The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-08
THE NEW ORLEANS DEMOCRAT, SATURDAY, MARCH 1879.

IL
warning II has been published. the ommittee
tads; That 100000 have been paid TO one one
mittee by the bank, is entirely otherwise. The
bank states that from the seventeenth Of Feb
ruary. to the twenty eighth OF February the
day Of suspension about $50 depositors we're
satisiied daily making King, "a aggregate Of $3.50
~ 6 Wno Tecelssd the sseo 600 In question
left s5 and others five cents In bank thus really
exhausting their accounts when the fact is not
made to appear. because the books In such
cases could not be returned to the bank and
the accounts reported as closed
me greatest danger that arise to any
bank IL from the occurrence Of panic ahe
prevalent financial distress In the country in
elines men to hearken readily, to stories OF mis-
II eV or an bars L no
Against such condition Of things except the
diffusion OF knowledge and info mat ion among
the present Instance OF the New Orleans Saw
ings institution unless the deposltors ore
bs e realize mt er r ehq tn
| outstanding and correct administration of its
resources their true security In the future.
| Invited to do SO by the trustees themselves
| tho committee recommend a further examina-
| tion-a complete and thorough one by experts
| into the condition Of tho New Orleans Savings
The committee consider that the high charac-
ter and standing Of the trustees Of the institu-
III
| made as 1t ought to be; and the committee Ia
not without hope and reasonable expectation
that plan can be matured upon the ooncu-
sion Of the examination by such committee
NJ you may designate. acting In conjunction
with the trustees themselves. whereby the ex-
tstng condition of things may be Improved
In conclusion the committee recommend the
adoption of the following resolution
hes0tred That he chairman of this commit
toe appoint from the depositors three persons.
whose duty 1t shall be to examine rs experts.
Ia detail into the condition Of the New Orleans
Savings Institution, and to report such a plan
for the action Of the depositors as will enable
the institution, II practicable, to resume active
business. and relieve as far as may be the pres
ResoIoed That the committee be directed to
call another meeting Of the depositors SO soon
plan can be matured. and that the committee b.
further instructed tq repor, TO the depositora In
full the exact s9pd En # he bapk
DAVID HgGHEs
HORACE En- I; HARDY.
Il i l. t sEYMotT u d.
4, e. HOLT,
W. /. HODGSON.
AT the conclusion OF the reading Mr. Hunt
moved the adoption of the report and the dis
charge of the committee.
A gentleman present objected to the adoption
of the report for the reason that the committee
had not discharged their duty for they were In
strueted to get n statement from the bank and
they had failed to do it, and came back recon-
mending the appointment of a new committee
Mr.. Arthur aastinel thought that the commit
tee should have got n statement of the amount
Of money In the bank and the amount due and
he wanted to know how much money the men,
bers Of the committee had on deposit.
Mr.. Carleton Hunt. In reply. said that the |
gentlemen had asked for something which the
committee could not have possibly OBJ aimed |
within the limited time at their disposal. and It |
was to obtain this Information that the appoint
ment OF another committee had been recon- |
mended. As to the amount Of money the mem
bers of the committee had on deposit he YEN
tured to say that several OF them had much /
larger balances than either OF the two gentle
men who had spoken.
Mr. Gastinel explained that he had confidence
IN the committee. and his question was merely
to draw information for the purpose of satisfy
ing the many Inquiries on the point which he
had heard propounded. He desired the con-
tinuation of the bank: he thought 1t was the
only salvation for the depositors.
Mr.. Mills spoke as the representative OF
several depositors. He thought that the bank
should have long ere this given a statement Of
the financial condition Of the institution 70 the
public. He did not think 1t was suffl tent
the comm ttee to say that they had neither the
time nor the clerical force to prepare REPLIES |
and he urged that President Urquhart and the
directors be, called upon to furnish over their
sign manual, within forty eight hours or three
days. full statement OF the affairs OF the insti-
tuition.
MIR. W. J. Mcconnell called the attention of the
meeting to the fact that they. the depositors.
owned the bank and all Its property. 1t was not
In the common acceptance Of the term bank.
and the gentlemen conducting it are not
directors such as are the directors of the Canal
Or other banks. but they are simply trustees
the servants Of the depositors. There were no
the depositors were the only
parties Interested. and when they made a run
on the, institution. they were only robbing
He eulogized the board OF trustees. and thought
hat they would. IL trusted bring the bank out
Of the difficulty. He advised patience aud con
eered action to assist the bank. and thus do
feat the shylocks who were buying up the
deposits at % cents on the dollar. while they
would receive. II patient. rs or so cents from the
bank.
motion was made to continue the present
superintend the work OF the
perts called for in the report.
Mr.. Carleton Hunt. on behalf Of he eommtteo.
declined to act further and responded again to
some Of the remarks OF preceding speakers,
and In conclusion he moved the previous dues-
ton. the adoption of the report and the dis
charge Of the committee,
The accompanying resolution as above set
forth was also adopted.
Tbe chair was authorized to appoint the com
mittee provided for and he called for lists of
names from the depositors from which to make
selections.
Mr.. T. III. Jones moved that for the purpose
OF assisting the trustees. and ut the same time
manifest their confidence in them. the deposit
tors present pledge themselves not to draw one
dollar from tn. bank until the report Of the ex-
perts was received.
The motion was carried unanimously with
cheers and the meeting adjourned.
~~s
REPUBLICAN POLITICS.
The Republican party of this parish on Sat
urday next holds an election for members to a