Article Text
The New Orleans banking association goes into liquidation and will be placed in the hands of_a receiver.
6799. New Orleans National Banking Association (New Orleans, LA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 1825
- Charter Number
- 1825
- Start Date
- October 6, 1873
- Location
- New Orleans, Louisiana (29.955, -90.075)
Metadata
- Model
- gpt-5-mini
- Short Digest
4f23f7cf3d644649
Response Measures
None
Receivership Details
- Depositor recovery rate
- 62.0%
- Date receivership started
- 1873-10-23
- Date receivership terminated
- 1887-03-21
- OCC cause of failure
- Losses
- Share of assets assessed as good
- 38.6%
- Share of assets assessed as doubtful
- 12.9%
- Share of assets assessed as worthless
- 48.5%
Description
Contemporary reports (Oct 5-6, 1873) state the New Orleans National Banking Association 'goes into liquidation' and 'suspended' on Oct 6, 1873. No article describes a depositor run; instead the bank suspended payments and was placed into liquidation/receiver's hands. Comptroller later allowed the bank to conduct liquidation; receiver John Cockrem took charge by Oct 28, 1873. Cause of suspension reported as over-certification of checks/insolvency (bank-specific adverse information).
Events (4)
1.
May 27, 1871
Chartered
- Source
- historical_nic
2.
October 6, 1873
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank suspended and went into liquidation due to insolvency/over-certification of checks (reports cite over-certification when money was not on deposit and resolution to liquidate).
- Newspaper Excerpt
- The New Orleans National Banking Association ... in accordance with a resolution of its Board of Directors ... goes into liquidation, and will be placed in the hands of a Receiver.
- Source
- newspapers
3.
October 23, 1873
Receivership
- Source
- historical_nic
4.
October 28, 1873
Receivership
- Newspaper Excerpt
- Mr. John Cockrem yesterday formally took charge of this sick institution, having been duly appointed receiver.
- Source
- newspapers
Newspaper Articles (20)
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NEW ORLEANS. NEW ORLEANS, Oct. 5.-The Now Orleans National Banking Association, C. Cavoroc, President, in accordance with a resolution of its Board of Directors, held last evening, goos into liquidation, and will be placed in the bands of a Receiver. Owing to assistance extended to the Bank by its President, the house of O. Cavoroo & Son has also suspended.
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au unusual stato of things in large failures. There is n somewhat novel feature in the plan, which proposch, after the are figured up, to Issue "negotiable certificates of deposit," pro rala, among the croditors. Mr. Cooke might further strengthon thoso, perhaps, by tacking n Northern Pacific bond to onch 0110 of thom. It line been the purpose to send notice to each individual creditor for an assent to the proposition, but nH some of them may be forgotton in the extended list, thoro is an invitation, ex calhedra, for all croditora to address the firm nt Now York, Philadelphin, or Washington. In view of the fact that it is optional with every individual creditor to proceed against Jay Cooko & Co. in bankruptoy, it is hardly probable that Mr. Cooko's patout bankrupt not will succeed. The only nows of a panicky description is reported from Now Orlonns in the susponsion of the Now Orlonna National Banking Association, which goos into liquidation, and that of the banking firm of Covoroch & Son, which was a consequence of it. The local prospects are that the week will open with ronowed activity. The reports from the country banks are favorable without exception, which will lighten the burdons that any of tho Chicago banks may still fool. There is nothing now to impedo the regular progress of trado, and Chicago is in a better condition to accommodato the country dealors than any rival point of shipment. The effect of this advantage will be to increnso our business steadily.
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LOUISIANA. NEW ORLEANS, Oct. 6. The National Banking Association, C. Cavaroc President, in accordance with a resolution passed by the directors last evening. goes into liquidation. and will be placed in the hands of a receiver.
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# EASTERN DISPATCHES. By Overland Telegraph. [SPECIAL TO THE DAILY SENTINEL.] NEW YORK. NEW YORK, Oct. 6. Edward S. Stokes, owing to sick- ness, was unable to appear when his case was called this morning, and the trial was set down for Wednesday. Victoria W. Vail, of Newark, is the name of a young woman found dead in a house on Clairvoyant street, Jer- sey City, yesterday, from alleged mal- practice. Alonzo E. Kimball, mar- ried, has been arrested, charged with taking Miss Vail to the house where she died. Donaldson made a balloon ascen- sion this morning from the Capitoline Ground, Brooklyn. A dispatch from Bethel, Conn., says that at 11 o'clock the balloon was rapidly moving oceanward. Professor Donaldson's companions in his balloon voyage to Europe are George Washington Lunt and Alfred Ford. The theological section of the Evan- gelical Alliance began its sessions in the association hall this morning. Dr. Tiffany presid.ng. Papers on the best methods of counteracting modern in- fidelity were read by Prof. Stanley Leaths, of Kings College, London, and Prof. Theodore Cristlieb, of the University of Boone. The statement from Lucette Mercer to a reporter yesterday, that she was in Goodrich's house and in the next room to him when he was mur- dered, March 17th, is generally dis- credited. Sepleve's oil-cloth factory at Newark was burned last night; loss, $60,000. PORT JARVIS, Oct. 6. Rev. J. Onelly, pastor of the Catho- lic Church at Susquehanna, and form- erly Vicar General of the Philadel- phia Diocese, was killed at the former place Saturday evening, by a railway engine. # PENNSYLVANIA. PHILADELPHIA, Oct. 6. The Baldwin Locomotive Works has discharged 200 hands. # MARYLAND. BALTIMORE, Oct. 6. Vamilton's grocery and Chaffer's pork packing establishment were damaged to the extent of $25,000 by fire this morning; insurance, $30,000. # KENTUCKY. LEXINGTON, Oct. 6. The preliminary trial of Montgom- ery Parker, the farmer who murdered the boy Mills on the 27th of Septem- ber, in this county, was commenced yesterday. Twelve or fifteen wit- nesses who were examined clearly proved the case deliberate murder. # MICHIGAN. DETROIT, Oct. 6. The tobacco factory of Barker & Co. was injured to the amount of $15,000 by fire to-day. # LOUISIANA. NEW ORLEANS, Oct. 6. The National Banking Association, C. Cavaroc President, in accordance with a resolution passed by the di- rectors last evening, goes into liquida- tion, and will be placed in the hands of a receiver.
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Financial. The rates for money ranged higher on the street yesterday than they have for several days. Very few checks could be disposed of at a lower rate than six per cent, and even as high as ten was paid. Some banks have an advantage, checks on them being received readily, while the paper of others is passed with difficulty and paid for with hesitation. All the banks of the association are regarded as sound. The resolution of confidence of the Chamber of Commerce last evening must have a good effect. A resolution is published this morning, signed by 188 prominent business men of the city, supporting the banks and prowising to receive their checks as cash. These two facts ought to be sufficient to reassure the community. No apprehensions of any further failures are entertained. The suspension of the New Orleans National Banking Association has had no evil effect, notwithstanding the illadvised article in the Sunday issue of the Picayune. The bank promises to pay every dollar it owes and have a surplus for its stockholders. Not a note has been protested nor a single draft refused. Not more than $8300 of drafts are in the hands of New Orleans parties. From Europe offers of assistance in money have already been re. ceived. The firm of C. Cavaroe still continues business, although suspended. Offers of assistance in money and cotton are received. Its drafts on the country are houored. Currency closed at six per cent, with a tendency toward higher rates.
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Monetary--Commercial. MONETARY. OFFICE OF THE DAILY REPUBLICAN, MONDAY EVENING, October 6, 1873. Financial affairs were calmer to-day than could have been expected. The suspension of the New Orleans National Banking Association seemed to have had little or no effect on other banking institutions, although an attempt was made to discriminate between the certified checks of the different banks. This classifying of checks had a mischievous ef fect and excited vague feelings of distrust when none should exist. The entire community is directly or indirectly interested not only 111 check ing any tendency to panicky feeling among email depositors, but in strengthening confideduce in the bauks and preventing any unnecessary pressure upon them. It is only by giving the liberal support that depositors Jan expect reciprocal favors in the resumption of their usual business. Such unjustifiable discriminations caused some uneasiness to-day in certain quarters and incited a run on one of our most solid institutions, to meet which it had ample resources. There appears to be more probability that the New Orleans National Banking Association will quietly go into liquidation under the direction of its present officers In fact. nothing has yet occurred to require the inte position of the Controller of the Currency. The committee to confer with him in relation to the business of the bank Was to have started for Washington this afternoon. We also learn that decidedly encouraging telegrains have been received by Mr. Cavaroc from his European correspondents. urging him to go on and evincing unabated confider ce. Considering his ample 8 rpius, it is not unreasonable to anticipate that his suspension will be only temporary. The banks still conline their business mostly to renewals. On the street the demand for money continued etrong, but resulted in very little move ment. A few transactions were reported in first class paper at 2@2% t cent P month. Rates for other grades continued entirely nomina'. First class mortgage paper ie quoted at 10 P cent P an num, and second grade at 12. NEW ORLEANS CLEARING HOUSE. Balances. Cleanings. 124.710 86 October 4 $1,039,743.34 October 6 1,033 095 81 118,700 87 $243,411 73 $2,072,849 67 Thus far this week 280.882 30 1 391 287 23 Same time last week 4,469 635 7 77 Total last week 777,352 52 Total week before 3,923,147 81 744,744 38 Gold opened and closed entirely nomin); and the only transaction reported was $1400 at 120 in certified checks. The market at New York opened and closed at 110. touching at 110% during the interim. Silver continued entirely nominal, and no sales were reported. Sterling exchange continued nominal, bnt nego tiations were ffected of £6000. embracing £1000 Al clear at 116 £1500 00 at 117% £2000 do at 11712 and £500 and £1000 do at 118. We must still forbear from giving regular quotations. Nothing transpired in france. Domestic exchange was again quite unsettled. Some banks refused to check on New York one drew at 1 1/8 # cent premium, while others supplied the demand at 1. Private sigh continued entirely nominal. The sales comprised $15,000 commercial at 38 P cent premium, 10.000 do ai I, $5000 on Providence at 1 and $5000 New York sixty days' sight at 21/2 P cent discount. Nothing transpired to serve as a basis for the the quotation of any class of securities The market continued 100 unsettled to give even nominal figures.
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ELSEWHERE. WASHINGTON. Special Dispatch to The Chicago Tribune. WASHINGTON, D. C., Oct. 10.-A prominent Western Senator who conversed with the President a few days ago, represents the latter to be very decidedly opposed to an extra session of Congress for the purpose of having monoy mattors tinkored with. Gen. Grant believes action by Congress will como about soon enough that an extra sossion would CAUSE ADDITIONAL ALARM among the people of the country, as they would almost cortainly believe the condition of affairs to be very bad,-a great deal worsethan it really is; that no effort would be made by the people to improve matters, and themselves bring about a good healthy state of affairs, because they would be in suspense by the fact that Congress was at work with the object of doing something, but nobody could foresee what that something would be. The President soomed to be dosirons of having something doue that would put the business of the country once more ON A SPECIE BASIS: yet he seemed to believe in the expression made use of by Secretary Boutwell in one of his reports to Congress, namely, that apecio payment will como from natural causes and not through any special legislation by Congress. A COMMITTEE OF THREE GENTLEMEN arrived here to-day from Now Orleans, and suecooded in inducing the Comptroller of the Currency to allow the New Orleana National Bauking Association to conduct the liquidation of their banking concern, which suspended Homo time ago. This will obviato the necessity of the appointment of a Receiver, and, it is bolloved, will iusuro a more prompt and satisfactory settlemont of the indebtodness of the bank. Tho Banking Association has made cortain ropresontations to the authorities here, and if, upon examination, the bank is found to be in the condition represented, its affairs are to be wound up in accordance with Section 42 of the National Currency act. Other National Banks at Now Orleans are said to be in a rather shaky condition, though it is hoped they will all bridge over the present financial atriugency. Estimates of THE EXPENHES OF THE GOVERNMENT for the noxt fines. year have been completed by all of the execu. VO branches except the PostOffice Department, and one or two of the lesser bureaue. None ot them have AH yet been footed up, and will not likely be until within a vory short time before it becomes necessary to close them, in order to have them included in the report of the Secretary of the Treasury
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hotel. Shortly after arrival be sent for G. Moore, of this city, who was his private secretary during his Pres:dential term. The Pomeroy Escapad M. F. Conway, who was arrested Saturday last for shooting ex-Senator Pomeroy, had a preliminary hearing at the police court this morning. Pomeroy denies the statement that he will decline to prosecute Conway, and says be entered by the officer who made the arrest, but all who witnessed the shooting had been summoned with the Ex-Senator, who ill also give his testimony. The Kansas Pacific, The Attorney General has decided that one-half of the compensation chargeable the Western Union Compan along the Kausas Pacific Railroad may be retained the Government, and applied to the payment of the bon Is issued by the United States to aid in the construction of the road. A Chance for Deserters. The President has caused an order to be issued from the War Department, giving full pardon to all deser who may return to duty on or before the 1st of January next, and who may serve faithfully during the remainder of their term of enlistment. The Supreme Court The Memory of Judge Chase. The Supreme Court met to-day and immediately adjourned that the Justices might pay their annual visit to the President. A meeting of the bar was then held to take action concerning the death of Chief Justice Chase, over which Reverdy Johnson presided and made fitting address. He felt sure he could assert with perfect truth more able, pure and upright Justices than those which adorned this Court were not to be found in any other country of the world, and as to the late Chief Justice, he was in respects equal to his When the appointment was made, aithough be had an appreciation of his talents and ability as legislator and officer of the Government, and was satisfied Chese was a truly great man, be had doubts concerning his capacity for the distinguished judicial position, but in this. he mistook, for his decisions involving so many delicate and important questions growing out of our sad civil strife, from the very first commended the approval of the profession and of the country He would forbear to even conjecture who was to succeed to the Chief Justiceship. He believed, however, and felt perfectly satisfied from his judgment of the appointing and confirming power, that whoever shall be his successor will be found equal to task. In conclusion, Mr. Johnson some was to be found in the fact that, as father the late Chief Justice was tender, as friend steadfast, as a man he stood to the last, high in the confidence of countrymen, and he died as he lived, Christian. series of resolutions, eulogizing the character of the dece sed and tendering to his fam ly the sincere sympathy of the meeting in their loss, and further, that the Attorney General of the United States be requested to move in the Supreme Court that the resolutions be entered in the minutes, and further mark of respect, that the members of the bar wear the usual badge of mourning thirty days, were agreed to and the meeting adjourned. A General Reckoning. The Comptroller of Currency to day issued circulars, calling upon all national banks for report of their ndition at the close of business Friday, Sept. 12th. The Bank Superintendent of the State of New York has already called for report of the condition of all the State banks in that State for the same day, so that complete statistics of all banks, State and national. in city and State of New York can be com piled from these returns when received. The Comptroller also selected this day in order that may beable to furnish complete statistics of the condition of national banks of the whole country previous to the beginning of the panic. (Death of a Prominent Citizen. Wm. H. Russell, aged 69, died here to day He was Henry Clay's private secretary during his canvass for the presidency Grant Opposed to an Extra Congress Special to the St. Louis epublican. A prominent Western Senator who conversed with the President a few days ago, represents the latter to be very decidedly opposed to an extra session of Congress for the purpose of having money matters tink with. Gen. Grant believes action by Congress will come about soon enough; that would cause additional among the people of the country and they would almost certainly believe the condition of affairs to be very bad. a great deal worse than really is: that no effort would be made by the people to improve matters and themselves bring about a good healthy state of affairs, because they would be held in suspense by the fact that Congress was at work with the object of doing something, but nobody could foresee what that something would be. A Specie Basis. The president seemed to be desirous of getting something done that would put the a business of the country once more on specie basis, yet he seemed to believe in the made use of by Secretary Boutone of his reports to Cop name ly, that specie payment will come from natural causes, and not through any special legislation by congress. The New Orleans National Banking Association. A committee of three from New Orleans induced the Comptroller of the Currency to allow the New Orleans National Banking to conduct the liquida. tion of their banking concern, which suspended some time ago. This will obviate the necessity of the appointment of receiver and it s believed will insure a more prompt and satisfactory settlement of the indebtedness of the bank If upon examination the bank is found to be in the condition affairs to be wound up in with section 42 of the national Other national a banks in New Orleans are said to be in rather shaky condition. Special to the Cincinnati Gazette. The Comptroller of Currency represents the condition of the New York banks as growing better every day. Bank officers confident that before the end of the month they will be able to respond to all the usual requirements of business. The Star says: There is great scarcity of currency yet the country, but Washington city easier in this respect probably, than any other city, owing to the amount put circulation here by the Government business Youthful Homicide. Enquirer Oct. CINCINNATI special from Lexington, Ky. reports that at Payne's depot to day (in Scott only) two boys quarelled about a game of bal
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The Orleans National Banking Asso. ciation. Mr. John Cockrem yesterday formally took charge of this sick institution, having been duly appointed receiver. He, assisted by his appointees, commenced taking an inventory, but it will necessarily be many days before he can make any definite statement concerning the affairs; in fact he informed the reporter that he had no information to furnish for the public. On the streets we learned that the bank's assets amounted to something like $55,000 in protested notes, and that was all. Therefore depositors need not expect to ever gather in fortunes from all that is left. Messrs. Richard Harrison and F.F. Case have been appointed experts, and Mr. John D. Rouse attorney. These appointments should meet the approval of creditors, as the appointees are gentlemen of undoubted ability and have excellent records. It is next to impossible to say when Mr. Cockrem will make his official report to the controller of the currency.
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SPECIAL NOTICES. Chamber of Commerce. - Monthly meeting MONDAY, November 3, at 7:30 P. M. no2 It W. M. BURWELL, Secretary. Office Mutual Aid and Benevolent Life Insurance Association of Louisiana, No. 19 Camp street, New Orleans, November 4. .-Members of this association are hereby notified of the death of D. J. Fleury, who died in this city, May 7, 1873, and Richard England, who died in this city, May 10. 1873, and are called upon to come forward without further notice and pay at the office of the association. No. 19 Camp street. $1 25 on each, on or before 4 P. M., December 11. 1873. R. W. YOUNG, Secretary. 2 7t Notice.-The office et the Receiver of the New Orleans National Banking Association has been removed from the late bank building to No. 3% Carondelet street, up stairs. JOHN COCKREM, Receiver. nol 6t New Orleans, October 31, 1873. Southern Bank, New Orleans, July 12, 1873.-Notice is hereby given that the unredeemed notes issued by the old "Southern Bank" must be presented for payment within one year from the first publication of this notice, at the office of the Auditor of this State, who, on receiving satisfactory proot of the publication of this notice for oue year, as aforesaio, will surrender any funds he may hold for the pay ment of the said unredeemed notes. jy13 eowly J. GARR, Cashier. Office of the *ew Orleans Mutual Insurance Association, New Orleans, October 22, 1873.-A general meeting of the stockholders of the New Orleans Mutual Insurance Association will be held at its office, No. 102 Canal street, on THURSDAY, the sixth day of November, 1873, at 6 P. M., for the purpose of taking into consideration the affairs of said association, and adopting such measures as may be deemed advisable in the premises. C. CAVAROC, President. oc23 td G. LANAUX. Secretary.
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from the Navy Yard at Portsmouth, N. H., on the last of October. On the last of October the feeling in Wall street was not good, although there was not any apparent inclination toward a panic. The prices of stocks were lower, and a good deal of uneasiness was expressed on account of the number of new failures, and the suspension of pooling by the banks. Estimates of expenditure for the legislative branch of the Federal Government for the fiscal year ending June 30, 1875, are as follows: Salaries of Senators, $555,000, and for pay of officers and employes of the Senate, $144,000; for contingent expenses, $199,000; for salaries of members of the House, $2,400,000; for salaries of officers and employes, $218,000; contingent expenses, $267,000. One cause of increase is that the number of members of the House now is 292, instead of 245, as under the old apportionment. The report of the Commissioner-General of the Land Office shows that 12,323.000 more acres have been surveyed this year than last, and 8,095,000 acres more have been sold than the previous year. The Comptroller of Currency has appointed a receiver for the National Banking Association of New Orleans, on the ground of over-certification of checks when the money was not on deposit. The authority to appoint a receiver for this cause has been rarely exercised. The seventh call for the redemption of 5-20 bonds of 1862 was issued Nov. 1. Five hundred hands were discharged e from the Danforth Locomotive Works at S Paterson, N. J., on the last of October. S Nearly the entire force was also discharged from the Grant Locomotive Works, in the same city. The salaries of the men at e Rogers' Works were reduced 58 cents a e day, SO as to make it an equivalent to the 0 proposed reduction. The Paterson mano ufacturers consider that there is little prose pect of an improvement during the winter. Some three hundred of the English mechanics formerly employed there, it is stated have purchased tickets to return home. The following is a recapitulation of the public debt statement for October: Doht hearing interest in coin:
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JOHN COCKRELL, receiver of the New Orieans national bank association, is here and states the bank affairs to be in a much worse condition than those of the first national bank of New Orleans.
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Baptist Chapel, corner Seventh street and Susquehanna avenue, in the extreme Northern section of the city. At the opening, about 200 ladies were present, Mrs. Dr. French, a well-known female, presiding. Pricr to the opening of the exercises, the reporters were requested to withdraw, and the proceedings wero conducted secretly. After a long discussion, it was decided to com. mence a crusade against the liquor dealers at once; and for that purpose, they delegated twenty of their number, who proceeded to three saloons in the vicinity, around which they sang and prayed to closed doors. At one place, the side door was left open, where a number of roughs gathered, who ridiculed the pro. ceedings 80 much that one of the ladies wept. To-day, the crusade was spasmodic, and a majority of the people do not think the movement will be successful in this city. WASHINGTON, February 28.-John Cooknell, Receiver of the Now Orleans National Banking Association, is here on business, in relation to the bank. He states that the affairs of the bank are in a much worse condition than the First National Bank of New Orleans. In the House, the Election Committee reported in favor of Sloan as entitled to the seat now occupied by Rawls, from Georgia. There is a minority repor in favor of Rawls. 2 obabilities-For the Southern and middle Atlantic States, falling barometer, Easterly winds, cloudy weather and occasional light rain or snow. CLEVELAND, February 28.-The Convention of Locomotive Engineers is still in session. Positive information of its proceedings cannot be obtained. It is rumored a general strike has been decided upon, and the details are being arranged. It is stated there is considerable opposition to this course, and that
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of Washington, instead of at establishments in New York or Philadelphia, as heretofore. # REVOLUTIONARY PENSIONS Mr. Sprague, of Ohio, has in charge a bill which he will report upon at an early day from the House Committee on Revolutionary Pensions, and of the War of 1812, extending the provisions of the law with regard to pensions of the soldiers of 1812, and their widows. The provision by which a pension is refused, unless the applicant served sixty days, is repealed by the bill, and service of any shorter length of time will entitle him to his relief. It also changes the provisions concerning widows, by admitting such as were married at any time previous to the year 1825. The bill also contains a section restoring to the pension-rolls the names of such survivors of the war of 1812 as were stricken from them on account of participation in the rebellion, and also putting upon the rolls the widows of such soldiers as have died since they were deprived of their pensions. # THE WORKINGMEN Those widely-known workingmen Roderick Random Butler, of Tennessee, and Moses W. Field, of Michigan, have been appointed executive officers for their respective States of the Order of United Workingmen of America, by E. A. Redstone, President of the National Labor Council. [To the Associated Press.] # FRUIT DUTIES WASHINGTON, D. C., Feb. 28.-The Treasury Department states that the whole amount refunded for duties collected on fruits decided to be in the free-list is $71,000, and the whole amount now due and unpaid is $37,000. # A ROTTEN CONCERN John Cockrem, Receiver of the New Orleans National Banking Association, is here, and states, that the bank's affairs are in a worse condition than those of the First National Bank of New Orleans. # CANCELED BONDS Over $200,000 in Northern Pacific Railroad bonds have been surrendered to the Trustees for cancellation, on account of land sales. # CONGRESSIONAL RECORD WASHINGTON, D. C., Feb. 28. SENATE. Not in session. # HOUSE OF REPRESENTATIVES GEORGIA ELECTION CASE. Mr. HYDE, from the Committee on Elections, made a report in the Georgia contested election case, that Rawes, the sitting member, is not entitled to a seat, and that Sloan, his contestant, is. A minority report, taking an adverse position, was made by Mr. SPEER. The reports are to be called up hereafter. PRIVATE BILLS. Committees were called upon for reports of a private character. ORDER OF BUSINESS. The Patent bill having been disposed of, a struggle took place about the order of business, Mr. HAWLEY (Ill.) moving to go into Com-mittee of the Whole in the private calendar, and A. H. ROBERTS moving to go into Committee of the Whole on the President's message, for the purpose of general debate. After much time had been taken up by dilatory motions and calls of the yeas and nays, Mr. Hawley withdrew his motion, that Mr. Roberts' might be put, and immediately the yeas and nays were demanded on the latter. Then followed a motion to adjourn, but, before that was disposed of, Mr. BANNING presented a petition of the Archbishop of Cincinnati, Gov. Noyes, and other leading citizens of Ohio, for the release of Edward Condon, of Cincinnati, the last American Fenian detained in prison in England. The petition was referred. The motion to adjourn was rejected, and then all opposition having been overcome or withdrawn, the House at half-past 3 went into Committee of the Whole, Mr. TODD in the Chair, on the President's message. Mr. BROWN made a speech arraigning the Republican party. Mr. MILLIKEN followed with a speech against the Educational bill. Several members asked, and obtained leave, to have their speeches printed without being delivered, and then at 5 o'clock the House adjourned.
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The Citizen's Bank of New Orleans has suspended payments, and so great are the liabilities no hopes of its resumption are entertained. Time was when this bank was considered the soundest institution in the South. Under the control of men who have been reckoned by the common multitude as possessing great wealthwho have been looked upon as among the "oldest and best citizens of the State, a title that indicates the acme of human perfection in all things, monetary and otherwise, to the average Southern mind-yet has the concern proven a very whited sepulchre, which, with outward pretension that enchants the eye, reveals naught but rottenness within when its portals are thrown open to the public gaze. In the course of an article referring to the failure of the Citizens Bank, the New Orleans Banking Association and Crescent City Bank, the New Orleans Republican says How far our newspapers, who have been ever ready to bolster up tottering reputations, are to blame for such misfortunes, we will not now undertake to say. But we feel it our duty to notify the public that when the White League journals make a special business of parading the transcendent virtues of a public officer, or leading merchant, for no better reason than that he has lived here several hundred years, and is wonderfully identified with the interests of this people, the time has come to shorten * * * sail. We hope the mishaps of these first class kite flying concerns will teach the people of New Orleans that collaterals are safer than vaunted respectability, and portable property more solid than orthodox politics. It is a poor consolation to know that one has been ruined by people of the very best class.
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By D. E. Morphy. # SUOCESSION OF LOTON JENNINGS, DECEASED. Second District Court for the Parish of Orieans-No. 36,834. BY D. E. MORPHY-A. E. MORPHY, AUC-tioneer.-Will be sold on TUESDAY, October 13, 1874, at twelve o'clock M., in the Merchants and Auctioneers' Exchange, situated on Royal street, between Customhouse and Canal streets, as per order of the Hon. A. L. Tissot, judge of the Second District Court for the parish of Orleans, all the following personal effects, or property and real estate belonging to the above mentioned succes-sion- 1. A CERTAIN CLAIM against the New Orleans National Banking Association for the sum of $250 06, being the sum had by said deceased on deposit in said bank at the time of its suspension. 2. SIX SHARES of $100 each in the capital stock of the Sun Mutual Insurance Company of this city. 3. TWO CERTAIN LOTS OF GROUND, together with the buildings and improvements thereon, and all rights, wave, privileges and appurtenances thereto belonging, situated in the Fourth District of this city, in the square bounded by Carondelet (late Apollo). Philip, Brainard and Jackson streets, and designated by the Nos. 3 and 4; said lots adjom each other, and measure, each, 30 feet front on said Carondelet (late Apollo) street, by 97 feet 7 inches 2 lines in depth, between parallel lines, American measure. The improvements erected on said two lots consist of double two-story frame tenement, covered with slate, with halls two rooms deep in the main building, and roomy back buildings, so far as they occupy the aforesaid 97 feet 7 inches 2 lines, and no farther. 4. A CERTAIN LOT OF GROUND, together with the buildings and improvements thereon, and all rights, ways, privileges and appurtenances thereto belonging situated in the Fourth District of this city, in the square bounded by Jackson, Josephine, Laurent and Dryades streets, and designated by the No. 1. Said lot measures 21 feet 4-3 of an inch front on Jackson street, by a depth and front on Dryades street of 120 feet 2 2-8 inches, between parallel lines. The improvements thereon consist of a one-story frame building on the corner and front, with back rooms attached, and in the rear a small one-story frame building, consisting of four rooms, all covered with shingles. 5. TWO CERTAIN LOTS OF GROUND, together with the buildings and improvements thereon, and all rights, ways, privileges and appurtenances thereto belonging, situated in the Fourth District of this city, in the square bounded by Josephine, Dryades, Jackson and Laurent streets. One of said lots measures 20 feet 11 inches front on Josephine street, by a depth and front on Dryades street of 109 feet 6 inches, between parallel lines, and the other lot is No. 18, and adjoins the above, and measures 31 feet 6 inches 6 lines front on Josephine street, by a depth of 103 feet, between parallel lines. The improvements on said lots consist of a two story frame building, two rooms below and two above, together with a one-story frame building in the rear, occupied as a bakery, with requisite sheds. In the rear of the bakery is a small frame cottage containing four rooms, all covered with slate. Terms-Cash. Acts of sale before A. Hero, Jr., notary public. at the expense of the purchasers. sell 30 oct 13
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By D. E. Morphy. # SUCCESSION OF LOTON JENNINGS, DECEASED. Second District Court for the Parish of Orleans No. 36,834, BY D. E. MORPHY-A. E. MORPHY, AUC- tioneer.-Will be sold on TUESDAY, October 13, 1874, at twelve o'clock M., in the Merchants and Auctioneers' Exchange, situated on Royal street, between Customhouse and Canal streets, as per order of the Hon. A. L. Tissot, judge of the Second District Court for the parish of Orleans, all the following personal effects, or property and real estate belonging to the above mentioned succes- sion- 1. A CERTAIN CLAIM against the New Orleans National Banking Association for the sum of $250 06, be ng the sum had by said deceased on deposit in said bank at the time of its suspension. 2. SIX SHARES of $100 each in the capital stock of the Sun Mutual Insurance Company of this city. 3. TWO CERTAIN LOTS OF GROUND, together with the buildings and improvements thereon, and all rights, ways, privileges and appurtenances thereto belonging, situated in the Fourth District of this city, in the square bounded by Carondelet (late apollo), Philip, Brainard and Jackson streets, and designated by the Nos. 3 and 4; said lots adjoin each other, and measure, each, 30 feet front on said Carondelet (late Apollo) street. by 97 feet 7 inches 2 lines in depth, between parallel lines, American measure. The improvements erected on said two lots consist of double two-story frame tenement, covered with slate, with halls two rooms deep in the main building, and roomy back buildings, so far as they occupy the aforesaid 97 feet 7 inches 2 lines, and no farther. 4. A CERTAIN LOT OF GROUND, together with the buildings and improvements thereon, and all rights, ways, privileges and appurtenances thereto belonging situated in the Fourth District of this city, in the square bounded by Jackson, Josephine, Laurent and Dryades streets, and designated by the No. 1. Said lot measures 21 feet 4-8 of an inch front on Jackson street, by a depth and front on Dryades street of 120 feet 2 2-6 inches, between paralled lines. The improvements thereon consist of a one-story frame building on the corner and front, with back rooms attached, and in the rear a small one-story frame building, consisting of four rooms, all covered with shingles. 5. TWO CERTAIN LOTS OF GROUND, together with the buildings and improvements thereon, and all rights, ways, privileges and appurtenances thereto belonging, situated in the Fourth District of this city, in the square bounded by Josephine, Dryades, Jackson and Laurent streets. One of said lots measure 20 feet 11 inches front on Josephine street, by a depth and front on Dryades street of 109 feet 6 inches, between parallel lines, and the other lot is No. 18, and adjoins the above. and measures 31 feet 6 inches 6 lines front on Josephine street, by a depth of 103 feet, between paralel lines, The improvements on said lots consist of a two story frame building, two rooms below and two above, together with a one-story frame building in the rear, occupied as a baker, with requisite sheds. In the rear of the bakery is a small frame cottage containing four rooms, all covered with slate. Terms-Cash. Acts of sale before A. Hero, Jr., notary public. at the expense of the purchasers. self 30 ocll 13
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# AUCTION SALES. By D. E. Morphy. # SUCCESSION OF LOTON JENNINGS, DECEASED. Second District Court for the Parish of Orleans- No. 36,834 BY D. K. MORPHY-A. B. MORPHY, AUC- tioneer.-Will be sold on TUESDAY, October 13, 1874, at twelve o'clock M., in the Merchants and Auctioneers' Exchange, situated o. Royal street, between Custombocse and Canal streets, as per order of the Hon. A. L. Tissot, judge of the Second District Court for the parish of Orleans, all the following pe sonal effects, or property and real estate belonging to the above mentioned succes-sio- 1. A CERTAIN CLAIM against the New Orleans National Banking Association for the sum of $250 06, be ng the sum had by said deceased on deposit in said bank at the time of its suspension. 2. SIX SHARES of $100 each in the capital stock of the sun Mutual Insurance Company of this city. 3. TWO CERTAIN LOTS OF GROUND, together with the buildings and improvements thereon, and all rights, wavs, privileges and appurtenances thereto belonging, situated in the Fourth District of this city, in the square bounded by Carondelet (late apollo), Philip, Brainard and Jackson streets, and desiguated by the Nos. 3 and 4; said lots adjoin each other, and measure, each, 30 feet front on said Carondelet (late Apollo) street by 97 feet 7 inches 2 lines in depth, between parallel lines, American measure. The improvements erected on said two lots consist of double two-story trame tenement, covered with slate, with halle two rooms deep in the main building, and roomy back buildings, 50 far as they occupy the aforesaid 97 feet 7 mches 2 lines. and no farther. 4. A CERTAIN LOT OF GROUND. together with the buildings and improvements thereon, and ai rights, ways, privileges and sppurtenances thereto belonging situated in the Fourth District of this city, in the square bounded by Jackson, Josephine, Laurent and Dryades streets, and des guated by the No. i. Said lot measures 21 feet 4-8 of an inch tront on Jackson street, by a depth and front on Dryades street of 120 feet 2 2-8 inches, between parallel lines. The improvements thereon consist of a one-story frame building on the corner and front, with back rooms attached, and in the rear a small one-story frame building, consisting of four rooms, all covered with shingles. 5. TWO CERTAIN LOTS OF GROUND, together with the buildings and improvements thereon, and all rights, ways, privileges and appurtenances thereto belonging, situated in the Fourth District of this city. in the square bounded by Josephine, Dryades, Jackson and Laurent streets. One of said loto measures 20 teet 11 mches front on Josephine street, by a depth and front on Dryades street of 109 feet 6 inches, between parallel lines, and the other lot is No. 18, and adjoins the above, and measures 31 feet 6 inches 6 men tront on Josephine street, by a depth of 103 feet, Detween paralel lines. The improvements on said lots consist of a two store frame building, two rooms below and two above, together with a one-story frame building in the rear, occupied as a bakery, with requisite sheds. In the rear of the bakery is a small frame cottage coutaicing four rooms, all covered with slate. Terms-cash. Acts of sale before A. Hero, Jr., notary public. at the expense of the purchasers. selt 30 ocll 13
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suspended Association payment Banking on the sixth of October, 1873. Ev., p. 15. It continued to pay out until 3 P. M. on the fourth of October. It made no exchanges with the Clearing House Association on Monday Mr. Dupuy met Mr. Blache at 11 A.M., on that day, and made an exchange of checks with him; 16. At about 9 to 10 A. M., on that day, Mr. Pochelu desired Mr. Blache to return him the check in question, and which had been deposited on Saturday previous, saying that be was going to sue out an injunetion to prevent Blache from giving it up; pp. 18 19. This occurred about 9 or 10 A. M., and before Dupuy made the exchange of this check. The New Orleans Banking Association had then failed. On the same day this bank made exchanges with several other banks; p. 20. The exchange of the check in question was effected in the usual form and according to the custom in such matters; p. 21. The only difference being that the exchange in this case was made with the cashier directly, instead of through the Clearing House Association. Ev. p. 21. Checks between banks are not paid in money, but always by an exchange of checks. Ev. p. 23. It was customary at the time of this transaction to use certified checks- -payable through the Clearing House. Ev. p. 24. The State National Bank had no interest in the check, it only collected it as it had been left there for that purpose. Ev. p. 26. The check for $1000 was check but taken not in was paid money, in lieu thereof. Ev. pp. 28 28 29. 29. The effect of the suspension and failure of the New Orleans Banking Association, and of the exchanging of certified checks, was the loss, to the Louisiana Ice Manufacturing Company, of the check for $1000, which it had deposited with that bank for collection. The plaintiff now contends that whatever custom the banks may adopt for their own convenience, by which they take certified checks, that depositors are not 80 far affected by it as to be obliged to receive such checks as payments. That as between it (the plaintiff) and the Clearing House Association and the State Bank. there was no privity, and therefore it can not be considered estopped from pursuing it, where, as in this case, it was notified of the condition of the suspended bank, and of the judicial proceedings instituted to restrain it from exchanging the check in question; that deposited it for collection collection in currency; that the bank was its agent for that purpose and for no other. and that the exchange of its good check for one that was worthless, was not a collection of its check, nor & payment on the part of the State National Bank, quo ad the plaintiff; that even the exchange of checks should be considered. under ordinary circumstances, as a payment, it could not be 80 considered. where the paying bank was informed, before it made the exchange, that the depository had failed and suspended payments, and where it had been informed that a writ of injunction had already issued for the express purpose of restraining it from making the exchange; and, finally, that from the moment the New Orleans National Banking Association suspended payments and failed, it ceased, ipso facto, to be the agent of the depositors. C. C., 3027; Parker VS. Smith, 16 East., 382; Minet vs. Forrester, Taunt, 541: 2 Kent's Com., p. 644; Pot. Contrat de Mandat, N. 120; C. N., 2003. Defendant's counsel make the following points: 1, That there was no privity between the Ice Louisiana the and Bank National State Company, and that in the absence of such privity, it must be a very strong case to au. thorize a recovery. He reminds the court of the familiar axiom that one should not be permitted to enrich himself at another's expense. He cites Mc Williams vs. Hagan, 4 4R 374, and McCauley VS. Hagan, 6 R. 359, in support of it. There is no doubt of its soundness. The cases of McCulloch vs. the Commercial Bank, 16 L. 356, and of Oakey et al. vs. Bank of Louisiana and William Christy. 17 La. 386, are referred to as estab lishing the doctriue that the absence of privity is fatal to a right of action. 2. That the State National Bank (defend. ant herein) had no pecuniary interest in the transaction: that it held on deposit sundry checks of her own depositors, and that it was its duty as agent to collect them: that if they had not been exchanged (which, ac cording to the custom of the banks, was the same as payment) the State Bank would have protested the returned checks, and the loss, if any, would have fallen on the parties depositing them, and for whom the bank acted as collecting agent. I may here remark that, being charged with the collee. tion in currency of a particular check, it was the absoluce duty of the bank to do so, or to protest. Such is the law. The establishment of clearing houses is intended for the benefit of the banks. Through them their daily settlements with each other are facilitated and simplified. The depositors have nothing to do with them, nor can the banks change or modify their liability to depositors by establishing such private associations to suit their own convenience. The banks entering into such an arrangement are bound inter sese. but the depositors are not ordinarily privy to such agreements, and, there action. their bound held be not can by fore, Morse on Banks and Banking pp. 389. 390. 3. That the plaintiff intrusted the Bank of New Orleans with power to collect, and that this fact carried with it the right to exchange checks, as was customary among banks, either through the Clearing House or over its counter. That if the plaintiff has been injured it has been solely through the fault of its own agent, to whom alone it can look for redress. Reference is made to Morse on Banks and Banking, pp. 322-4, 341, 334, 369. This author lays down the generally recognized doctrine, that a bank receiving paper for collection thereby becomes, as rule, the agent of the depositor; that in making the collection it must be governed in all matters concerning the time the mode of demand, and ving making notice, etc., by the laws and customs prevailing in the place of its own situation; that it alone 18 responsible for any losses to the depositor resulting from its negligence, laws cusand that the But I imagine etc. toms referred to must be general and not exceptional. The agency conferred must be legitimate and properly exercised. The courts are not inclined to enlarge the authority of usage, but on the contrary they limit it to its narrowest proportions, and uniformly "require the most perfect adaptation of the facts of the case to to it.' Morse on Banks and Banking, p. 376, "The customs and usages of a bank by which persons outside of the corporation can be affected are only such as relate to its dealings with such outsiders. Ib. p. 376. "They are only for the convenience of the bank. Even if they are known to its customers, in which alone the customers can be supposed to be interested; they are the internal arrangements, with which the customer has nothing whatsoever to do, whether he and he whether apthem or not, knows proves them or not.' Id. 377 This principle, I think, applies here. Usage can not be shown to absolve a bank from a positive and essential duty. What it undertakes to do it must do. It undertook to collect a check for $1000 in this instance. Now. as to the depositor, has it done 80 The State