The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-12-15
WASHINGTON.

motion day trial be Monday instead OF FIJI
day.
Nominations - Marshal Shaughnessy as
Internal Revenue Collector first Mississippi
District; A. H. Shattack, Second District;
j. r. Beckwith as District Attorney of Loui-
siana, with large number appointed during
recess, including those for Texas.
King Kalakaua has been confined to his
hotel to. day, but his health is improving. He
will probably be presented to tie President
tomorrow
The Commissioners of the Freedmen's
Savings and Trust Company having prepared
their report, it will be presented to Congress
to morrow. 1t will show that the first OF July
last the trustees of the company selected John
A. j. Creswell, Robert Purvis and Robert II.
T. Leopold, Commissioners, with the approval
of the Secretary of the Treasury, for the pur-
pose of closing up its affairs.
They had n full conference with the Secre-
tary Of the Treasury, First Comptroller OF the
Treasury and Comptroller Of the Currency as
to the several provisions Of the act OF Con-
gress Of June 20, 1874, and their duties and
authority in the premiees, and to determine
the plan of operations With a few excep-
tons, every dollar received by them has been
deposited in the United States Treasury, and
the necessary expenditures have been de-
frayed, have been paid by check upon the
through one and the same hannel.
The withdrawal of the available funds on
hand ut the several branches was attended
with much delay and difficulty. In most Of
the cases where proceedings had been COM
menced before the appointment and qualiti--
cation of the commissioners, and had pro-
crossed sufficiently to operate as lien against
the company's property before it became
vested in them, they have been or shall be
compelled to agree 10 an adjustment by pay
ment of the claims.
In some cases they had to resort to the
purchase of the company's property which had
been seized and offered For sale to prevent lis
disposal at ruiEOus rates, and In others they
had to pay the claim and costs of suit
The proceedings instituted after their ap
pointment have been nearly all set aside un-
der the provisions Of an act OF Congress, but
in one or two cases they have been compelled
to replevy property seized, and furnish bonds
to abide the ultimate decision, and at Nash
ville Tenn, where the company holds real
estate valued at S3n, 600; they have met witt,
considerable embarrassment through II deci-
sion of the Chancery Court i'll some attach
ment suits, Chancellor Cooper holding that
the necessary assignment to the commission
ers of all the property OF the Freedmen Saw
ings and Trust Company, contemplated by act
of June 20, 1874, is not sufficient to vest the
title to said property i'll them, and that in the
absence OF a formal assignment by the cor
pOrs.tiOn to the commissioners duly proved
and registered in the State before the fling OF
of conf lainants, the attaching creditors ac-
uuired by their attachments prior right to
the property.
From this decision the commissioners have
instructed their counsel to appeal preterrinSr
in view of the interests OF all the depositors,
to have o more authoritative decision as to
the construction and force of the act referred
to, before acquiescins in the Chancellor's
decree Meantime, the late agents OF this
company, who have in their possession rents
| collected from the tenants OF the property,
have been enjoined from paying over the
amount due, and the commissioners are help
less to enforce the collection of certain loans
made at that branch and now due.
The latest advices from Nashville foreshad-
ow the appointment OF receiver with power
| to sell the property and collect the lonIs OF
| the company at that branch, paying the pro-
ceeds into the registry Of the Chancery Conrt,.
to be held subject to Il pro 'ata dlstrbutlon.
The cash and cash items on hand at the
several branches as called for by the books Of
the company at the close OF business jury
| 18th last, amounts to Sd4 13l Al.
OF this sum S31, $3.50 80 only has been re-
ceiyed up to November 18th. The difference
Of SIT. 4I2 O6 is found to consist mainly OF
Temporary loans due bills and shorts, carried
| in tie cash of some of the branches. portion
| of this amount the commissioners fear will
prove a total loss. The commissioners, after
further speaking of their transactions, refer
to the difficulties with which they have had
to contend, owing to the defective system OF
book -keeping and the general confusion OF
accounts, and say considering the material
they have had to rely on, and the persons to
i al. f,ft J1I xUh he y
they shall ever be able to obtain al absolutely
correct statement of the liabilities and assets
OF the company.
At any rate, it will be slow and tedious
process. The monthly reports OF the
branches show there are on the books OF the
comp any over 72,0oO depositors accounts
still open, and each OF them requires care
full exau nation. For a long time it has been
known the deposit ledger balances OF several
of the branches, including those OF the Wash
linotOn branch, were inaccurate and unreli-
able those Of the Washington branch alone
containing, at the time the commissioners
took possession, discre pancies OF over &c.
600. The sum Of 6,573 has been discov-
cred to consist of the duplication OF a portion
Of the depositors accounts, they having been
twice transferred from one OF the old ledgers
of the company, on account of the irregular
tiles thus existing.
The commissioners made the pass-books
themselves the basis Of their examination IL
soon became apparent that designing persons
were engaged in exciting the suspicious Of
depositors, and endeavoring to prevent them
from presenting their pass-books. Many OF
the depositors themselves looked upon tins
action as an attempt on the part Of the COM
missioners to deprive them OF the only evl-
dence thew had of the company's indebted
ness 10 them, and no amount or character Of
assurances seemed to be sufficient TO disabuse
them of this belief.
All the schedules, except those of New Or
leans and st. Louis, have been received.
Most of them show the amount due deposi
tors to be greater than the amount previously
reported by the officers in charge Of the sew
eral branches. As soon, therefore, as all the
schedules and records OF the several branches
shall have been received and properly ar
ranged it is the purpose Of the commission,
ers to carefully re-exaInine the accounts and
continue the yeliticatiOn Of the pass books as