The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1880-03-14
sHufr AGAINST THE DIRECTORS or THE
MEUHANiCS AND TRADERS BANK.

The following petition mas peen hleo III t00
Ttth District Court:
The Honorable the JUDGE g q The Eth Dis
The petition Of Leop ia Lscombe. Frank N.
Hall and Samuel stafford, 81! residents OF this
S tS, and onaiiied as commissioners 81 iaui.
dAtion. to l!auidate. settle and Wind up the
Affairs and business OF the Mechanics and
nor ted under and BY VI tue OF the laws OF this
State, and especially the laws governing, frea
banks and hsrssoiore declared g % nsoHyeRs
charter forfeited. and the said bank put 10
liquidation. az In case OF insolyencyIrespect
Adams. August Bohn. Hypolite Galy. Abraham
p a5ss ana Ross1d Mfen sF rs
donts 3! this city. ar. Justly and truly indebted
3 solido to your petitioners, In their aforesaid
capacity. In the sum Of slA4.s2s y. now due and
Bsiannc ~ due deposit ,rs By said Me-
chanics and Traders Bank; as per
exhibit x. amounting to the sum y, =, y, . 90
BalSnce a due b. said bank on debts ~ y
other than depositors, as per ex-
hibit Y. amounting to $l7 .2Aa 3d.. l7.244 W
Making q total Of sl4.. e2s =. as per
said exhibits X and Y. hereto an
naxed and made part OF this
That s ssid derendants at the time Of ths fall
p
charter thereon. viz; On the nineteenth day OF
March 1879 and several consecutive years next
preceding said date. were the directors OF said
hank and acted as such In managing and con-
ducting the business aud affairs Of said bank,
pp to said date of the said nineteenth day Of
That. during the year 1873. and up to the nine
teenth flav OF March, 1879 said defendants were.
a Aforesaid, directors OF said bank. and a.
auuh controlled and managed the affairs OF said
benk That said 81. Galy was president q said
hank up to the twentieth OF January: 1878. ana
said Edward Pilsbury was president OF SAID a
hank from the twentieth Of January. 1873. until
the Forfeiture Of the charter thereof-on the
That on January /, 1878, the said bank did not
have on hand an amount In specie or legal
tender notes equal to cne-thfrd OF al! its cash
liabilities ut that date exclusive OF all It's circu-
other two-thirds Of it's said cash Liabilities an
equal amount In specie. legal tender notes or
eRal tender funds. bills Of exchange Or dis
counted paper maturing within ninety Gays
that at no time since the first OF January. 1879.
has the said bank had on hand an amount IN
specie or legal tender notes equal to one,thtrd
Of lis cash liabilities exclusive Of It's circulating
for the two-thrds Of its cash liabilities an equal
amount OF specie. legal tender notes, specie OF
legal tender funds. bills of exchange or dis.
counted paper maturing within ninety DAYS
that all these facts were TO the knowledge OF tn.
said defendants and each OF them while and
the said bank thet. IL violation 81 Law. every
oeal day since the first day OF January 1878
up 10 tho nineteenth day Of March. 1879. TIT
Md hank made loans and discounts. and that
3ach ~ eaid defendants, as directors OF said
hank. narttoi Gated In or aesentsd TO- each OF
said loans and discounts. knowing that sale
oAns and discounts were made u Violation o.