New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-04-03
aer Orleans 8epubl'tan.
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arFrlsl JOURNAL OF THE UNITED STATES
OFFICIAL JOURNAL OF NEW ORLtANS
@-pr.cENT CITY NATIONAL BANK.


6cit.
We nresent to the readers Of the Rhrr"-
,Jcs this morning a copy Of the general
statement OF Colonel Charles Case receiver
AT the Crescent City National Bank. to the
controller of the Currency at Washington ::
RECFryYR- OFPloR,)
,-.., rev National Bank OF New Orleans,
Nt0'"'' Ne. Orleans March %, 1870.
Mon. John Jay Knox Controller Oh 0ufie'''' " "'-'
ington, d. G.:
man STR-I am at this date able 10 Tor
yard herewith "A general statement ol tne
zssets and liabilities of the Crescent Clty
National Bank OF New Orleans, WIN Schen-
uIes from A to |, inclusive, showing the
particulars upon WHICH lhe ''1
anent ls based. ,
Tak,ng the assets at their nominal values
and amounts, and deducting from the la
hilities the capital stock, and II VIII appear
that the assets exceed the liabilities by the
ann of $i3,047 So, but the explanations 10
DE seen on the general statement OF asset9
show that they are only good tor S52'.|l3 ~ ;
thus leaving deficiency OF $iS' .'3' ~,
4 think nv estimate of the assets Is
fuIl as high and favorable as facts
will warrant. The probability ls that
&hev will be less rather than more
than the sum Sg29, 2l3 q. AS to the DIS
rounted paper III schedule A, may remark
that the letters B and ID, stand respect
Iyely for the words good, bad and DOUBT
full, and the paper was thus marked bS tne
directors at a meeting shortly prior to my
6rat examination of the bank My nephew,
y +. Case, is better acquainted than am
with the business houses OF the city and 10
able to verify the judgment OF the
directors. You will notice that consider
able of this paper has long time to run.
some of it not failing due until March, loi T.
and part of this being the paper OF the d.
rsctors of the bank.
Nav have something more to say on this
subject hereafter. l..
In this connection your attention IL also
called 10 the several items OF discounted
uar,er transferred from portfolio 10 suhdfy
banks and bankers, and amounting IN
che aggregate to $26,3H b9. IL appears
that these several parties had Dought the
sterling bills OF the Crescent City Natonal
Rynk nnon the house of DeLiZardl n Co,
Of Iondop. and about the tweDty-slxth and
4vzen+v seventh of February last, having
LEARNED of the failure OF the latter house
aud anticipating that the bills they had
purchased would come back dlshonOred'
they called upon the Crescent City BANK
for some security against tner e6pecleu
losses and the president IN order 10 secure
them transferred discounted paper from the
Dortfolio to the amount charged to the sew
eral parties. In fact the Citizens Bank
took a transfer OF discounted paper 70 the
amount OF Si3 900. more than the general
statement shows and for which the CreS-
cent City Bank received currency, which,
as am told, was paid out TO depositors'
Whether it was in the power OF the Cres-
cent CITY Bank thus to attempt to secure
the helders of it's sterling bills 10 the
amount of $2263H 50, leaving holders OF
the same kind of paper to nearly double
that amount and all other creditors unse-
cured, is one of the important questions
which meet me at the commencement OF my
duties as receiver. Probably 1t Will nave
to be settled iudicially. 1t Is understood
that the paper thus transferred as above
vas of the shortest and best in the portfolio
Accompanying schedule II is also list OF
bills transmitted to London to cover the
sterling bills specified in the schedule, but
nv present advices are that the house OF
de Lizardi & Co.. instead OF applying the
bills as directed, appropriated their pro
seeds to their own use before failure, thus
leaving the sterling bills of this bank, to
the amount of sGO4,959 %, entirely unpro-
Vided for.
Whether the assets of the house OF de
LIZARD 81 Go. are worth anything is at least
oroblematica. My best information IL that
The failure was a very disastrous one. little
better than a total wreck.
The bank books show that soon after the
condition of the bank became crltlca! a
very lively business was done, or attempted
10 be done, in the transfer OF It's STOCK. l
have already written you on this subject.
I have noted on schedule | OF the stock
holders the date of some of these recent
transfers in parenthesis. A noticeable lea
tnre as to many OF them is that they are
transfers to persons who have not been
bankers or dealers in stock of any kind. or,
perhaps, able to spare the capital to invest
IN such hazards.
The directors OF the bank at date OF my
FIRST examination were h. H. summers also
president), Emory Clapp, l.. II. Gardner,
who resigned about that time, having trans
ferred his stock, George w. HynsOn, L. VI.
Snrla. A. Stewart and NJ. a. de Lizard. who
also resigned about the date of the failure
of the London house or shortly after.
A reference to schedule and + will show
the indebtedness OF four oil these gentlemen
10 the bank. Ia one instance there Is
heavy yerdraft, and tho bills discounted
are with one or two exceptions, decidedly
iour paper, some of them having nearly ont
am unable to add anything TO what has
heretofore been said rs to the shortage o.
the paying teller's cash. While the exam
nation was progressing, ne admitted his de
Gcit to be Sl5,O5O so Tar as known nOtnlh+
has come to light to better this statement
and there ia some reason to fear that II ma.
turn out worse.
Very respectfully, your obedient servant
CHARLES CASE,
Receiver of CresceAt City National Bank
New Orleans.
General statement of assets and laDilltl"
of the Crescent City National Bank. .
New Orleans. Louisiana. March IL. 1919
&C. Case, receiver.
ASSETS
Bulls discounted per schedule 4, VIZ
Estimated As doubtful $3.50 ;!
Estimated as bad. o!,E2 26- ri 70"
Past due notes pei schedule b, con
sidered worthless. ................ $50
Demand loans per sch eduie Z:
Good. .................. I,oW w 49,.
Sius receivable per schedule D. prob.
ably not worth over twenty pet
cent equal to say ~G5O2 ob....... S!.;i'
Domestic exchange per schedule II.
being 5000, less crsdlt OF .,,.
aI83 az, good. $50 ;
not over $50, 900 is good. ~. 10
Ietion. ...'.......,.......... -, ooo Q
bonds as above.................... 1898. Q
Th;rty.eight shares Mechanics ard
Traders Bank stock tpar value
$50 per sharel worth S2s so per
~wsnTY shares Pacific and Atlantic
Telegraph Company stock tho
Drpsaut Valuel. ..........--.. ~
Real estate cost : eco. now esttm.
ated as good for. .s-S y
.Sknroiture and fixtures, cost SShs.
now estimated as worth......,... $40 Q
transfers Of discounted psPeE CON
portfolio, viz:
70 Charles Gavaroc.
president New Or
Unconstitutional Bank .
log Association. -. s!o'"" y"
To duncan o,''i 3O.iS; -
TO s . t "a .gr,,- 7e.7ol s:
TO fi.izens' Bank, New ,,., - ,N,,-
Grleal ga, -. Hant . Sc. .