The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-11-04
leaving only the old banks assets, and. admit,
| tinr fhis az good, still leaves deficit Oh


80. with tho statement which prompted
| Meaara Irnsslay Il hons unN the directors y
tho aaaeta we're good ,ho condition IT The bank
was deulornhly weak. sharn Of MI
/ 1ra cArtrAt AND tTs rRHsTttsE.
/ ye, In Tho face Of this fact and its wanknaas
shown Nv it, raeant statement, FreFiIonh l's,
| NOR III lnss than siy wnaks. ignores mo nN's'
enoo III thls lost statement AMI hah pno',,a ''
for ,lietrihullon two other statements, QUO dnah
May g. 1879, aud tho other May ~ 1H'' w."
rorrser signoa nv r. O. ralnor, rresllen'; ~.
siy f. np r's an WV, WIZ fh"gs '' %
| UIere follow copies OF tue wo atat '.nente
| Compare Tho 81 two aud take tho daily s'h'e
the most criminal ~ announcements. Y we
/ atntomant rendered March NJ. lR7p WINS n"ri"n
| i ehnnd remain tho basis for future rep.'ta
! but tho atatemnnts Of May mud NJ Indicate With
what tennolty MI Pa lmer oIngs to these caro-
fully nnrso' invaliis by nlannE among t,,s ' nmn,
anpo'a the ye'y ems Mo ,s ma a'"'ea
Tho circumstances under which Mr. III.
Cro4sey agreed to lonh Tho bank tho tinooo
| trust fund, for Il was specifically stntnd Tint i
was made soey 10 sustain tho bunk and
maint,in II, md leno" was t. haya boon ua re
| solely for TINT uurpofa, and tho ,itrnetnIs, VINO
| aseiatad In this matter. persuaded Mr. OrossleY
tn do that which they tad don" t. smaller
| extent wara simply ousnHaua If this fund.
/ Nenling over Mr.. Croasleya iatter aud noting
hia remarks pnrmita no other conclusion. Yet
| tho moment the fire.. depneit was made under
| this letter of credit. Aprl L. 1879. not proceeds
Of sFooa, equal TO t2t.22h,
| MR. EDWARD aoNHnv
oommenned drawing RAPIDLY, and from Aprll II
| to Juno a. from tho sum OF nvor sH,ooo w"
There ia a higher point linn self protectIon Ia
matters presenting such elements M theso.
| Tn SUSTAIN ruH MANN
was the only object o the credit hut to assist to
| dostrny 1t appears to be the ohlaCt of Mr.. Com
cry, The balance duo to thia gentleman as M
average. Tor aome years was fa6@mlo. on which
~ was by special arrangement entitled 20 per
| cont lntareat. and no wna benefited In the IN
| tereat item Rlone during the time he was n di-
| rector. slh,16a 70 while only per cent interest
| to tho New Orleans GaaElsht Company. same
| Duration amount w &1hf4 PC, WIN no aurn ar
! rangarunnt made with tho other directors whose
"onsidered ''"S '''"p"' '''s e''''7' "'''' '''
| On tho nrst Of March last tho balance duo
| Mr. Onnery yaa Ar a1s 81 and this WINS his ayar.
dnv ~, with tha nnly nearly norranf antament
waa made, hIa balanoa vna s4s as7 80 thou
gradnaly, deorenaed to sa7 ooo on The fifteenth, q
da"reuaa To- s,otn The follnwinp atnn,,,ta
were
To TuH qnrpIv
+
Of these severnl directora on the thIrtieh o
June, 1872. New Orleans dasllght Company
| mr.. 800 "a. Mr.. Jackson never having kept u per
sonnI account: Frad Wing. t2oat 40. u II.
kaler. fotos a.. Edward Conery. SOLO IA; u. q.
Inlmar, fia. Ing a.
This latter amount being nominal. md more
than absorbed by items outside OF his over.
drift. whom Mr.. Fnlmrr hoasiod 70 The deposl
tors Ha proof 1T his a1ahiv confidence In the
bank up ~ tho last moment presenting, ia Il
proof. everything bis family hnh In the woilt
on tha books Rs follows NJ rs. u q. Palmer $3.50.
Mr. Bon Palmer. a2uttb A.: IT, q. Palmer. Jr.. s2pJ,
total, a42iR - tho bpastea amount which he
could we'll afford to permit to remnin In order
to show nu apparent confidence. which never
| existed. tfnd ms drawn IT out tho eonclu
sion would hnvs room irrreis'iblo. and no could
we'll have afforded y larger amount IN View Of
tho tremendous iasnsa involved. HENCE this
balance wRB nh Investment Though large In
some reapeets. 1t WIS small IN comparison to
ings ,lopoaltors and two hundred COMMERCIAL
very
MANY rooR prorrE
Of willfui. ptomeiitnted. pregrtnnged nets OF
Irmma an sa 'a'sahoars 'nmaeh MY py ~ ~
his pna eh nea ha aa s y e
on tho evening q, juno 10 1879, mt which llo
sfh'na mo heposltora might fnly on losing
nothing. 'hht they would receive 10 per cont
from no tontl y 1hA tnirtieth 2, We tollnW,ng
1nohlh. 70 par nen1 ny ,1,MhIemDer Or o'top'r' ho
pI, rs,l1 .a,' ~, Wn'n yn ,n J., an, l., 70
an answer 70 l'erv' ~ ne pahh was ", 20
goou r''n ~ ~, ~ w ~ ',,,a Mmg smoht !.
lilmlahie y fhn any i1auhla lnvolvan W"a t,x
lluR 'nan' ~ tasnu .Wn'nn !, e ~ Wal IVY ~
s,n,e TIM, ny ihr bn"k IN lsl, was ,vls.a % pny
s37bol2" Mr. Famer'a nnawsrto tho query waa
hnt he had received y cnblegrnm thnt day from
OroHAny Sons 10 liuuidnta tho bank In conas-
nuenoe of 30 unjust n claim. On being asked
by ono who hnd doubts Of ouch .blegrhm TO
exhibit ii. he answered he could not IND 1t. He
Inns newer found It md never Ghn neither can
ne obtain y copy. befHusn Tho original WIS man
ufnctnrntl for that purpose.
Tho Messrs. Urossoy. evidently straight for
ward sauarc md wsll moaning gentemon aay
they never sont my Instructions to iinuidnte.
They simply withdrew their lettnr Of credit md
beirg tired of such n drain on them. wanted 10
sou ont 70 some ono. Of COURSE. u bhnk which
Conld not purchase any moro respectable d. /
rectort by
DONATING gToeB
and nnvnr could obtain the leghl numbar of nl-
rec!1ra eoulh not expect 70 llhm plrchnHor.
n "t Is now tous hl 70 be fhnrReh 70 ms s |
crossay ~ Sons. rms shows thnt ~ y dillicul,
90 ma anywhere mhn c. uhnluahlne'y nh ~,
uhsnrnnnloue!y unUhlhtnl ~ MI 10
ward y: fMmer. ihte president OF me