New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-03-24
ORLEANS

and which may be yet unsold, shall be con-
sidered and remain subject to said stock;
and it shall be the duty Of the board of
bank managers to proceed to the sale Of all
the real property belonging to the said
banks, or which the said banks may here
after acquire as fast as, in their judgment,
the same can be sold without detriment to
the interest of said banks" ~ Allows
State bonds to be received, (3) and the
whole debt paid with them, and az repeals
section eleven of act No. 100.
Act No. l4l, for the relief Of the Citizens
Bank of Louisiana, was passed over Gov
ernor Walkers veto March 10, 1852, page
lO9. 1t recites the liability Of the State for
$1,000, 600 bonds, the exposure to loss if the
liquidation is pursued according to law; the
decree of forfeiture of the First, now the
Fifth District Court. It enacts Q) the
restoration of administration and relief
from forfeiture when (2) 100000 shall be
restored. and 100000 of assets secured;
(3) directed meetings; (4) regulated duties
of commissioners; (5) made bondholders
stockholders by surrender of bonds; (6) re-
quires q majority vote of acceptance; ~
provides Tor five directors, and (S) directs
summary trial in all cases.
Act No. 50 of March II, 1853, changes the
qualifications Of directors of the Citizens
Bank to requiring ownership OF fifty shares.
the act to be accepted by majority Of the
stockholders.
Act No. 1l3 Of April IL, 1853, page seven
ty-six, provides for the future management
of the association by ~ the appointment of
three pereons, not stockholders. as direc-
tors, a. under act No. 100 of ls47; ~ one to
be elected president by the association; the
board to be composed Of three State and
three association directors; (3) the president
to receive 500 and the directors $500 sal
ary; (4) the appointments to be made when
act No. l42 Of 1852, section ten, is complied
with; and if such notification shall not take
place until after the adjournment of the
General Assembly, the appointment of the
directors of the ensuing year shall be made
by the Governor alone, and oil vacancies
occurring during the recess Of the Senate
shall be filed by the Governor, and t5) the
board of bank managers under act No. l42
shall then cease to exist.
Act No. 2O7 of April q, 1853, page 207,
authorized ~ the raising of $l00, 900 by the
Citizens Bank by payment in cash OF $lO,-
900 of the l44,O0O shares Of the capital
| stock; (2) the owners to be designated as
cash stockholders; t3) the subscriptions to
be taken by the board Of directors, and
| az the number of votes allowed stock
holders increased.
Act No. 1913 of March Is, 1855, page 249,
per cent discount and repeals section three
of act No. ll3 of 1853, providing for salaries.
Act 40 of March 6, 1874, page II, Q)
amends and re.enacts section thirty of act
No. - of April l, 1888, and extends the char
| terof the Citizens Bank from ffty-one years
after that date to January 80. 1911, and (2)
authorizes, with the consent of the holders,
the extension of State bonds to twenty five
years from maturity. The preamble of the
act states it would be ruinous to the stock.
holders, and endanger the States security
| to force the settlement of arreared install.
ments within the next thirteen years.
| These twenty-six acts show all the efforts
of the Legis lature to establish, protect
and continue in existence these banks, and
save the State from loss. Taken alto.
gether, they are chaotic mass of rules in
contradiction with each other, and the sf
fairs of the banks are in about the same
condition. In February, 1873, the state
ment of the Citizens Bank for January
was published, and q profit claimed Of
| $4OO, ,208 ~, with net earning for six
months of $ll9, 54S So. But at the same
time this private circular was sent out by
| the cashier:
| CITIZENS BANK OF LOUISIANA, I
New orleans. February 4. 1873. )
SIR-Annexed is q statement of the as
sets and liabilities of the banking depart
| ment of this institution, which was sub
mitted to the board of directors this day
and unanimously approved.
! In view of the requirements Of the mort
| gage stock department for advances the
board deemed it inexpedient to declare 6
dividend out Of the earnings Of the past si1
months.
The following was issued over two year,
later:
| CITIZENS BANK OF LOUISIANA, }
Banking Department,
New Orleans, August B. 1878.
| S1R-In sub mittlng to the stockholderl
the usual annual statement of the asseti
and liabilities of the banking depar tmen
| of the bank, it is deemed proper to state
that careful estimate of the present value
| of the assets show the stock to be worth
| 500 per share, or par value, and is based
upon an allowance of ten dollars per share
| for further eventual loss in settlement o.
the State and other suspended debt.
The workings of the past half year show
| clear net profit of $54 ,l63 81, while those
of the previous half year show s69, 576 36
making over eight per cent clear within thu
year, Notwithstanding the disaster whlcf
befel US in September last.
We are daily converting dead weight
assets into active capital; but there is yet
80 much of the former that the board deem
ed it inexpedient to declare q dividend al
| the present time. Yours respectfully,
| JAMES j. TARLErON, Cashier.