Article Text
# The New Orleans Banks Suspend, [By Automatic Telegraph.] NEW ORLEANS, Sept. 25. - The New Orleans banks, with the exception of the Southern, have suspended currency payment.
Teutonia National Bank (New Orleans, LA)
Episode Information
- Episode UID
174700896- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
17470national - Charter Number
- 1747
- Start Date
- August 25, 1874
- Location
- New Orleans, Louisiana (29.955, -90.075)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
5073b6b4b32e1c09
Response Measures
None
Description
Bank entered voluntary liquidation after stopping deposits; no clear public run preceded suspension.
Events (6)
1.
December 5, 1870
Chartered
- Source
- historical_nic
2.
August 25, 1874
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Losses and violation of national banking law plus heavy exposure to failures of firms (Allen, Poole & Co.; C. Mehle & Co.) and discovery of bad paper prompted stopping of deposits and forfeiture of charter
- Newspaper Excerpt
- Four days ago the Teutonia National Bank of this city forfeited its charter ... day before yesterday the bank stopped receiving deposits. Application has been made for a voluntary liquidation
- Source
- newspapers
3.
September 2, 1874
Other
- Newspaper Excerpt
- two-thirds of the votes of the stockholders of the Teutonia National Bank have been obtained in favor of placing the institution in voluntary liquidation, and that the necessary papers will be forwarded to the United States Treasurer this evening.
- Source
- newspapers
4.
September 2, 1874
Voluntary Liquidation
- Source
- historical_nic
5.
September 22, 1874
Other
- Newspaper Excerpt
- The Teutonia National Bank has paid all of its deposits, except the trifling amount of $171, and the Government has sent $200,000 of United States Bonds ... to redeem the bank's circulation of $100,000.
- Source
- newspapers
6.
February 6, 1913
Other
- Newspaper Excerpt
- The President and Directors of the Defunct Teutonia Bank ... convicted ... receiving deposits after bank failed; examiners found more than $300,000 in practically worthless paper.
- Source
- newspapers
Newspaper Articles (24)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
# Monetary--Commercial. MONETARY. OFFICE OF THE DAILY REPUBLICAN, THURSDAY EVENING, September 25, 1873. Our financial circles were taken by surprise at about half-past ten this morning by the announce-ment that at a meeting of presidents of nearly all the city banks, held at half-past nine, it was re-solved to suspend payments of currency on all de-mand obligations, in lieu thereof certifying checks or remitting New York Exchange, but with the proviso that depositors might draw currency for change purposes to the extent of $100 each diem. In a few moments the intelligence caused some excitement, but it very soon subsided, and after the appearance of the evening papers, con-taining the official announcement, wh en will be found in another column, the market appeared to be nearly as quiet as if nothing extraordinary had occurred. As far as our observation extended, the measure was received with emphatic approval. It was evident that under the course of the banks and bankers in other cities our city was steadily and rapidly losing its currency, and that serious re-sults would follow if the efflux was not arrested this has been effected by the measure adopted. New York bankers who send notes here for col-lection will be paid in New York exchange. The certified checks are received by all the banks in payment of maturing obligations as well as by fac-tors and all others for cotton or other merchan-dise without any difference in price. In fact they may fairly be regarded as being as valuable as bank notes, representing as they do currency in the banks or loaned out by them on unexception-able security. Of course there's no cause what-ever for any distrust nor should there be any hesi-tation in receiving such checks in trade or are liquidation of debts. It was not only the banks and bankers in other cities who were draining our banks of their currency. Even small shipments of produce were made to this market from the West with instructions to sell on arrival and remit the proceeds in currency by express. It will be observed that the banks which have united in this measure anticipate that it will not be required for more than thirty days, but in the solvent condition of our banking institutions the currency movement may actually be resumed at an earlier date. The Southern Bank is the only one of the banks which did not unite in this meas-ure. It will be recollected it did not suspend specie payments during the war, and now pursues the same course with regard to currency payments. We hear that the savings banks also are paying currency as usual.
Click image to open full size in new tab
Article Text
The financial crisis has reached New Orleans. All the Banks have partially suspended "payment of currency upon their demand obligations." This is to continue thirty days.
Click image to open full size in new tab
Article Text
THE BANKS AND THE MARKET. On Thursday our commercial and financial circles were literally "taken by surprise" at the resolution adopted by the Clearing House banks, at a meeting at 9:30 A. M., the purport of which is shown by the official announcement to the public which we give elsewhere. While we say "taken by surprise" we do not mean to intimate that the measure was not proper and necessary, and might not have been foreseen by close observers of the movement in other cities. The course of the New York banks for a week previous had stimulated transmission of currency to that money center from all parts of the country; and especially from New Orleans, which was temporarily a debtor city, as shown by the premium on New York exchange previous to and at the time of the New York crisis. The consequence was that, while the movement in foreign exchange was suspended and the offerings of domestic were consequently light, the former being the basis of a large part of the latter, the proceeds of paper sent by the banks of other cities to our banks and bankers for collection were called for in currency. The table of an agent for a Northern banking house was piled up with currency for transmission to New York. In addition to this heavy drain, Western merchants ordered the proceeds of consignments to be remitted to them in currency. New Orleans was thus ciclimized for the benefit of the North and West, especially of New York, and while our banks were never in a sounder condition, and had seldom, or perhaps never held, so little paper that was not unquestionably good, they were compelled to discontinue payments in currency and resort instead to certified checks. We say discontinued, for although literally speaking, suspended may be the proper word, "suspension" is popularly understood to imply a situation which does not exist in our city. No bank has closed its doors; no bank fails to respond at the Clearing House to all its obligations; none refuses to certify checks and charge the amount to the depositor; nor do they refuse to receive such checks on deposit and in payment of all obligations maturing at their
Click image to open full size in new tab
Article Text
The financial scare, which began with the failure of Jay Cooke & Co., and spread like wild-fire over the country, still prevails and prostrates every description of trade. The New Orleans banks suspended payments in larger sums than $25 per day to any one depositor, for the purpose of preventing a run upon their vaults, and when confidence is restored and business is resumed upon the former basis the wisdom of this action will be apparent to all. The foolish panic has been the result of want of confidence, and it will turn out that all were more scared than hurt. It is thought the crisis will end during the coming week.
Click image to open full size in new tab
Article Text
# BANK SUSPENSION.-- In another place we give the address of the Presidents of the New Orleans Banks, announcing a suspension for thirty days, and giving their reasons for it. Of course this action will produce its effects throughout our State, and cause great inconvenience and distress, which we hope, however, will only prove temporary.
Click image to open full size in new tab
Article Text
thrown out of employment, including the body of opera- tives who were most prominent in the strike of last Sum- mer, and who, it may be supposed, drew most largely on their savings to support that movement. The Atlantic Delaine Mills are controlled by Hoyt, Spragues & Co. of New-York, though not run in their name. Messrs. Sprague have shown themselves very chary of informa- tion as to the steps they have taken or propose to take in curtailing their production, and seem inclined to allow the cloud, which Rhode Island manufacturers say hangs over all interests in the State from the enormous volume of their obligations, to put on its darkest aspect. # REDUCTION OF THE PRICE OF GOODS BY BROWN & IVES. The Lonsdale Manufacturing Company, which is con- trolled by the house of Brown & Ives, runs five mills at Lonsdale and Ashton, manufacturing villages in the valley of the Blackstone, a few miles from Providence. Here are manufactured cambrics, Lonsdale bleached shirtings, jaconets, etc., and in these five mills are 144,000 spindles and about 3,000 operatives. These mills are still running on full time and with no reduction of wages or employés. The agents state that they desire to keep with them all their operatives, some of whom have been in their employ 30 years and even more, and have as yet decided on no curtailment on account of the financial troubles. Unless matters soon mend, how- ever, they will be forced to retrench. The reduction would probably be made in the wages rather than in hours or force. The agents assert that the operatives have been getting such very high wages that they can well stand a reduction. They look, however, for an early revival of business. The Lonsdale Company this week reduced the price of their goods one cent per yard. Other manufacturers following the example have given orders to their selling agents in New-York to re- duce prices correspondingly. The agents of the Lons- dale Company say that as cotton is falling ½ of a cent per pound daily, with reduced wages they can make a fair profit at the lower rate. The reduction has not been wel- comed by their competitors, who say that they could keep up their mills at full time at the old rate, but must now curtail. Brown & Ives also control the Hope Mill, at Scituate, which makes shirtings. The mill contains 28,000 spindles and employs 350 hands. They also control the Berkeley Mill, in Cumberland, seven miles from Providence, which is a new enterprise. The mill is now running over 300 looms, and, having a capacity of 40,000 spindles, employs about 400 persons. Here are made fine goods, sixties, eighties, and one-hundreds. The Hope and Berkeley mills are running on full time, and at the latter place new looms are being frequently added. The manufacture of the class of goods made at the Berkeley is said to be new in this country. The same policy will be pursued at these two mills as at Lonsdale and Ashton. Beside these a print cloth manufactory in Blackstone, Mass., with 50,000 spindles and some 600 hands, is con- trolled by Brown & Ives. This manufactory was shut yesterday, partly for repairs, but more on account of the depression. The present intention is to resume at full time on Monday next, but action will be governed by the condition of trade. Belonging to the Crawford-Allen estate, and now con- trolled by M. B. I. Goddard of this city, are the Allen Print Works in Providence, the print cloth mill of the Bernon Manufacturing Company at Georgiaville, R. I., the Woonsocket Company's cotton mill at Woonsocket, R. I., and the two mills of the Smithfield Manufacturing Company, one in Alleaville, R. I., the other in Dedham, Mass. Mr. Goddard also acts as agent for the Fitchville Manufacturing Company, whose mill, at Fitchville, Conn., manufactures shirtings. The Allen Print Works, which have a dozen machines with a capacity of about 15,000 pieces per week, and employ nearly 400 hands, stopped a month ago. At these, as at other print works, a stop of a fortnight twice a year, in the Spring and Autumn, for repairs and preparation for the change between light and dark goods, has been cus- tomary. The time of the Autumn closing has been Nov. 1. The panic hastened the suspension this season, and no time of resumption is yet fixed upon. The Bernon Mill, which has 603 looms, 30,000 spindles, and about 450 hands; the mill of the Woonsocket Company, with 13,000 spindles and 170 hands, and the Allenville Works of the Smithfield Manufacturing Company, with 10,200 spindles and 150 hands, all stopped on Saturday, the 11th inst. When they resume-a time as yet not fixed with certainty, but possibly Monday next-there will be some reduction, probably in time. It is thought by the representatives of these mills that a suspension of a few weeks will be lightly borne by the operatives, but longer idleness would drive many of the French Canadians of whom there is a large number employed throughout Rhode Island-to Canada for the Winter, and cause distress among them and trouble to the em- ployers to get labor in the Spring. The Fitchville Com- pany-whose new works have a capacity of 15,000, now running 12,000 spindles-has made no reduction of any kind. Two hundred hands are employed. At the Ded- ham Mill of the Smithfield Company, now running on full time, are 163 hands and 12,000 spindles. # PARTIAL SUSPENSION OF WORK IN OTHER MILLS. The Albion Manufacturing Company at Albion, R. I., runs a mill for the manufacture of print cloths, which has 400 looms and about 22,000 spindles. It will run on full time up to Jan. 1, as it has contracts to fill up to that time. The Monville Manufacturing Company, whose new mill at Monville, R. I., is one of the largest cotton mills in the country, having a capacity for 100,000 spindles, has as yet put in but 1,200 looms, and has been employing 1,000 hands in the manufacture of print cloths, jaconets, &c. On Saturday, the 11th inst., the mill was closed, with the intention of resuming this week on half time. The Chace Mill at Washington Village, Pawtuxet, R. I., which has 4,000 spindles, was closed the same day. The Central Manufacturing Company, which has a mill at Plainfield, Conn., with 10,000 spindles, is now running on two-thirds time. The great cotton mills at Wauregan, Conn., and at Ponema, near Nor- wich-the latter ranking among the chief mills of the country, and having 72,000 spindles, and the former hav- ing 56,000 spindles-which are controlled by Providence capitalists, have been running on half time since Mon- day, the 20th instant. Their agent in this city, Edward P. Taft, says that the operatives are excellently well sit- uated to bear the reduction, being a very thrifty class, and having saved from 30 to 35 per cent of their abun- dant wages. The Warren Manufacturing Company of Warren, R. I., which has near 60,000 spindles, shut down entirely for a few days, and with the Cutler Manufac- turing Company of the same place is now running on half time. Mills in the Quinebaug Valley, in Eastern Connecticut, which are controlled by Rhode Island man- ufacturers, have almost all cut down their running time to seven hours per day for five days in the week. The owners of the large woolen mills at Woonsocket, R. I., and Waterford, Mass., are now considering the question of running only half time. None of the Rhode Island woolen mills have yet stopped entirely. The closing of a woolen mill causes so much more derangement and loss than that of a cotton mill that the woolen manufac- turers are very loth to suspend wholly, even though they cannot sell their goods. The Greene Manufacturing Company, at Norwich, R. I., which has 25,000 spindles, and makes print cloths, shirtings, and similar goods, has been running for a fortnight on three-quarters time. The Luppitt Mill, at the same place, which makes print cloths and has 7,000 spindles, will run full time to Nov. 1, when it will either stop or reduce. The Coventry Mills, at Anthony village, Coventry, R. I., with 10,000 spindles, making print cloths, will pursue the same course. Many other small mills have either reduced their running time or will do so soon. # GENERAL PROSPECTS. NEW-ORLEANS BANKS TO RESUME NOV. 10-A STRIKE OF COLORED LABORERS.
Click image to open full size in new tab
Article Text
ORLEANS. PLAIN COUNTRY TALK. It is in no fault-finding spirit we enter our protest against the action of the banks and business men of New Orleans. In truth, we believed and felt when the notice of the thirty days' suspension was first announced that the movement deserved to be universally censured. Under the pretext (in the words of the official announcement) of benefiting "the agricultural as well as the commercial interests, and as the only manner through which the incoming crops can be moved without ruinous sacrifices in prices," the banks of New Orleans united in the suspension movement. In the light of what has transpired it must seem to have been a "ruinous" policy when the banks resolved to close their vaults. How could the incoming crops be moved without the money held by the banks? And how could the banks possibly obtain relief when there were no cotton bales "incoming?" The New Orleans merchant was bound to notify his agent, or his planter, that he could get no money from the banks to pay for cotton, and this was what came by mail, by wire and by newspapers to merchants and planters all over the country. The news fell like a pall upon "the incoming crops," and the blockade of trade and of the payment of debts, as well as the heated pursuit of debtors, began. The very idea of shipping, or selling cotton without a little money, gave the producer the "studs," and the flow of the staple almost instantly stopped. As a consequence, money ceased to flow from the country to New Orleans. The stream had been dammed by the banks, and no supply went down. And now, in the face of this stagnation caused by suspension of the banks, these institutions have agreed to extend the thirty days' suspension indefinitely. Merchants write to their customers, For God's sake draw no drafts upon us. The man, in fact, who has money in his merchant's hands, has had to pay 7 per cent to have his draft cashed, and instead of receiving $100 on his draft for that amount, receives only $93. If it should become necessary to send this $93 to New York, exchange costs 4½ per cent, (when it ought at this season of the year to be at par, if not at a discount,) which reduces the $100 to $88.22½, making the actual loss $11.77½, or more than 10 per cent on money on trust and for a single transaction. Where does the "benefit" come in in this transaction? This is what we are asked to consider financial wisdom! This is what has been done to move "the incoming crops," and "to benefit the agricultural as well as the commercial interests!" In our opinion this movement has more of the features of a combined swindle in the interest of monied men, than a movement for the benefit of commerce and agriculture ought to have. Why should a bank, any more than a planter, refuse to pay its indebtedness to the last dollar in its keeping? What are the banks doing with their greenbacks? Keeping them from circulation to relieve commerce and agriculture? Or, is this same money carried to Carondelet street, and there invested in the certified checks of these same banks at 7 per cent discount on the face of their own checks? If neither of these means are employed "to benefit commerce and agriculture," then what has become of the currency of the banks? It does not come to the country to help "move the incoming crops." Cotton cannot be sold for money in the interior. It is, therefore, real stupidity in the Manager of the Clearing House of New Orleans to tell the country, as he has just done, that "the only remedy we
Click image to open full size in new tab
Article Text
# MINOR TELEGRAMS. Beinforcements are going forward rapidly for the government troops before Cartagena. The British ship America foundered off the Newfoundland banks, and the captain and three men were drowned. The crew were out in a boat six days before they were picked up. Bell & Co.'s tobacco warehouse at Hadley, Mass., was burned Monday morning, with 330 cases tobacco. Loss $28,000; insurance $25,000. In a fight between two Chicago policemen and four thieves, one of the latter was shot. Eighteen lives were lost by a late explosion of a magazine in Cartagena. A Washington despatch says there are twenty candidates for the Kansas Senatorial vacancy, and really but two parties in the State, the grangers and the railroad interest. In Chicago a large meeting of workingmen passed resolutions demanding labor of the city when other sources fail. J. W, Morrison's store and outbuildings in Plymouth, N. H., were burned Monday. Loss $3000. Hayti has a political trouble. President Saget will not vacate the presidency except to Dominique, whom the House of Representatives don't want. Yellow fever prevails at Port Royal, Hayti, among Europeans. George B. Noyes was killed at Manchester, N. H., Monday, by being run over by a load of wood which he was driving. Capt. J. E. Michener, chief opener of dead letters at Washington, has been held to the action of the grand jury on the charge of robbing letters. The Catholic Bishop Queretara of Mexico, advises his people to submit to the civil authorities. The government candidate has been elected Speaker of the Mexican House of Representatives. The banks of New Orleans resumed currency payment Monday. A despatch dated at Rome says that on Monday the Pope delivered an allocution and appointed twelve cardinals. A Belgian pleasant is said to have discovered a substitute for coal. He saturates earth with a solution of soda. It gives a strong and steady heat. The St. Albans Messenger says George W. Jones, a well known citizen of Brandon, Vt., has been lodged in jail at Rutland for chastising his daughter with whips and chains. Six thousand dollars was realized for the Centennial by the Philadelphia tea party. In New York last night Maurice Daly beat Francis Ubassy at a game of three ball French carom billiards, by a score of 350 to 303. Internal revenue receipts Monday were $576,725. David Nesbitt of Lindsey, Canada, was hung Monday for the murder of Miss Hapwood last July. Five or six boys ranging from 15 to 18 years of age were arrested Monday in Schnectady, N. Y., for setting buildings on fire. A lot of striking longshoremen in Philadelphia attempted to get up a riot yesterday but were quelled by the police.
Click image to open full size in new tab
Article Text
We learn from the New Orleans Picayune of the 23d that the associated banks of that city resumed currency payments the day before, after a suspension of nearly three months Cotton was pouring in the city with unexampled rapidity, one boat alone-the R. E. Leebringing in last Monday 5741 bales, the largest load of the season. The largest load ever brought to that port was 6500 bales; the steamer Magnolia brought it in 1859.
Click image to open full size in new tab
Article Text
# New Year's. Before another number of this paper issues, the new year-1874-will have written its name upon the roll of the century. When the last of its years shall have been inscribed on that roll, when its full list shall have been folded up and laid away for ever, and the spotless new roll of the twentieth century opened out before man to write thereon his history with many a stain of tears, and blood, and fire, then the world shall be just as busy and bustling and just as intent upon its own transient interests as now. But how many of us shall take a part in its busy scenes ? This is one view of the case, but it shall not, by any means, prevent us from wishing a happy New Year now to our contemporaries. The present alone is ours. If people are never content with what they have that is the present-let them at least look at the near future only. There we may find a good deal of consolation apparently in store for us. The hard times are rapidly passing away, and green backs are once more coming prominently before the public. Our banks have resumed payment and we can hardly want better assurance that the storm is over. The safe, skilful financiers in control of them, who so prudently shortened sail in the hour of danger, can be relied on as pilots throughout. Then cotton is commanding a better price and fortunately a great deal of it yet remains to be shipped. Very soon people will find themselves entirely over their panic, their pockets well lined and the spirit of adventure growing strong within them. This will set all the wheels a-going -not only commerce, but manufacture and agriculture and building. Improvements on real estate will go forward once more, and mechanics and laborers find plenty of employment. In politics the signs indicate relief. Animosities resulting from the war are disappearing, and the political corruption which plunged the whole country in debt-not only South but North also-is awakening a storm of general execration that will drive it from its bad and impudent pre-eminence into comparative obscurity. Our Northern brethren begin to see that robbers are not safe agents to employ. A Government which openly robs and plunders a helpless section of the country, cannot be relied on as honest in the other sections. Our beautiful New Orleans is spoken of farther North, even by its friends, as the "doomed city," but their sympathy is probably uncalled for. Rivalry and money have thus far been able to check that prosperity to which nature has manifestly destined our queenly city. So far as capital in its thousand appliances of railroads and canals and banking facilities has been able to supersede nature and its works, so far New Orleans has hitherto been doomed; but to all this there is a limit. There is a period when the tidal wave of natural development will burst all the barriers that human skill can interpose to cramp it. In wishing a happy New Year to our friends, we experience a conviction that a day will come when the royal banner of the world's commerce and the world's wealth, will wave from the towers of the Queen City of the South.
Click image to open full size in new tab
Article Text
Shotguns and Bank Balances. The mind of the Northern or European may fail to note the close connection between the clauses of the above caption, save in the way of "stand and deliver." However, those who have capital invested in the Southern States and those allied to peace and order, who dwell therein, are perfectly and painfully cognizant of the antagonistic relations of the above two forces. Capital, every one knows is timid; caution is the touchstone of success for the capitalist. The expose of the White League, lately published in the REPUBLICAN, demonstrates the fact that the shotgun party essays to rule. Capital has shrunk abashed, or vanished utterly. It will no donbt be denied by those who are leagued with the shotgun legion that the two clauses of the proposition are correlative, and that the latter is swayed by the former. No one, however, will gainsay the facts as LOW set forth. Four days ago the Teutonia National Bank of this city forfeited its charter on account of violation of the national banking law. The president has been retired, and day before yesterday the back stopped receiving de posits. Application has been made for a voluntary liquidation, but appearances indicate that a government agent will be put in charge. Another one of our national banks has been hard hit by the suspension of a large Texas firm. A prominent State bank is anxiously regarded, and it is hinted that its case will form a staple for action at the next session of the Legislatare. Messrs. Chris. Mehle & Co., engaged heavily in the cattle trade, are involved by the suspension of the house of Allen, Poole & Co., of Galveston. The interest of the first named with the latter firm is estimated at $250,000. The house of Allen, Poole & Co. have resumed on an extension of one, two and three years. It is sincerely hoped that the New Orleans firm will be in a condition to resume next week. Yesterday was one of the dullest in financial matters ever known here. Bank stocks were regarded with holy honor. So much for immediate effects and obstinate facts. If the causes of this financial crisis are denied, the question arises, then, what is the reason of this? Should the White League planter, to whom a merchant has advanced some thousands of dollars, unite himself with a shotgun band and kill his laborers or drive them off for not voting his way ? How is the merchant to be paid ? Won't the merchant think of this before he makes any advances, and won't the banker ponder the problem before he discounts the merchant's paper? Recent events prove that they havn't thought of the matter in this light heretofore. But the long faces on 'Change yesterday showed that all hope in shotguns was gone and faith in peace and order and love of prosperity restored.
Click image to open full size in new tab
Article Text
NEW ORLEANS CLEARING HOUSE. Clearings. Balances. August 22 $521,585 17 $71,572 37 August 24 496,548 74 100,699 4 584.762 36 August 25 104,441 56 August 26 410,890 02 38,665.16 372,917 97 August 27 79,746.00 373,751 71 59,971 21 August 28 Total this week $2,765,456 504,095 79 Total last week 3.290.756 92 510,096 66 Total week before 3,724,544.54 493,819 21 We are officially informed that thue far the Teutonia National Bank has pr mptly met all checks of depositors, and has ample assets to cover the balances undrawn. We have been aware of the embarasements of this institution for several days, but omitted to take notice of them, being officially assured that if the bank was not pressed, it would be amply able to meet its liabilities, and, agreeably to the earnest desire of the stockholdera. wind up its affairs to the satisfaction of its creditora, without the aid of a United States receiver. Gold opened at 1091,@10934. against 109% at New York, and after a fair business closed at the opening rates. The sales summed uo $53,000. embracing $11 at 109 is $4000 and $11,000 at 1093, $9000 and $10,000 at 109% and $3000 and $5000 at 109 5. No sales of silver were reported. American half dollars were still quoted at 1031041/2, and Mexican dollars at 971/2 gold. Sterling exchange was a 1-10 ₽ cent higher. The sales comprised £14,000, embracing £5500 bill of lading at $531. £ 500 do at $5321/2, and £4000 do at $5.33% Nothing transpired in france, and rates were unchanged. At the closesterling bills were quoted at $5 31 1/2 @5 33 for bill of lading and Al clear. and $5.37 for bank. and france nominal at 4.721/2 for private and - for bank. The offerings of domestic exchange continued light. and with a moderate demand rates were unchanged. The only sales of New York sight were $10,000 and $20.000 bank at 5-16 ₽ cent premium. The banks continued to check on New York at % cent premium. and commercial sight was still quoted at is @5-16. In stocks we noticed sales of 50 shares New Orleans City Railroad Company at $150. The sales of bonds included $3000 city gold bearing seven per cents at 42 3/4 and two other lots at 43 and 43 k. Quotations are nominal. We also heard that the new State bonds had been offered as low as 24 Nothing worthy of notice transpired in city scrip. City appropriation certificates, Metropolitan Police warrants and time certificates of 1873 continued nominal at about 46 for round lots. There is no market for State warrants, which are still queted nominal at 30@31 for large, 32@33 for medium, and 31@36 for small. NOTE-It can hardly be said that there is any market for securities. All classes are lifeleas, and sales can not be forced unless at very low rates. Quotations are nominal.
Click image to open full size in new tab
Article Text
As the voluntary liquidation of the Teutonia Bank, caused by the suspension of Allen, Poole & Co., of Texas, and C. Mehle & Co., of this city, and many reports are in circulation as to the amount of that paper held by other banks of our city, we have ascertained from authority, entirely reliable, that the amounts held by the following banks, will not exceed say Louisiana National 16,000 Canal Bank 5,500 Bank of America 5,000 5,000 Metropolitan and Loan Associati'r. The indorsers upon these amounts will no doubt meet them at maturity, and the banks will not lose a dollar. The following banks have not a dollar of the paper referred to, either as owners or discounters : State National, Germania National, Hibernia National, New Orleans National, Citizens', Mechanics and Traders', Mutual National, Union National.
Click image to open full size in new tab
Article Text
# MONETARY. OFFICE OF THE DAILY REPUBLICAN.} SATURDAY EVENING, August 29, 1874.3 The money market is quiet and unchanged. The offerings are of fair extent at the banks, and mod- erate on the street, while the rates of commercial paper continue without apparent variation. We continue to quote selected signatures, with or with- out collaterals at 9@10 cent per annum; first class at @11; A1 at 12@-, and second grade at 1½ cent per month. First class mortgages are still quoted at about 10 cent per annum, and second grade at -. # NEW ORLEANS CLEARING HOUSE. Clearings. Balances. August 29... $496,710,87 $78,720 61 Same time last week... 521,585 17 71,572 00 Total last week... 2,765,456 47 504,095 79 Total week before. 3,290,756 92 510,096 66 We are indebted to Mr. I. N. Maynard, manag- er of the New Orleans Clearing House, for the follow- ing comparative statement of the associated banks for the week ending August 29: Increase. Decrease. Specie... $30.000 Currency 145,000 Loans.. 90.000 Deposits. We are gratified to learn that the affairs of the Teutonia National Bank have been honorably and satisfactorily settled. On the report, we presume, of the bank examiner and other evidence, the Controller of the Currency has authorized the in- stitution to go into voluntary liquidation, which would not have been done had not that officer been satisfied of the good faith and integrity of the present management. Otherwise a receiver would have been appointed. Nothing now remains but for the stockholders by their votes on Tues- day to authorize the liquidation, to which, of course, they will assent. The deposits have been drawn down to a very low point, but in order to enable the bank to pay all it has been necessary for it to accept the offers of the Germania, Canal, State National, Union National and Metropolitan Banks to rediscount its portfolios. The bank now calls upon depositors to withdraw their balances, and upon all creditors to present their claims for immediate settlement. it would be difficult to find in the annals of banking under the national banking law an instance in which a bank has been liquidated more creditably, for which much is due to the confidence reposed in the cashier, and that officer's energy and perseverance. Gold continued to rule at 109¼ @109¾ in this mar- ket and 109¼ in New York. The business was of moderate extent, being confined to $19,000, em- bracing $1000 at 109¼, $8000 at 109⅜, $5000 at 109½, and $6000 at 109⅝. No sales of silver were reported. American half dollars were still quoted at 103½ @104½, and Mex- ican dollars at 97½ gold. Nothing transpired in city scrip. City appropria- tion certificates, Metropolitan Police warrants and time certificates of 1873 are now quoted nominal at 45@46. Old State warrants are still quoted nominal at 30@31 for large, 32@33 for medium, and 34@36 for small. No sales are reported. New State warrants are entirely nominal. Foreign exchange was without quotable varia- tion. The only sale of sterling reported was £1000 bill of lading at $5 33, but nothing transpired in francs. At the close sterling bills were still quoted at $5 31½@5 33 for bill of lading and A1 clear, and -@$5 31 for bank, and francs nominal at 4.72½ for private and - for bank. The offerings of domestic exchange continued quite limited, and with a moderate demand rates were without quotable variation. The only sales of New York sight reported were $25,000 commer- cial at 9-32 cent premium and $35,000 bank at 5-16. The banks continued to check on New York at ⅜ cent premium, and commercial sight was still quoted at @5-16. Nothing transpired in stocks. In bonds we noticed a better feeling in city gold bearing seven per cents, which were, however, without quotable variation, being still quoted nominal at 43@44. The sales included $2000 at 42¾, and $1000 at 43⅛.
Click image to open full size in new tab
Article Text
aging, the demand revived, and factors were enabled to recover ¾ @ ⅞c of the previous decline. Passing over the advance during the first fortnight, and comparing the closing with the opening rates, the quotations on September 30 showed a net falling off of only ⅝ @ 1c. The improvement, however, was somewhat illusive, being partly caused by the change in the measure of value from currency to certified checks, which was equal to ⅓ @ ¼c ⅟₈ lb on the price of cotton. This change took place on September 25, when the following resolution was adopted by the Clearing House banks: "Resolved, That all deposits made hereafter shall be paid in kind, and that against previous deposits no checks exceeding $25 will be paid in currency to any one depositor on the same day." The resolution was followed by the publication of the agreement for self-protection, which was signed by nearly all the incorporated banks. The cotton movement in September had been only moderately active, the sales summing up 17,900 bales, against gross receipts of 26,732, while the stock by our running statement had increased to 22,386, and the amount unsold was 11,400. This indicates that although the demand had not been very animated the supplies were proportionately light, an actual supply of 11,400 bales, a considerable part of which was unmerchantable or held off the market for further developments, showing that the offerings had been pretty well absorbed by the demand. Buyers having adjusted their operations to the new order, October opened with a more active demand, and, although the New York panic had still a disturbing and unfavorable influence, yet, the supply being light, the previous upward tendency continued, and at the end of the first ten days factors had been enabled to establish an advance of ⅜c, but on the eleventh, in response to a decline at New York, the market took an unfavorable turn, and prices receded from day to day until they closed at a net falling off of 1⅜ @ 1¼c from the opening rates and a reduction of 2⅜ @ 2½c from the highest point. The movement at the same time had exhibited considerable activity, the month's sales amounting to
Click image to open full size in new tab
Article Text
NEW ORLEANS CLEARING HOUSE® Balances. Clearings $78,720 61 August 29 $496,710,87 93,970 26 494,423.63 August 31 719 076 86 $6,825 33 September 1 29,175 18 515,505 411 September 2 Thus far this week $2,215,781 75 $293,691 38 2,013,786 79 Same time last week 365,378 58 Total last week 504,095 79 2,765,456 48 Total week before 3,290,756.99 $10,096 66 We learn that two-thirds of the rotes of the stockholders of the Teutonia National Bank have been obtained in favor of placing the institution in voluntary liquidation, and that the necessary papers will be forwarded to the United States Treasurer this evening. The total indebtedness of the banki is now only $ 4500. The board of liquidation is composed of the directors and four come missioners on the part of the stockholders Mr. F. P₈ Beck is the efficient secretary of the board. We also learn that there is a great probability of the stockholders inkg paid a handsome dividend on their shares. Owing to a combination of unfortunate circumstances and unfounded rumors, the depositors of the Citizens' Bank have been for some time gradually losing confidence in the institution, and with drawing their deposits. On the fifteenth of August the latter had been reduced to about $500,000, and on ascertaining. this morning that while they had been drawn to $270,000, the cash fund on hand was insufficient to cover them, it was determined to suspend payment. But up to a late hour this evening it was still undetermined whether the sus pension should be temporary or permanent. We learn that a meeting of the Clearing House was held this afternoon, at which a committee was appointed to examine the affairs of the suspended bank and report at an early day what can be done for its relief We are officially informed that the assets will more than cover the liabilities, and are composed principally of mortgages and real estate. The bank promptly met its balances at the Clearing House this morning. The assets and liabilities, secording to the Clearing House statement of Friday evening showed the following:
Click image to open full size in new tab
Article Text
MONETARY. OFFICE NEW ORLEANS BULLETIN, } Wednesday Evening, September 2, 1874. NEW ORLEANS CLEARING HOUSE. Balances. Clearings. $78,720 61 $496,710 87 August 29 98,970 26 494,488 63 August 31 86,825 33 719,076 84 September 1 29,175 18 515,505 41 September 2 38 293,691 Thus far this week 2,215,781 75 58 365,378 Same time last week 2,013,78 79 79 504,095 Total last week 2,765,456 47 66 510,096 Total week before 3,290,756 92 The Money market exhibited but Ittle animation to-day. The offerings at the banks were moderate and rather limited on the street, while the rates of commercial paper were without quotable variation. We continue to quote selected signatures, with or without collaterals, at 9@10 P cent per annum firstclass at -@11, A1 at 12@-, and second grade at 1 ₂ P cent per month. First-class mortgages are still quoted at about 10 P cent per annum, and second grade at We learn that tw -thirds of the votes of the stockholders of the Teutonia National Bank have been obtained in favor of placing the institution in voluntary liquidation, and that the necessary papers will be forwarded to the United States Treasurer this evening. The total indebtedness of the bank is now only $4500. The Board of Liquidators is composed of the directors and four commissioners on the part of the stockholders. Mr. F. P. Beck is the efficient Secretary of the Board. We also learn that there IS a great probability of the stocs holders being paid a handsome dividend on their shares. Owing to a combination of unfortunate circumstances and unfounded rumors, the depositors of the Citizens' Bank have been for some time gradually losing confidence in the institution, and withdrawing their deposits. On the 15th of August the latter had been reduced to about $500,000, and on ascertaining this morning that while they had been drawn to $270,000, the cash fund on hand was insufficient to cover them, it was determined to suspend payment. But up to a late hour this evening, it was still undetermined whether the suspension should be temporary or permanent. We learn that a meeting of the Clearing House was held this afternoon, at which a committee was appointed to examine the affairs of the suspended bank and report at an early day what can be done for its relief. We are officially informed that the assets will more than cover the liabilities, and are composed principally of mortgages and real estate. The bank promptly met the balances at the Clearing House this morning. The assets and liabilities, according to the Clearing House statement of Tuesday, showed the following :
Click image to open full size in new tab
Article Text
# Our National Banks and the Protection Offered by them to Depositors. In view of the liquidation of the Teutonia National Bank and the suspension of the Citizens' Bank, it is well that the security afforded by the laws of the United States to parties depositing money in National Banks should be generally known. By express provision of the act of Congress of the United States, creating National Banks, depositors are preferred creditors in the event of failure of any National Bank No better illustration can be given than the recent event in the above named institution. In the case of the Teutonia National Bank, the deposits had to be paid or there could be no liquidation by the stockholders. In the other case, the depositors, though not losing in the end, must take the regular course of liquidation with other creditors. It may be well to remember that with the National Banks all the assets and all the stock is liable for deposits, and though it may be a position of responsibility under the laws of the United States to be a stockholder in a National Bank, there can be no risk to be a depositor. We look to see all our banks national in the end. "SECURITY."
Click image to open full size in new tab
Article Text
Shotguns and Bank Balances. [From the New Outenns Republican.) The mind of the Northern or European may fail to note theiclose connection between the clauses of the above caption save in the way of stand and deliver." However, those who have capital invested in the Southern States and those allied to peace and order, who dwell therein, are perfectly and painfully cognizant of the antagonistic relations of the above two forces. Capital, every one knows is timid caution is the touchstone of success for the capitalist. The expose of the White League, lately published in the Republican, demonstrates the fact that the shotgun party essays to rule. Capital has shrunk abashed, or vanished utterly. It will no doubt be denied by those who are leagued with the shotigun legion that the two clauses of the proposition are correlative, and that the latter is swayed by the former. No one, however, will gainsay the facts as now set forth. Four days ago the Teutonia National Bank of this city forfeited its charter on account of violationof the national banking law. The president has been retired, and day before yesrerday the bank stopped receiving deposits. Application has been made for a voluntary liquidation, but appearances inilicate that a government agent will be put in charge. Another one of our national banks has been hardhit by the suspension of a large Texas firm. A prominent State bank is anxiously regarded, and it is hinted that its case will form a staple for action at the next session of the Legislature. Messrs. Chris. Mehle & Co., engaged heavily in the cattle trade, are involved by the suspension of the house of Allen, Poole & Co., of Galveston. The interest of the first named with the latter firm is estimated at $250,000. The house of Allen, Poole & Colhave resumed on an extension of one, two and three years. It is sincerely hoped that the New Orleans firm will be in a condition toresmine next week. Yesterday was one of the dullest in financial matters ever known here. Bank stocks were regarded with holy horror. So much for imediate effects and obstinate facts. If the causes of this financial crisis are denied, the question arises, then, what is the reason of this Should the White League planter, to whom a merchant has advanced some thousands of dollars, unite himself with a shotgun band and kill his laborers or drive them oft for not voting his way ? How is the merchant to be paid ? Won't the merchant think of this before he makes any advances, and won't the banker ponder the problem before he discounts the merchant's paper? Recent events prove that they havn't thought of the matter in this light heretofore. But the long faces on 'Change yesterday showed that all hope in sljotguns was gone and faith in peace and order and love of prosperity restored.
Click image to open full size in new tab
Article Text
MONETARY. OFFICE NEW ORLEANS BULLETIN, Tuesday Evening, Sept. 22, 1874. NEW ORLEANS CLEARING-HOUSE. | | Clearings. | Balances | | ---------------- | ------------- | ------------- | | September 19 | $742,790 67 | $112.870 90 | | September 21 | 657,003 27 | 42,558 88 | | September 21 | 607,455 91 | 83,725 53 | | Thus far this week | 2,007,249 85 | 239,155 31 | | Same time last week | 1,731,230 02 | 229.065 13 | | Total last week | 3,351,950 88 | 495.699 23 | | Total week before | 3,823,774 49 | 463,220 80 | The Money market continues quiet. The demand for business is of fair extent at the banks, and we notice some increase in the offerings on the street, but nothing has transpired to establish any variation in the quotations for commercial paper, which are nominal. We continue to quote selected signatures, with or without collateral, nominal at 10 ⅗ cent per annum: first-class at 11@14, A1 at 1@18, and second grade at 2-⅗ cent per month. First-class mortgages are still quoted at 10 ⅗ cent per annum, and second grade at -. We learn that the Teutonia National Bank has paid all of its deposits, except the trifling amount of $171, and that the Government has sent $200,000 of United States Bonds (which the bank had on deposit in Washington) to the Merchants' Exchange National Bank, at New York, to be disposed of to redeem the bank's circulation of $100,000. Considering the few weeks in which the bank has been in liquidation, this is certainly a very gratifying exhibit. It is now evident that the bank will be able to pay a larger dividend to the shareholders than was expected at the time of the suspension. We notice that since the Citizens' Bank obtained an appeal to the Supreme Court, its officers have been a industriously engaged in the liquidation of its affairs. Gold opened at 109¼@102½, against 109¼ at New York, and after a fair business, closed at 109¼@109½, against 109⅜ in that market. The sales summed up $46,000, embracing $15,000 at 109¼, $10,000 at 109⅜@109½, and $3000 and $18,000 at 109½. Nothing transpired in Silver. American half dollars are still quoted at 105@105¼, and Mexican dollars at 96, gold. Under the influence of the decline in Domestic Exchange, sterling closed 2-10 ⅗ cent lower. The sales amounted to £30,500, embracing £800 and £1200 A1 clear at 5.25, £2500 bill of lading at 5.25@5.25½, £9000 do and £10,000 A1 clear at 5.26, and £6000 A1 clear at 5.26¼. Francs were also materially lower, but the only sale reported was 75,000 co am reist at -. At the close sterling bills were quoted at 5.25@ 5.26 for bill of lading and A1 clear, -@5 31 for bank, and francs at 4.80@4.78½ for private and for bank. The offerings of Domestic Exchange were of fair extent, and, with a moderate demand, rates were about 1-16 ⅗ cent lower. The sales of New York sight covered $70,000, embracing $10,000, $30,000 and $30.000 commercial at par. The banks continued to check on New York at ⅗ cent premium, while commercial was quoted at - discount@par. No sales of Stocks are reported. We noticed more inquiry for City Gold Bearing Seven Per Cents, the sales of which included $6000 at 37, and $1000 and $4000 at 37½. Last week there were sales at 37¼ and 38. Nothing transpired in City Scrip or State Warrants, the quotations of which continue entirely nominal.
Click image to open full size in new tab
Article Text
UNITED STATES DISTRICT COUR DISTRICT OF LOUISIANA. q8nH 'BA IN THE MATTER OF TEUTONIA bankrupt. NATIONAL BAN In Bankruptcy-No. 1422 THE HONORABLE THE United JUDGE States OF for TE " Buttle District ONE 10 V N pus Ruseell 10 petition of Berry herein appearing as assigned city of New Orleans, estate of Hugh Cassidy 37 Duows 1847 represent our JO u: bankrupt, respectful by the bankrupt, and belongin assets surrendered in bankruptcy, there is to the aforesaid state real estate, situated in following described of Orleans to with Louisiana, in theparish with the building runbs eqf u! a puners 10 401 certain V STATE and improvements thereon, Carondelet, Gravier and 8t dese bounded by Union. District of this city. streets, First of Joseph Pilie, at nated Charles as lot No. as per plan before G. R. Stringer new 40[ pres euro passed 108 us 04 nexed April 13, 1832. and notary public, on front on Gravier street, on . Aq ON 401 ] The 61 Molpe opin opis equal uo sam and . Lq offsoddo eq1 no pus 4001 L8 papuneq measuring of Steptoe Blackwell feet ing the property oward Union street, thence feet 62 should 1001 inches with the rear running toward St. Charles street, line. which inches to its intersection which was purchase uoreq 100 4q the SV measures from John Hincks, . Aep 183g Striet one no (pissed 43nH O 49 shipping Carent eqf que 4q papunoq 'punos' JO tot certain '9981 March V 'd thereon. in the square Charles streets, in the First paid red 18 pus 00 % ON 10[ se UMOUR 1 delett pessed 100 de persuue And sith 10 Pistrict -2141 eq: JO Piller before and measures of G. Joseph R. inger, notary public. 25 feet front on regi one no TIPIM III 2333 Applical 10 ear opts equal request 100) 16 ternth no 1001 18 10 Granter by a depth inches the ideadjoin**** more Cassid urna 49 Joes 1610 puw laug lot No. No. Purchased by W. Pritchard, by act before M. inglot Wrav, William wife L. of Poole, George notary. of the fourteenth 041 4114 "ринол" 10 6981 10 puoces eq: 01 personsis 101 cortain V "E 30 opis unread eq: pus street, pus no And git[] JO District mon T sq UMSJP used Canal neem "100218 Jo ON 401 98 designated of the fifteenth Labarre, d 'd je ecgo and 6 10+1 ZE on III Annual measures pus personded pue 1844 late notary lines in front this on city Dorgenois street by 112 feet inches inches lines in depth. situated in the same 4. A certain lot of side ground. of Dorgenois street, be on the north streets known as district Customhouse Dor tween Canal and inches front on 37 feet depth. lot No. 8, measuring feet 9 inches lines in Purgenois street, by 112 lot above described. SA чо Pelix Mop!M eq: 01 continuos and chased by Hugh Cassidy by act from before R. Hogan, noand William L. Cheval seventh of August, 1873. tary on the wenty with the buildings siq2 10 puoces punors 10 #101 Three motorn) out at thereon, situated by Canal square bounded designated by city, in the and Broad streets, follows: house, Dorgenois and measuring as uo 10011 'II puw 01 "SON eq: back II pus of SON sent the gear a! 1001 001 [0] up 1001 001 6 ON street by Customhouse street by front on corner of Custom 30 feet lot No. 11 forming the Which three lots of house depth, and Dorgenois streets from Miss Peggy Cox by tery eq: no passposed 9.19M V before punor 10R of January 1866. ground in the square bounded by 6. Six lots of Canal and Dorgenois streets, red se '81 01 EI mon 'p8018 as lots Nos. fifteenth of March, tate equal jo TOURNOL 'S JO ecigo out N 10 paint 88 991 seem sq CI there 01 21 NON [01] :62 ON up and deposited '+98' notary 30 feet front on Custombouse parallel lines; No. feet ures inches in depth, lines between front on Customhouse 9.10M which qidep m inchea 100] £9 81 street by 156 feet Hugh inches Cassidy from the succession of purchased Millaudon, by April 19. further 1364. represents that the said of Γpecop Your petitioner described real estate is, as appears followon 4114 charged pus ing liens and hereinafter privileges specified resting thereon, and against Hugh The Cassidy to draining wit: privilege in favor of the of city John of New The Orleans conventional P. mortgage in Cuvellier, favor notary of N. Hincks by 1866 to act secure before $30 000, interest, etc., reN T to JOANJ up ON 40[ no '000 113 01 March peonp 04 'OLBT '12 JO notary eqL C Moore, before $10,000 on same same property in as favor above. of Widow secure The con tional W. J. mortgage Castell, notary of ON 40[ on no 04 exereq 108 4q Milicox 'a March The 1870, to ntional secure mortgage in before E. favor R. of Hegan. Widow UI pus 008$ secure 108 01 others 'C'81 pus 18n3nv Cheral JO Pelix Charles 10 JOANJ up moresage ON 40] 091 uo notary 199191 6. The conventional notary, December 1873, to Gallagher, act secure before $2500 and Mossy, interest on the lot 16, No. general mortgage in for favor of $2450. Margaret The of Hugh Cassidy E Du Hennessy, wife mor gage in favor of conven tional of February 21, 8. The Mossy, notary. No. 2. faur, act before and interest on thelot 9. The mor gages taxes: 1874. to secure $ 0,600 and privileges in favor of the 'SC 29% 1871 em 101 State State tax for 1871, #3 50. State tax for 50. State tax for 1872. $967 $870. State tax for 1873. $1482 50 103 And em JO JOAN (1) 1874 101 x61 STATE $37 10. 50, The The g recorded general February mortgage 14, in 1872 favor of the city for -91 Woode N "I JO JOANJ 'C981 10 sexes 40J 09 'II 19$ 12. The general one in issued from the Sixth District sulting the from welfth writ of May. 1874, on the lot of No. the city 13. Court The general mortgage in rendered favor the sixth NoDEM? eq: recepred pu" sexel '09 181812 JOJ 10J 1874 B most ty vember, eighth January 1875. office of the recorder of mortAll recorded in the Orleans as appears from gages of the city of annexed New hereto and made a part #1 jo # 1847 eq: determine peritioners certificate mos [lever] puv equal enp 01 meqt 101 qunome pus a 10 eqf includer pies that they can not between ascertain themselves and the credby agreement provided in section ty holding said security as 1867. And that it pies 10 enjwa 10 100 adnis neq eq1 8.1011 pe our ascertain 01 JO the JO Apeede pue redord "enp III eq1 10J pue one 101 puw * prop eq entate plus estate 1841 pies jo a the creditors therein, clear of all incumbrances. public auction, free and mortgages, liens and That all said judgments, against said property be canprivileges recorded 80 that your titioners can pur con celed and B1 ased. hered title to any MON jo city pue clear 02 pies 01 A"A chaser thereof, drainage and taxes, en 01 ***** 10J enp mne eq: 101 rleans John N. Hincks, to and the State, to to Widow Felix Cheval 04 pus "Я 01 a MODIM others, to Charles their rights in law. to the -eip eqf nodn Product pies 10 . alle one 10 other speeced 11 ibution thereof. petitioners pray that they may above be ne Product pies 11es 01 Thos ordered and authorized tion. free and clear from described at public auc judgments. mort incumbrances. That all said recorded against said zages, liens and and privileges erased. so that your peproperty be canceled and upincumbered convey clear said itioners can purchaser thereof, reserving to Hincks, title to any State, to J. N. Mop!M ent 01 01 (1 MopΓM MPN 10 All: others. to Charles 01 01 Moore N equal II" other pus Cheval *He Dufaur and to all of the sale of said property n° 103 on puv rank speeced their 01 on 01 ME! ther necessary orders. W O. DENEGRE, Attorney. 00 M jo 'O motion jo Denegre, attorney N. pus 'V 000071989 our ene the 01 Supersone uodn Seriy put MON jo ship paid has etition, it is ordered that the and city its city taxes, the N HITCH JOJ Sexel 811 10 tate of Louisiana John Widow Felix Cheval and others 19410 II" pas unsind 'a мор!д harles Gallagher, E. upon the twenty four before IV V 11 18 eeneo 1575 'a Moqs op ay eurt, of why April. the A. said petition prayed should for not and be that grant adord pies se plos Product a pu neumbrances recorded and erased. And it pur petition siti JO eq you pmou her ordered that notice of New Orleans, the served upon said city Hincks, J. N. Moore, W Louisiana John N. Felix Cheval and others, Ch Ed other II" pur MopΓM allagher and E. Dutaur, thereof upon them. their serving copy by publishing a copy MON one up seam 10 10 quest rededsment 8 etition and order three printed in New Drieans,
Click image to open full size in new tab
Article Text
TWO NEW ORLEANS BANKERS CONVICTED EUGENE F. BUHLER AND JOSEPH GOMILA ARE ACCUSED. WILL BE SENTENCED LATER The President and Directors of the Defunct Teutonia Bank Accused of Receiving Deposits After bank Failed. New Orleans, La.-A verdict of guilty was returned in the case of Eugene F. Buhler, president of the defunct Teutonia Bank, and Joseph Gomila, director and chairman of the bank's finance committee, charged jointly with having received deposits knowing the institution to be in a failing condition. Sentence was deferred. The trial brought to light many startling disclosures of loose banking methods, "kiting," falsifying of records and other methods of frenzied finance resorted to by those at the head of the institution to keep it from going under. When bank examiners finally completed their investigation it was found that more than $300,000 in practically worthless paper was in the vaults. Many notes were signed by $75 a month clerks and others who testified that they never owned property and had no assets. It was also brought out that former Cashier Brand, who eighteen months before the bank suspended had made way with about $60,000, had been retained in the bank several months and his bond of $15,000 never collected.
Click image to open full size in new tab
Article Text
TWO NEW ORLEANS BANKERS CONVICTED EUGENE F. BUHLER AND JOSEPH GOMILA ARE ACCUSED. WILL BE SENTENCED LATER The President and Directors of the De. funct Teutonia Bank Accused of Receiving Deposits After Bank Failed. New Orleans, La.-A verdict of guilty was returned in the case of Eugene F. Bubler, president of the defunet Teutonia Bank, and Joseph Gomila, director and chairman of the bank's finance committee charged jointly with having received deposits knowing the institution to be in a failing condition. Sentence was deferred. The trial brought to light many start. ling disclosures of loose banking methods, "kiting," falsifying of records and other methods of frenzied finance resorted to by those at the head of the institution to keep it from going under. When bank examiners finally completed their investigation it was found that more than $300,000 in practically worthless paper was in the vaults. Many notes were signed by $75 a month clerks and others who testified that they never owned property and had no assets. It was also brought out that former Cashier Brand, who eighteen months before the bank suspended had made way with about $60,000, had been retained in the bank several months and his bond of $15,000 never collected.