7712. New Orleans Savings Institution (New Orleans, LA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
February 28, 1879
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini
Short Digest
f49bff19

Response Measures

Accommodated withdrawals, Partial suspension

Description

A run began Feb 28, 1879 (about $500,000 withdrawn). The bank paid 15% cash and invoked charter 90-day rule; payments then suspended and the institution was declared insolvent. Receivers were appointed by U.S. Circuit Court (decree published Apr 1, 1879) and assets were liquidated — permanent closure/liquidation followed. Cause of run: rumors that the bank was heavily loaded with depreciated State bonds; suspension/closure resulted from insolvency largely tied to real estate losses revealed later.

Events (4)
1. February 28, 1879 Run
Cause
Rumor Or Misinformation
Cause Details
Run triggered by rumors that the institution was heavily loaded with Louisiana state bonds which had recently depreciated ~25%.
Measures
Managers paid 15% cash immediately to depositors and announced the balance would be paid after 90 days' notice as allowed by the charter.
Newspaper Excerpt
A run commenced Monday on the New Orleans Savings Institution, since which time half a million dollars have been paid out. To-day the managers decided to pay fifteen per cent. cash to the depositors, and the balance after ninety days notice allowed by the charter. It is stated the run was caused by rumors set afloat that the institution was heavily loaded with State bonds, which recently depreciated twenty-five per cent.
Source
newspapers
2. March 1, 1879 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed the run and was associated with insolvency arising from large real-estate related losses and asset shrinkage (committee later found large deficiency due to real estate depreciation and loans beyond charter limits).
Newspaper Excerpt
On the first day of March, 1879, the said corporation suspended payment in full of the deposits and has refused to pay the depositors, including complainants, more than 15 per cent of their deposits.
Source
newspapers
3. April 1, 1879 Receivership
Newspaper Excerpt
Judge Billings yesterday rendered the following decision ... praying for the appointment of a receiver: ... the defendant is insolvent ... the court to Interfere and appoint a receiver ... the receivers should be selected outside of their number. ... receivers appointed W. C. Black and J. H. Oglesby (reported April).
Source
newspapers
4. May 15, 1879 Other
Newspaper Excerpt
The receivers of the New Orleans Savings Institution have been authorized to make sales, from time to time, of the real estate among the assets of the bank; ... checks of depositors to the amount of 25 per cent of their deposits ... to stand in lieu of dividends until such dividends shall reach 25 per cent.
Source
newspapers

Newspaper Articles (21)
1. March 1, 1879 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, March 1, 1879

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Run on the New Orleans Savings In. titution NEW ORLEANS, February 28.-A - run commenced Monday on the New Orleans savings institution, during which time half a m. 'lion dollars have been paid out, To-day the m anagers decided to pay fifteen per cent. cash to the depositors, and the balance after ninety days notice allowed by the charter. The officers report the bank as solvent, the January tatement showe deposits aggregating two million and fifty thousand dollars. It is stated the run was caused by rumors seti afloat that the institution was heavily loaded with State bonds, which recently depreciated twenty-five per cent. Wimberly, who was shot in the affray with Howell, is reported recovering.

2. March 1, 1879 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, March 1, 1879

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Run on a New Orleans Savings Bank. NEW ORLEANS, February 28.-A run began Monday, on the New Orleans Savings Institution, since which time a half million dollars has been paid out. To-day the managers decided to pay 15 per cent cash to the depositors and the balance after the 90 days notice allowed by the charter. The officers report the bank solvent; the January statement showed deposits of $2,058,000. It is stated the run was caused by rumors set afloat that the institution was heavily loaded with State bonds, which recently depreciated 25 per cent.

3. March 1, 1879 Bismarck Tribune Bismarck, ND
Article from Bismarck Tribune, March 1, 1879

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BY TELEGRAPH TO THE TRIBUNE NEWS GOBBLED FROM ALL OVER THE WORLD. Corbin, of Nouth Carolina, Withdrawn from the Senatorial Contest--Evarts Preparing the President's Vete to the Chinese Bill Jeff Davis to Receive a Pension. [Special Dispatch to the Tribune.] CONGRESSIONAL. ST PAUL, March 1, 1879.-In the Senate a communication was received from Corbin, the contestant from South Carolina, withdrawing from the contest. The census bill was reported, and a bill to make appropriations for pension arrears, was taken up, and Mr. Ingalls' amendment for the appointment of examining surgeons to revise the pension roll was the subject of discussion. Ingalls' amendment was rejected, 28 to 36. An amendment providing that pensions shall date from death or actual if the is filed before was subdisability, 1880, adopted. application Morrills mitted his amendment to issue 18,000,000 four per cent. bonds to PAY PENSION ARREARS. Mr. Vorhees submitted an amendment to re-issue greenbacks for the same purpose. A night session was held on the appropriation bills. In the House, after a debate as to the priority of business, in which it was said that only four out of eight appropriation office bills bill had been taken completed, up. That the post was portion of the amendment relating to the reclassification of mail matter requiring the REGISTRATION OF PERIODICALS, was stricken out. Minister Seward to China was then brought before the bar of the House for refusing to answer the questions of the committee. His case was referred to the judiciary committee. The other Senate amendments to the post of fice bill, including the Brazilian subsidy, were then non concurred in. Sec. Evarts is writing the VETO OF THE CHINESE BILL, which will be sent in to-day. The Cab inet that are antithough is a several, unit Evarts it especially, should be vetoed, Chinese. Evarts believes the restrictions can be obtained through the Chinese government. The President will not veto the Internal revenue law. It is thought that all the appropriation bills cannot possibly pass sessession. Congress Among before the items the in end the of pension the appropriation bill is one giving soldiers of every Mexican and Indian war prior to 1850, a pension, which provides one for Jeff Davis. On this discovery, Windom moved a reconsideration, which will be acted on to-day. BANK RUN. A run began on the New Orleans Savings institution on Monday, since when $500,000 have been paid out. The bank is but the directors decided to pay but 15 cent. solvent, per in cash yesterday, and the balance in 90 days. Rumois against the soundness of the bank started the run. BURNED. J.M. Lewisford and six children were burned to death in his house in Nelson ville, Ohio. on Wednesday night. RIOTY. Great fears of riots are entertained in San Francisco on the veto of the Chinese bill. STILL GOING. Notwithstanding his squeeze at Wellsville, Capt. Boynton left Steubenville, O., yesterday to continue his voyage to New Orleans. FLEEING SENOVIANS. Hundreds of Senovians arecoming over the border into Arizona on account of the revolution there. Many are destitute. ARRESTED. Some thirty prominent men of Pekin and Peoria, Illinois, were arrested yesterday for whiskey frauds. FOREIGN. The French Assembly passed the amnesty bill yesterday. The situation in the Zulu country is unchanged. STARVING. Four thousand people in Sheffield, England, are said to be in an actually starving condition. Post-Office Lock Boxes.

4. March 1, 1879 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 1, 1879

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Run on a New Orleans Bank. NEW ORLEANS, February 28.-A run commenced Monday on the New Orleans Savings Institution, since which time balf a million has been paid out. To-day the managers decided to pay 15 per cent. cash to depositors, and the balance after ninety days' notice, allowed by the charter. The officers report the bank solvent. The January statement showed over six deposits, aggregating $2,050,541. It is stated the run was caused by rumors set afloat that the institution was heavily loaded with State bonds, which have recently depreciated 25 per cent.

5. March 1, 1879 The New York Herald New York, NY
Article from The New York Herald, March 1, 1879

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RUN ON A SAVINGS BANK. NEW ORLEANS, Feb. 28, 1879. A run was commenced on Monday on the New Orleans Savings Institution, since which time half a million dollars have been paid out. To-day the managers decided to pay fifteen per cent cash to depositors, and the balance after ninety days' notice, as allowed by the charter. The officers report the bank solvent. The January statement showed over six deposits aggregating $2,050,541. It is stated the run was caused by rumors set afloat that the institution was heavily loaded with State bonds, which have recently depreciated twenty-tive per cent.

6. March 2, 1879 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, March 2, 1879

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THE SAVINGS BANKS. TREY PAYMENT IN A COMMERCIAL SENSE. Interviews with President Cubernator of the Citizens' Savings Bank, and with President Urquhart of the New Orleans Savings Institution. The run on the New Orleans Savings Institution increased in magnitude yesterday. The depositors crowded the sidewalks and the porch of the bank, and although many showed anxiety in their faces, there was no departure from the decorous bearing of the previous day. There was even little pressing to obtain admission within the doors of the bank, guarded by two policemen, who permitted one or two depositors at a time to go in; for the bank continued the entire day to pay 15 per cent on deposits. Outside several persons, depositors in the institution, met friends, also depositors, and in not a few cases dissuaded them from attempting to withdraw their money from the institutionAmong the former there was one in particular who was emphatic in the expression of his confidence that everything would turn out all right, and he asserted that he had been offered by a Carondelet street broker minety cents on the dollar for his claim against the bank, which he had refused, with the reflection that if a deposit in the New Orleans Savings Institution were worth 90 per cent to a broker, It was worth ninety-six to him, the depositor, who was satisfied of ultimately getting back his capital and the 6 per cent annual interest allowed on it. After banking hours we had the pleasure of a conversation with President Urquhart. This gentleman appeared much relieved after his heavy day's work, with the result of which he expressed himself quite satisfied. "I kept the doors of the bank open to-day," said he, "till 4 o'cock in the afternoon. The clerks, at 3 o'clock, were almost prostrate with fatigue, having been up since morning paying the depositors who came to claim their 15 per cent. When I told them that they had to continue their work one full hour more, they begged to be let off, but I stood firm and only permitted one to go. he being really sick with exhaustion and fatigue. I took his place and the payments continued. At 4 o'clock there were thirty more depositors before the door. I called them all in and paid them." The bank has now satisfied all the depositors who wished to avail themselves of the payment of 15 per cent. This has been accomplished without the bank borrowing money for the purpose, though assistance was freely offered by the presidents of the other banks at a meeting held yesterday evening. It is a great pity. that this senseless run could not be stopped, as the bank is now forced to realize its available assets, composed to a great extent of property and mortgage notes. A large amount of real estate will be thereby thrown upon the market, which will certainly not be a benefit to the community in general. Among the mortgages are some for considerable sums resting on property belonging to our most prominent churches and greatest charitable institutions. The Citizens' Savings Bank. During the day what had been expected would be the case with the Citizens' Savings Bank occurred. This bank, which is located at the northwest corner of Baronne and Gravier streets, received the visit of a large number of depositors, but wereinformed that, availing themselves of the provisions of their charter and the printed contract contained in the depositors' books, the bank directors had concluded to require sixty days' notice from the depositors before paying them. Nevertheless, in order to accommodate the patrons of the institution and to avoid possible hardships in certain cases, the bank would pay 15 per cent to all applicants. The announcement seemed to have an excellent effect, for during the day not more than $2000 was paid out at that rate. A representative of the DEMOCRAT in the afternoon interviewed the president of the institution, MR. J. L. GUBERNATOR, on the subject. Mr. Gubernator said that the run on the New Orleans Savings Institution had forewarned the directory of the Citizens' Savings Bank, and the resolution had been adopted on the previous day to pay only in accordance with the eaty days' notice rule. Reporter-Do you call this stoppage a suspension in the commercial sense of the term ? Mr. G.-Not at all. Rep.-Would you call the stoppage of full payment by the New Orleans Savings Institution a suspension, in the same sense Mr. G.-Certainly not. The New Orleans Savings Institution has only availed itself of its right in an extraordinar emergency, and it is my opinion that it should have exercised that right as soon as it became apparent that a run would be made upon it. Nosavings bank can stand a run upon it, for they have no reserve fund from which to draw upon in an emerge ncy. The money which is placed in the bank by depositors is invested in securities, such as first-class mortgages and paper, or lent on the best collaterals, with large margins, and is kept constantly working, a sufficient amount in cash being necessarily on hand to meet the ordinary demands of depositors. But if all the depositors should call on the same day for the full amount of their deposits, it would then become nec ssary to

7. March 6, 1879 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, March 6, 1879

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THE EMBARRASSED BANK. WHAT THE DEPOSITORS' COMMITTEE HAS DONE AND IS DOING. A Meeting Called for Friday Night. The committee appointed at the recent meeting of the depositors of the New Orleans Savings Institution, in compliance with their instructions and in the performance of their duties, have had an interview with the officers of the bank, and called upon them for certain information relative to the financial condition of the institution, and the nature and value of the assets held by it. This information the officers promised to furnish at another meeting, to be held to-night. The committee will take these statements and will carefully study and consider them. and will then prepare a report which will probably contain recommendations which they will submit to a general meeting of the depositors called for Friday[night at Grunewald Hall. As under the charter of the institution the depositors are all stockholders, and the only stockholders, the course to be pursued in reference to it is entirely and solely within their control, and any decision they may arrive at, provided it does not conflict with the law, must be adhered to by the directors, or rather trustees, who are merely executive officers originally appointed by the Governor of the State, with power to perpetuate their existence as a body by filling by election all vacancies which may occur. They receive no salary, and are only stockholders to the amount of their deposits, and in this respect stand on a level with all other depositors. This being the case, certain members of the committee appointed at the meeting of depositors have been at some pains to ascertain the views and feelings of those persons having balances in the bank, and one of them last evening told a reporter of the DEMOCRAT that he had conversed with a large number, whose deposits ranged from $500 to $25,000, and they had all expressed their willingness to allow the bank to continue in operation and signified their desire to help it and intention of doing it if the opportunity occurs. The idea of these depositors is to get a sufficient number of others who entertain the same views they do to combine with them, and together assist the bank in liquidating its indebtedness to those who cannot or will not wait for their money until such time as the bank again gets on a solid basis. The article in the Times of last evening is pronounced by members of the committee erroneous in the main statement; that but one hundred and seventy-one depositors had drawn the $500,000 in the vaults of the bank before the suspension, and that they had been notified of the intention to suspend before the run commenced. The books show that a much larger number than that specified were paid in full, and they show the further fact that none of the directors of the bank drew their deposits.

8. March 8, 1879 The Lake Charles Echo Lake Charles, LA
Article from The Lake Charles Echo, March 8, 1879

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Telegraphic Brevities. Run on a New Orleans Bank. New Orleans, Feb. 28-A J'UD commenged Monday on the New Orleans Savings institution, since which time bult a million dollars have been paid. To-day the man"gers decided to pay fifteen per cent. cash to depositors, the batance after the niuety duns notice allowed by the charter. The officers report the bank solvent. The January statement showed deposITS aggregating $2,050,541. It stated that the now WAS caused by rumors set affoat that the institution was heavity loaded with state bonds, which have recently depreciated twenty-five per cent.

9. March 8, 1879 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, March 8, 1879

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THE NEW ORLEANS DEMOCRAT, SATURDAY, MARCH 8. 18 admission for the walf in the colored institution warning. It has been published. the committee THE COTTON MOVEMENT. on that condition. We have not learned the fluds, that $500,000 have been paid to one THE sequel of the affair. but the probabilities were hundred and seventy depositors only. that the sum being Insufficient the waif could The fact on the contrary (as stated to the comREPORT OF THE NATIONAL EXCHANGE not be admitted. This is 8 case that appeals to mittee by the bank). isentirely otherwise. The bank states that from the seventeenth of Febthe sympathy of the many fat colored officeFOR THE PAST SIX MONTHS. holders of the State, present and past, for ruary to the twenty of February. the among the latter there are not a few who have day of suspension. about 850 depositors were. Mr. H. G. Hester. the secretary of the satisfied daily. making an aggregate of 31504 filled their purses at the expense of the city or State, or both. depositors who received the $500,000 question. National Cotton Exchange, has kindly furLA It is to be remembered. too, that some persons CAPT. EALER'S CASE. nished us with the following official report of left $5 and others cents in bank thus really The case of Capt. Ealer. the wharfinger of the the cotton movement during the six months exhausting their accounts, when the fact is not First District, came to abrupt conclusion yesmade to appear. because the books In such ending on the 28th of February. approved by terday. and resulting in the exoneration of that cases could not be returned to the bank and the committee on crop statements, composed official of the imputations brought against him. the accounts reported closed. Capt. Ealer was charged with partiality and of the following-named gentlemen: Thos. H. The greatest danger that can arise to any even malice in the discharge of his duties in bank is from the occurence of a panic. The Hunt. A. H. May. D. A. Given, Perry Nugent. connection with the sending to 11 warehouse of prevalent financial distress in the country Inand J. F. Schroder: merchandise lying in contravention on the clines men to hearken readily to stories mislevee. The Ladies' management or fraud. and stimulates the NET RECEIPTS COTTON AT UNITED STATES PORTS, fu The investigation. which was commenced on spread of evil suspicions. There no remedy SEPTEMBER 1, 1878. TO FEBRUARY 28, 1879. Saturday by Administrators Glynn. Marks and against such a condition of things. except the 1879. 1878. Isaacson. the Council committee appointed for diffusion of knowledge and information among 995,325 New Orleans 1,156,628 the purpose, was resumed yesterday morning. the people interested. and none whatever in 492,367 Galveston 379,689 LADIE After several witnesses had been heard Mr. the present instance of the New Orleans Sav12,174 Indianola 6,289 Tobias Gibson, the attorney for the presecution. Ings Institution unless the depositors are Mobile 324,966 358,134 asked permission to withdraw the charges on brought to realize that their interest and that all of which 469,846 382,728 Charleston the ground that the evidence did not substanof the bank are identical- Its ruin theirs-the 16.426 10,152 Port Royal tiate them. but only that Capt. Ealer had probhusbanding and correct administration of its 629,120 Savannah 510,295 The propri ably been over-zealous in the matter. The perresources their true security in the future. All meals a 102,167 mington 100,432 mission was granted. Col. Glynn. chairman of Invited to do so by the trustees themselves. 360,227 Norfolk 346,227 the will, however, at the next meetthe committee recommend R further examinaHA Baitimore 21,325 20,888 Ing of the Council make a full report of the intion-a complete and thorough one. by experts. 45,225 44,060 Philadelphia vestigation. recommending a full exoneration and are serv into the condition of the New Orleans Savings 204,604 141,789 New York of the accused. Institution. 103,816 Boston 88,593 ecommittee consider that the high charac5,503 5,046 Providence ter and standing of the trustees of the InstituWAR ON LIQUOR. 21.246 Pensacola 5,715 A tion is guarantee that the exam: will be 14,865 Brunswick made as it ought to be; and the committee is A Sunday Law Will Be Asked of the ConPortland (according to railnot without hope and reasonable expectation vention. 1,397 road statements) 6,703 A that a plan can be matured vpon the concluThe representatives to the alliance formed sion of the examination by such a committee Total 3,814,325 3,569,642 88 you may designate, acting in conjunction among the temperance societies to petition the A full hous *Richmond and Petersburg cottons are inwith the trustees themselves. whereby the excoming State convention to embody a suitable last night In cluded in net receipts at Baltimore. Philadelisting condition of things may be improved Sunday law in the new constitution met at No. rising of the and some substantial relief obtained phia and New York. 163 Camp street. In conclusion the committee recommend the EXPORTS. but bilarity. adoption of the following resolution Fee. Cont. Mr. W. McLaughlin. grand worthy templar of Chan. G.B. perfect storn Resolved. That the chairman of this commit168,318 184,675 4812 New Orleans 406,648 Louisiana, called the meeting to order and apladies' matine tee from the depositors three persons. 50,088 164 620 10,229 48,792 Galveston pointed Messrs. F. A. Johnson. J. W. Harmon whose duty it shall be to examine, as experts. of the city wi 2,405 Mobile 30,739 28,547 23,565 in detail into the condition of the New Orleans and Y. A. Woodward as a committee on creden7.928 23,646 180,547 168,804 Savannah Savings Institution. and to report such a plan 54,864 Charleston tials. 122,329 2,330 143,796 All hands o for action of the depositors will enable 18 589 5,775 2,050 36,452 Wilmington the institution. If practicable. to resume active The following delegates presented their creof the deligh 3,008 160,026 Norfolk 713 business. and relieve as far as may be the presdentials: 13,386 and night. 58,451 Baltimore ent distress. 189 300 10,645 New York 28,741 musical nove Temperance Association. Feamen's BethelResolved, That the committee be directed to 67,503 Boston Fred. A. Johnson, James L. Morrison. call another meeting of the depositors so soon Josephine 510 19,275 Philadelphia Caucasian Lodge No. I, I. O. G. T.-Yorke A. as said examination is completed and the said 8,129 cup. the mid Port Royal Woodward. W. M. Wood. plan can matured. and that the committee be 10,296 1.967 Various Peabody Lodge No. I. O. G. T.-Geo. D. Dick Deader further instructed to report to the depositors in Wright, J. Feitel. J. M. Worrel. L. Tardwell. R. full the exact condition of the bank. present. toget 645,608 1,442,563 340,838 33,479 Total H. Whitmore. CARLETON HUNT. Chairman: 53.493 1,311,046 "his sisters. I 394,543 404,543 Total last year Excelsior Lodge No. 4-Dr. J. M. Watkins. G. DAVID HUGHES. J. Wrath. S STOCK AT UNITED STATES PORTS. FEBRUARY 28. HORACE F. HARDY. Stonewall Lodge No. 10-Dr. C. A. Chandler. 8. LEWIS. M. D., The two la 1879. 1878. State Grand Council, U. F. W. Harmon. W. E. SEY MOUR. 358,452 362,451 New Orleans Lady Local Dr. S. M. Angell. C. HOLT 67,515 66,749 Galveston Pelican Council No. 1. U. F. T.-J. McGuirk. harp soloist, I. HODGSON. Mobile 43,677 58,501 W. C. Ogilvie. Committee. 63,602 Savannah to-day at noor 84,673 Seamen's Bethel. Esplanade street-William 36,200 Charleston 51,201 At the conclusion of the reading Mr. Hunt We take ple James. 26,730 Nortolk 18,472 moved the adoption of the report and the disWoman's Christian Temperance Union-T.J. tainment give 172.731 New York 154,668 Carver. charge of the committee. otherwise hi 28,436 Other ports 57,640 Crescent City Temperance AssociationA gentleman present objected to the adoption again the nu Henry. T. B. McPeake, J. A. Peterson. Total. 854,355 797,343 of the report for the reason that the committee Grand Temple T. of H. and John Mcthe applause OVERLAND MOVEMENT. Whirter, S. R. Bennett. O. F. Peterson. had not discharged their duty. for they were inget that thes (September to February 28.) structed to get a statement from the bank and The committee on petition to the convention. will have of er 1878. 1879. consisting of M ssrs. Fred. A. Johnson. chairthey had failed to do it. and came back recomShipped from St. Louisfrom Sepman. J. A. Sheldon. Henry Schultz, J. W. Harmending the appointment of a new committee. 246,223 152,081 tember to February 28 mon. reported that they have deavored to Mr. Arthur Gastinel thought that the commitCarried North across Mississippi The Report make the potition as brief as possible. in order river at Hannibal 93,247 22,932 teeshould have got a statement of the amount that all may find time to read it. Carried North, via Cairo and VinThe Board money In the bank and the amount due. and The petition was then read. 67.091 cennes Railroad 48,018 night at their Mr. O.J. Berry. who had been invited to adwanted to know how much money the memCarried North from Cairo. via III. Mayor I. W. I 88 the meeting, said he always advocated A Central Railroad 19,529 9,849 of the committee had on deposit. Sunday law and thought that no better moveCarried North from Evansville, of the commis Mr. Carleton Hunt, in reply. said that the ment could be inaugurated than that of proEvansville and Terre Officer W. H hibiting the sale of liquors sunday. zentlemen had asked for something which the Haute Railroad. 18,226 7,942 beat. was fine Several of the gentlemen present gave their Carried North from Louisville, committee could not have possibly obtained views on the subject. Some were in favor of a via Ohio and Mississippi RailCorporal S. within the limited time at their disposal. and it Sunday law prohibiting all traffle the Lord's road 40,923 27,799 carelessly all day. while others held that it would be more to obtain this information that the appointCarried North from Louisville, handcuffed. to it conducive to the success of the petition if 82,244 via Jeff., Mad. and Railroad 88,798 of another committee had been recomonly touched upon the subject of Sunday law Pa rolman : Carried North from Louisville, nended. As to the amount of money the memprohibiting liquors only to be sold on the Sabvia Lou. Cin. and Lex. Railfined one day' bath. of the committee had on deposit he venroad 19,442 27,030 Supernumer A discussion arose about the draft of the reReceipts at Cincinnati by river 37,626 31,468 to say that several of them had much port, and It not being considered satisfactory. duty. was fine Shipped to mills adjacent to river balances than either of the two gentlethe report was recommitted to the committee and not included in above 6,383 5,617 Patrolman V who had spoken. that drafted it, with instructions to draw up in from duty wi its stead series of resolutions expressing the 607,865 445,103 Mr. Gastinel explained that he had confidence sense of the meeting with regard to the sale of pay. Lessthe committee. and his question was merely malt and spiritous liquors only on Sunday. Receipts at New Orleans from St. J. Williams draw information for the purpose of satisfyA committee of three. on permanent organi28 Louis 3,192 offense. were zation, consisting of Messrs. Watkins. chair301 248 Shipped from Cairo to St. Louis the many inquiries on the point which he man: Woodward and Schultz, was appointed to This being 11 Shipped from Cairo to Louisville heard propounded. He desired the condraft a report. The committee retired and in a Shipped from St. Louis to and board. the secr Inuation of the bank: he thought it was the few minutes returned with its report. 58 4,617 via New Orleans port of the cit On motion the meeting was organized permasalvation for the depositors. Shipped from New Orleans to Hon I. W. P nently as the Temperance Alliance of New Or418 1,922 Cincin by river. Mr. Mills spoke as the representative of leans.' the following officers were elected: Orleans: Shipped from Cincinnati to New everal depositors. He thought that the bank President-W. McLaughlin. Orleans. by river 694 Dear Sir-Ac First Vice President-Dr. H. Watkins. hould have long ere this given a statement of Shipped from New Orleans to and have examine Second Vice President-J. B. Hinton. Louisville 146 men on the or financial condition of the institution to the Third Vice President-Alex. Caughey. Shipped from Mobile to and via fully inclose public. He did not think was suffl ient Secretary-Capt. F. A. Johnson. Louisville. 1,999 15,089 disqualified to nswer to the interrogatories propounded by Assistant Secretary- Ogilvie. Shipped from Mobile to and via Very resi committee to say that they had neither the Treasurer- Yorke A. Woodward, 9,911 12,861 Cairo J. nor the clerical force to prepare replies. Marshal-Dr. J. W. Harmon. A. Shipped from St. Louis to Louishe urged that President Urquhart and the Berry suggested that the temperance or198 ville 626 lirectors be called upon to furnish over their NAMES ganizations and the Bethels of this city could Shipped from New Orleans to manual, within forty hourson three First Precine take in hand the matter of the Sunday law and Evansville. 4,032 a full statement of the affairs of the instiwork for the election of delegate who would qualified; Jan Shipped from St. Louis to Memution. promise advocate a prohibitory liquor law. pie, habitual 84 phis Mr. W J. McConnel called the attention of the drunkard: W. The meeting adjourned to reassemble at the Shipped from St. Louis to Vicksneeting to the fact that they. the depositors, Second Pre Fulton street Bethel on Tuesday evening next, 752 burg wned the bank and all its property. It was not at 7.30 clock. qualified: Jan Shipped from St. Louis to Cinthe common acceptance of the term a bank. G. Leninger. 201 cinnati by river the gentlemen conducting it are not babitual drun CUSTOM-HOUSE NOTES. irectors such are the directors of the Canal Weldon, babit Total 36,177 21,211 other banks. but they are simply trustees. disqualiffe Another one of the tobacco men. Paul Lozo, Net overland direct from provants the depositors. There were no Third Prech ducers 408,926 586,154 was arraigned before United States Commistockholders. the depositors were the only qualifie G. Deduct overland receipts arties interested, and when they made run sioner Lane yesterday. to answer to he charge John Connors 80,487 120.834 New York the institution. they were only robbing P. Roe, physic 88,593 103.816 of having in his possession an unstamped Boston hemselves. and damaging their own interests. Lepretre, phy Providence 5,503 5,046 bucket of loose tobacco. He waived examinaeulogized the board of trustees. thought physically dis 28,013 20,924 Philadelphia they would. if trusted, bring the bank out tion: and gave bonds in the sum of $500 to apcally disquali 6,278 5,322 Baltimore the difficulty. He advised patience conqualified. pear before the United States Circuit Court. Portland 6,703 1,397 action to assist the bank. and thus deFourth Prec 8,440 1,161 Points in Canada The verdict of the jury in the Natchitoches the shylocks who were up the qualified: H. case was the principal topic of conversation in leposits at 25 cents on the dollar. while they Corporal H. D 208,236 274,281 Deduct overland receipts the building yesterday. It was a rather disayould receive, if patient, 75 or 80 cents from the qualified P. I greeable surprise to many of the party leaders, Fifth Precing 200,690 311,873 who expected that at least, the jury would fail A motion was made to continue the present ard: Wm. Wal Shipments direct to mills from to agree. Entertaining this opinion. the chie fs ommittee superintend the work of the exMoore, physic producers, according statewere energetically making arrangements to called for in the report. usldrunkard ments of railroads crossing immediately renew the trial, and their disapMr. Carleton Hunt. on behalf of the commiteo, shirks duty: I the Ohio and Mississippi pointment at the result was, therefore, very leclined to act further and responded again to Butz, phys 282,116 rivers 171,922 great. of the remarks of preceding speakers. Sixto Preci in conclusion he moved the previous quesNo changes yet in the building. qualified; P. Leaving in transit overland to the adoption of the report and the disP. Estlen, hab The check for the payment of the Treasury Eastern delivery ports direct harge of the committee. cally disqualif pay rolls was received yesterday. and the from producers and stock at The accompanying resolution as above set H. Henckle, DI Cincinnati at the close of amount for which it calls will probably be diswas also adopted. son, not exa bursed to-day. 29,757 28,768 February The chair was authorized to appoint the comworthless. The receipts at the sub-treasury Thursday RECAPITULATION. provided for, and he called for lists of Seventh Pr were as follows: ames from the depositors from which to make Receipts at U.S. ports from drunkard; F. elections. Internal revenue $2,576.31 Sub-Seventh September 1, to close of Mr. T. H. Jones moved that for the purpose 150 23 Customs. silver 3,814,325 3,569,642 February disqualified. assisting the trustees. and at the same time 3,835.00 Customs, currency Shipments overland direct to Eighth Prec nanifest their confidence in them. the deposi9,800.00 282,116 mills Postoffice Department 171,922 qualified. present pledge themselves not to draw one 3 930 69 On account of 4 per cent bonds 8,440 1,161 Shipped to Canada Harbor-J. lollar from the bank until the report of the exMiscellaneous 57,551 80 In transit from points of John Balf, no was received. crossing on Ohio and MisRogers, E. C. Total The motion was carried unanimously with $77,844.03 sissippi rivers to Eastern W.S. Black, heers and the meeting adjourned. delivery port,closeof Febyoung. 29,757 28,768 uary The report LEVEE COMMISSIONERS. sen took the fl REPUBLICAN POLITICS. 4,134,638 Total 3,771,493 just and too The Fourth District Levee Commission met some men rep SPINNERS' TAKINGS. The Republican party of this parish on Satat Port Barren, Ascension parish, on the third examinations next holds an election for members to a 45,287 127,392 Stockat U.S. ports Sept States army. instant, with Mr. H. McCall as president and from Receipts at U. S. ports parish committee and delegates repre-

10. March 8, 1879 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, March 8, 1879

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THE EMBARRASSED BANK. MEETING OF DEPOSITORS-REPORT OF THE COMMITTEE. Between two and three thousand of the depositors of the New Orleans Savings Institution assembled in meeting last night at Grunewald Hall to receive the report of the committee appointed a week previous to visit the directors of the bank and endeavor to devise some plan for the relief of the bank and the protection of the depositors. Dr. A.C. Holt presided. After the opening preliminaries Mr. Carleton Hunt. one of the committee. read the following report: Report. The committee appointed by the depositors of the New Orleans Savings Institution. at a meeting held over Hawkins' saloon, on Monday March 3 Instant have the honor to report: That the morning after their appointment the committee proceeded to organize and having promptly conveyed to D. Urquhart Esq.. President of the New Orleans Savings Institu tion. their desire for R conference with him were at 11 o'clock of the same day admitted to one The committie informed President Urquhart of the nature of the business intrusted to them according to the terms of the resolution under which they were appointed. Mr. Urquhart replied that there was every desire on his part and on the part of the direction to furnish the fullest information involved. He added, how. ever that his clerical force, small AB It is, had been engrossed to exhaustion by the run still going on against the bank. The books of the bank were. be said, freely opened to inspection, but more time would be requir d to com plete such an investigation as circumstances demand Accordingly another appointment was made for Thursday March Instant, with the committee when, besides Mr. Urqubart they had the honor to meet Messrs. Carl Kohn, Ed. A Palfrey. Thomas A. Adams, Samuel Jamison and Alfred Moulton. of the trustees. There were present, moreover Thos. L. Bayne, Esq. and Henry C. Miller, Esq. of counsel for the bank, and Mr. John B Laftte. treasurer of the University of Louisiana. and representing. with Mr. Wm. E. Seymour (a member of the committee. vice Ed. Toby. declined). the interest of the university as a dep eitor. President Urquhart. having called the meeting to order. proceeded to lay before it the following questions. which the committee had considered It their duty to propound, in writing. and declared the answers of the bank seriatim to the questions. as follows: QUESTIONS. 1. Give a list of officers and trustees. 2. Give a detailed list of real estate owned by bank. 3. Give a detailed list of real estate owned by bank five years and over not donations. 4. Give a detailed list of mortgages held by bank, with dates, drawers and description of property. 5. Give a detailed list of bills receivable unsecured. with dates, drawers. indorsers, etc. 6. Give a detailed list of loans on call, with etc. dates, t 7. Give a detailed list of investments in United States securities. I 8. Give a detailed list of investments in State securities. t 9. Give a detailed list of investments in city securities. o 10. Give a detailed list of investments in banks h of city. b 11. Give a detailed list of investments in Insurances other stocks. 12. Give the exact number of depositors. and g aggregate amount of deposits at present time. e 13, Give the date that payments materially exW ceeded receipts since January 31. 1879. and how much deposit account has since been reduced. W 14. How many accounts have been closed n since above date. and give list of names. D 16. As the expenses of this committee for rent, gas, advertising. etc., have been incurred b by order and for the interest of depositors and ti the bank. can the same be pald by the bank out la of its contingent fundisay about $50? ANSWERS. m Answer No. 1-D. Urquhart. president: Chas. Kiishaw. treasurer: A. Delaup, general bookit keeper and receiving teller: F. Camba. paying to teller: F. Delaup. individual bookkeeper: A. Wagatha, runner. in Answer No. See list of property. h Answer No. Banking house, 12 Dauphine ti street. Customhouse. near Levee. Answer No. 4-Refer to statement. of Answer No. 5-Refer to statement. No. 6-Refer to statement. Answer Se Answer No. 7-Sold out since the run on the sl bank. Answer No. 8-52,000 State 7 per cent bonds. th Answer No. 9-None. D Answer No. 10-None. A Answer No. 11-None. th Answer No. 12-See statement. ti Answer No. 13-February (gap of ten days a di receipts exceeded payment). 17. 18, 19. 20, 21, 24, 26, 27. 28, March 3,5, 6, and reduced by $557,000. SI Answer No. 14-051 books closed. di 15Yes. No. Answer ti Balance that evening due depositors. $1,493.378 89. m STATEMENT o Of the New Orleans Savings Institution at the in close of business on the twenty-eighth day a of February. 1879. di Resources. or th $154,710 60 United States bonds, $150,000 st St. Charles Hotel Company first D: 28,919 00 mortgage bonds. $29,000 or New Orleans, Jackson and Great th Northern Railroad Company first H 46,950 00 mortgage bonds, $45,000 th Odd Fellows Hall Association first of 2,000 00 mortgage bonds, $2000 Louisiana State 7 per cent bonds. fe 56,980 00 $74,000 de 511,992 57 Real estate Loans on mortgage maturing withb: 183,817 28 in 90 days Loans on mortgage maturing after co 90 days 350,719 39 D Other loans and discounts maturing within 90 days 50,930 00 de Other loans and discounts maturing S0 after 90 days 10,811 78 at Loans on call and matured obligati 363,781 45 tions exigible on demand Expense account 70 12,064 Due by sundries 425 00 fo 60.974 61 Cash on hand m $1,834,776 38 Total n Liabilities. Se $1,594,183 63 Due depositors 199.902 43 Due banks and bankers of Due sundries 8,516 46 m 32,173 86 Due profit and loss de 38 $1,834,776 Total D 28,260 Number of accounts opened 22,450 ch Number of accounts closed 5,810 Remaining open We. the undersigned trustees, do solemnly swear that the above statement is correct. to the best of our knowledge and belief. DAVID URQUHART. President, u C. KOHN. no THOS. A. ADAMS. se Published in accordance with act No. 91 of cc A. BURKE. State Treasurer. 1877. th The following answers having been made. the committee proceeded to propound the folar lowing additional questions: he 1. Do any officers or trustees of the bank apce pear as debtors If so, give details of same. sl To this question the bank answers: No; none te whatever. 2. Has any contingent fund under section 9 of the charter been created If so, to what extent. To this the bank answers: There is no such to fund 3. Have any bills receivable. etc., been settled er of offset of deposits in bank since January 31, 1870? If so, give details. ta To this question the answer of the bank is: There have been no such offsets, and, by advice D of counsel, Thos. L. Bayne and Henry C. Miller. Eso.

11. March 18, 1879 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, March 18, 1879

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A RECEIVER ASKED FOR. Yesterday a'petition was presented to the United States Circuit Court on behalf of foreign depositors, asking that & receiver or receivers be appointed for the New Orleans Savings Institution. The petitioners claim that the bank is indebted to them, and 18 not able to pay its debts, and ask the intervention of the court to protect them in their rights.

12. March 21, 1879 The New Orleans Daily Democrat New Orleans, LA
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Mortgages and pledges on real estateGood and available, $288,286,163 37 834 37 106,480 34 Fair, $117,518 19 138,791 13 Doubtful. $201,602 61 Bad, $58,996 42 Judgments, $25,800 183.700 00 Real estate 38,000 00817,044 84 Cash on hand $614,955 16 Deficiency The practical result of our labors can be expressed most clearly. we think. by saying the bank holds sufficient assets to pay 57 per cent of its liabilities. in addition to the 15 per cent already paid, but we consider that faithful and efficient management of these assets, and in some cases the most tender nursing. is absolutely necessary to secure a yield of the above percentage. Your committee has carefully inquired into the causes which have culminated in the recent suspension. and we are perfectly satisfied that this large deficiency of over $600,000 is due almost entirely to the universal shrinkage in the value of real estate in this city. The charter of the institution has been very carefully and ably drawn. It was the evident intention of its framers to include every possible safeguard for the protection of depositors in a bank entirely without capital of its own. Thesixth section of the charter limits loans on real estate to 50 per cent of the appraised cash value of the property. and yet it appears that the trustees have been violating this healthful provision from the very commencement of the bank's commercial existence. These losses on real estate in excess of 50 per cent may have avpeared safe enough at the time. but the trustees had no right to deviate from the charter. and the present disastrous result shows that their judgment was incorrect. and that the charter was wisely compiled: for had these loans been limited to 50 per cent. the bank would have been all along in an independent position, and could have saved itself from loss by foreclosures. Your own experience will tell you that. great as the shrinkage has been, real estate has never declined 50 per cent in any one or two years since the war. On the contrary, we find that. in view of continued depreciation. the trustees have been wanting in prudence. in failing to obtain additional security or partial payment from mortgage debtors: that, inasmuch as the majority of the mortgages are of long standing and renewable from year to year. at the discretion of the president and trustees, there have been ample opportunities afforded to enforce by foreclosure these payments. We believe that the institution was insolvent when the charge of It was issumed in 1875 by the present incumbent: but we fail to discover any evidence of actual loss from investments made during his administration. At the same time we emphatically condemn the policy which appears to have been pursued, of retaining flotitious values in the item of real estate, by which an actual "shrinkage' of no less than $328,292 57 is made to figure as an asset. The action of certain depositors in the State courts and a bill in chancery, filed in the United States Circuit Court by foreigners, defeats a plan your committee had considered and were prepared to submit to you to-night, having for its object the resumption of business under the auspices of fifteen trustees to be chosen by you, or eight new trustees to be added to the "minority" now in possession of your assets and administration of your affairs. In view of the probability of the early appointment of receivers by the judge of the United States court. we respectfully suggest that the depositors join in a petition to the aforesaidtribunal, namlog two responsible parties and asking their appointment. Such a petition might be received with favor by the court, and If successful. would insure a reliable management of the little all that is left of the New Orleans Savings Institution T. S. SERRILL Chairman. , HORACE E. HARDY. W. I, HODGSON. The report was received and adopted, excepting that part of it which referred to the appointment of a receiver. The following resolutions were offered That the business of the New Orleans Savings Institution be continued by making It a stock bank with a capital stock of $600,000 or more, depositors to subscribe the stock out of the deposits now in the bank. That all sums over and above the amount of subscription should be settled, at the rate of valuation named by experts. by time certificates of 12, 18 and 24 months. Mr. Jas. McConnell said that the charter of the bank showed a difference between a trustee and a director, and the penalty of malfeasance on either part. Col. T. O. Sully said that the trustees had not performed their duty. Mr. McConnell said be did not wish to excuse the trustees, but he thought they were able to conduct the affairs of the bank. There was considerable excitement among the depositors at the thought that a receiver should be appointed. Judge Kennard moved that it was of no use to appoint a receiver; that the present trustees be retained. Carried. The resolution to make the Savings Bank a stock bank was lost. Dr. Knapp said: "I would like to know the names of those who were happy enough to draw their money before the bank suspended." Acting upon the suggestion of Dr. Knapp, it was resolved that the experts should furnish a list of such persons as drew their deposits between the twenty-first and twentyeighth of February. The following is the list: ACCOUNTS DRAWN FROM FEBRUARY 21 TO FEBRUARY 28, 1879. OF AMOUNTS OF $2000 AND OVER.

13. March 22, 1879 The New York Herald New York, NY
Article from The New York Herald, March 22, 1879

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bonds advanced immediately, and but for the loss of the sugar crop in 1878 and the epidemic of last summer they would have continued to advance and entire confidence would have been once more restored. We have had but little credit since 1868. The taxes have been an immense burden. Our city lost much of its trade by the system of railways from the East to the Mississippi Valley, which made that valley tributary to the East. Nearly one-third of the land of Louisiana, formerly cultivated like a garden and enormously productive, has not been rescued from the thistle and weeds since the war. It is as fertile as ever and labor can be readily procured, but we have been compelled to pay from fifteen to twenty-five per cent for money. WANT OF CREDIT. "In fact we have had no credit. I have an estate of nearly ten thousand acres, with seven houses and machinery, ready for the plough, and the colored people have remained upon it cultivating small patches: but, while it would require $50,000 to put it in operation, I could not at any time raise $10,000 secured by a mortgage upon the whole of it in the last ten years and I should have been compelled to pay a ruinous rate of interest. It has lain idle. This is the condition of hundreds of planters. What we need is credit; we have the lands and labor, but no money and no credit. If we could borrow money at four or five per cent Louisiana would produce more cotton and sugar and rice than before the war. This panic will not last. The Constitutional Convention will be composed of our most intelligent citizens and they will do nothing to drive away capital and to destroy credit. It is estimated that citizens of Louisiana have invested $2,500,000 in four per cent federal bonds this winter and that $4,000,000 of foreign capital have been withdrawn. As soon as the convention shall assemble confidence will be restored and our credit will be placed upon a firm basis, and all this capital will flow back into the channe's of business and enable us in the country to bring into cultivation our rich lands and to give employment to the people. The city will be equally benefited, for its life and prosperity depend upon the crops. I think it but fair, although the debt has been once scaled, that, owing to the calamities I have mentioned, the creditors of the State should consent to a reduction of the rate of interest. Seven per cent is too high for public securities. If the rate of terest be reduced and be well secured, and its punctual payment provided for, the creditors will find that their bonds will-improve. I repose entire confidence in the ability of Governor Nicholls and Lieutenant Governor Wiltz, and the gentlemen who have been selected to the committee to deal with the situation." WHAT NEW YORK BANKERS THINK OF THE SITUATION. The slight excitement which existed in banking circles on Thursday on account of the temporary suspension of the banks in New Orleans had totally subsided yesterday. The correspondents in the city of the suspended banks said that everything was quiet in New Orleans and that there was no danger of a panic. At the Third National Bank a despatch was received from the National Bank of Louisiana, of which it is the correspondent, stating that they had all the money required, that the excitement had passed away, and that the merchants of New Orleans generally accepted the action of the Clearing House. Bankers say that the whole movement of the Clearing House at New Orleans was done by the strong banks in order to protect themselves from any trouble which might be precipitated by a run on the weaker banks. It was claimed that after ten days the strong banks will resume, and those banks which are unable to keep up their balances will have to go under. It is estimated by bankers that the total amount sent from this city to the assistance of the New Orleans banks was $1,500,000all that was required. They say that when the excitement is all over this money will be returned to this city on deposit. Bankers claim that the effect of this temporary suspension of the New Orleans banks will be of benefit to this city, because the withdrawal of $1,500,000 from here will reduce proportionately the legal tender reserve, and banks will be thus enabled to claim and obtain a stiffer interest on called loans. There was no excitement whatever on the Cotton or Produce exchanges, and the temporary anspension of the banks was considered a trifling matter. A gentleman who arrived from New Orleans yesterday said that this suspension of the banks in that city was expected for some time, and that the weak condition of the Southern and Mechanics' and Traders' banks had been known for two weeks. The failure of the New Orleans Savings Institution about a fortnight since had caused a temporary panic. A great deal of the investments of this savings institution were in real estate, which, when appraised, was considered of little value on account of the heavy arrears of taxes on the property. This opened the eyes of the larger banks, and they premeditated this plan of temporary suspension to prevent a run similar to that on the savings banks. He said that the suspension would not affect mercantile transactions, because all payments for cotton or sugar could be made by drafts on New York.

14. March 22, 1879 Feliciana Sentinel Saint Francisville, Bayou Sara, LA
Article from Feliciana Sentinel, March 22, 1879

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BANK FAILURES. On Tuesday last the Southern Bank, of New Orleans, prac ically closed itsoperations, after a career of twenty-six years. The assets on hand at its closing amounted to $513,000; leaving 70c. for the creditors. It is about the only banking institution in the United States that has survived during the whole of this period and never closed its doors upon depositors. In the cricis of 1857 it paid all its obligations on demand in specie, and again in 1873 stood ready to meet all demands in lawful money, and was the only bank in this city, or indead in the South, that did not suspend. It. was organized in 1853, with Mr. Fredrick Rodewald as President. Mr. Thomas Layton was chosen Presidet five years later, and has occupied that position ever since. In the United States Circuit Court a bill in chancery has been filed by certain foreign depositors of the New Orleans f Savings Institution, asking for the liquiS dation and winding up of the corporation and the appointment of receivers for this purpose. The bill is exhibited by Josepl y Larroque and others, and was filed by Messrs. Hudson & rearn, solicitors fo complainants. Another bank in the cresent city ha of suspended payment and gone into th ihands of the Sheriff. On Wednesday e. about noon, it was announced on th streets of New Orleans that the Merchan and Trader's Bank had suspended, an the sheriff took possession, on an orde d, issued by the Fourth District Court. Th liabilities of this bank was not stated il h, the press accounts of Thursday. i-

15. April 1, 1879 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, April 1, 1879

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THE SAVINGS BANK CASE DECISION OF THE CIRCUIT COURTRECEIVERS APPOINTED. An Advisory Committee of Five Ordered. Judge Billings yesterday rendered the following decision in the case of Jos. Laroque et als. VS. the New Orleans Savings Institution, praying for the appointment of a recelver: This cause came before me upon the application for the appointment of a receiver. the hearing having been heard upon the bill and answer, varlous affidavite and exhibits. The bill alleges that the defendant is a corporation organized under the laws of the State of Lou siana, having power to hold real estate: to receive or deposit from all persons sums of money from $1 upwards; to invest the same; that the sums BO deposited should be repaid under the regulations to be established by the said institution: that the complainants are depositors with the said defendant; that on the first day of March, 1879, the said corporation suspended payment in full of the deposits and has refused to pay the depositors, including complainants, more than 15 per cent of their deposits: that they have demanded payment of their deposits, which payment has been refused; that the said board of trustees is reduced below the number which by statute have the power to act; that is to say, that there are but seven; that the said defendants' institution is insolvent; that two causes are at work which require the immediate interposition of this court, in order to prevent the effecting of an Irregularity in the payment of the creditors. First, that the debtors of the bank are purchasing up the claims of the depositors at 33 per cent, with the view of offsetting them against the debts they owe to the defendant: and secondly, that divers of the depositors have commenced suits and will commence suits against the defendant, upon which they will speedily obtain judgments, it being Impossible to interpose any valid defense at law, and that as soon as such judgments are obtained levies will be made, and the persons so obtaining judgment vill receive payment in full, which will prevent an equal distribution of the assets of defendant amongst its creditors. The answer of the defendant does not deny any of these material facts-that is to say, neither the insolvency nor the suspension of the defendant, nor the inequality which is being effected by the purchasing up of the books of the bank, and the obtaining of the judgments. That these facts, which are undisputed, make a case where it is the duty of the court to Interfere and appoint a receiver does not admit of a doubt. Indeed this was conceded upon the argument, for no way WILLS suggested by which the court could prevent the unequal distribution of the assets of the defendant among its creditors except by the appointment of a receiver. The only question then to be decided le whether the court shall appoint a receiver from the former board of trustees or outside of that board. I think that justice to the deposItors and to the trustees requires that the receivers should be selected outside of their number. It is to be observed that the bill makes no imputation against the ability or fairness of the trustees, the only ground of complaint suggested in the bill being that they have allowed the board to fall below the number necessary to make a legal quorum, but I think the reasoning of Chancelor Walworth, in the case of the Attorney General VS. the Bank of Columbia, first of Paizes' Chancery Reports 516 517 and 518 is conclusive

16. April 3, 1879 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, April 3, 1879

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THE SAVINGS BANK. ANOTHER MEETING OF DEPOSITORS- SELECTION OF THE ADVISORY COMMITTEE POSTPONED. Another meeting, attended by perhaps two hundred or two hundred and fifty of the depos- itors of the New Orleans Savings Institution. was held last night at Grunewald Hall. Mr. J. B. Lafitte called the meeting to order. and informed those present of the decree of the U. S. Circuit Court, appointing Messrs. W. C. Black and J. H. Oglesby as receivers, and pro- viding for the appointment of an advisory com- mittee of five. He spoke of the high character and business ability of the two gentlemen, and congratulated all the depositors on their selection. The meet- ing, he said, had been called for the purpose of appointing the advisory committee provided for by the court. A gentleman present took the floor and said that both the gentlemen appointed might be, and no doubt. were possessed of high charac- ter, but so were the gentlemen who had con- trolled the bank. He desired to know what benefit the poor depositors, those who had their little all, earned by the sweat of their brows, in their vaults would receive from their appoint- ment, How were they to get their hard earn- ings back? that was the question which inter- ested him, and that was what he wanted to know. Another gentleman said the whole thing was a ring game, and he was tired of it. Both gentlemen were called to order by the chair, who ruled that discussion was not in order, as there was no question pending. Mr. Edwards Marks stated that Mr. Victor Sere was present, and it was understood was possessed of some information, and he moved that he be requested to take a position on the platform, and give the meeting the benefit of such facts as he might have. The motion was seconded from different por- tions of the hall, but the chair ruled it out of order as the meeting had been called for the express purpose of appointing the advisory committee. Several motions looking to the selection of the committee were made, but pending this being put Hon. Louis Bush obtained the floor and advised that no committee be appointed. He thought that one would only hamper the work of the receivers and injure the interest of the epositors. Mr. Edward Marks took issue with Mr. Bush, and maintained that the com- mittee should be appointed, care being taken to select clear-headed, fearless men, who would watch and guard the interests of the depositors without fer or favor. A gentleman present moved the appointment of a committee of three to select the advisory committee. As a substitute. it was moved that the meeting proceed to elect the advisory committee. Mr. John H. Kennard took the position as- sumed by Mr. Bush, and urged that he deposi- tors leave the entire liquida-ion in the hands of the receivers. He did not see the necessity of the committee, as any depositor could go into court and get any necessary order just as well as the committee. He thought that it would no be advisable to divide the responsibility, and it would be wrong at the outset to intimate that there was any distrust of the receivers. He moved that the appointment of the committee be postponed. A motion was made to table and was lost, and the question recurred on the original motion to postpone. Before the vote was taken Mr. James McOon- nell took the floor and gave a brief statement of the proceeding which he had taken at the request of a previous meeting to prevent the appointment of receivers. In conclusion he expressed himself as coinciding witu Messrs Kennard and Bush in the views expressed by them, regarding the advisability of delaying the appointment of the committee. Mr. T. V. Copeland asked what influence the action of the meeting would have on the court. At a previous meeting a resolution was passed protesting against the appointment of receivers. but it had no weight with the court, as other de- positors came into court and asked for and se- cured the receivers, and he did not see that there was anything to prevent depositors going into court again. The chair could give him no answer to his question, and nobody else volunteering to en- lighten him, the chair put the question to pos- pone. It was carried, and the meeting ad- journed.

17. April 19, 1879 The New Orleans Daily Democrat New Orleans, LA
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LADIES' DINING HALL, PARLOR AND TO which have been neatly and comfortably furnished with a view to of t proprietor has A PIANO in the Parlor. for the benefit at meale are in HOME STILE, at short notice and HALF THE RATES OF OTHER REST are served by polite and attentiv waiters. Panchot 406, Merritt NEW YORK. 878. Roden 858. Ther ments. ⑉ DEN IN ANOTHER SCRAPE WITH CRIMES AND THE GOVERNMENT Suicided on Acc PHILADELPHIA, An the Patent Medicine Firm in which file aged fifty-three, who is Interested charged with Breakduring the entire tern Ink the Revenue Laws. McMichael, and the New YORK, April 18 Ex-Senator Barnum Stokely, committed been earnestil at work during the past noon at his room at endeavor to extricate T'Ilden and the city where he board in the left breast. of which he is reported to be A memb their embarrassing comt lications close proximity to A from topaine have beer taken by all Interest ceased was lying, WB of prevent the publication of any details 27, 1879, which stated scandal It may be said here that the to me send for my this government preposes to prosecute at once to once, for know what sudgement the suit against Tilden, based I bld my dear wife and my mother and upon hie alleged evasion of his income tax orior to 1870. of my wife. My suff THE TRIBUNE'S CHARGES dure. Good by, Will may be happy. It le reported in special dispatches to the AN UNLUC that patent medicine firm in which CHICAGO, April 18 Namuel Tribune J. liklen is interested has been detected in extensive evasions of the revenue night by private the act of burglarisio laws. The matter is under investigation. son street. He was A POLICE COMMISSIONER REMOVED. known thief named Mayor Cooper has received papers from proves to be anoth Gov Robinson removing Police Jommissioner not yet been Identified Nicholls and has appointed Chas. McLean, SUICIDE OF A who, it is said, is the nephew of 8 Tilden, the vacancy No communication has OMAHA, April 18. poisoner, who was t yet to been received by the Mayor regarding Commissioner's Smith or Erhardt. Washoo to-day, shot A SEVERE STORM. himself at Fremont cell where he was A severe storm has prevailed in this city tions were being mac and victuity since Wednesday evening Dar him to the place yester the wind prevailed from the watchmen who had ing but last night it shifted, without warndance, night and day east, ning. the north, and has since blewn from in the cell at the that direction at a velocity of from sixteen to noticed St Louis thirty miles per hour The storm on Long for the purpose of ge Island has done considerable damage. The he pulled revolver annd from the embankment in many places shot himself. befor along the Long Island Railroad was washed prevent it. He had the roadbed At Rockaway beach there kerchief tight around was over very high tide and the roar of the surf the revolver against could be heard for miles along the Island. In ball striking the the city a number of cellare flooded to the momentarily expecte depth of severa feet, and several aeres of a mystery as to how land of Dutch HIII are covered with water, the revolver. as also the case at Fresh Point Junction INDIAN and the town of Newton A FAILURE. CINCINNATI, April Smith, Arkausas, say Ira L. Beebe, wholesale dealer in paper, Choctaw nation took made an assignment to-day to yron B. lagbent him badly, shot gart. Hls assets are supposed to be about him into the river. $50,000. held on till the morni CHARGED WITH THEFT. macy with another n Wm. W. Watkins, Inventor and electrician FOUND of the Automatic Signal legraph Company, SHERMAN, Texas, was arrested to-day on complaint of for the murder of J Major Gen Sholer, president of the company January 15. 1879, was charged with steall ng papers from the safe in the first degree and In the company A office. The evidence showed AN UNPLEASA that dissensions have existed among the directors of the company for some time past; LIBERTY, Texas, the principal stockholdere claiming that county on Galvesto Sholer and George W. Sweezey were contered the residence ducting the affairs to suit themselves Ao Mrs. Firter and took cordingly at an election of the stock One was the notor holders Wednesday last they ousted Sholer Goodnight. and Sweezey from their positions, and re AN UNFOR fused even to give them a place on the board BROWNSVILLE, l'ex of directors. Sholer declared that he would tino y Rey, a Spanish not make room for his successor by a conwas stabbed to death tract with a previous board of directors he a man who left the 8 was perpetual president. To test the queshis purchases. The tion Mr. Watkins entered the office of the cape. company and asked to see a copy of the act of AN ACCIDENT Incorporation, a tificate of the election of CINCINNATI, April the new board of directors, the ballots and Ky., this evening, proxies. These he placed in his pocket and was firing pistol was about leaving the office when Hooker, returning by orders of Sholer The justice held that no by the bullet and inst Jarceny had been commited and discharged Watkins. was carelessly firing THE TALMAGE TRIAL. until he fell, pierced h what he had done, The most exciting session of the Talmage fright and horror. trial took place yesterday Remarkable inciGRANTED dents and a very lively debate consumed the afternoon, and no progress was made in the COOPERSTOWN,1 testimony for the defense Buell, who was Moderator Ludlow announced that, satisthe murder of Cat years of age. June fied that Dr. Talmage and Mr. Hathaway's bedifficulty involved in specification four reprievesome days a fore the court, and connected with an old his counsel for a misunderstanding, could be amicably adargued at the gene justed, be had invited them to meet at his May 6th, at Ithaca. house. They had done so and become friends SIX PERSON again. QUEBEC, Can., April Talmage and Hathaway then each read a a canoe to-day start letter. withdrawing all charges one against the lower town to Ech the other and expressing kindly feelings. They jumped from Deep stience prevailed during the proceedings that followe canoe after them. loaded, and when hal Dr. Spears, overcome with emotion, exturned and filled. expressed his joy at this reconciliation thrown into the river, The mémbers of the Presbytery did not A boat was launched share in this feeling. They refused by a large but-before reaching majority to drop the charge No. 4. he modlast time: the other erator, mortified that his reconciliation one is nearly dead scheme had fallen through, refused to serve names of the drowne any longer. The Presbytery then adjourned. AIRDIE BELL DYING. Garaut, Ambone Jone Valliere and Lynch H Official information has been received in is expected to die. this city that Birdi Bell, otherwise Mrs. Barrett, is bing from brain fever. It has been THE SAVING ascertained that the day after shooting Washington Nathan in the Coleman House she left An Order of Interes the city and it is supposed remained a-short and Creditors time in Jersey City. Sergeant Long, who In the case of Larr was detailed on the case, states that after the Orleans Savings Ins shooting Mirdie Bell fled to Philadelphia, where she now is. This affair preyed on her interesting and impo She was driven from her residence day made by Judge B mind friends; she felt her condition very and her went to bed She is now much, got sick and On the application prostrated with brain fever and is in & dying this day presented an condition. facilitate the collection THE NEW SYNDICATE. edness now due or he So far as could be learned late this evening to the defendant, the matter of the new syndicate it was Wall in the street that a meeting of Institution, and to en stated in Drexel, Morgan & obtain the benefit of At bankers had been held at matter. in the collection of sal Co 's to-day in reference to the Mr. Hateh, dered that Joseph the latter place this was denied. officials of the firm of Fish & Hatch, and the H. Black, receivers, at the First National Bank also stated that payment of any debts leans Savings Institut there was nothing new to-day to communtcate on the subject. lowing to-wit: One-h due as aforesaid me THE WALKING MATCH. lawful money of the GILMORE'S GARDEN, April18 Panchot lessen still other half may be leads. but Merritt is working hard to third depositors of said Ne the between them. Krohn holds the tution drawn again place, gap plodding along at a good steady gait at runs vided, that all such O'Brien, the fourth man, walks and e'clock not exceed 25 per cent intervals. Panchot rested from 12 to are Bets to be due to such depos to have a swollen aukle dressed of deposit and by the made that Merritt will win the first prize. the close between savings institution; such checks as aforesa Brodie, The race promises to be the news boy, leading contestants. the general account is in fair condition and spurts occasionally. posit of the parties dr Byrnes appear stiff and much exshall in lieu of all Roder and m. stood Panchot of 25 per cent has been hausted. The score a p. 844, 870, Merritt 363, Krohn 358, Brien other depositors who Roden 329, Byrnes 321. Brodie 304. checks, after which al 3 p.m. Panchot 380, Merritt 370, Krohn 365, rateably participate dividends to be made o Brien 351. Roden 335 one that entered the Sendant, according m Or the forty the track to-night contest only ten were on he score the first five was as follows: due from said savings

18. May 15, 1879 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, May 15, 1879

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THE SAVINGS BANK CASE. The receivers of the New Orleans Savings Institution have been authorized to make sales, from time to time, of the real estate among the assets of the bank; the sales to be made at auction through C. E. Girardey, auctioneer, and checks of depositors to the amount of 25 per cent of their deposits, the same to stand in lieu of dividends until such dividends shall reach 25 per cent.

19. June 15, 1879 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, June 15, 1879

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BETTER TIMES AHEAD. City Real Estate Improving and Moving at Better Prices. Our readers will learn with no small satisfaction that recent sales at public auction of good city property is changing hands at much better prices than heretofore. As an evidence of this we take pleasure in reporting the sale made yesterday by Col. O. E. Girardey at the St. Charles Auction Exchange, for account of receivers of the New Orleans Savings Institution. under the recent order of the Hon. E. C. Billings. judge of the United States Circuit Court for the District of Louisiana. It comprised the brick residence No. 12 Dauphine street, between Canal and Custombouse streets, well known as the fice and residence of our popular dentist, Dr. C. E. Kells, and by him purchased at $14,900; and the four-story brick store No. 88 Common. bet ween Camp and Magazine streets, to John Andrews, Esq. for $14,000. This result is encouraging to the creditors of the Savings Bank, and. we learn, exceedingly gratifying to the receivers charged with its liquidadion.

20. December 25, 1879 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, December 25, 1879

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United States Circuit Court. Vincent Micas VS. Edward Hausen. Plaintiff sued for damag 8 for loss and annoyance In cons quence of the illegal acts of defendant In claiming ownership on a tax title of A certain piece of property. which plaintiff alleges had become his own by purchase at a sheriff sale. The case was tried by jury yester day. and a verdiet WAS rendered In favor of plaintiff for $1332 95. less $275, amount of taxes paid by defeedant while in possession of the property. In the matter of the New Orleans Savings Institution. It having been brought to the knowledge of the United States Circuit Court that the receivers differ AB to the plan of deposit of the funds, it was ordered that the moneys now on har d and bereafter to be collected be deposited equal y in the Louisiana National Bank and the New Orleans National Bank.

21. January 15, 1880 The Bolivar Bulletin Bolivar, TN
Article from The Bolivar Bulletin, January 15, 1880

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# SOUTHERN GLEANINGS. -A. J. Wilson, keeper of the Johnson County Jail at Cleburne, Tex., was shot by Fanny Thompson, a woman of ill-fame, and died on the 21st. She claims that when she shot Wilson he was attempting to force an entrance at her door. Just before his death Wilson denied this story, showing a note, which he alleged the woman sent him, asking him to come to her house, and that his presence was in response thereto. A lamentable tragedy occurred recently at Dexter, Cooke County, Tex. Several young men from the country visited that town during the day, and, having drank pretty freely, rode out at night. On their way home they began firing off their pistols. During the fusilade Mathew Hill was shot and mortally wounded by Wm. Washington. He has since died. Washington's friends say it was accidental, but others think not. -St. Patrick's Cathedral at Galveston, Tex., on the night of the 21st, was robbed of all its valuables by thieves, who washed their hands in the holy water and wiped them on the priest's vestments. The police traced the articles to the house of a bad woman named Mrs. Hogan and also to the house of Mrs. Camford, both of whom were arrested. -Edward Connery, James Jackson and Frederick Wing, Directors of the suspended Louisiana Savings Bank and Safe Deposit Company at New Orleans, have been indited by the Grand Jury for wrongfully and feloniously concealing facts relative to the condition of the Bank and signing a fraudulent report of the condition of the same. -Saturday, December 20, was, commercially, the greatest day in the history of New Orleans. Fifteen vessels departed from that port with cargoes consisting of 46,300 bales of cotton, toward 100,000 bushels of grain, supplemented with a great deal of miscellaneous wares and merchandise. The fleet comprised eight steamships. Never before were the clearances of the New Orleans Custom-house so great. The aggregate value of these shipments was about $3,000,000. They were consigned to various ports on the North Atlantic Ocean, the Caribbean Sea, the English Channel, the German Ocean and the Mediterranean Sea. -James Irwin, of Berne, Texas, was out hunting, and while drawing his gun out of the wagon, accidentally shot and killed himself, the whole load entering his heart. -D. W. Heard, a prominent citizen and real-estate dealer of San Antonio, Tex., has been sentenced to two years in the Penitentiary for committing land frauds. Many believe him to be the victim of prejudice, and a petition will be sent to the Governor asking for his pardon. -The Police and Fire Departments of Houston, Texas, have both been disbanded on account of there being no funds with which to pay their salaries. -A destructive fire occurred at Waynesboro, Ga., on the night of the 22d. The stores of W. A. Wilkins, W. L. Marshall, P. R. Beall, K. E. Tant, J. A. Pulhill, McCathrine & Co. and S. Schwarzweiss were consumed. Several persons were injured, one colored man fatally. Loss not stated. Insurance $45,000. -It is reported that a large number of colored people from Louisiana and Texas have recently located in the Indian Territory, along the line of the M., K. and T. Railroad, and that many more are to follow. They claim the right to settle anywhere upon Government lands. David Urquhart, President of the late New Orleans Savings Institution, has been indicted on a charge of felony in appropriating to his own use $3,000 belonging to said corporation. He was bailed in $20,000. -At Chattanooga, Tenn., on the 26th, Ellen Lee, a negro child aged 5 years, while playing with a small brother, let him fall into an open grate. He was burned almost to a crisp before assistance could be rendered. -At Brooks Station, Ky., on Christmas, Melville Thomas poured powder from a flask into the fire, to frighten some young girls by the sudden flash. The flask exploded with such sudden force as to cause fatal injuries to Thomas, and seriously hurt Miss Jennie Sloan. -The boiler of J. M. Head & Co.'s new distillery, at Getheseman Station, Ky., on the Louisville and Nashville Railroad, exploded on the 26th, killing Robert Cecil and demolishing the building. -At Memphis on Christmas morning the dead body of a man, registered at the Commercial Hotel as F. Howell of Arkansas, was found in an alley in the rear of the building. The Coroner's jury returned a verdict of accidental death by falling from a third-story window above. -W. H. Jones, a merchant at Black Jack Grove, Texas, was shot and instantly killed on Christmas while assisting the Sheriff to prevent the rescue of a prisoner by the latter's friends. One of the party blew Jones's brains out with a shot-gun. Miss Julie Jackson, the 16-year-old daughter of Stonewall Jackson, was presented on Christmas by ex-Confederate soldiers in Maryland with a handsome silver pitcher, inscribed, "To Gen. Stonewall Jackson's daughter, from Confederate soldiers in Maryland, Christmas, 1879." The presentation was made in a quiet manner at Miss Cary's school, where Miss Jackson is a pupil. Mrs. Jackson was present. Gen. Isaac R. Trimble made the presentation, and Miss Jackson responded feelingly and gracefully, and asked the General to convey her thanks to the donors for their beautiful gift. -Near Cleburne, in Johnson County, Tex., a few days since, J. F. Irvin was killed by his brother-in-law, Golden Biffles, because Irvin abused his wife. He was ordered from the house, refused to go, and Biffles shot him four times and stabbed him seven times then mounted his horse and escaped. -Thomas Edmunds has been sentenced to be hanged at Ozark, Ark., on Feb. 27th, for the double murder of Miss Julia Asesbrook and her child at Spratt's Landing in August, 1878, while the three were on their way to Kentucky, their former home. -Robert Whitaker, a well known citizen of Clarksville, Texas, while riding, on the 27th ult., was met in the road by two men who fired on him. He returned the fire with a double-barrel shot-gun. Five shots in all were fired. The dead body of Whitaker was subsequently found in the woods, with the back part of his head literally shot off.