Baton-Rouge gazette. [volume] (Baton-Rouge, La.) 1819-1856, 1841-05-15

curly Were 5a,49I 800, and III March 1896
s2D, AT, 1857 So.
they show that these permanent invest.
m nts rendered it necessary fur the bank
TO borrow money to meet current den,an ds,
for which he Cashier, Mr.. Samuel Jaudo1,
was ssfl. to Europe, where he borrowed in
England EI,00o,o0o and in France H.
5oOto0D francs on favorable terms.
Next followed the Agency Of Mfr. Jau.
don in England which commenced in No
venber 1897,
Al tho sanle time, the bank entered The
foreign aild domestic markets rs a boz
rover and upon post notes and bonds pay.
able IN Europe, obtained more than $23,-
900, 600.
Tosnieet tac I'm falling due nnier
these arrangements, .hf. luudon had 10
sai5e money III Europe on the best terms
he could and upon loans for that purpose
amounting TO 5i2,.12,G97 46, there was
aloss TO ths bank OF Gl49 917 o., besides
the expenses Of the agency which amount
Cd to s335.g37 30.
When Mr.. Jaudon was appointed agent
he wa receiving al cashier Il salary of
$1,000 per annam. The bank paid for
loss oa the sale OF his furniture 1904,
for passage for himself and family to Eu-
rope LOIS dollars, and agreed to allow
hun a commission equal 10 that befor, a.
lowed to the Earrings, estimated at 81, 900
dollars a year, b4sides the expenses Of the
Agency including $1,000 per anouln to
bis brother, Caarlrs d. Jaulon, as lis prin-
ciEai CLERK.
Up to January 1911, the suns paid him
for ordinary services amounted 10 $l1s.-
044 At, und the expenses Of the agency
were S35,75o SO. Upon u charge Of ex-
ira commissions for loans negotiated in
France and Holland, he wa allowed $33s3,-
go 81 more. Thus Mr.. Jaudon's CON.
has been near 1000 dollars d
month, or upwards Of $4,000 dollars a
year
The committee state, that The bank now
more in Europe than Is due to it on
its list Of active debt in America.
After the '1ew charter was obtained
Pennsylvania, the bunk sill went on
upon stocks, SO that in March,
1897, 7,s2l,541 dsiars had been added to
description OF loans, while tho dis.
on personal security and domestic
exchanges, had diminished 5o,5l6AG3 70.
The Committee say:-
If is very evident to The committee,
several Of tho officers Of the bank
were themselves engaged in large opera.
IN stocks and speculations, OF q SINH
lar character, with funds obtained Of the
bank, and at the same time loans wars
made 10 the companies in which they were
intei esaed, and to others engaged in the
kind Of operations, in amounts great
~ aIspFoportionate to the means OF the
Or to their proper and legitimate
wants and dealings .
Again the committee say
"trom March, 1885, the period Of the
passage OF the resolutions above referred
to, the chief control and management OF
the affairs Of the institute II, appears to
passed from the hands OF the direct.
ors. The mode in which the Committee
OF Exchange transacted their business,
that there really existed 10 check
whatever upon the officers, and that the
funds OF the bank were almost entirely at
their disposition. That committee met
daily, ana were attended by the cashier,
and at times by the President. They ex-
eccised the power of making loans and
settlements, to full as great an extent as
the Eaard itself. l'ney kept ITO minutes
Of their proeeedings-no book il which
loans made, and business done, were Gu
tered, but their decisions ard directions
were given verbally 10 the officers, to be
by them carried into execution. The es-
rablished course Of business GEMS to have
been for the first Teller tt pay, On presen-
tatlon at the counter, all checks, notes, or
due bills, having Endorsed the order cr*the
initials OF one of the cashiers, and to place
these as vouchers in his draw, r, fer so
much cash, where they remained, until
just before the regular periodical counting
OF the cash, by the Standing Committee
Of the Board on the state Of the Bank.
These vouchers were then taken out, en-
tered as, bills. receivable" in a small
memorandum book, under the charge OF
one Of the clerks. These bills were not
discounted, bat bore interest payable semi
annually, and were secured Ivy a pledge of
stock, Or so1ne other kind Of property. Il
is evidently impossible, under suca esrcum-
stances, to ascertain, or be assured. in re-
gard to any particular loan or settlement,
that it was sanctioned bya majority Of the
Exchange Committee. It can be sail,
however, with entire certainty, that the
very large business transacted in this way
does not appear upon the face Of the Dis.
count Books, was never submitted IT, the
examination of the members Of the board
al It's regular meetings, nor is it any where
entered OF the minutes, as having been re-
ported to that body, for their information
or appreciation"
Tor money obtained in this way, TWEEN,
ty-one individuals, firms and companies
on the lat January 1887, stood caargae
each with 100, 900 dollars and upwards.
One firm in Philadelphia (said TO be
Thomas Biddle & Co., BEoAsrs} received
accommodations of this kind batween An
gust 1885, and November 1897, amount
ing to 54,3l5e75 50, moT than half ii
1887.
The officer Of the bark received largt
sums in that WY.
Mr.. Samuel Jaudon, Cashier, eyed wher
elected in March 1886, 100000 dollars
When appointed agent in November 1897
his debt was 54os,3s9 %. Ga the Is
March ls4l, it was still sflT,5eG.
MIR. John Andrews, first assistant Cash
Ter, owed in March 1885, 100000 dollars
In the subsequent three years, he receives
by loans Si26,930 81.
Mr.. Joseph Cowper;hwaite, then aecon'
assistant Cashier, owed in March 1851