New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-12-19

| s627 ,92 3
Subject to reduction by deposit in their
| hands, especially devoted to meet
| ing losses If any should transpire... 100 93e 1
| Net TOTAL. s 526, o03 l.
1t thus appears that in order to assure the pay
ment of b526 803 l3, it was in spirit of extr;
devotion to the interest of these foreign creditors
deemed becoming to volunteer the hostage O.
nearly S850,C0H, and this defenseless corporation
| yielded from its unguarded vaults its choicest
treasure.
Your committee approaches the consideration OF
these pledges, with profound sense of the respon
siblity attaching to its utterances that suite
and it has not delayed to avail itself of the
authority granted by you, to aid and form its
Judgment, by employing able counsel and careful
experts, whose researches into the subject matter
lying at the foundation of their legality now war
rant the conclusion, that the assets pledged have
not lawfully or justly ceased to be the property OF
this association.
In this connection We submit The reports Of
Mes Randolph, Singleton & Browne, counsel,
and OF R. F. Harrison, Esq, expert, both made part
of this report and fully reviewing the data and ar
guments embraced in the subject
Assuming that the mission of your directory flor
the brief space assigned to it's administration is
mainly to set forth TO Justly alarmed public the
result OF a searching and honest inquiry into the
affairs of the association, giving to policy holders
such light will make them competent Judges of
its security underwater, and to steckhold.
ers true account of the condition of their prop
erty we pass the question of the pledges with the
simple statement that prompt. vigorous measures
have been taken for their recovery, and that for
the time being they operate an acquittal of the
enormous liabilities incurred u violation of the
charter and of law,
1t then remains to present statement o. the
financial condition of the assoc atio4 on the four
teenth of November, 1873 as follows
RESOURCES.
Committee Veue
Notes and SiY|s receivable e........ $50, $50 90
Notes secured by mortgages and stocks S5,9i9 "a
DEPOSIT in New Oiieans National Bank.
ing Association b92 8l3 42)......... Dc 900 90
Stocks and bonds. e..oe'..o'...o 81 $50 20
open accounts. o.. 90 ,JU3 G9
Purchase of machinery, Fairbanks /
Gman's refinery Observation-Disclosures 5000 90
Due by city insurance companies. ..... l9, $50 90
Premiums in course Of collection ...... ~82 89l u
Premiums due by agencies. 26,25l 70
Total.o... .e............o........s3 1898 62e 81
Premiums collectlDie in following quar-
'e.os'oa.ooo'o.o'' oo..o.'..e 215263 80
So.a,.......... ...........o .......s67l,se4 90
LIABILITIES.
UapaiS interest dividends. ..o..eo. $500 90
Unpaid profits of unsolicited premiums
of previous quarters: ........e.,.e.e ss.eS9
Ship John PaTker-recevedo on
. account OF salvage $2.,'97 50
less our proportion ,..-;;o.. 1861 So sol1e %
4. 70 Perry, balance due hin. .o....o.. JOG %
Notes and bills payable. ...........,o..s 1886 10
Due nsYane@ companies. .........o,.... ? 81. NJ
his elsSeH oJsaee 5S,5oO 7.
Total. eo..ooo.o.....o......... slO5 763 55
seXs pea sishso..o'.o.'.o '...''.o...' 3o2212 %
Grand totsl.e ..........o S 408 066 II
1880 ii
9052 sAares-Balance resourcess. 263 829 81
Touching the future OF the Association, your
your committee vensures upon suggestions inspired
by the unexpectedly tavosable result demonstrated
oy this investigations
While language Is adquate to properly con
Tenn the mal-administration of its finances YOUR
not restrain the Acknowledgement,
hat in its legitimate sphere of unde1 writing we
ind che records of wonderful success; and that
wen in its present depressed condition the Associa
ion has SO large body of patrons as to insure
,reat future prosperity under careful management
Dissenting from previous recomm endations to cut
he opinion that the interest of all lies in
eearning the lost proportion while retaining the
peculative value attached to the recovery of the
hedges. careful stud of our financial ST atemeut
resented will show hat in addition to the net as
cts of 1868, 829 g. there is item anon . the La
ihties OF 212 Sc premiums ON unexpired risks
Of which $1i,82l SO mature from November IA to |
december 81, which as these risks daily expire. |
hange pro tanto into asset as earned premiums;
nd it is further to be considered that the yalues
xed by the committee admit of the possibility of |
ealizing in excess of these values.
Therefore, in view OF the several sources of addi
on to the estimated value of the assets, it would |
OF be just to cut down the stock to any figure Jus
fed by the present actual estimated valRe, which |
oqld not exceed $50 per share.
1t is, therefore, recommended that the stock be