The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-01-01
EXIT THE BULLS HEAD BANK
NO MORE DEPOSITS TO NE TAKEN Ar
TER WEDNESDAY,.
The business the. to he Wound Up nv tho
Direct"rs-Arranainp In Albany 20 Escape
the Expense and Delay of Receiver.


the Expense and Delay of n Receiver.
So faithfully did the directors Of the Bulls
Head Bank. at Twenty fifth street and Third
avenue, keep their mutually imposed iniunc-
ton of secrecy. that the important result OF tho
meeting they held on Friday week was not until
| yesterday even hinted at. 1t was only the
breath Of an intimaton that something impor-
tant had been done that crept out Yesterday but
that led to Investigations resulting In admissions
that tomorrow the bank will post notice that
| II VIII receive no moro deposits. and will pro-
coed Immediately to wind up its business.
The bank WIS closed when n reporter for THE
| Sun applied last evening but few raps on tho
| iron door induced the watchman to open It, Be-
| hind the railing several clerks were busy with
| the books. BY one Of them the reporter was in
| formed that the cashier. Geo. f. Vail. could not
| be found. as he expected to 80 out Of town later
in the evening. As the reporter turned to 60
away tho watchman said conndontially. Hos
only gone 10 spend the holidays out Of town. as
| he usually does"
Mr.. l.. II. Kcrr proprietor of tho Putnam
House. in Fourth avenue. is one Of the directors
Of the bank: yet whom the reporter asked 10 sec
him for few minutes in reference to n rumor
concerning the Bulls Head Bank. he seemed
astonished.
why. what about it ?" ho asked. aftcr recov-
cring from his astonishment
Isn't there something about it that s Of great
interest to the stockholders and depositors"
There may be. perhaps | haven't attended
inc mes'ngs vsTy T;Sna,r,M, ,,,n, b will ro
fuse - receive deposits on Wednesday. Jan. 2.
don't know As the day is positively fixed
! on. But how has it pot OUT Evcry director at
the meeting promised 10 keep the vote n perfect
secret; and yet It appears e. hayc leaked out"
Then the rumor Is well founded -
We'll suppose it i. II ~ going to be
published II had hettcr he publ straight;
hrt the Intention was not TO mako 1t public un-
| I'll everything was ready.
Mr.. Kerr slid that for thrcc months he had
any regularity. and that he was unable to give
precise flguros. lut ne supposed he know what
the gencral troubles were that had led to the
Many Of tho stockholders have hcon dis
satisfied for q long tmr. hc said. We have
f,rlogs @ dr'MSais SSi 6ur trogb@esH beenp naI, wb vb
that tremendous deialcguon that took out clean
business wo had LOST many Of our customers.
and got stuck with certain paper So thcre wos
| culm mated in the vote taken on Friday week"
Was that unanimous vote p
No. At the mcetin4. understand-for did
not gct there until htt'-tho whole situation WIS
thoroughly discussed. and II was the general
opinion that they had better wind up. When
Of IL but myself was opposed To H. thought
that good times were coming on. and with a
othors thought differently"
g l. the fact to be nadc public on Wednesday,"
tho President and cashicr viii 60 20 Albany to-
night and lay the matter before the Bank
NH in .h, ,'rnndr vsv Thnn II p.rmissiSn
Is granted. on "Wednesday the notice will be
made public"
The reporter said that he had been told that,
the cashier intended TO 70 out of town last
That j. It then, They will take advantage
Of the holiday on Now Years"
How. viii i aircct the, ,tepositors1"
| q" believe they Will get every penny. In fact.
Think there is cash enough on hand to pay of
the grenter part OF them instantly
They have boon golting ready for this.
" Yes. that is about it, and now, We are in a
| good condition to DO IL. | don't think there is
any necessity for any fright. | have been de-
posting right along and shall DO 1t until the
. Il the capital impaircdT"
Mr. Forr hesiiGtod a minute. md then said
frankly. Yes. suppose 1t is. The stOckhold-
crs will have 10 stand loss.
What l. the impairment" ?"
81 cannot toll. exactly. | should say from
be- easily made up Il The sto. khclIers had a lit
tie courage and eonAtence., The time are
enough to make it up"
the capital of the Bulls Head Bank Is now
H., Lnrt hrran bmsinrss on When the Nc To-
falcation came out in March. 1873. the stock
bringing the capital NJ to the limit which
: the Quarter allowed. They were, thus
able asT & & To- go r on WIN Egs
was not entirely restorei Little by little the
dr 1yers, and traders who had formerly deposits
ma ~, N hnif w,.hdrew th"Ir custom. ia" Wost
, S,t. p",'t ,,,ttiny " ,,r.nt i.ei ~ il Thtn
~ pIsindss 81 ,iroySrs Shifted rom
,hc puIrs Uaei RAM rorion IN the
vme, WE, hun,nS ,hn r,ty r,fv" r0w nuch hnd
naIer the bank wa. caught with it wnl
ho to o,no,n, wn ore.c FindIn,,
NM nv IA not rSrnin thoir oli Husin,ss A.
t.t tIo nv nn fhc o,,itni 851n nl0 yc,s ,r.ninr
drain ,ban th"v couiA easily mot inc iirn.iSrs
, nstitonrd for reduction of capitai To $3.50 900
| md II tf|IaF II.tHI tI
ware iinv,eI IA r"'l,i.e f. s2OD01G INV tL,u.
Ind los than the, aslca'for The directors
N,I y,1u ls'i"r ,rhis wns dnnn hntr.v,f
in .,,ii. of the nrntosts nf some II III, stost
, | L,i31rs thrv oven -niu.,sn inr Ms to thrnaton
nm iniun stiou 10 rcstrulu the officials from pay-
/ | Mr. Kerr intimatnl that the dividend then
| paid might not have N"nr actually earned. Bul