due to depositors on June list.
Among the other banks the Brooklyn Savings
Bank, Dime Savings Bank and South Brooklyn
Saving Institution paid out large amounts OF money
to depositors. There was run this morning on the
Irish Emigrsnt Savings Bank in Chambers street,
and about 200 of the depositors withdrew their
count. Most of the depostors belong TO the labor
ing classes. President Hagarth said the bank
would gain about 81 @, 900 by the Withdrawals.
At q O'Clock this afternoon VIM. H. Sweeney,
banker of 104 Nassau street, made an assignment
without preferences, The amount involved is prob
ably not large.
THE LATEST.
Late this evening Messrs. Fisk g. Hatch handed
the following notice to the Associated Press repre-
sentative:
To our depositors and other creditors:
1t is with great sorrow that we are obliged to an
nounce to you our suspension which has been
brought about by combination of circumstances:
The long continued decline in the market prices of
securities, even the very best, accompanied by a
general weakening of confidence in financial mat
ters together with heavy drainage of deposits, are
the principal causes of our unfortunate position.
to extend to us such consideration and indulgence
may need land it may be in their power to grant.
Very truly.
FISK s. HATCH.
The statement that the Bank Of Commerce was
in debt to the Clearing House to the amount Of
81, 300 900 is an error as the bank was creditor
to the Clearing House of over 81, 800 900, All Of
which was paid in cash with the exception OF $780,
600 in new loan certificates.
At the Office of Fisk g. Hatch tonight as late as
IL o'clock great activity prevailed and appear
tonight. 1t said by their representative that
nothing satisfactory could be added to their pub
ished circular until Tomorrow.
Questionable Opinion.
A prominent broker said tonight in regard to
Fisk & Hatch that the position of the firm is very
peculiar owing to the fact that they have only gov
eminent bonds and cannot borrow money upon
them except at most exorbitant rates OF interest.
For some time past they have been trying TO bull
governments but failed. Wednesday they borrowed
$500, 700 on governments and paid per cent. in
terest day. This loan even was only allowed to
stand one day, and today when other loans were
being caledin they saw it was useless to continue
the struggle and suspended. They will have plenty
of company soon; in fact we may have another
"black Friday"
The Grant g. Ward Failure.
NEW YORK, May 15-The Supreme Court to-day
granted an order giving the Chicago q Atlantic
Railroad Co. leave to prosecute an action against
Receiver Julian I. Davies jointly with other par
ties for the purpose of obtaining relief to which it
is entitled relating to notes or other securities here
tofore belonging to the Railroad Company, and
held negotiated otherwise disposed of by the
firm of Grant g. Ward. The complaint make Grant
" Ward, Il. st. John hay q TO-, y. w. oengman o.
Co., Drexel, Morgan g. Co., P. W. Gollaudet g. Co.,
Reid Smith, the Equitable Life Assurance Society
of the United States the Oriental Bank, Columbi
Bank, the New York, Lake Erie g. Western Rail-
road Company. and other corporations and banks
defendants. The company alleges that they de-
posted with Grant & Ward several million dollars
worth of mort gage bonds as collateral for loans to
them by Grant & Ward, aggregating 81 500 900.
Grant Ward, they allege, have mixed up these
them for their own account. The company seeks to
recover these bonds and to prevent Grant Wards
receiver from disposng of such of the bonds as re-
main unsold for the benefit of the assets Of Grant
Ward.