15881. Freedman's Savings Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
July 3, 1874
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
cc0e87c1

Response Measures

None

Description

The articles describe the bank's business being entirely suspended in early July 1874, appointment/approval of commissioners to wind up affairs, and continued suspension with winding up and receivership actions through August 1874. No clear contemporaneous depositor run initiating the suspension is reported (Article 1 mentions past 'senseless runs' historically), so this is best classified as a suspension leading to closure/winding-up.

Events (3)

1. July 3, 1874 Other
Newspaper Excerpt
The designation of commissioners made by the Freedman's Savings Bank and Trust Company has been approved by the Secretary of the Treasury. They are Postmaster General Cresswell, Dr. C. B. Parvis and L. H. Liepold. The commissioners to wind up its affairs are busily engaged in collecting the assets and loans of the bank. They declare when twenty per cent is collected a dividend will be paid depositors.
Source
newspapers
2. July 3, 1874 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank admitted a deficit ($217,000) and examiners found impaired assets; business suspended while commissioners wind up affairs and collectors gather assets and loans for distribution to depositors (winding-up).
Newspaper Excerpt
Business at the Freedman's Savings Bank of this city has been entirely suspended.
Source
newspapers
3. August 30, 1874 Receivership
Newspaper Excerpt
The sixty days' notice at the Freedman's Savings Bank expired yesterday, but affairs remained unchanged and business is still suspended. The commissioners to wind up its affairs are busily engaged in collecting the assets and loans of the bank. They declare when twenty per cent is collected a dividend will be paid depositors.
Source
newspapers

Newspaper Articles (7)

Article from The New York Herald, July 3, 1874

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Article Text

THE FREEDMAN'S SAVINGS BANK. The doors of the Freedman's Savings Bank, in Bleecker street. remained open yesterday; but no word being received from the authorities at Washington, no business could be transacted. In anticipation of some disturbance from the hardy depositors of the institution, a policeman maintained guard at the door throughout the day, but those of the creditors who called (mainly negroes) manifested no inclination to make trouble, which may be accounted for by the fact of their being given, immediately on entering the bank, a circular, signed by Mr. Frederick Douglass, in which a deficit is admitted and the various causes which led to It explained, and many promises for the future made. The causes of this deficit of $217,000. "boiled down" from the voluminous circular, are-first, competition with older and better established banks in holding out inducements of large percentage; second, the undertaking of too much work in another direction, the managers being tempted into a sort of banking missionary movement; third, the hatred of the colored race. the feeling of caste and race malignity, and, fourth, the senseless runs made from time to time upon the bank. The circular appeals to the "honor" of the depositors, particularly the negro ones, to support the institution, which "will reflect credit upon the race and promote their wellare." The cashier, Mr. Zufile, stated last evening that he had heard, though not officially, that commissioners had been appointed in Washington yesterday to settle the affairs of the institution.


Article from Nashville Union and American, July 4, 1874

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Article Text

THE FREEDMAN'S BANK Breaks in a Fresh Place. NEW YORK, July 3.-Business at the Freedman's Savings Bank of this city has been entirely suspended. A number of persons applied yesterday for payment of drafts made on the bank by depositors. No application has yet been made for the appointment of a receiver. The attorney for the bank has put in a notice of appearance in the suit of ArabellaMapping, who sues for her deposits, and is entitled to sixty days' time, which limit would not expire before Monday next. The counsel for plaintiff asserts that the officers of the bank, by allowing themselves to be sued on a just and equitable claim, have voluntarilly put themselves into bankruptcy. At Washington WASHINGTON, July 3. - The designation of commissioners made by the Freedman's Savings Bank and Trust Company has been approved by the Secretary of the Treasury. They are Postmaster General Cresswell, Dr. C. B. Parvis and L. H. Liepold. Hopefal Statements. It is reported that some of the depositors in the Freedman's Bank are selling their cash books for less than their value either from necessity or in ignorance of the fact that Bank Examiner Meigs after a thorough examination of its affairs placed the assets, deducting bad and doubtful debts, at ninety-three cents on the dollar. The officers of the company say that with proper care on the part of the management. the books will be worth more than that sum. and that a large dividend will be made at as early a day as practicable.


Article from Lyon County Times, July 4, 1874

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Article Text

prepaJuly rations for the celebration to-morrow are complete, and the affair promises to be a grand success. Howard Morrison is on examination before the Police Court to-day, on a charge of having attempted to shoot Tom Maguire. The case is not yet concluded. Morrison introduces proof that Maguire grossly insulted his wife, Fanny Young. Rev. Dr. Gibson, one of the leaders in the local option movement, applied to the Chief of Police to-day for protection from insult from license men on the public streets. He said he was followed last night by a drunken crowd, who jeered at him and the ladies in his company. He told the Chief that if the police do not protect the temperance people they will form a vigilance committee and protect themselves at all hazards. The detective officers, detailed to investigate the case of young Linderman, found dead on the San Bruno road, have reached the conclusion that he committed suicide. Greenbacks, 901/4 @9034. Cheyenne, Wy., July 3.- Another fire occurred here last evening, caused by the explosion of a kerosene lamp in a Chinese wash-house, which burned three small dwelling houses on Eddy street, and two business houses on Sixteenth street. The loss will not exceed $10,000. Salt Lake, July 3.-The Montana stage was robbed last night at Big Dry Creek, twenty-five miles south of Pleasant Valley, at 11:30, by four masked men, armed with shot guns. The South coach was stopped first and run into the brush, and held until the North coach came. T. C. Jackson and a passenger named Billings were on the North coach. Billings lost $360. The robbers recognized Jackson and returned him his money. Passenger Jones, on the South coach, was robbed of $60. The treasure box of Wells, Fargo & Co. was broken open, and everything of value taken. Their loss not known. New York, July 3.-The business of the Freedman's Savings Bank in this city has been entirely suspended. A number of persons applied yesterday for payment of drafts made upon the bank by depositors. No application has yet been made for the appointment of a Receiver. The United States Court has granted an order to show cause why an adjudication of bankruptcy should not be made in the case of the firm of Hoyt, Sprague & Co. The petitionér is Evan Randolph, of Philadelphia. Chicago, July 3.-A Washington special says no announcement is yet made of a successor to PostmasterGeneral Cresswell. This afternoon a rumor is current that the President had tendered the portfolio to Boss Shepherd, which created considerable excitement. Upon inquiry at the White House the rumor was denied. Several names loom. up in connection with the office. Among them is that of Senator Ramsey, Chairman of the Senate Postal Committee, J. Packer of Pennsylvania, and Mr. Tyner of Indiana, of the House Postal Committee. The indications are that J. W. Schofield of Pennsylvania will be appointed. Last night the President telegraphed to John H. Ketchum of New York the appointment of Commissioner of the District of Columbia. A Philadelphia special says a re-


Article from Alexandria Gazette, August 31, 1874

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Article Text

The sixty days' notice at the Freedman's Savings Bank, at New York, expired 00 Saturday, but affairs remained unchanged and busipess is still suspended. The commissioners to wind up its affairs are busily engaged in collecting the assets and loans of the bank. They declare when twenty per cent is collected a dividend will be paid depositors.


Article from The Daily Phoenix, September 1, 1874

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Telegraphic-Foreian Affairs. BRUSSELS, August final sitting of the International Conference was held yesterday. All the members signed the protocol, except the delegates from Great Britain and Turkey, who postponed attaching their signatures. MADRID, August 29.-Over 200 Carlists were killed and many wounded in the attacks on Puigoerda. The Republican garrisou have nineteen barrels of dynamite, with which they will blow пр the place if the Carlists succeed in carrying it. A force of the Carlists entered Callaborra, twentyfour miles South-west of Logovno, on the 25th instant, and sacked houses, levied contributions of $17,000 upon the clergy, shot four volunteers, freed the convicts and burned the railway. LONDON, August 31.-Quarantine regulations have been put in force at Queenstown, which will cause great hindrance to commerce. All persons are prohibited from leaving or embarking on vessels from ports in America, the West Indies, the Mediterranean and the Black Sea, until it is ascertained that such vessels have a clean bill of health. The Great Eastern, up to yesterday (Sunday) noon, had paid out 647 nautical miles of the Anglo-American Company's new cable, and all was going on well. The ship Sierra Nevada, bound for San Francisco, was burned at sea. Crew saved. PARIS, August 30. - The sale of the London Hour in France is prohibited, in consequence of the publication of letters written by nine. The French authorities have disarmed a Carlist battalion which was operating against Puycerda for entering French territory. The Carlists have since been motecircumspect. Telegraphic-American Matters. CANTON, PA., August 29.-Albert Brown, a negro, last night outraged a girl aged seven years, named Greenleaf, out her throat from ear to ear, and then jumped in front of B passing train, breaking both his legs. He is now in custody here. MEMPHIS, August 29.-A large indignation meeting was held at the exposition beilding last night. Speeches were made by -Governor Harris, of Louden. C. Haynes Duncan, x-President Jefferson Davis, Chancellor Morgan, B. M. Estes, General Forrest and others, all denouncing the slaughter of the negro prisoners at Trentou. The committee reported resolutions condemning the outrages, and calling for the punishment of the members, and a copy of the resolutions was sent to Governor Brown, and asking that the powe of the State be exercised in dis-covering and bringing to justice the assassine. The meeting was enthusiastic and composed of the leading citizene. WASHINGTON, August 29.-The recepts from internal revenue to-day were $277,756.45; the amount of national bank note currency received at the treasury to-day, for redemption, foots up -$351,156; the total to date aggregates $7,909,252.15. NEW YORK, August 30. Justice Bradley, of the Supreme Court of the United States, issued to-day an order removing the present receivers, and authorizing the trustees of the first mortgage bonds of the Alabama and Chattanooga Railroad to take posses. sion immediately; also, to sell the road for their benefit, subject to the court certificates and charges. The sixty days notice at the Freedman's Savings Bank expired yesterday, but the affairs remain unchanged, and the business is still suspended. The commissioners to wind up its affairs are busily engaged collecting the assets and loans of the bank. They declare that when twenty per cent. is collected a dividend will be paid to the depositors. A special from the Wichita Agency says the fighting with the Kiowas, which began three weeks ago, was continued in a desultory manner until the morning of the 25th, when the Indians, in bands ranging from fifty to five hundred, made a series of dashes on Gen. Davidson's outposts, and set fire to the prairie to destroy the buildings of the agency; but all their attempts were defeated, and they fled westward, carrying off their killed and wounded. The fire, which sometimes was as high as the tree tops, was subdued after great efforts by the troops, and the buildings were saved. Gen. Davidson has induced the friendly Caddoes, Wichitas, Comanches and other tribes to return to thoir reservations. Two additional companies arrived at Wichi-


Article from The Arizona Sentinel, September 5, 1874

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WASHINGTON. Order to Sell Gold in New York--Winding Up the Freedman's Savings Bank. WASHINGTON, August 30.-The Secretary of the Treasury has directed the Assistant Treasurer at New York, to sell gold during September as follows: One million on the first and second. Thursdays, half a million on the third and fonrth Thursdays, making in all three millions. NEW YORK, August 30.-The 60 days' notice at the Freedman's Savings Bank expired yesterday, but affairs remain unchanged and business is still suspended. The commissioners to wind up its af fairs are busily engaged in collecting assets and loans of the bank and declare that when 20 per cent. is collected a dividend will be paid to depositors. An Investigation Ordered of the Charges Against Indian Agent Roberts. WASHINGTON, Sept. 3. - The Secretary of the Interior has ordered an investigation of all the circumstances of the alleged attempt at black-mailing on the part of Indian Agent Roberts, at the White Mountain Reserve, in Arizona. Roberts has sent a denial of all the allegations against him.


Article from The New York Herald, February 18, 1875

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THE FREEDMAN'S BANK. NEW YORK, Feb. 16, 1875. To THE EDITOR OF THE HERALD:I write to you in behalf of the sufferers by the suspension of the Freedman's Savings Bank of this city, hoping through the great influence your paper possesses in alleviating the sufferings of the poor, not only of this city but or the whole country, that you will use your influence in bringing to a speedy termination the setriement of the bank's affairs, and see = it is possible that people who have pincued themselves to save a dollar and prepare themselves for this cold winter, and # no find themselves paupers, can be cheated out of their money so easily, and oblige a POOR DEPOSITOR.