The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-12-15
IcosrrSuEp FROM FIRST PAGE.l


and decided character, aud have been liiads
nr;ncinallv on behalf Of the poorer ana more
;onorant classes of the deposltors, VINO, DJ
The acton. feel as if they would be debarrec
from anv further communication Win the
commissioners. ,,; a. -;
.ny;eties and how ready they would fa!l al
easy prey to designing men, through whost
aHortS in the absence Of any representative Of
the COMPANY whom they could consult, they
,vould he led to sacrifice their interests; and al
tha came time approaching the difficulties
sho commissioners should encounter in having
~ remaining pass-books forwarded, they
hove been corupelled as it were, to listen to
their appeals and to provide temporary means
Of intercommunication by the appointment OF
an agent whenever needed. at a nominal sal
ary of from SO to S25 permonth, and IN two
instances, at Beaufort, S. c., and Memphis,
Tenn, where lvrge loans have been made ana
the interests OK the depositors require it.,
agents are retained at n larger salaries.
These agencies tend to allay anxieties, and
guard the interests of depositors, and are an
effectual aid in the process Of winding up the
affairs of the institution.
Most of the loans held by the company are
overdue, and on many Of them interest has
been allowed to accumulate for two and IN
some cases three years. In ordinary times
the real estate loans could doubles be col
Jected without much trouble, but under the
4resent circumstances their collection would
de exceedingly slow and difficult.
The late financial panic and consequent ex-
sreme scarcity of funds; the uncertainty OF
the future character OF the Government of the
District, and the present high rate OF taxation.
all conspire to retard the collection of these
loans. Toattempt to enforce their immediate
payment would result in the greatest sacrifice,
and to throw any considerable portion of real
estate held as security in the market at
present would make it impossible to realize
the indebtedness thereon.
Still, the commissioners are pressing and
shall continue to press their collection as
fast as they can safely do SO; but, up to this
time they have been able to effect a sale to
third parties in three cases only Of eleven
pieces of property offered for sale. In all the
other cases they have been compelled either
To DostpOne the sale of. or buy the property
to avoid u sacrifice, and they will probably be
compelled to continue to do so for some time
to come.
As to the so-called available loans. their
collection is still more difficult. About half
of them were made in the District OF Colum-
bia. The securities are now below par. VI
many of these loans the security is made
Huate; of others, utterly worthless; and in
some clses the funds of the hank have been
loaned upon mere personal notes, without
any security whatever.
The same may substantially he said of the
branch loans as class. These appear to be
the worst in possession Of the company, and
the commissioners doubt whether even fifty
per cent Of their amount will ever he col
lected.
In attempting to realize upon the real es-
tate proper OF the company, the commission
ers hope to secure the cooperation! %.1 OF Con,
and Jacksonville property to the United States
for the uses and purposes for which they are
admirably adapted