New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-12-16
WHOLE NUMBER 1865.

assignments, however, finding that pex-
.sistent efforts were being made to impose
upon depositors, we adopted rule to recog-
nize assignments only 60 far 90 to deliver
| signees, but to draw the checks to the order
OF the original depositors. This rule, though
severely criticised and apparently harsh as
against some of the most needy, has been
found to operate beneficially on the masses
of our depOsitOrs, keeping them from sacri.
| ticing their interests tor mere tritie.
The exhibit of cash transactions from
inclusive, shows balance of each and cash
items on hand, November 30, of 500, ,352.
The commissioners say the collections
have, comparatively speaking, been small
and cash on hand does not promise very
early dividend. Unless Congress comes to
our aid and authorizes the purchase, for the
use Of the government, Of some of the real
estate owned by the company, long time
will elapse before we can hope to accumu:
late sufficient funds to make payment Of
twenty per cent, for it requires nearly
5000, 900 to make such payment, and the
amount of cash in the treasury, subject to
draft. ut the writing of this report, is
ellS,5O8 50. The present condition of the
books and accounts of the company. too, is
such that even If we had the necessary
funds now to declare dividend, it would
not only be imprudent. but unsafe, to do 80.
Hence, it is impossible for rs to soy how
soon . dividend will be declared.
Time should be allowed us either to rea
conclle the existing discrepancies, or at
least to arrive at some satisfactory explana
tiOn Of them, 80 that We may not be betrayed
into the payment Of obligations already
satisfied, or neglect to provide for thOe@
still due, but which appear cleared on the
books. '7' t s
To guard against error, 1t must be borne
| in mind that the accounts Of virtually
thirty four separate and distinct banking
institutions must be thoroughly examined.
That this delay in making Q payment will
cause bitter disappointment and much gu ffers
| ing. is evident; still delays are unavoidable,
agement will have to be exercised to make
the most of the financial wreck which has
been consigned to our custody. In the
meantime, it would be well il Congress
should authorize US to invest the surplus
balance to our credit in the treasury Of the
United States in United States bonds, to be
kept on deposit in the treasury, 80 that dee
positors may profit by the interest which
would accumulate on said bonds until such
time as the funds may be actually needed.
1t remains for rs before closing to refer
briefly to the manner of paying dividends.
and to submit certain amendments to the
act Of June 80. 1874, the adoption Of which
| we deem absolutely necessary to q proper
discharge of our duties. How are dividends
| to be paid-where! How are depOsit0rs to
be identified How are assignments of de-
posit accounts to be recognizeda These are
| questions of the utmost Importance to US
| and to the army Of creditors of the CONS
pany and require full and free discussion
and adequate legislation before dividend
can possibly be declared.
| We hope, for the sake of q further redue.
~G 81
| vices of most Of the gentlemen who now
represent the company at nominal salaries
We shall be ignorant of the address of de-
| positors, most Of them being unable to read
| It will be impossible to notify them of the
payment Of dividends, and thousands Of
them, if payments are to be made by checks
will find 1T impracticable to identify theme
selves in the ordinary manner. Unless We
revive our agencies by the time our first
how We can possibly attend properly to thia
portion of our duties.
On the other hand, the expenses Of rune
ming the branches and keeping them alive.
as already stated, will absorb q great
portion of the assets Of the company, and
Of course, correspondingly diminish the
dividends to be paid. 1t occurs to us,
States should be required to assume their
payments, through its fiscal agents and
agencies. as the safest and most economical
plan, upon our depositing sufficient funds
for that purpose, and furnishing the necess
sary dividend schedules. The amendments,
to the act Of June 20, 1874, which We submit
are:
periodical reports.
g To give us express authority to COM
pound and compromise debts due to the
liabilities of the company, subject to the
approval of the Secretary of. the Treasury
g. To give us express authority to buy in
any property exposed by us Tor sale az
auction in enforcing the collection of loan s
private sale all property, whether real or
personal, owned by this company. and all
property now vested or that may hereafter
become vested in US, and to make good
and sufficient conveyance to the purchaser
or purchasers thereof in whatever States
District or Territory the sale may be.
4. To transfer to the Treasury Department
the payment of the dividends.
S. To provide for . specific form of aro
rangements of depoeitors' accounts.
JOHN A. G.. CRESWEAL,
ROBERT PURVIS.
ROBERT H. I. LEOPOLD,
Commissioners
Appointments.
James w. Marshall, of Maryland, has
been reappointed first assistant Postm aste,a
General.
Nominati0ns.
S. 3. Axtell, for Governor of Utah Teraie
tory; Patterson, for federal attOrnev f. %
Florida; Josiah Winch. for postmaster a
Fernsndina, Florida; John Sadonis. II,
postmaster at Jacksonville, Florida; s. Ia
Gambia, for postmaster at San Antonica
Texas. Many nominations were not ma. y
for the North. but they are mostly reaps
pqintment,. No important changes.
Macarthur Decliaes.
Macarthur declines to succeed Mullett an
supervising architect
Cennrmations.
Marshall Jewell, Postmaster General; II
+. Bonzsno, superintendent Of United States
mint, New Orleans.
Senate Railroad Committee.
The Railroad Committee of the Senate
held its first meeting this morning. After II
had disposed of some other business, Colonel
Scott, president of the Texas and Pacific
Rail way Company, appeared before it iL
behalf of the bill presented some days ago
for the construction of the Southern route
across the continent He clearly stated to
the committee a number of strong points in
relation to the ability of the road to take
care Cf its interest and relieve the governs
ment from any possible advance of money
on account of the guarantee of interest de-
sired upon the bonds of the road
He stated that the construction company
would be dispensed with and the road be
constructed BY the railway COMPANY: that
sv,r roah bod +