The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1874-09-18

STATE or LOUISIANA, I
=. AUTHORS OFFICE. Sept. 10, 1873. )
John &. Gaines, Esq, President Citizens Bank
Sir-I respectfully ask that at youl
earliest convenience you will furniSl
this Office with thefollOwingi items ofin-
formation in regard to the Citizens
Bank:
l. The aggregate amount of bonds
loaned to the bank by the State, yet out
standing, and the rate of interest which
they bear.
?. BY whom are the bonds held, and
when shall they be due, according to the
present arrangement with the holders.
). Thea aggregate aplountDfthe mort
gage notes held by the bank and their
estimated present value.
4. The amount and estimated present
value OF the stock of the B0RkinQ De
partment of the bank.
I .. The amount and estimated present
value of mortgages held as security for
the stock. Please give this item by
parishes, so that I may know where the
property is located covered by these
mortgages.
T.. The number OF separate mortgages
held by the mortgage stock department
and acopy Of the acts in relation thereto.
7. The real estate OBJ which mortgages
have been fOreclosed, and which are in
possession of the Bank. 4
The information called for is necessa-
sry, in order that | may be able to fully
understand the whole matter, and be
prepared to protect the interests of the
State if assailed from any quarter.
Very respectfully,
(Signed) CHAS. CLINTON, Auditor.
CITIZENS BANK OF LOUISIANA
Banking Department,
New Orleans, September 10. 1874.
Charles Clinton, Esq, Auditors State of Louisiana ::
Sir-1n reply to your communication
OF the 10th instant [ have no objection to
furnish you the information asked.
The amount Of bonds issued by the
State in favor of the bank, under act of
1886, IS S7,188,888 80, which have been
reduced by successive payments to S4.-
297 ,3333 81 nov outstanding.
The bonds bear five per cent inter-
est, are held by parties in Europe, mostly
i'll Holland, and are due as follows
S1,265,777 T..........due February l, 1876.
1854, 1888 S9-...-..-..duG February 2, 1877.
$4,000 0O..........d ue February l. 1884.
l,266,666 67-...--..--du February l, 1886.
1929, 1893 50 vi
The aggregate amount of mortgage
notes held by the bank mortgage stock
is 50, 191 ,478 70.
The present estimated value of the
stock of the banking Departmental 81 10
to 81 II per share, that is, 10 to II per
cent over their par value.
The stock mortgages amount to S14,-
about one-third of which rests
i'll city property, and the remainder on
property in the various parishes through
out the State.
The number of mOrtgage stockholders
is $50. A list OF real estate belonging to
the the bank resulting from foreclosure
of mortgages is enclosed. The Board
OF Directors are quite unaware how the
interests of the State can be assailed in
any way. Those interests have at all
times the careful attention of the man.
agement of the bank (Which includes two
directors appointed by the State to rep
resent its interests and are also amply
protected in the charter by the $14,40O,-
stock mortgages, and while it is diff
Yin the present depressed condition
Of ~affairs) to estimate their exact value,
it is quite certain they are ample to pay
several times over the eventual liability
Of the State on the bonds.
Very respectfully,
Signed: . JOHN G. GAINES,
President.