The Portland daily press., 1873-03-25
NEW York, March 23, 1873.


had so many unpleasant examples. This
time the crash falls, not upon Wall Street,
but among the quiet trades-p ople between
Third Avenue and the East River, in the
upper part of the city.
The Bulls Head Bank closed its doors on
the 10Th, at the usual hour in the afternoon,
but has opened them no more. 10 the
amazement of almost everybody, ana 10 the
dismav of its numerous depositors, it has
| stopped payment The stock sold as hl'h as
| 100 within month; the dividends were four
ne, cent. quarterly; the average deposits were
some 81 100000, and have at times reached
to nearly two millions The last statement
made before the suspension reported sur
plus of $4,000 on capital of 100000
Now i, appears that the $276,OO0 has teen
swept away and that there is further def
cit of $57 900, assuming that all the receiya-
bles of the bank are good. Here are $3.50, 900
missing, and yet no clue has been found
to the mode by which, or the parties by whom
the defalcation has been perpetrated.
The greatest drawback to searching and
skllltui investigation into the malleasance of
defaultins bans officers in this city, is that in
termlnabie contests are constantly arising as
to the rishttul authority to whom the inquiry
shall ue be delegated. The State courts claim
jurisdiction, and so do those of the United
States. Sometimes much of bankrupt es-
tate is frittered away by a dispute as to who
shall administer on it. When there are assets
amounting to a million and quarter Of dol-
lars m the case, the number OF claimants for
share in the salvage is sure to become alarm
ingly large, and the unfortunate creditors,
grYund tween the upper and neither mill
stone, can only look powerlessly on and see
| their hard-earned accumuations melted away
by shertfs' tees, receivers fees, assgnees' fees,
marshals fees, county clerkJ' fees printers fees
and last, not least, lawyers fees. The laws
for the collection of debts are multitudinous,
contradictory and unintelligibe. The mo-
ment case gets into the courts an interested
party begins to look with constant apprehen-
sion for new actions, counter actions, mo-
| tions, injunctions and all other parts in their
turn of that cumbrous and unwieldy ma.
chinery which is carried on under the bur-
| lesque title of justice. Dispatch is thing on
which all tribunals frown as an innovation
destru tive of the dignity of the Bench and
| the Bar The fact that the honest arti-
sans and shop keepers who did business with
the Bulbs Head Bank have their ready money
locked Up in its vaults, and are subjected to
great inconvenience for the want of. it, is too
.,,;. 4
single hour the long, wearisome, patience
trying journey which lies between them and
partial recovery of their imperilled property.
In considering this sudden collapse of the
Bulls Head Bank one is divided between Won
der at the shocking mismanagement which
could have plunged such prosperous institu
ton into insolvency, or astOnishmeut that
Bank in the upper part of the city, patroniz-
ed chiefly by retailers and small dealers.
should have succeeded in building up busi-
ness of such magnitude that it kept regular
| ly in use and drawing interest, six times a
much money contributed by customers as by
| stockholders. 1t has dealers whose average
deposit reached $4,000. One iron founder
employing 200 men, had in the Bank on the
day of its failure 5000 and never borrowed
| dollar from it in his life.
| There is no possible explanation of the fall
of such CORPORATION as this except in the fact
that some person or persons connected with its
management have appropriated its funds and
that its officers have proved entirely unequal
to the moderate responsibilities Of their re-
spective positions. With prompt and ener-
getic action no doubt the stockholders, who
are legally liable for an amount equal to their
stock, would prefer to make up the capital to
it's original figures and let the business go on
if they could be permitted to do so. But be-
fore they can be got together, or any concert
ed movement of resuscitation agreed upon,
he Bark will have fallen prey to such
cbsequies, that there is grave cause to app.e-
hend failure of all plans to set it in success
full motion again.
For real enjoyment of fun, anecdote and
eloquence the dinner of the Sons of St. Pat
rick on the 17th was as it always is, COM
plete success. The matchless Judge Brady
was in the chair and couldn't wal till the
cloth was removed before he began to ''set
the table in roar" He introduced a series
Of t legrams. during the courses from Kai-
ser Wilhelm, Gen. Grant, Van Molkte, Bis
marck &c. In the one from the President he
embodied a toast to the Irishmen. ''the best
greenbacks of the country" The orators of
the evening were, Judge DAILY, John Savage,
Joseph H. Choate, Gen. W. 7. Sherman, Maj
| or Gen. Hancock, Gen. Mcmahon, j. NJ.
Bsllew and the Presidents of the Sister So
ceties. Choate carried off the honors. He
replied to the toast of St. Patrick from a
New England stand point He began his
speech by dramatic picture of his children
grouped around him at breakfast enquiring
who ST. Patrick was. Then he proceede to re
late as he had re:ated to them how this myth
ical saint was born somewhere in France
just after the deluge which accou nted for his
subsequent aversion to water; how he migra-
ted to Ireland IN youth, with shillaleh un-
der one arm and whiskey bottle under the
other, how he fell ir love with and married
there beautiful lass named Miss Erin, how
these nuptials were blessed with a numerous
progeny of lusty sons and daughters who
went forth and peopled other lands, and as
be worked up the picture of which this is an
imperfect outline, with all the humor and fe-
licity of Illustration uf which he is perfect
master, his audience gave expression to their
appreciation of the speech in frequent out
bursts of laughter and applause.
Less poetical. but replete With good sense
and manly thought was the brief impromptu
talk of the General of the Army, wrung from
him in spite ofthe ''safe conduct Of the chair
by the importantly of the company. He al
ways talks well and is quite at his ease when
speaking, but as he remarked there seemed to
be something incongruous between Grating
and fighting, which led to a popular belief
that the best soldier of the Republic was
| most gifted for silence.