New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-09-13

SATURDAY, SEPTEMBER ~, 1874.

R1C0nD .--.-.~-.-rgs. ,-
SATURDAY, SEPTEMBER -, 1874.
Guperisf Dhsr1ce CeurtS
The following petition was filed in cham
bere:
Louis Fix vs. Citizens Bank of Louisiana
To the Honorable Judge Of the Superior Districs
Court for the Parish Of Orleans
The petition % Louis Fin. II his city.
respectfully shOweth:
That he is 3 mortgage stockh0ldef Of me
Citizens Bank Of Louisiana, to wit, Of twen-
the succession of Mrs. Z. Lamarque, b. act
before 5. Magner. notary public, on the
eighth of July, 1868, and Of twenty-eight
shares acquired by purchase from Mrs. Jane
Armstrong and Thomas A. Murphy, by act
before Jofeph COIN. notary publias Feb
ruary II, 1870.
That said Citizens' Bank Of Louisiana is
a body polite and corporate established by
authority Of an act of the Legislature ap-
are managed by president and board Of
directors, and the domicile of said corpora
ton is in the parish of Orleans.
That said bank was authorized 20 lend
money upon mortgage or pledge OF prop
erty, movable or imm0vable. 1t was further
authorized to receive as subscription. to
stock, mortgages upon real estate by act
approved thirtieth Of January, 1886, and in
pursuance of other statutes, bonds Of the
State were issued amt loaned to said Citi-
zens' Bank, secured by said mortgages,
such bonds, amounting to over 900
whereof $42297 1888 33 in face are nov out.
standing.
Petitioner further shows that the presi.
dent, officers and board Of directors Of the
said bank have failed absolutely in their
duties to the stockholders. depositOrs,
creditors, and 70 the State. and neglected
to carry out the statutes passed for their
government; and q liquidation by them or
either Of them is impossible. That they
have go mismanaged the affairs of the bank
as to place them in utter confusion. That
on Wednesday, the second Of September,
1874. said bank ceased to pay all checks or
deposits.
Petitioner further represents that by tho
acts of said president and board of direc-
tors. they have placed it out OF their power
to administer or conduct its affairs as
banking association, under the laws by
which such an institution is governed in
this State, and any administration other.
wise or attempted liquidation by them
would be and 10 illegal, and not bindin G
upon parties in general interested in the
bank.
That the only method open is liquida-
ton under the equity powers Of the court;
that without such legal and judicial inter-
position and adjustment of its affairs, petit
TONER fears the destruction of his interests
as mortgage stakeholder, the waste OF the
assets and resources OF the bank, the fore.
closure 90 consequence Of the mortgage
against him, whereas by the due control and
supervision by the court he can reasonably
claim and expect on his behalf, and other
stockholders, a residuarcy interest OF an
amount equal to his stock as hereinbefOre
set forth. That to save the assets from
waste and neglect, it Ia necessary that re.
ceivers and managers be appointed to act
under the orders Of the court: that liquida-
tors be also appointed. first. for the Ordi.
nary banking affairs and assets Of the cor.
poration second, for real estate, mortgage,
and matters involving the connection OF
the bank with the State for the protection
Of all parties concerned That conservac.
tory orders be issued to such effect, and
also a writ of sequestration to seizs and
take possession of all property and effects.
aad place them in the possession OF the
receivers. That said receivers and man.
ayers shall forthwith take charge Of the
bank and all its business and property, and
direct it's business under the control Of the
court for the interest of all parties con.
cerned.
IouLloucS AurlneI AFSes lhds q WIN VI
injunction is necessary to prevent the presi.
dent and directors from performing any Of.
fetal act, making any transfer or assign.
ment of money or property OF the bank,
and from negotiating any exchange aud
discounting any commercial! paper or pay.
ing any checks drawn on said bank, or
transacting any business on behalf of said
bank from aud after the taking and issuing
of said writ. That in case of the non-issu.
- S1s, To ho
iected, as he fears, to irreparable injury.
Whe tefore petitioner prays the immediate
issuance Of the Injunction and other con.
servatory orders set forth. and for such
others as the case may require. That the
Citizens Bank of Louisiana be cited by its
president to appear and answer this peti.
ton. That after these proceedings had the
Injunction, as herelnbefore set forth, be
perpetuated. That the bank be placed in
liquidation. and, after due proceedings had,
there be judgment. decreeing the final
liquidation of said bank. and on all the
matters prayed for. and general relief to
petitioner. Petitioner prays for costs in his
favor.
Alfred Shaw and Sambola 4 Ducros, at.
torneys.
Louis Fix, being duly sworn, deposes and
says that all the allegations of the foregoing
petition are true and correct, and that a
for, to protect petitioner from irreparable
injury. LOUIS FIN.
Sworn to and subscribed before me this
twelfth day of September. 1874.
Z. E. BURKE. Deputy Clerk.
Judge Hawkins issued the following writs
in the subsequent order:
Let writ Of Injunction issue as prayed
for on petitioner giving bond in the sum Of
$1,000. JACOB HAWKINS. Judge.
New Orleans, September II, 1874.
Let u judicial Representation issue as
prayed for.
JACOB HAWKINS. Judge.
New Orleans, September -, lS74.
Ordered that Benjamin F. Flanders,
James +. Casey and Norbert A. Llambias
be and they are hereby appointed receivers
and managers of the Citizens Bank. It is
further ordered that each OF said receivers
execute bond, with good and solvent SEE
cuvity. in the sum OF $4,000.
JACOB HAWKINS. Judge.
New Orleans, September u. 1874.
Personal.