New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-03-24
THE BULTS HEAD BANK DEFAULT
,r,rrp STATES MARsHAIS IN ADVANCE OF THE
RECEIVER - Mr., VII HANSON AND lie
ROUND ROBIN.

limited STATES MARsHALs IN ADVANCE OF THE
RECEIVER - NR. VII HANSON AND lie
ROUND ROBIN.
Judce Fancher announced on Saturday In
the Supreme Court Chambers that he had considered
the application made 10 him for the appointment OF
Receiver OF the Bulls Head Bank. Two names had
been presented Vim. II. Pritchard had presented the
name of Erastus +. Mead. the acting President. f.
Deafeld Smith had proposed Edmund Stephenson, one
OF the telers of the Fifth National Bank Judge
Fancher said that each applicant had objected to the
nominee Of the other with the concurrence OF the Chle
Justice, he had decided to appoint Isaac H. Bailey
Director OF the Metropolitan Bank which had acted az
agent OF the Bulls Head Bank at the Clearinghouse
He added that under the rule the injunction would 10
made temporary and order would be issued to show
cause why should be made permanent This order
will be returnabe to-day. Tho amount OF surety re-
quired from Mr.. Bailey 100000. Two sureties
justified In 100000 each.
william j. Sherwn and Geo. W. Herbert, OF the nrm
of sherwin Herbert filed in the United States District
Court on Saturday. petition asking that the Bulls Head
Bank be thrown bankruptcy. The petitioners aege
that the bank them $780, that IN an nsovent con-
dton that 1t has given preference to other creditors
and that the Court not the control OF its
affairs its assets may be disposed Of In violation OF law
and claims of the general body OF s creditors DC
disregarded. Upon the petition, Judge Biatchioru
granted au order, returnabe next saturday, reqmr
bank to show cause why III shouu hoI NC ueeeu
bankrupt provisional warrant was also Issued COM
handing United States Marshal Fske to take possession
NJ the property of the bank The warrant was placed In
the hands of Deputy Marshals Purvs and Crowley with
directions TO serve IL soon as possible They drove
rapidy 10 the hank and took possession Five minutes
later Mr. Bailey made his appearance only TO hnd tba
w nupSer of the stockholders met in bank, Sat
urday and informally discussed the situation, without
reaching any definite conclusion. meeting OF deposit
will he held to-day, at 10Y a. M at leutoha Assem
The bank authorities give further information rela
tive TO the investigation. Mr.. Mead President pro tem
saws that the investigating committee are st AS far as
ever from obtaining evidence sucent 10 justify serious
charges against connected with the bank There
rs strong feeling OF irritation among the stockholders
aud depositors at the unsatisfactory condition OF the
affairs OF bank. Nearly week has elapsed since me
dofauIt was announced and yet the examining commit
Tee have made official statement III regard To the con
diion Of the institution nor gwen any CON
upon by the stockholders and depOsitors ana III Is
more than probable that NJ the meeting held To-
day very plain language will be used IL has been asceT
ained that nearly all the books IN daily use IN the DanK
have been ntilated more or less. These the
er ledger kept by the then receiving teller, D. s. Peck
general debit book kept by the assistant easnel
W H. Merritt aud the individual debit books, kept by
the bookkeepers. Messrs Hatfield, Sims, aud Bdrtne
The general credit book kept by the hen assistant re-
nm the vacancy by the dismissal Of Mr. Peck was
removed altogether were also the slips on Whch were
entered each days transactions for long period
statement purporting give the liabilities and assets OF
the bank, far as has been developed, having Deen
printed reporter ofTHE TRIBUNE called yesterday on
Mr. Mead aud asked him II it was correct He replied
that lie had knowledge of the matter and that 50 lar
as he was concerned, 10 was entirely Unauthorized.
STATEMENT OF MR.. WILLIAMSON.
Tho following statement of facts was derived yeser
day by a TRIBUNE reporter from Mr.. Richard William
SON r director of the Balls Head Bank, and Of
Mr.. Williamson, late President of that institution:
About the beginning Of February last Mr.. Williamson,
ar at the bank of which he was then PresidenD
AT mis- hour in the morning was informed by Geo
W. Wett cashier and Mr.. Merritt assistant cashier OF
the discovery of the mutllaton Oh the DooKS MI VII
hanson was overwhelmed with surprise There vas
meeting of the Board thai same morning and as the
directors came IN, they were individually made ac-
quanted with the discovery aud they inspected some OF
Messrs Cogsweil, Mead, Rae, Richard Williamson r.,
and possibly Mr. Noorhis. The cashier, assistant
SaIe the Affairs OF the bank and continued their
Examination down to the day Of Mr. Meads appointment
as President pro tenn on that day. at meeting OF the
dirretors "rOund robin" signed by the employees OF
the bank and asking for the resignation OF MI william
and assistant cashier also presented letter Offering
their designations in the President did not resign
and the document signed by the employees also gave no.
ce that they should retire D,dsse II Mr. Williamson
did hand in his resignation These letters however
quest The round robin" from the employees was laid
being present Not OF the directors signed or made
any request that Mr. Williamson should resign One OF
the Junior officers OF the bank, on being asked his
ress3n for participating in these unusual proceedings
SAID that Mr.. Williamson manner lad Deeh dlspeaslhg
70 some OF the customers of the bank aud that knew
~ some vino had left but would come back II Mr.. Will
hanson resigned he further frankly SAID that ne was
man of family and desired to better his condition. also,
thar MIR Williamson had been speaking Of resigning for
more than "a year past.
The President mad been very much distressed aud
harassed mind by these events ana by the unexpected
turn of affairs he old man, over u, and, yielding
10 the force of circumstances he resigned AT this same
meeting the Board, MI Williamson being still IN the
chair committee OF iour, consisting OF Messrs Mead,
Rae VoOrbs aud COgswcl was appointed 70 continue
the investigation begun by the cashier and clerks The
result of their abors lar reached, is before the
uubc MI williamson, the eXPfesident, is one OF the
largest stockholders he and his son holding together
within 81 800 OF tie exact amount OF stock subscribed by
him NJ wears ago, when the Bulls Head Bank fist
established. He will be one OF the heaviest losers by
the suspension.