New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1856-11-08
The Bank of Louisana.---No. 2.


larity in his vocation, Mr.. Story preemlen AS
merchant he sustained with his compeer, the pre- /
sent President of the Bank an unsullcd name and I.
credit. After the year 1926 he gradually withdrew
from active business though he still continued to at |
tend to the wishes Of few old friends until his |
deceasc He was a model man Us merchant and
there are but few like him remaining at this time
He was always at home, and in his countingroom he
was to be found whenever wanted. Those who had |
business with him could rely on his attendance, III
varaby giving his personal supervision.
The Bank of Louisiana, after being duly organized,
received good share of the business OF the city
though it had powerful competitor in the Branch
Bank of the United States which would make heavy
draughts for SPECIE at very untoward tines for ship
ment to the mother Bank at Philadelphia and the
branch at New York. Much was due i'll the first
years of the Bank to Mr. Joseph Saul the cashier, for
the efficient manner in which it was organized and
conducted and which led to its great popularity and
success. 4 diversity Of views that ended in schism
of the direction occurred in 1877 and ISIS, and led
to steps to force Mr. Saul to resign his Office Not sue
cceding in this manner at the annual election in lS2S
two tickets were formed for directors, one the friends
of Mr. Saul the other adverse to him. The Governor
of the State had nominated and the Senate confirmed
| Mr. Saul which was high and deserved compliment.
The private stockholders under the influence and
through combination Of several wealthy Scotch and
English houses succeeded in the election Of seven di-
rectors as preliminary to the removal Of Mr. Saul,
which was carried out at the first meeting OF the
| Board after the change. The general and received
opinion of the action of the Board by the public,
stockholders and no2stockhodcrs that the course
pursued towards Mr. Saul was harsh and unnecessary
Great injustice was done him. and the attempt to cast
| oboQly and rcprOaCh met with feelings OF aver
sion from the public, and was wholly repuguant to the
wishes of the resident prOpIietOrs Of the Bank-tle
proceedings having been carried through by the work
nrs Of the proxy vote Of distant prOprietors. The
principal actors in the movement having all been re-
moved to another world, though one was living a few
years since in Marsees France may be ont Of place
to call into question their motives 10 sustain thcI
selves they went out Of the way to assail Mr. Saul i'll
some personal matters outside of Bank, and in which
the Bank had no interest was in any way affected
But the origin Of the iricndly feelings towards him
dated back some time. 1t will he remembered that
the bonds of the State granted to the Bank aud which
were to be placed in market under limits Chose Inn
its being Sd cents per doarO offered grept oppoltll-
mites for speculation. 4 party with two or three per
mancnt directors DESTROYS of taking the bonds 1T
the price of 49, instead of selling them for the high
est offers ranging from Sc to S. and even up to 30
cents. These proceedings Mr.. Saul aud his friends
conteudcd were wrong and improper: and maintained
that the profits full proceeds should go to the cred
it of the State or rather into the Golfers Of the Bank
and that the Bank should have the full benefit Of the
sale.
The Bank progressed prosperously with the yearly
increase of the general of the city, paying
regularly semannual dividends. with some surplus
profits from year to year. Richard L. Booker, mem
Der of the house of Dicks, Booker & Co., elected
to take Mr.. Saul's place The house Of n. J
Dick & Co. was established subsequent to the peace
Of ISIS. The Dicks were brothers Of John Dick Judge
of the United States Court for the district of Louis
lana. Mr.. Booker continued for few years as cash
icr when he resigned towards the close Of the ycal
1885 and Mr.. William Z Leverich was chosen to sue
: coed him.
This brings us up to the year 1896, tie year pre-
A vous to the general suspension Of specie payment
: OH the part of the banks throughout the Unite
y States In the meantime, say from 1881, the bses
of banking and bank charters increased to an inord
nate extent. 1t appeared there was to be no end t
If the representation of money i'll the shape of papc
!, issues; every conceivable mode adopted for max
=. ing every bank questionable project Of miscacd il
h tcrnal Improvement and bank charter attached t
;s it. From 1881 to 1888 the following banks
X ganized: The Canal Bank with capital of - 900
IS 900; the City Bank with a capital OF &2oo0O0
10 the Mechanics and Traders Bank with capital
d. 81, 900 900 the Commercial Bank and its tamol
M tenders to supply the city with abundance of pu
10 water, with capital Of ~ 100000 the Union Ban
which was going to make 4 nahob of every prOper
O. holder, with capital OF $7,000,000. The 9th
". banks will receive notice in due time.
;; The stock of the Bank of Louisiana had most
IS fallen into the hands of wealthy and strong pArtiC
e. under whose influence and various rlmticatOuS
| received more than pr0portionabe share Of Il
d. most lucrative business Of the State. The only da
back to its chief working the five blAnchC
u which by the terms Of the charter the managers We
a. compelled to establish, aud furnish each with mca
" or capital to the amount of two hundred thotSa
DC dollars or 81 900 600 at the following places one
eE Alexandria, one at St, Martinsvc. at 81, Fra
IS cisyiIc, one at Baton Rouge, and at Donaso
ca vile. The Bank doing very well from the lar
AT interest the State held in its stock and on which
p return was expected. The appropriation Of the sen
:" annual dividends on the $20o0000 owned by t
u" State was required after dcducting from the sen
'H annual dividends such portion accTuing upon t
~ Stock held by the State should be sufficient II p
= the halt yearly interest On the bJts%aS = per F'
&c on sixty thousand dollar tue surplus of dviden
nc constituted sinking fund under the a!'unstrati
VI of the Treasurer Of the State aud the President a
Cashier of the Bank, until the payment Of the ii
'o series of Bonds, say 100000. No part of these III
49, dends nor the sinking fund could be Devoted to ot
"@ purposes therefore the Bank had the dividends .
NV fund surplus and reserve for many years. viii
Of course were used in The business OF the bank.
'pe The most powerful competitions from ISIS to Is
mt. the Bank had TO contend with, the Bran
est Bank Of the United States The Consolidated AsSC
u.s. alton Of the Planters Of louisiana with capital
US, s. 500 900 was Incorporated in lN1T, with view
ian aiding the planting interests. Its influence and III
ing ness in the city were weak and feeble The Brur
en- Of the L. s Bank with its gigantic facilities, its IT
resources, its apparent popularity, couId compel
will State Banks, from day 10 day, week after we
m month after month"; to yield To its dictates. submit
all It's will and bow to its supremacy At the same Il
L. the United States Bank located i'll Philadelphia,
49,, Branches in every State of the Union except two,
III some States two branches, extending its tAcl!i
~, through all the circles Of society, into the
~ Gus notifications Of commerce and agriculture,
mo- crcumventing the political questions Of the da,
5as welded its powers and popularity with the NEST
7,rnft,C;on tII1I uhnDt he ;,Dufp,ip,lt.V