The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-03-28

According to the announcement which was pun
lisned yesterday morning, the depositors OF the
Bull's Head Bank assembled at Teutonia Han, Six
teenth street and Third avenue to hear the report
OF the committee, TO whom they had entrusted the
onerous duty OF forming scheme to reorganIza
the institution.
The hail. which is very large one, was wen nlledS
the number present exceeding that at either Of the
previous meetings. Mr.. Cameron, the Chairman
called the meeting to order at ten O'Clock, and
after little preliminary business proceeded IA
make an Official report OF the dongs of the Confer.
ence Committee, OF which he was Chairman asol
AS his admirable scheme for reOrganizing was pnb1
ltshed yesterday he was greeted with prOlongeG
cheers as he took the floor, and several times dur
ing the reading OF the report he was interrupteI
by the applause OF those present.
After detailing the primary dongs Of the conia
mittce the report told Of how the scheme pubIisbe
below was born and maturcd. To Mr.. CameronI
who is very young man, belongs the honor OF
having invented
A NEW SCHEME FOR REsUsCIrArIsG COLLAPSED
BANKS
Besides being novel his plan OF reorganizatioH
is one which not only secures but benefits the des
pOstors. The plan, its acceptance by the Stock
holders, and the opinion OF Mr.. Williams, an olH
authority on banking matters. were detailed. Tho
plan of organization is az follows A committee
Oh NVc persons nhS Dccn appointed 10 40 the WOTKS
In this committee stockholders and depositOrs are
represented. The mode of procedure Is after this
manner Those holding the present stock OF tho
bank are to turn it over to this coremir@
tee who instructed and empowered id
raise preferred stock capital OF $500, 900, one
half OF which is TO be offered to the stockholders
and the other half TO the deposit0rs This preferred
stock Is to be entitled to semi-annual dividends
OF ten per cent and the old deferred stock is to-
have no voice IN the management OF the bank until
them both on al equal footing. The idea placing
the stock in the hands OF the depOsitor0 is an
from a second collapse when Its doors are thrown
Open Tor those who have capital stock in the
Germ will not, when the bank Is opened ask foo theIE
money and irrevocaby weaken the bank, VIII n
will be In o delicate state OF health after its late
and on the liberanty OF the depostors its success
depends.
THE ISSUE AT STAKE
in its success may seem to concern those having
money IN this institution alone; but more sham
this il 10 be looked for as 1t starts precedent
which WIN relieve the dcpositors in all savings in
situations from the tyranny OF receivers and the
vexatiOn OF tardy legal methods.
subscription lists opened. Before the drawing un
| of the checks for the stock Mr.. O'Reey made a
! der Of the chairman, Mr.. Cameron, for the dee
| posts in the bank. Mr.. Mott amended or ampli-
| fed the resolution SO as to have the committee
| his own discretion in the premises. The amend
ment was unanimously carried. The subscriptions
|
| NINErY-EIGHT THOUSAND FIVE HUNDRED AMI
TWENTY DOLLARS SUBSIDIZED.
Mr.. Cameron subscribed for $4,000 and Mr.
| Morrel for $4,000. The committee win he sitting
at the Ashland House until further notice.
| During the meeting Mr.. Cameron offered tha
| following resolution -
which has stood high in the confidence Of the
oasy nnG s s ns .a
ssn Be 70 as IN: 81 thu
a. large In the safety Ct banks generally AL, And
public have, = sssnston treated isSien.
% ~ DO
q" the B"s ' Head Bank to g guilty
parties and see that such an example made Of them as
ofncers Of similar institutions who are entrusted with
The resolution was unanimously carried amid
Il Oud cheers.
Mr.. Cameron then offered the following, which
was carried
Resolved, That the dcposltors Of the Bulls Head Bane
ss to s he %sss ct s %o nsys 20
and hat tender hearty thanks iSr their disins
terested efforts in our behalf
SIGNIFICANT HINTS
After a few rambling remarks by the Qep0sitOrs
who were anxious TO have the bank officials
hanged, Mr.. Cameron rose and made few signn-
cant hints which have q decidedly WflliamsOniau
flavor. He said that he had called upon a certain
gentleman whe said II he could get good lawyer
to stand between him and the law, he would not
purchase one cents worth of the stock.
Here loud cries OF 'Name himt' ut is Williams
son ~ &c, came from the meeting.
Mr.. Cameron declined to name any one prefer-
ring to leave space for the scope OF the depostors1
negotiations.
elected President OF the reorganzed bank, but as
that gentleman declared the actisn premature ie
was Withdrawn, Mr.. Cameron accepting it as a
The subscription on the part OF the stock holders
was at four O'Clock yesterday afternoon nearly
completed to-day.