New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-01-12
THE wRECKEDJERsE
GARRETT s. BoIcE LOCKED UP.
CONDITION OF THE INSTITUTIONS DEyrxcp

u Garrett s. Boice, the defaulfing president NJ 81 J
City Bank and treasurer of the Fifth Ward SAYING
Bank of Jersey City, is now occupying cell in Pa
lice Headquarters. lie was allowed to remain ~
his home on Wednesday night in charge of police
man, and yesterday morning Chief Murphy, Can.
tain Edmondson and City Physician Van SAM,
drove to the house in q coach. Boice was still an
fering from nervous prostraton. but the physician
decided that it would be perfectly safe to take hin,
| out.
After some brandy had been administered 70 hin,
as stimulant, he was placed in the coach ana
| driven to Police Headquarters. He said To
| TRIBUNE reporter who met him In NE
Office of the Chief of Police that
he felt weak. and that not being a drinking
man. the brandy had affected his head. He declined
| to make any statement about the affairs of either
of the banks and acted as II he in ashafdazed
condition. Without any delay the prisoner was
arraigned before Police Justice Stilsng, who read
tie complaint to him and quoted the sections Of the
law under which the charge of embezzlement was
made. When asked il he had anything to say
| Boice merely answered that he waived examine
ton and would give ball. his brother being then
engaged in looking for bondsmaD. Justice Stilsiug
said that the bail would be not less than $4,000
and the prisoner was conducted to the detention
ROOM where he was allowed to remain pending the
arrival of his brother.
When the latter subsequently appeared he was
accompanied by Charles II. Winfield, a lawyer and
the three held prolonged discussion. BY advice of
his counsel Boice withdrew his waiver of an exam.
ination, and asked that il should be set down for
an early day. Justice Stilsing fixed the examna.
ton for this morning at 10 o'clock, and announced
that the bail must be amount eqnal to the sum
alleged to have been embezzied. Having no hope
of securing 50 large a sum- BoIce so stated to tue
Court, and he was locked up in a cell.
In answer to the application made to Chancellor
Runyon Wednesday for the appointment Of a
receiver for the City Bank, Washington b. Will
Jams was chosen, and took possession of the
institution yesterday. Mr.. Williams is the re-
ceiver of several defunct banking institutions
including the Mechanics and Laborers Savings and
the Union Banks. of Jersey City. and the Home
stead Institution for Savings, of Hoboken. In the
absence of ali the officers of the City Bank. it was2
O'clock yesterday afternoon before the safe could
be opened. Ii was found to contain 81 200 in cash.
which on examination OF the cash book was found
to be precisely the amount of Tuesdays deposits.
This showed that the receipts of the last day of the
banks existence were not tempered with. No in
formation was obtained as to the securities When
Chancellor Runyon made the order appointing Mr.
Williams receiver, he said that the case was
urgent because there was nobody to take care OF
the bank, but if any of the directors desired to APP
pear before him yesterday, he would entertain any
motion that might be made. Some OF the gentle-
men whose names have been mentioned as direc-
tors of the bank. deny that they are and either say
that they never consented to act In that capacity.
or thai they resigned years ago. Boice insists that
these gentlemen are directors. and that they were
chosen at each recurring annual election by votes
cast by him. acting proxy for them. He also says
tbaC the directors have not held meeting for sew
erai years. because he has never been able to geta
quorum together. He came to the conclusion
some years 20 that the bank was not paying. and
he endeavored to persuade the directors to
gether and wind ii up, else to subscribe enough to
keep on Its feet. They indifferent about the
matter. and the concern kept gradually falling be-
hind, eating itself up, as it were until there was
nothing left In his desperation. he transferred
cnrties from one bank TO another to protect both as
ther interests identical. but it ofno avail
lie knows that he had no legal right To do this and
b. realizes now that no must probably pay the pen
ono of the stockholders stated that when he
first heard the runors about the bank
being In trouble, he went 10 f. J..
shaw the cashier, and asked him if
tae statement true thai he (SiawD
had ov9rdrawn his account to the amount OF
$40, 900. Shaw cooiIy answered that IL probably
was, and when asked what he had done with the
money, hippantly replied that he had lived on il.
Shavs extravagant habits we're wcil-known. He
n N. J.,H
several fast horses
Henry G. Kelsey Secretary of State. one of whose
numerOus offices is that OF Commissioner OF Banking
aud Insurance. made partial examination yester-
lay OF tue affairs of the Savings Bank. He found
them in such condition that he concluded that tho
best thing 20 do wouid be to wind up ITS business
" hen "a savings bane IN New-Jersey Ia found to 10
nsolvent, tile Chancellor may, II he Chooses ap-
POINT or more OF The trustees IL wind no its
AFFAIRS. Mr.. Kelsey Ia of the opinion that none of
he trustees OF this bank is competent for this
work. and has therefore determined to make a2-
,llcation to-day through the Attorney General 10
how cause why receiver should not be appointed.
The directors opposed to taking this course, as
hey arc of the opinion that they pull the bank
hrongh its diifculties aud pay the derositors in
MI. Ii was alleged Yesterday that the ~ 800 in
,onds taken by Bolce from the SAFE OF the Savings
iauk on Tuesday had been turned over 20 +. T.. Z.
loung, President OF the FIRST National Bank.
,art security for the City Banks Overdralts that
Institution These Overirafts amounted to $4,000.
Legal steps were begun yesterday by IL. NJ. T.
ieekman attorney for the Savings Bank, To recover
he bonds by means OF repleyin suit, and the
lapers were placed in The hands of Sheriff Cronan.
Before taking action, however, it was decided that
, committee OF the directors of the Savings Bank
houd wait on Mr. Young and make demand for
hereturn OF the bonds, Inc committee snbse-
10 con suit the directors OF the First National
sank before giving any answer. subsequently Mr.
'oune was called upon by reporter 10 re
alton TO the matter. and he said that he had
10 knowledge of any such bonds being In the
70 sseSsion OF his bank, hut ii they we're, and
Sr ib aeo ST Of s Of
he bank would be governed entirely by the advice
{ counsel
There was excitement around the banks during
he day. The following notice was posted on the
DOR of the Savings Bank % The action of Mr..
'oce the treasurer, having embarrassed this bank
emporarily, it has beea deemed expedient 10 close
or u few days"
1t was stated that the city would lose the $4,000
eposted in the ity Bank BY treasurer OSuiliyan.
1 the Board of Education, because his bonds had
OF been ed. They were filed YESTERDAY, aud the
uesnon of the responsibility of his bonds
zen will have 10 be decided by the
ourts. A teacher in one of tho public schools
III very distressed frame of mind. Desir
~ to accumulate sum of money for the purpose
procuring a trousseau for her approaching we'd
lng she had been saving up her salary checks
nee last September. She had saved about 500
he eau now obtain neither her money nor her we'd
ing outfit.
Mnnh ind afion La felt hv The dannsitnrs In the