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would be all right, and they would lose nothing. He promised to have a statement for publication ready this afternoon. The panic seems to have extended to the depositors of the other banks in Brooklyn as well, and large quantities of money were drawn from the savings banks. They were prepared for a run, however, and many of them were by no means disturbed by the withdrawal of some of the surplus deposits. They save thousands of dollars in interest which would be due to depositors on June 1st. 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 a run this morning on the Irish Emigrant Savings Bank in Chambers street, and about 200 of the depositors withdrew their account. Most of the depositors belong to the laboring classes. President Hagarth said the bank would gain about $10,000 by the withdrawals. At 2 o'clock this afternoon Wm. H. Sweeney, banker of 104 Nassau street, made an assignment without preferences, The amount involved is probably not large. THE LATEST. Late this evening Messrs. Fisk & Hatch handed the following notice to the Associated Press reprecontative: To our depositors and other creditors: It is with great sorrow that we are obliged to announce to you our suspension which has been brought about by a 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 matters, together with heavy drainage of deposits, are the principal causes of our unfortunate position. We can only request those having claims against us to extend to us such consideration and indulgence as we may need [and it may be in their power to grant. Very truly, FISK & HATCH. The statement that the Bank of Commerce was in debt to the Clearing House to the amount of $1,500,000 is an error as the bank was a creditor to the Clearing House of over $2,800,000, all of which was paid in cash with the exception of $100,000 in new loan certificates. At the office of Fisk & Hatch to-night as late as 11 o'clock great activity prevailed and appearances indicated that none in the office would leave to-night. It was said by their representative that nothing satisfactory could be added to their published circular until to-morrow. A 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 government 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 $500,000 on governments and paid 2 per cent. interest a day. This loan even was only allowed to stand one day, and today when other loans were being called in 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 & Ward Failure. NEW YORK, May 15.-The Supreme Court to-day granted an order giving the Chicago & Atlantic Railroad Co. leave to prosecute an action against Receiver Julian T. Davies jointly with other parties for the purpose of obtaining relief to which it is entitled relating to notes or other securities heretofore belonging to the Railroad Company, and held, negotiated or otherwise disposed of by the firm of Grant & Ward. The complaint make Grant & Ward, E. St. John Hay & Co., J. W. Seligman & Co., Drexel, Morgan & Co., P. W. Gollaudet & Co., Reid & Smith, the Equitable Life Assurance Society of the United States, the Oriental Bank, Columbia Bank, the New York, Lake Erie & Western Railroad Company. and other corporations and banks defendants. The company alleges that they deposited with Grant & Ward several million dollars' worth of mortgage bonds as collateral for loans to them by Grant & Ward, aggregating $1,500,000. Grant & Ward, they allege, have mixed up these bonds, and putting them in parcels have disposed of them for their own account. The company seeks to recover these bonds and to prevent Grant & Ward's receiver from disposing of such of the bonds as remain unsold for the benefit of the assets of Grant & Ward.
