New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1856-10-02
THE BANKING SYSTEM OF LOUISIANA.
The New Orleans Canal and Banking Company,


!
occupying the most influential positions commercial,
financial and Social Archibald R. Taylor, John Lin
ton, James Foster, Jr., John Mintum Thos. Dixon,
| Isaac Ogden, Samuel Livermore, Charles Gardiner,
Peter Ladan, Ed. Yorke, Jas Pnrdon, y. F.Bnrthe,
| H. r. kcKenna.
Thus duly organized, the Company commenced
business in the building on the southwest corner Of
Magazine and Common streets, owned by the late
Benjamin Story, and occupied by him as his family
residence and office. It may be well enough here to
remark that in times gone by it was the custom for
the leading merchants of the day, in New Orleans
and other Cities to have their places of residence
with their counting rooms and stores in the same
building The first merchants, in fact the first men of
the country, followed this course. Also, the Gus
tom was then and is still followed, for bank to fur.
nish its cashier with dwelling, which was generally
over the banking room of the bank for instance,
like the Louisiana State Bank, where its venerable
cashier has resided since the year 1920.
The Canal Bank duly organized, commenced its
operations under the most favorable auspices The
Company purchased the property forming the south
west corner Of Magazine and Graver streets, and
erected very comfortable and commodious banking
| house, with all the appurtenances of first rate
dwelling for the cashier, Mr.. Chew To this location
it was removed where it continued till the revolution
in banking occurred in 1872 when it was demolished
and the present buildings which occupy the ground
were erected by the bank. The bank, about this
time, had become hopeessly involved that its best
friends and largest stockholders seemed inclined to
abandon it to the fate which had befallen eleven of
the banks of the city, and only reserved for its use
the limited privileges in the building known No
SO Magazine street, and occupied by R. H. Thorn &
Co., at this time as an exchange Office.
To give the full details of the immense success and
benefits which the charter to this bank has conferred
on the commercial, the agricutura-in fact, the gen
era interests Of certain sections Of the State though
it has not been sectional in its privileges and returns
we must go back to the years 1881 and 1882, when
the contract was made with Gen. Cameron, of Penn
sylvana, ian individual not unknown in the political
world to excavate and construct the canal and basin
which has tended to increase the value of property Of
every kind above Canal street, and which we may
assert has been the means of producing greater local
benefits and greater good in the of the city than
any undertaking of the present century.
The canal and basin Of this Company which has
received good share Of wrath from individuals en-
trey unacquainted with the time and the conditions
which brought it into existence, cost the round sum
of one million three hundred and fifty thousand dol
paid up capital of the bank. AT the time the bank
commenced business, estimates from the best engi-
neers of the day-among them was Lieut., now Major
Delafeld of the United States Engineers-that the
cost of the canal and basin would not exceed three
hundred and fifty thousand dollars. In fact, dis
tinguished scientific engineer from France estimated
the cost as low as two hundred and seventy-six
thousand dollars Of course these estimates were
1aJ
outlet for the important trade of the Lakes would be
available within twelve months after the organization
of the bank. Tt is not purpose at this time to
comment on, whether the digging Of the canal and
basin or was not at the time secondary object
with the managers of the bank. The most of them
at that time, in fact, all with three exceptions have
been called to their final account. But suffice to say
from the failure and inability, including the great
Cameron, of contractor after contractor, the year
1886 arrived, and the canal and basin which was to
have been completed within six months from the fall
of 1881, was wholly unavailable for navigation and
with the portentous clouds hanging over the CONNER
cal horizon the prospects for the success Of the mca
sure were indeed gloomy and the inevitable bank.
rnptcy of the company was apparent. Bit still, in
an association incorporation of this character
there are always to be found some members of an en-
WllllDH
to sink Or swim with the results.
4. We have alluded to the first President Of the Bank
Archibald Richie Taylor. He was Il model man as a
| merchant and citizen. He died, we believe in the
summer of 1882, and was succeeded by Mr.. Chew
then Cashier, who held the office till 1884 when he
was succeeded by John Minturn, Mr.. Chew resllm,
ing the Office of Cashier, whchhad been filled for two
years by N. N. Wilkinson He, Mr.. Wilkinson going
to be man of Abilities from having been the receiy
ing Teller of the Branch Bank United States for some
years, and we'll versed in financed Mr.. MiHturr
was Quaker by birth; who came to this city from
New York in the year lSlS He held the office of Presi
dent for two years when the Merchants Bank, We
may term it the bank of lenown, was incorporated
to which he was elected President This bank wa
rendered famous by its intimate connections with tn
Bank of the United States and the United State
Bank of Philadelphia all our old residents will re
collect the circumstances. Mr.. Minturn was suppose
and believed to be good financier though the man
ner in which the Merchants Bank was forced to sus
pend has not to this day been satisfactorily expainc
after having withstood the revusion, and never sui
pending payments in specie through the iamou
era, from 1887 to 1912. Mr.. Minturn had large cor
tracts with the city for the paving of the streets an
HIS udlle Ill JULIUS VI Lllc Guy, az Nhflou
times, to the amount of half million of dollars d
rectly, how much indirectly we cannot say.
Mr.. Minturn was succeeded by Hugh L. Mckenns
He was followed by George B. Ogden, a conneetio
of Isaac Ogden, great cotton operator of those days
and who welded great influence in the general al
fairs of the Bank Mr.. Ogden held the presidenc
from 1887 to 1912, in which year he lost his life in til
neighborhood of the shell road whilst out riding o
business connected with the company. His deaf
was never accounted for. His body was found in til
Canal some days after the occurrence.
In 1912 the great Bank act which takes preccdenc
of any enactment of the kind ever cngIatcd on tn
statues Of any State Or government was passed.
found our banks in sad condition and as hcrctolor
noticed ten out of the sixteen banks were compele
to quidatc. From 1886 the Canal Bank had bee
gradually declining. The canal had already cos
four times more than its original estimate. One mi
lion and three hundred thousand dollars of the capita
had been invested in four branches located, viz On
in st. Francsvc, with $500 600; one in Alexandra
with $400000 one in Franklin, with $3.50 900, an
one in Donaldsouvle. with $3.50 900. This sum, wit
one million dollars then expended in the canal an
basin, afterwards run up to 81 $50 600, catin
out the very yitals of the institution. $500 900 In
been taken misappied, Cor, perhaps, harsher tern
may be found for the detacations,) by officers of til