The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-07
TINE FINANCIAL WRECK IN NEW ORLEANS.

Particulars or the Smash-Up Of tho Bank Of
Commerce aud Jncob Bnrkcr-Two IInu-
drcd Creditors in COuncil-Grcat Indigua.
Ntion, &c.
rFrom the New Orleans Republican, June 81
meeting Of some two hundred Of the deluded men
and women who have had too much confidence In the
Bank Of Commerce Of Jacob Barker recently faed met
in council last evening" At Lyceum Hall, 70 hear the re-
The committee Of eight or ten men, Of whom Mr..
George Souie was chairman occupied the stand. So did
pitcher Of water TO which the two hundred seemed all
inclined 70 go and drink There was thirs. for water
Of tho taking OF which heard amid the Low
and deep curses in the excitcd,crowd.
Mr.. soule made his statement. He advised calmness,
though difficult for the crowd to appreciate such
advice As . record OF all the actions Of the COMMITTEES
COMMITTEES acted Win prdsncs for the svoidanco or OK
element resolution to advertise ON tho door Of the
vent excitement When Mr. Barker appeared before
the committee Friday It's chairman asked statement
from him He replied that his clerks were busy balanc
ing the books that they much Interrupted they
could not complete the work soon that his books were
open to the commktee that he had some properly ont.
side of this State which creditors might have, but he
deemed IL mpolitic 10 state At present its precise
On further demand from the chairman for state.
slight memoranda list OF houses and other real estate
In ihis'cy and suburbs owned or partially owned BY
him. together with the membranes upon Thorn, and
the value a which he estimated the their present rate
Of rents, &c.
To all OF this the mocttng listened win futsnse unx.
ic,y And item Of assets mentioned, that
Of draft for 445 co., purchased year ago. and never
paid likely be- and Mr. Barkers apology for pus
chasing It, one could hear Eroundsweii OF wonder that
the,oid banker in whom they had 90 much confidence.
could have been 90 easily gulled.
Mr.. Barker said there is money on hand. He bad
a few hundred dollars recently borrowed. He acknow-
lodged the bank was perfect wreck and that they
could only gather the fragments And yet bis estimate
of the assets 10 $500 000 while his estimate Of his LA.
bities IL great; bat unfortunately the committee
figure them very differently and Mr. soule mentioned
some items showing tho erroneous character OF Mr.
Bsrker'a estimates
Mr. Barker suggested Quixotic pan-a kind Of
Crosby lottery scheme or joint stock real estate anair
in which his assets should be placed at assessed
vaiuc for the benefit Of his creditors This or going
int liquidation in the regular legal way, only
offered When urged 70 do business, and what
he could he refused absolutely. He said no bad paid
out about $40 900 since ciosing, though he ncknow-
lodged Il all Illegal He had paid sums Of 500 and nd
He then paid sums OF $3.50 TO $500. fearing the
holders OF might sue Tor 800 before JUS
ticca and be willing sacrifice the overpus to get tho
500 Unfortunately made mis- choice Of parties
in making payments and thus injured the residue By
| leaving less assets Tor them.
sewhy, this Is chatin," said one In the crowd
"Chnie hell, )" remarked another. me was always an
| .When the Exchange Bank failed" read tho chair
man. az part Of Mr. BARKER statement-and he paused
10 ask tho daio OF that audience, and ono
mark ed that "Nr Barker bad failed so often was i'm
| possible TO give any date"
| Letters from MIR. Barker, Jr, and from Ma Barker
giving Up his personal property In Louisiana toward the
/ liquidation, and mentioned some assets OF his father,
unnte nionay omitted 10 the hrs statement Tho lot
ter OF tho latter contained the Joint stock plan above
| mentioned ne suggested as mode OF settlement
Mr.. Soule said that as far as the committee were en-.
abed to determine and far this could be done and
how accurately may inferred from the statement that
the hooks had never been balanced since commenced,
there entries and postlngs and MT Barker
ana all admitted them incorrect and IN bad state. but
how incorrect knew. so rar rs determined said
he the OF real estate other property after de-
Il drrftUg mn
ing to the best estimates the committee could make AS
sample OF their estimate the Baronne street properly -
placed at $50 000 while Mr. Barker places 500 0Oo
na Of rayicr street Is estimated worth $50 600 The
liabilities arc by the committee estimated Of near II not
quite 5000 900. The estimates OF assets Include tho
| known property OF both fasher and son.
Tho books show $4,000 cash on hand verbal STATE,
nicnts show none The $4,000 may have been ra !,
tho Cnizen's bank: tho bookKecpcr knows nothing OF
IT, Debts found scattered all through the books;
OF $4,000 was discovered accidentally tnat had oecn
The COMMITTEES proposed no plan Of acton. II IL sad
Mr. Barker Is determined 20 collect debts Que ana pay
out the same 70 whom he pcases; this they ADVISED 70
Here a motion made for the creditors, In Com.
mittee Of the Whole TO proceed TO hang oil connected
Mr. soue KEEP, calm seemed to understand phrencoci-
calIy the character Of the audience and by some vie
| counsel secured wise course
| motion then passed authorizing the committee to
take tho proper steps 10 prevent Mr. Barker from ds-
posing OF his property 70 the prejudice of any creditor
An irrepressibe member not yet satisfied with this,
moved committee 10 request General Sheridan TO pre-
vent through his detectives any OF the property from
being spirited away. aud to hunt up the banks assets
Mr. Soue again Gained the anery waters and suggested
that was not In the Generals Jurisdiction He said
BY ms s Sc @ sSs % s
| tanned by violent course.
several depositors addressed the meeting. motion
passed TO publish the statement and letters In tho daily
| papcrh Those most rampant for the publication o
everything, were slowest In Smelling out 70 pay The
already contracted debt Some Of them we're Tor mo-
| paying 'fppytbngn
The meeting finally adjourned TO meet again Tuesday
evening, at some hall hereafter 10 be desgnatedpossi
bank