The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-03
THE BULLS HEAD BANK.


ING PAID IN FULL-A FAVOR ASKED BY THE
PRESIDENT.
To casual observer thero indication yester-
day in the counting room OF the BULBS Head Bank,
corner OF Twenty nth street and Third avenue that
thar Institution permanently winding up its affairs.
There were not many people gathered either outside
or inside OF the bank aot moro than three or four
persons appearing simultaneously 10 present their
claims In accordance with the following notice. posted
near the cashiers desk yesterday morning.
By order the Board Of Directors no more deposits will
Ge re- nv @ and ,hsv e reauested TO- draw rhsi Sa
aae ss.' az on o as@Aa GoGE VAIL Cashier
whether the last sentence Of the above operated In
aay ing any ppprehonsions the dcposors might
otherwise manifested cannot be definitely stated but
that they have not presented themselves
as promptly as was expected and desired by the bank
oAicials The confidence fot In the solvency Of tho
institution is almost unbouuded, much SO that
whilo some of oldest depositors evince an Ill
used reluctance present their claims others OF
them on being notified by tho directors that theil
balances were ready tor them, replied rather pet
tishly that they understood their business, and
that when they wanted their money out OF the
bank they would call for it," When tho bank closed
Monday the amount due depositors was about
100000 Tho few who presented their claims yester.
day must have been for the mos. part large deposit
noon up 7. NJ, 1t had paid out nearly $780, 00O
the officers being hopeful that tho remainder of the
depostors would call and have their closed
to-day. raAtr .sa1a a.s- sst3
PRESIDENTS STATEMENT.
On being accostod by HERALD reporter Nj. Abra-
ham Dowdrey, president OF the expiring bank courte
ously rcplied-.Well there is very little that romans
10 be told. AS bank VIC are not embarrassed In the
least; we have plenty OF cash hand TO pay de-
i'm full li,oku han Ing ag / do n
other commerc BUSINESS II It does not pay stop It.
have been president hero tor about year; am the
largest stockhoIder and have, probably, been the
largest depostor tho bank during that tlme
so that II there should be any deficiency
l expect DO tho largest loser. The only request
have now make--and ask It as a favor OF our de-
positors-is that they will como promptly and draw
their baanccs This, am sorry 70 say they are not
doing as punctnaly would wish. for we want to
close up the business as soon as possible to save OK
ponsc."
In explanation OF tho circumstance that after the
directors decded to wind the affairs Of tho in
stitution the bAnK st continued receive deposits
Mr. Dowdney said that those deposits were
not loaned out but were kept In the
when public announcement OF the banks discount
ing business should have been made. Tho assets Of
the embrace the bank building and property
on which stands the latter being lot "a by 81 ieeI
Ca this stands substantial four story and basement
structure the cost OF which TO the present bank or
aanization been $l20 000 The building is all let
out good advantage except the first noor which 10
occurred by tho bank In the last quarterly state
500 600 Ii may Be stated that Mr. Dowdney accepted
the presidency of tho Institution about ono year
In tho hope OF either rebuilding us shattered business
or winding up affairs 10 the bcst advantage OF the
depostors and stockholders HIS services as president
have been gwen gratu,tousy 10 the bank Having re-
Gently concluded that in view OF the large taxation
amounting tho whole OF tho salary roll the restora
tlon OF the business OF the bank was an mpossbliy
the directors decided after getting the affairs IN such
a shape that the depostors could be paid on the
presentation OF thct demands, That II would
be Tor the interest OF the STOCKHOLDERS 10
rto an
delay 1t tue intention, as already set iorth ~ pay
out their balances to depositors as last as they pro-
sent their claims, and this done, TO wind up the al
fairs OF the bank and divide the residue among tho
stockholders Owing 10 The snrnkage ~ value OF tho
bank property and 10 other causes IT Is not known
no how much the stockholders will fall short. 1t
was rumored the street that they would lose only
mate however must be regarded as altogether con-
jec,ural as the bank officials yesterday dsclaimed
even the most remote knowledge OF the possible
amount OF loss 10 the stockholders
THE LAST QUARTERLY STATEMENT.
The following the las, quarterly statement OF tue
Bulis Head Bank up to Saturday, december TO- 1877.
forwarded the 5uperin tendent OF ahe Bankins De-
partment at Albany, and sworn 10 by the President
a"u '''n's' Resources ~
Duo from directors OF the
bank, included In loans ana
discou ]los '4S OF - -
0verdraits az per schedule. s... 4SS 10
Due trust companies, State and na-
tional banks, as per scheduie......... 49, LOT %
Banking house and lot, as per
schedule. ................... 19o,oVV w
other real estate, as per sched-
- 1O1, 900 90
Bonis and mortgages. $4,000 90
Stocks and bonus. so, $50 0G
United states legal tender notes and cir
culating notes OF national banks. Al, Sl3 %
checks for next days ex-
Other Items carried as cash ....... 30,935 90
Fractional currency, including nickes... 2,2l7 II
Assets not included under either OF the
above heads:--
Taxes paid ....s..............$ 6,543 ~
Current expenses. o,7O2 u
Stamped check booKs......... 100 06
1856 Is
Total. ACKNOWLEDGEMENTS. $534,03 90
Liabilities
Capital stock paid in cash. $500 900 Oo
Discount 30, 400 IS
Exchange. ISL 80
Other profits. % 629 IL
- 35,277
Duo depositors follows
VIA =
Deposits subject to check. -. 2776O SO
Demand certificates OF deposit 6,503 90
CertIhed checks 3,777 IA
- 297, sss IL
Unpaid dividends. ACKNOWLEDGEMENTS. S72 0Q
THE HISTORY BANK.
Iu 1854 the original Bulls Head bank was organized
under the General Banking law, with paid up capita!
OF $500, O00 II was then authorized TO extend Its