1997. Freedman's Savings Bank (Washington, DC)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: September 19, 1873
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: e31a282b

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Other: Commissioners appointed to wind up affairs; receivership later in court.

Description

A run on Freedman's occurred during the Sept. 1873 panic (officers required notice). The institution later suspended (July 1874), was placed in the hands of commissioners for winding up, and ultimately had a receiver appointed (June 1875). Cause of the initial run tied to the wider 1873 financial panic and waiver/enforcement of notice rules; suspension due to insolvency/mismanagement. OCR errors corrected where obvious (e.g., Freedman's spelled consistently).

Events (4)

1. September 19, 1873 Run

Cause: Macro News
Cause Details: Run occurred during the wider financial panic of September 1873 (New York failures/market panic); savings banks were subject to heavy withdrawals because of waiving notice rules.
Measures: Bank (and other savings banks) either paid demands or enforced legal notice; Freedman's later required thirty/sixty days' notice to limit withdrawals.
Newspaper Excerpt: There was a run-on the Freedman's Savings Bank to-day. The officers say there is not the slightest danger, and all demands will be promptly met.
Source: newspapers

2. July 2, 1874 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension followed revelations of insolvency, bad loans, mismanagement and inability to meet maturing demands; trustees put liabilities in hands of commissioners to wind up.
Newspaper Excerpt: The mother bank of the Freedman's Trust Company has suspended. A large number of colored people are around the bank imploring for money, without success.
Source: newspapers

3. July 3, 1874 Other

Newspaper Excerpt: Action has been taken simultaneously, and in accordance with the preconcerted programme of the Directors in Washington... The bank has suspended payment... there will be no attempt to continue business at any of them. Time will probably show that there has been a mixture of rascality and blundering honesty in the government of this vast institution, and that the result has been an enormous fraud on the... people.
Source: newspapers

4. June 17, 1875 Receivership

Newspaper Excerpt: Grant VE. Freedman's Savings Bank. Order appointing J. B. Wilson receiver.
Source: newspapers

Newspaper Articles (23)

1. September 19, 1873 Evening Star Washington, DC

Article from Evening Star, September 19, 1873

Click image to open full size in new tab

Article Text

The Situation To-day. Dispatches from New York report a continuation of the financial panic there to-day, with the suspension of a number of business houses. Here, however, with the exception of the run upon two of the savings banks, there is very little perturbation, and there seems to be no reason to apprehend any further disaster. The national and other banks have no run upon them whatever, or any extra demand upon their paying tellers, and the run upon the savings banks referred to-the Freedman's and the Washington-is simply due to the fact that they have chosen to waive their right to demand thirty days' notice of withdrawal from depositors. This subjects them to a raid upon their counters at every time of financial flurry by excited depositors, who are easily worked up to a nervous disposition to get their money out, and when it is out they are just as nervous until they get it back, in safekeeping. In the opinion of sound business men, the savings banks should all have taken the course adopted by the National Savings bank, in requiring the usual thirty days' notice of withdrawal, and thus save annoyance and interruption to business caused by these needless runs. No bank that pays interest to its depositors should be required to pay on call. To be sure it is a matter of some pride for savings banks to be able to sustain runs of this kind, again and again without harm, but as a business matter, both for the benefit of depositors and for their own convenience, it would seem to be desirable that they should uniformly require notice of withdrawal. At the hour at which we write (3 p. m.) the run upon the savings banks is visibly subsiding, and it is pretty certain that its force is spent.

2. September 20, 1873 The Dallas Daily Herald Dallas, TX

Article from The Dallas Daily Herald, September 20, 1873

Click image to open full size in new tab

Article Text

NEWS SUMMARY. JACKSONVILLE, III., September 19.Reports from seventy counties give the prospects at thirty-one and a half cent below last year. MEMPHIS, Tenn., September 19.'here were twelve deaths from yellow in this city yesterday. The mulicipal authorities have voted $10,000 the Howard Association. The MaOdd Fellows and Typograhical association are all providing for their rethren. HARTFORD, Conn., September 19.William A. Evarts, in arguing he uneonstitutionality of the Mobilier said that a suit brought under the uthority of the fourth section of an ppropriation act passed by the expirCongress, has no precedent, no ttendant, and will have no successor. LOUISVILLE, Ky., September 19.-The orger, Morton, arrested with money btained from the German Savings Bank, gives no account that he obmoney from the Farmers and Drover's Bank. LITTLE ROCK, September 19.-The tages, with mails to Shreveport, have esumed their trips, the fear of the reaching here having abated. WASHINGTTN, September 19.-A London dispatch says that the Polaris' were rescued from their boats by whaler on the 20th of July. The State Department has ordered he United States Consulate, at Dundee, pay all the expenses of the crew of he Polaris, and to send them home. Dispatches from all the cities report lines of depositors crowding the doors, and this city is no excepThere is quite a rush on the Washngton City Savings Bank and a heavy emonstration on the Freedman's Bank. Both these institutions gave ssurances of their ability to meet all lemands upon them. The Freedman's Savings Bank report that they have morning eighty thousand dollars, which only about twenty thousand been drawn. There are about eventy-five persons in line at this ank, Noexcitement about any of the ther banks of the city, NEW HORK, September 19.-The NaBoard of Steam Navigation have lected Captain Dick Wolf, of LouisVice President. The Board reolved against the renewal of patents, in favor of the government conrolling the Louisville car al. The following suspensions have aken place here: Robinson & Suy-

3. September 20, 1873 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, September 20, 1873

Click image to open full size in new tab

Article Text

Stocks advanced very decided on the rumor, originating in the Stock Exchange, that President Grant had ordered Secretary Richardson to place ten million in New York banks, and on this refusal was removed and Secretary Delano was made Secretary of the Treasury. At 2:30 stocks were falling off rapidly. RUN ON BANKS AT WASHINGTON. WASHINGTON, Sept. 19.-There was a run-on the Freedman's Savings Bank to. day. The officers say there is not the slightest danger, and all demands will be promptly met. The National Savings Bank having taken akvantage of the provision of their charter requiring depositors to give thirty days notice of their withdrawal, there is comparatively very little excitement in the neighborhood of the banking houses. Runs are only upon the Fredman's Sav. ings and the Washington City Savings Bank. RUMORS OF GOVERNMENT AID. NEW YORK, Sept. 19.-The latest rumor on the street is that the government will come to the rescue to morrow by buying $5,000,000 worth of: bonds. The government aid must comain a more decided shape to be of any effect. MEETING OF BANK PRESIDENTS. NEW YORK, Sept 19.-The Bank Pres. idents met at the clearing house to arrange measures to facilitate the clearing house operations in case there should be a run upon any bank. No trouble is anticipated at any of the banks, but a temporary use of the loan certificates at the clearing house, will prevent the forma. tion of any bank panic. A committee was

4. September 24, 1873 Evening Star Washington, DC

Article from Evening Star, September 24, 1873

Click image to open full size in new tab

Article Text

good, but I won't. You may state, however, that I have abiding confidence in the integrity of ex-Governor Cooke, and the firm of Jay Cooke & Co., and I believe that all moneys held by him in trust in a fiduciary capacity will be paid, even if he has to sacrifice his property. Reporter.-Does his appointment by the board make him a government officer? Mr. Sargent.-Certainly; and as such he bonds under the law governing such officers, and gives bonds for the faithful performance of the duties. ### OTHER DISTRICT CHARITIES AFFECTED BY THE CRASH. It is stated that there was deposited in the First National bank $20,000 to the credit of the St. John's Sisterhood, a charity connected with the Fpiscopal church of St. John's; $10,000 o the uninvested funds of the Smithsonian Institution; $11,000 belonging to the Soldiers' and Sailors' Orphan Home, of which ex-Governor Cooke acted as trustee and treasurer-from the sum set apart for its appropriation by Congress a warrant for $15,000 had been drawn, of which vouchers for $4,000 have been audited, leaving an unexpended balance of $11,000. ### OTHER HEAVY DEPOSITORS. It is said that ex-President Andrew Johnson had $60,000 to his credit in the First National bank, on which he was receiving six per cent. interest; Senator Patterson, of South Carolina, $14,000 in one of the suspended banks; Admiral Rowan, $6,000. Mrs. Wm. H. Scott, widow of a former navy agent, had $17,000, the proceeds of the sale of all the property she had. Gen. Hunter had a handsome credit in Jay Cooke & Co.'s. Col. Webster, register of wills, had all his savings deposited there. ### THE STOCK OF THE FIRST NATIONAL. Of the five thousand shares of the First National bank, about thirty-five hundred shares are owned either by Jay Cooke & Co. or individual members of the firm. ### OUR BANKS TO-DAY. Matters financial are in their normal condition throughout the city to-day, and the banks are transacting business as usual. Many depositors who drew their money under the prevailing excitement have returned their funds and express the fullest confidence in the security of the banks. The general conviction is that a portion of the community here became unduly and unnecessarily frightened. ### MR. STICKNEY, OF THE FREEDMAN'S SAVINGS BANK, says the reason that institution deemed it expedient to require the legal notice of sixty days for those desiring to withdraw their deposits was because all the books which had not such notice posted therein were now paid, and that the failure of Clews & Co., announced yesterday, left bank officers in the dark as to where the trouble would end. He deemed it a matter of prudence to require the full legal notice. Payment, however, in special cases, are being made.

5. September 25, 1873 The New York Herald New York, NY

Article from The New York Herald, September 25, 1873

Click image to open full size in new tab

Article Text

WASHINGTON WASHINGTON, Sept. 24, 1873. The/Loss of the American Schooner Addie Osborn. Commander Braine reports to the Navy Department from St. Johns, N. F., the collision of the English steamer Precursor, of Hull, with the American schooner Addie Osborn, full particulars of which were published in the HERALD on the 18th inst. Another Defaulting Collector. Commissioner Douglass has received information of the defalcation of Collector Widener, of the Second district of Alabama, at Montgomery. The defalcation is supposed to be about $20,000. Orders have been issued for his arrest and suspension from office. Railroad Enterprise in New Mexico. A letter to the Washington Star, dated San Antonio, September 14, says:-**The citizens of San Antonio, Americans, Germans, Mexican and colored, all surpassed themselves yesterday by voting $500,000 subsidy for a railroad to Columbus, which means to Galveston. The $500,000 is in bonds, bearing eight per cent interest, the principal to be paid in thirty years. The road, about one hundred and thirty miles in length, is to be completed in eighteen months. Most likely it will be built in a year, and then San Antonio will start on a new career." The Yellowstone Expedition. A despatch from General Sheridan to the headquarters of the army to-day states that the main portion of the Yellowstone Expedition has arrived at Fort Abraham Lincoln. More Letter Carriers for Brooklyn. Ten additional carriers were to-day appointed for the Brooklyn Post Office, upon the nomination of Postmaster Talbot, under the order consolidating that office with those of Greenpoint and Williamsburg. Returning Confidence in the Banks. Many depositors who drew their money under the prevailing excitement have returned their funds, and express their confidence in the security of the banks. The general conviction is that a portion of the community here became unduly and unnecessarily frightened. The Freedman's Savings Bank to-day determined that it will require sixty days' notice from depositors of their intention to withdraw. The September Crop Reports. The crop reports of September received in the statistical division of the Department of Agriculture present an average of ninety-five for the condition of the wheat crop as a whole, which is about the same as in the September report of 1872, while the present area in cultivation is much larger. There is a manifest improvement over last year in Minnesota, Wisconsin, Missouri, Kansas, Ohio, Pennsylvania and New Jersey. The averages of Illinois, Iowa, and Michigan differ little from those of 1872. California and Indiana are less favored. The States in which a more than average yield of wheat per acre is indicated by the September reports are Minnesota, Wisconsin, Nebraska and Oregon in the West, and New Jersey, Pennsylvania, Connecticut and Massachusetts in the East. The increased breadth in wheat will place the total quantity in several other States above the usual product, and give a larger aggregate for the crop of the United States than was secured in 1872. The quality is generally superior. In most localities the grain yields better in the spring than was expected. In New York thirty-three counties out of thirty-five reported make returns of average or poor yields, and every Southern State fails to make an average crop. Iowa claims an average yield upon a large area, as do Missouri and Kansas. Ohio and Michigan came very near an average yield. Illinois reports indicate seven per cent less than average, and Indiana and Kentucky a still greater depreciation. The facts presented by correspondents show conclusively that crop deterioration from climate causes is greatly increased by careless husbandry, and that crop failures are in a great measure avoidable. Much of the loss irom rust, blight, and even from insects is directly traceable to low vitality, resulting from the imperfect preparation of the soil and deficient cultivation in all parts of the country, especially in the South. Records of skilful culture of wheat show repeatedly double the usual averages of wheat.

6. September 25, 1873 The Dallas Daily Herald Dallas, TX

Article from The Dallas Daily Herald, September 25, 1873

Click image to open full size in new tab

Article Text

Financial Affairs In New York and Elsewhere. Western Grain Shippers Advised to Hold off on Account of Difficulty to Meet Drafts. The Rogers Locomotive Works Discharge One Thousand Employes. Clews & Co.'s Failure Causes a Strike among the Pennsylvania Miners. NEW YORK, Septemb er 24.-The ten millions of loan certificates are exhausted. The associated banks will issue ten millions more to-day. The Bank of the Commonwealth has been sued for collaterals which they can not produce upon tender of the amounts loaned on them. Carleton, the Secretary of the Union Trust Company, has friends who are in treaty with the bank for a settlement of his defalcation. Henry Clews & Co. claim that their securities were more than ample in ordinary times. They may resume when the money market improves. They have published a list of their correspondents, which include twenty-four national banks and one hundred and fifty-eight private bankers. It is stated that the Western shippers of grain have been advised to hold off on account of the difficulty to meet sight drafts. The Stock Exchange remains closed until further orders. The sub-treasury is offering no bonds this morning; feeling excited. The Western Union Telegraph company's stock is quoted at 62c by buyers; 64c asked. Holmes & Macy have suspended. LATER-The sub-treasury has bought half a million of bonds.. The bank Presidents have authorized the issuance of another ten millions of loan certificates. Mr. Marsh, of Holmes & Macy, says that all houses like theirs having a large number of depositors must suspend. WASHINGTON, September, 24.-The Freedman's Savings bank is enforcing the legal thirty days notice from depositors. A Berlin dispatch announces the failure of a bank in that city, PATTERSON, N. J., September 24. In consequence of the depreciation in railroad securities, and many orders for locomotives having been cancelled, the Rogers Locomotive Works discharged five hundred and fifty hands to day. It is feared five hundred more may be discharged. PATTERSON, N. J., September 24.Four hundred and thirty-five men were discharged from the Rogers Locomotive Works here to-day. WILKESBARRE, Pa., September, 24.Brown & Gray attribute the strike among the miners here to the failure of Henry Clews & Co. The miners itn with 'this house

7. September 25, 1873 Nashville Union and American Nashville, TN

Article from Nashville Union and American, September 25, 1873

Click image to open full size in new tab

Article Text

card on their door gives the failure of Henry Clews & Co. as the cause, but states that the firm will be all rightjin a few days. The mining classes are large depositors, but have not yet learned of the suspension. Much excitement exists among bankers and business men. The Locomotive Scare. PATTERSON, Sept. 23.-Four hundred and fifteen more men are to be discharged from Roger's locomotive works to-morrow, making one thousand men laid off this week, or two-thirds of the whole force. The Danforth and the Grant works have not yet decided to discharge any of their workmen. Washington. WASHINGTON, Sept.24-The Freedman's Savings Bank to-day determined that it will require 60 days notice from depositors to withdraw money. Milwaukee Stands Still. MILWAUKEE,Sept. 24-There was a large attendance upon the re-assembling of the Chamber of Commerce this morning. The following resolution was offered and adopted almost unanimously: Resolved, That this Board stand adjourned until Monday next, the 29th inst., under the resolutions of Monday last, unless sooner called together by order of the President and Board of Directors, provided that nothing in this action shall be construed as interfering with the settlement between parties of existing contracts and the calling and putting up margins, and this Board recommends that all outside trading be discontinued. Chicago Cautions. CHICAGO, Sept. 24.-All the day has been a very quiet one on 'change and the prices of all grains have declined. There has been a marked absence of excitement and a continued feeling of confidence on the part of nearly all the members of the Board of Trade. Last evening there was some agitation of a proposition to close the board for a day or two but the movement amounted to nothing. The Board of Directors today recommended to the members that business be conducted on as conservative a basis as possible and that efforts be made to adjust outstanding bills matnring the present month on some basis; that transactions be limited to the settlements of outstanding contracts and to sales of property for cash and that in all transactions a liberal and reasonable confidence be extended where the same would under ordinary circumstances be proper. These recommendations were received with general expressions of favor and have been followed with great unanimity, so that there will by to-morrow night be very few outstanding trades to settle. There are now fewer outstanding than at any time since the fire. The holders of cash grain are indisposed to sell at present prices, and this, with the inability to negotiate exchange, prevents the filling of orders for grain now here. There is a general feeling of relief that the day has passed in New York 80 satisfactorily, and renewed confidence in the ability of the bankers and merchan's of Chicago to pull through all right. There have been no failures of merchants or grain dealers. The banks all went through the clearing house to-day and are in good hope, and there is an almost universal feeling that the storm has passed by. Brown, Lancaster & Co. BALTIMORE, Sept. 24.-Brown, Lancaster & Co., well known bankers in this city, and agents of the Chesapeake and Ohio Roilroad, having branch houses in New York and Richmond, suspended this afternoon. The firm state that suspension was caused by unexpected and unprecedented run. It is said a statement will be made to-morrow.

8. April 28, 1874 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, April 28, 1874

Click image to open full size in new tab

Article Text

BY TELEGRAPH. Latest News from Washington. Enlogising Charles Sumner--The Scene in the Senate Yesterday-The Spoakers. [Special telegram to the Dispatch.] WASHINGTON, D. C.. April official announcement of the death of Charles Sumner was made in the Senate to-day immediately after the reading of the Journal. In the ladies gallery every available sent was occupied, fully nine-tenths of those present being ladies. In this gallery the colored element was but poorly represented, not more than half a dozen colored women being present. In the gallery set apart for the males perhaps one-third of those present were colored. Among those in attendance in the Senate chamber were Minister Schenck, Frederick Douglas, ex-Senators Wade, Fowler, and Cattell, and others of prominence. The speakers in the Senate were Messrs. Boutwell, Thurman, Sergant, Pratt, Morrill, of Vermont, and Anthony. In the House several members spoke eloquently in honor of the deceased. The most touching tribute coming from Representative Lamar, of MisTIMON. sissippi. [Associated Press telegrams.] Congressional. WASHINGTON, April 27.-Senate.-Fulogies on the late Senator Sumner were delivered. House.-A number of bills, &c., were introduced and referred. Eulogies were delivered on the late Senator Summer. The Freedman's Bank. WASHINGTON, April 27.-Reports were in circulation to-day that the Freedman's Savings Bank had closed its doors, but they were unfounded. During the forenoon a few depositors called at the bank with their check-books for the purpose of closing their accounts by withdrawing their deposits, but fearing a run on the institution, the management applied the rule in their charter which authorizes the bank to require sixty days' notice previous to the withdrawal of deposits. Depositors requiring money for current business purposes were accommodated. Condition of the Mississippi, Missouri, Ohio, and other Rivers. WASHINGTON, April 27.--The signal office reports that the Mississippi river has risen slightly during the past twenty-four hours throughout its entire course, from St. Paul to New Orleans. The rise at the latter place is, however. only two inches, while the greatest rise at Dubuque is only four inches. The Missouri has fallen steadily fron Yankton to Booneville, and risen slightly thence to its mouth. The Ohio has risen four inches at Pittsburg, five feet at Cincinnati, and a little at Louisville, below which city it has fallen to its mouth. The Red river has risen four inches at Shreveport, while the Alleghany, Cumberland, Potomac, and Monongabela have fallen; the latter rapidly. Government Aid for the Mississippi River Sufferers. WASHINGTON, April 27.-The Secretary of War has directed the issue of army rations for 20,000 destitute people on the-banks of the Mississippi river in the overflowed district, the issue to continue twenty-live days. Instructions have also been given for the issue of clothing to the sufferers. The distributions will be made by the committees agreed upon by the authorities in New Orleans. As the cost to the Government for these issues will be about $90,000, the Secretary has asked an extra appropriation by Congress to meet the expense. Weather Probabilities. WASHINGTON, April 27.-For the Middle States and the Lower Lake region, increasing northeast to southeast winds, cloudy weather and rain, except over the latter and northern New York, where it will prevail partly as snow. For the South Atlantic and Guif States east of the Mississippi, southerly to westerly winds, increasing cloudiness, and possibly rain, especially over the interior.

9. June 18, 1874 The Manitowoc Pilot Manitowoc, WI

Article from The Manitowoc Pilot, June 18, 1874

Click image to open full size in new tab

Article Text

WASHINGTON. New Currency Bill Reported on : Yesterday.-Provisions for Winding up the Freedmen's Savings Bank. IMPORTANT CURRENCY BILL. : WASHINGTON, June 15. -Mr. Hurlbut, of Illinois introduced an important currency bill this morning. The first section provides for free banking; the second for the issue of notes up to the par value of the security of the bonds; the third repeals all reserves on circulation and deposits, and limits the liability of the government to their final redemption; the fourth fixes il e greenback circulation at $382,000,000, and allows no discretion to the officers of the government. Mr. Hurlbut thinks the bill will probably pass. THE FREEDMAN'S BANK. The House adopted the report of the conference committee on the freedman's bank this morning. It is substantially the same as the House bill closing up the bank. THE CURRENCY MUPDLE. The new conference committee on the finance bill has had no meeting, and the members have no idea when one will be had. They are nominally awaiting an order from Mr. Wright, the chairman, but are really satisfied that any attempt at a compromise will be (utile. THE DISTRICT COMMITTEE. is engaged considering their report this morning. Mr. Hubbel says it will not be presented to-day, but the more truthful and honest members think it will come in this afternoon. It is understood to be unani mous and very condemnatory. THE PACIFIC RAILWAYS The committee on Pacific railways con sidered Luttrell's charge this morning, and appointed a sub-committee to decide whether or not the investigation will be advisoble. Another meeting will be held Wed nesday, LOY AMONG THE LOBBYISTS. Suspension of the rules will be the or der this week in Congress in order to get a matter out of a committee and before Congress for a vote. Those who can get a two-third majority with them to do this will be quite certain of securing the pass age. of many a hill which has all along been looked upon as doubtful. The remaining few days of the session will witness some excitement in the lebby, and every opportunity is taken advantage of to quietly rush through some pet claim or a bill with a huge swindle on the government provided for it. OPPOSING THE TARIFF

10. July 3, 1874 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, July 3, 1874

Click image to open full size in new tab

Article Text

BY TELEGRAPH. Latest News from Washington. Meeting of the Trustees of the Freedman's Savings Bank. PROBABLE EFFECT OF THE AMENDED CHARTER OF THE BANK, &C. [Special telegram to the Dispatch.] WASHINGTON, July 2.-The trustees of the Freedman's Savings Bank held a meeting yesterday to take into consideration the affairs of that institution and specially the probable effect of the amended charter which was passed at the last session of Congress and approved June 23d, the first section of which declares that one-half of the special deposits after the passage of the act shall be invested in real estate surety situated in the vicinity of the branch where the deposits have been made, and the remainder in United States bonds." The effect of this seems that all money deposited in the bank since June 23d cannot be used to pay depositors previous to that date, for they are in the nature of special deposits; in other words, it starts a new bank to all intents and purposes from June 23d. This prevents the bank from taking the money deposited since that date to pay those who have complied with the rule of sixty days' notice of withdrawal of deposits, now daily maturing, and to pay its depositors. Previous to June 23d the bank would be compelled in some manner to realize upon the assets held previous to date. The meeting had a full discussion of all matters connected with the bank, and voted to put the liabilities of the bank in the hands of three commissioners to be wound up under the late law of Congress giving the trustees that power whenever they thought the interests of the depositors would be promoted by it. No money has been received or paid out to-day. There were some depositors after their money, but very little excitement prevailed. The anxious depositors who wanted to draw their money were informed by the cashier that the bank had no power to pay out a dollar for two years or more. To wind up the affairs of the bank the various branches have been notified from here not to receive or pay out any funds, and it is presumed similar notices have been sent to the other banks. It is not yet known what the bank will be able to pay. The whole fact about the matter is that the concern is to be wound up, and its branches everywhere are not to receive or pay out any more whatever. The bank is effectually closed. Late Weather Report. [Special telegram to the Dispatch.] WASHINGTON, July 3-1 4. M.-For the Middle States and lower lake region, clear or clearing weather during the day, with lower temperature, variable winds, and rising barometer. [Associated Press Telegram.] WASHINGTON, July 2-7 P. M.-For the Middle States and Lower Lake region, clear or clearing weather, southwest winds, shifting to northwest and northerly, stationary or falling temperature, and rising barometer. For the South Atlantic and Gulf States, partly cloudy weather and local rains east of the Mississippi river, easterly or southerly winds, high temperature, and rising barometer. For Tennessee and the Ohio Valley, clear or fair weather, northeast winds, shifting to southeast and south, stationary or rising temperature, and rising barometer. The Freedman's Trust Company-Snspension of the Mother Bank. WASHINGTON, July 2.--The mother bank of the Freedman's Trust Company has suspended. A large number of colored people are around the bank imploring for money, without success. It is understood that similar instructions to those sent to New York have been sent to all the southern branches. The trustees have nominated Robert Purvis (colored). of Philadelphia, PostmasterGeneral Creswell, and R. Leopold as commissioners to settle up the concern. The work will require two years. It is thought that with proper management ninety-three cents on the dollar will be realized. The Tribune says, editorially The President of the bankrupt Freedman's Savings and Trust Company at Washington, and the cashier of the branch in this city, endeavor to explain in other columns the several causes of its failure. Little stress is laid on the chief cause, which was the withdrawal of deposits in all the branches for investment solely in Washington, and largely in the warrants of the Board of Public Works. Explanations are more plentiful with the company than good securities, but they will hardly satisfy the unfortunate depositors." Washington Items WASHINGTON, July 2.--The total number of dismissals of Government employés is seven hundred. It is rumored that G. W. Schofield, of Pennsylvania, will beappointed PostmasterGeneral. Creswell still presides. The commissioners to examine the mouth of the Mississippi river are Army engineers Generals Wright and Alexander and Colonel Comstock civil engineers, W. Milner Roberts, J. D. Whitcomb, and Mr. Sickles; coast survey, Professor Mitchell. Conant was installed Assistant Secretary of the Treasury to-day. Detroit

11. July 3, 1874 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, July 3, 1874

Click image to open full size in new tab

Article Text

It has been suspected for somo time past that the Freedman's Savings Bank, which has its headquarters at Washington and branches all over the Union, is a rotton concern; and the dovelopments. of yesterday precludo further doubt as to the justico of this suspicion. The bank has suspended payment. Reports have been rocoived from many of the branches, and, BO far as heard from, there will bo no attempt to continue business at any of them. Action has been taken simultaneously, and in accordance with the preconcerted programme of the Directors in Washington. Timo will probably show that there has been a mixturo of rascality and blundering honesty in the government of this vast institution, and that the result has been an enormous fraud on the frood people. To any that such a disolosure is sad and shocking is a mild use of language. The very best of the colored mon and womon, those who have boon industrious and thrifty, will 800 their little hoards swept away into the pockets of gamblora and speculators; and it will be no wonder if they ooncludo that honesty does not pay after all, especially when brilliant and successful political careers are followed by nogro adventurors in the South who pretend to no virtuo and confess to no shamo. Our Now York dispatch asserts that the bank authorities in that city will resist any attompt to throw it into bankruptoy, except on the petition of one-fourth the creditors in all tbo thirty-four branches. This position is perhaps not worth considering in its legal aspect, but it may servo to place in a strong light the apirit in which the affairs of tho Freedman's b Bank have been and are being conducted.

12. July 16, 1874 The Weekly Clarion Jackson, Meridian, MS

Article from The Weekly Clarion, July 16, 1874

Click image to open full size in new tab

Article Text

The Freedman's Savings Bank. No event more unfortunate has recently occured than the suspension of the Freedman's Savings Bank. We had hoped from the earnest assurances of Frederick Douglass, in his letter to the Herald, that the band was only in temporary embarrassment, that the assets far exceeded the liabilities, and that in a little time, with care and patience and prudence, all would be well. Now we learn that the business has suspended, that many of the poor, ignorant depositors are selling their pass books for a large discount, and that the Bank Examiner thinks the assets will pay ninety-three cents on a dollar to depositors. This will be a loss of seven per cent. on the principal alone-not as much as we feared, but more than, under the circumstances, should be incurred. The whole business is very paniful, and although we do not have much confidence in investigations, we should like to see this corporation thoroughly scrutinized.-N. Y. Herald.

13. July 16, 1874 New-York Tribune New York, NY

Article from New-York Tribune, July 16, 1874

Click image to open full size in new tab

Article Text

WASHINGTON NOTES. WASHINGTON, Wednesday, July 15, 1874. The Treasurer has decided that the National banks will be permitted to make good the amounts charged to the five per cent fund for the redemption of their notes by remittances of National bank notes, thus saving the expense of remitting legal-tender notes from the Treasury Department in return for the bank notes redeemed, and of the return of legal tenders by the banks to make good the five per cent fund. The first deposit of five per cents must, however, be made in legal tenders in all cases. The Attorney-General has decided that the act of June 22, 1874, to amend the Customs Revenue laws and to repeal moieties, does does not repeal Sections 11, 12, and 15 of the act of July 18, 1866, which provide the mode of proceedings by collectors in cases of seizure not exceeding in value $500, and also that the act of 1874 does not forbid the receipt of moneys voluntarily tendered in payment of penalties under the Customs Revenue laws in cases in which no criminal offenses are condoned. The Post-Office Department has ruled that the clause in the section of the Post-Office bill delaying the time for the prepayment of postage on newspapers to be till January does not cover the clause in relation to public documents, so that from this time forward bound public documents can be sent from Washington for 10 cents each without regard to size, and all unbound documents at the rate of two cents per pound. The suspension of the Freedman's Savings Bank, which retains the savings of many industrious colored persons, 18 the chief subject of conversation among them. Three deaths have resulted indirectly from the suspension, the victims being women who went into a state of imbecility and collapse at the loss of their savings. Articles for detailed regulations for carrying into effect the postal convention between the United States and Japan were executed to-day at the Post-Office Department between the Postmaster General and Giro Yano, the Japanese Chargé d'Affaires ad interim. The sum of $432,264 in National bank notes was received at the Treasury to-day for redemption, making a total amount received to date of $4,112,903. The receipts from internal revenue to-day were $216,247.

14. July 16, 1874 The Weekly Clarion Jackson, Meridian, MS

Click image to open full size in new tab

Article Text

The Freedman's Savings Bank. The latest report is that the mother Freedman's Savings Bank which has its head-quarters at Washington, and its affiliated branches all over the Union, will be able to pay ninety-fivece in the dollar on its liabilities. This is a better showing than was apprehended when it suspended payment. This institution is an offshoot of the defunct Freedman's Bureau, and was established under pretence of a safe and profitable investment of the earnings of thrifty and industrious class of colored people who have been outrageously swindled while the sanctified knaves who originated and managed the concern, have accumulated fortunes.

15. August 5, 1874 New-York Tribune New York, NY

Article from New-York Tribune, August 5, 1874

Click image to open full size in new tab

Article Text

CURRENT TOPICS AT THE CAPITAL. REPORTS REGARDING THE RESIGNATION OF ATTORNEY-GENERAL WILLIAMS UNFOUNDED WASHINGTON, Tuesday, Aug. 4,1874. Reports having been circulated to the effect that Attorney-General Williams would tender his resignation on account of the refusal of Congress to enact certain laws recommended by him in regard to the reduction of expenses of United States Marshals in some Southern judicial districts and for other causes, is can be stated, on the authority of the General himself, that nothing has passed between him and the President on the subject. It is true that the Attorney-General did recommend certain legislation at the last session of Congress, which would have reduced the expenses of many judicial districts of the South, but as Congress did not deem it expedient to enact such laws, the AttorneyGeneral does not hold it to be sufficient cause for him to tender his resignation. As to the rumor regarding his probable appointment to the Russian Mission, he states that no word has passed between himself and the President in regard to that subject, and that he has never given to it a thought, and, so far as he knows. the President has no idea of using his name for that office. Judge Williams further states that, while he has no particular desire to hold office, he will remain in the Department of Justice, and-that his relations with the President are as pleasant now as they were a year ago. six months ago, or at any other time since he accepted the position. AWARD OF CONTRACTS FOR INDIAN SUPPLIES. Awards were made to-day for supplies for the Indians in New-Mexico and Arizona, as follows: T. Smith of Kansas, beef for Arizona Agencies at per cwt.; flour for Chutcuhua Agency at $5 per cwt. John S. Chisurn of New-Mexico, beef for Southern Apaches at 219; beet for Mescalero Apaches at $1 98. Lewis Rosenbaum of New-Mexice, sugar for Camp Apache at 22c. and coffee for do., at 39c. per pound. L. Spreigelburg of New-Mexico, flour for the Mescalero Agency at $5.44 per cwt. P. Knox of New-Mexico, flour for the Southern Apaches at $5 20 per cwt. J. I.Barney of Arizona, flour for the Colorado Agency at $5 per cwt;; sugar for the Chuicuhua Agency at 23c.; sugar for the San Carlos Agency at 23c.; coffee for the Colorado Agency at 25c., and for the San Carles and Chuicuhua Agencies at 30c. per tb. E. N. Fish of Arizona. flour for the San Carlos Agency at 37. L. M. Hevring of NewMexico, flour for Camp Apache at $6 65 per cwt. THE FREEDMAN'S SAVINGS BANK COMPLICATIONS. The Commissioners of the Freedman's Bank are not having as smooth a time as they anticipated. Not many days ago they directed the sub-agencies in all the States to transmit what funds they had on hand to the parent bank here, with a view to accumulate the assets and declare a pro rata dividend. The responses come in slowly. In many instances the Commissioners have been informed that the depositors in the cities where the subagencies are located are unwilling that the funds should be sent to Washington. This new trouble only adds to the complications of the suspended bank, and may delay, not only dividends, but an actual knowledge of the condition of the institution for many weeks to come. THE ALLEGED LIBEL AGAINST CONGRESSMAN PLATT The paragraph printed in the Sunday newspaper in this city, to which Congressman Platt of Virginia took exceptions and caused the arrest of the writer, was inspired by certain documentary evidence placed in his possession, which charged that Mr. Platt had an equal interest with the sutler at Andersonville, Ga., while he himself was a Federal prisoner at that post. Mr. Platt emphatically denies the charge, and feels confident that it with he can disprove overwhelming testimony arrested in any court of justice. To-day the editor, who was on Sunday, was taken before the Police Court, where he waived an examination. His bail was reduced to $3,000, and the prisoner discharged for further hearing.

16. August 7, 1874 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, August 7, 1874

Click image to open full size in new tab

Article Text

THE FREEDMAN'S SAVINGS BANK COMPLICATIONS.-The Commissioners of the Freedman's Bank are not having as smooth a time as they anticipated. Not many days ago they directed the sub-agencies in all the States to transmit what funds they had on hand to the parent bank here, with a view to accumulate the assets and declare a pro rata dividend. The responses came in slowly. In many instances the Commissioners have been informed that the depositors in the cities where the sub-agencies are located are unwilling that the funds should be sent to Washington. This new trouble only adds to the complications of the suspended bank, and may delay not only dividends, but an actual knowledge of the condition of the institution for many weeks to come.- Washington telegramNew York Tribune.

17. August 8, 1874 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, August 8, 1874

Click image to open full size in new tab

Article Text

THE FREEDMAN'S SAVINGS BANK-The Washington correspondent of the New York Tribune says: "The Commissioners of the Freedman's Bank are not having as smooth a time as they anticipated. Not many days ago they directed the sub-agencies in all the States to trausmit what funds they had on hand to the parent bank here, wth a view to accumulate the assets and declare a pro rata dividend. The responses come in slowly. Iu many instances the Commissioners have been informed that the depositors in the cities where the subagencies are located are unwilling that the funds should be sent to Washington. This new trouble only adds to the complications of the suspended bank. and may delay, not only dividends, butan actual knowledge of the condition of the institution for many weeks to come."

18. August 31, 1874 The Wheeling Daily Register Wheeling, WV

Article from The Wheeling Daily Register, August 31, 1874

Click image to open full size in new tab

Article Text

Freedman's Savings Bank. The sixty days' notice at the Freedman's Savings Bank expired vesterday, but affairs remain unchanged and business it still suspended, The commissioners to wind up its affairs are busily engaged collecting the assets and loans of the bank. They declare that when 20 per cent is collected It dividend will be paid indepositors.

19. January 8, 1875 The True Northerner Paw Paw, MI

Article from The True Northerner, January 8, 1875

Click image to open full size in new tab

Article Text

The Freedman's Bank Swindle. The reports which have been current so long regarding the desperate condition of the affairs of the bankrupt Freedman's Savings Bank are more than confirmed by the report of the Commissioners appointed to liquidate them. It would have been less cruel to the depositors had the full truth been told long ago. It has been apparent during the past six months that there was no hope for the unfortunate depositors, and, notwithstanding this fact, the truth has only been partially told at long intervals, the policy of letting down easy having prevailed. The negroes of the North and South who had intrusted their little savings to the cormorants who managed the bank, have thus been kept in a state of alternate hope and despair, now expecting to receive their money, and again doomed to disappointment; while all the time it must have been apparent to the Trustees that there was no hope for the victims. The developments made by the Commissioners show that the main cause of the collapse of this bank was not the panic, but the corruptions and mismanagement of the bank officials. The assets show that the President of a Washington club-house got $28,500, secured by law. Howard had $75,000, to that uneasy very University creditable and it seat is not of learning that the debt was secured by college property of little value. One man had $2,000 secured by the stock of a bankrupt manufacturing company in Maryland. Some of Jay Cooke's friends got several thousand dollars without giving any collateral whatever. District of Columbia officials and conobtained loans amounting tosevupon which had no tractors eral laterals hundred thousand dollars estimable value. colF. A. Dockray, an adventurer, got $6,514 out of the bank on a security of $10,000 of the bonds of Fremont's showy bubble, the Memphis and E Paso Railroad Company, which recently got the latter into trouble in Paris. Thus the list of assets reads to the end of the chapter-reckless waste, corrupt management, and moneys loaned out without security. The assets which were without collateral were as good as those with collateral, and neither were good for anything. The liabilities of this bank and its Southern branches were almost exclusively to negroes.-Chicago - Tribune.

20. January 29, 1875 The Albany Register Albany, OR

Article from The Albany Register, January 29, 1875

Click image to open full size in new tab

Article Text

The Freedman's Bank Swindle. The reports which have been current so long regarding the desperate condition of the affairs of the bankrupt Freedman's Savings Bank are more than confirmed by the report of the Commissioners appointed to liquidate them. It would have been less cruel to the depositors had the full truth been told long ago. It has beeb apparent during the past six months that there was no hope for the unfortunate depositors, and, notwithstanding this fact, the truth has only been partially told at long intervals, the policy of letting down easy having prevailed. The negroes of the North and South who had intrusted their little savings to the cormorants who managed the bank, have thus been kept in a state of alternate hope and despair, now expecting to receive their money, and again doomed to disappointment; while all the time it must have been apparent to the Trustees that there was no hope for the victims. The developments made by the Commissioners show that the main cause of the collapse of this bank was not the panic, but the corruptions and mismanagement of the bank officials. The assets show that the President of a Washington club-house got $28,500, secured by law. Howard University had $75,000, and it is not very creditable to that uneasy seat of learning that the debt was secured by college property of little value. One man had $2,000 secured by the stock of a bankrupt manufacturing company in Maryland. Some of Jay Cooke's friends got several thousand dollars without giving any collateral whatever. District of Columbia officials and contractors'obtained loans amounting toseveral hundred thousand dollars upon collaterals which had no estimable value. F. A. Dockray, an adventurer, got $6,514 out of the bank on a security of $10,000 of the bonds of Fremont's showy bubble, the Memphis and E Paso Railroad Company, which recently got the latter into trouble in Paris. Thus the list of assets reads to the end of the chapter-reckless waste, corrupt management, and moneys loaned out without security. The assets which were without collateral were as good as those with collateral, and neither were good for anything. The liabilities of this bank and its Southern branches were almost exclusively to negroes.-Chicago Tribune.

21. May 6, 1875 The Stark County Democrat Canton, OH

Article from The Stark County Democrat, May 6, 1875

Click image to open full size in new tab

Article Text

IT is given out from Washington that the Commissioners of the Freedman's Savings Bank have $300.000 in the United States Treasury, but that it will require $600,000 to pay a dividend of 20 per cent. There is no probability that the other $300,000 will be raised so as to make this first dividend, and the $300, 000 will be principally eaten up in expenses, during the period of delay. It is also stated that some depositors are selling their bank books at ten cents on the dollar, preferring that to wait any longer and run further risks. The depositors may indeed consider themselves fortunate if they getten cents on the dollar for their deposits. The probability is that they will lose all, for there are numerous debts of the institution that take precedence of the sums due to depositors. There may come a time when the men who have so wronged the Freedmen will be brought to account, and compelled to disgorge. Let depositors cease to petition Congress in relation to re-imbursement for their losses, and ascertain just who were the secret managers of the concern, and bring their actions against them for recovery. The law affords them ample remedies against the men who have wronged them, if they can as certain who the latter are,

22. June 17, 1875 National Republican Washington, DC

Article from National Republican, June 17, 1875

Click image to open full size in new tab

Article Text

Special Term-Judge Wylie. This court made the following orders yesterday: Plant VF. Davis. Restraining order continued. Sawyer VS. Hunt. Decree for a new conveyance. Grant VE. Freedman's Savings Bank. Order appointing J. B. Wilson receiver. Richie VS. Shoemaker. Order confirming trustee's sale and of reference to auditor. Kaufman VS. Eaton. Decree appointing trustee to make release. Wallack V8. Wallack. Order to file bill of revival. Alexandria and Washington Railroad Company VS. Wilkes et al. Case continued until July 15, with leave to amend pleas. In re Philip Nolan. Order appointing W. H. A. Wormley committee of alleged luuatic. Phelps VS. McDowell. Case argued and submitted. Gross VE. Barrick. Order for issue of restraining order. Haase VE. Haase. Order for appearance of absent defendant. Hough VS. Tait. Order confirming trustee's report. McNamara VS. Blumenburg. Order discharging restraining order. Adjourned.

23. October 8, 1875 The Emporia News Emporia, KS

Article from The Emporia News, October 8, 1875

Click image to open full size in new tab

Article Text

ti NEWs BY TELEGRAPH. SI tl Condensed Summary or Telegraphic et Reports in the Daily Papers. tl TUESDAY, SEPT. 28. P The late tornado on the Texas coast F destroyed the town of Matagorda, exT cepting four houses, 20 hours were S blown down at Columbia. Many planS tations were devastated, and thousands c of horses and cattle drowned. Ships P were left high and dry miles inland. H Two men near Wellsville lost 3,000 " cattle.-The Arkansas editorial party d started from St. Louis, to return next a Sunday.-The commissioners at Red o Cloud agency are still trying to make a treaty with the Indians, but the latter are not allowed to come within 200 yards of the commissioners.-Spinners at Fall River, Mass., keep going to 00 work, and the strike is evidently soon to collapse.-Lnmber yard of Holmes & Co., and planing mill of F. A. Fathsam, St. Louis, burned. Loss, $32,000.-Destructive floods in the city of Cork, Ireland, and other places in both Ireland and Scotland.-Minister Washburne and others in Paris form an association to erect a centennial monument on Long Island, in 1876.-No. 2 wheat in St. Louis $1.64; No.3, $1.27. Corn 52c. Oats 37c. Prairie hay $9.50. WEDNESDAY, SEPT. 28. Charles H. Hall, leading editor of the Chicago Inter-Ocean, removed from office of U.S. custom appraiser, without any charges against him, and he publishes a letter charging Sec. Bristow with covering up trauds in the 8 New York custom house.-An extra it fast express train put on the Lawrence 18 & Western railroad to bring the easte ern mails to Lawrence, Ks., two hours 19 quicker.-Editorial excursion party to Arkansas arrive at Little Rock, and have a grand reception.-The The Jagy gar Iron Company blast works, Albany, N. Y., falled. The works lost to 56,000. National railroad convention e to be held in St. Louis, Nov. 23.-Gold o and silver mines in McDonald county, is in southwest Missouri.--Vice President Wilson chosen president of the Masa sachusetts Republican convention, re48 fuses to be a candidate for governor, to and makes a hard money speech.08 Nearly 2,000 white outlaws in the Inot dian territory.-Wm.S.Miller,a leading a manufacturer of Carrolton, III., shot himself dead on account of financial ntroubles.-Rev. Dr. Proteus, late pasetor of All Souls' church of Brooklyn, ts drowned near Glen cove, N. Y.-Train a of railroad laborers thrown from the 10 track near Saul, Quebec, and 11 killth ed and 35 wounded-Gold 1.17½/4. ithursday, SEPT. 30. il Fall River, Mass., mills all at work, he and the strike ended.-Third Avenue or Savings Bank, N. Y., failed. Its de11, posits amounted to $1.340,000, and it ut will pay 50 to 75 per cent.Indian ad commissioners give up trying to buy at the Black Hills.-Smuggler wins the istallion race for $2,000 at Beacon Park, rBoston, Thomas Jefferson straining a F. tendon in his hind leg during the secn. ond heat. Time 2:25%; 2:28; 2:40.ad Coal mine explosion at Hickeyville, ng Pa., killing three and wounding four at miners.-W. S. Wood, president of the 8Greenfield, Ind., manufacturing estabke lishment, suicided, having forged notes and taken out several life insurance er policies.-Wilbur carriage factory at tSandy Hill, N. Y., burned. Loss $70,r000. Freedman's savings bank of se Washington, will pay 20 per cent. of ria audited claims.-No. 2 wheat in St. th Louis $1,65 to $1.85c No. 3 $1.28%. Corn 571/6c. Oats $37c. nd FRIDAY, OCT. 1. = ly The stealings of Pinney, defaulting ad clerk of the navy department, are esrtimated: at $5,000,000.-Shepard, Hall sis & Co., lumber dealers in Boston, fail -4 for $1,500,000. Boston banks had $1,000,000 of their paper.-Ex-Postmas& ter Arnhold, of St. Joseph, Mo., is ill charged with having pocketed $3,800, is the rent of the news stand in the postus office there, which rent belonged to the as government.- Paymaster Spaulding, in of San Francisco, is a defaulter to a in large amount.-The other goll banks to in California which suspended after rts the bank of California did, are to rehsume this week.-It is settled that the arbank robber lately killed in Kentucky, us. was Thompson McDaniels.-The election of Dr. McLaren, as bishop of IIIng ald inois, has been confirmed by the Ohio diocese.-Explosion of evaporators at ria the Louisville coffin works burned Eli be Johnson and Henry Yeager 80 they for will die, and injured two other men, nt and did $13,000 worth of damage.ate Van Wert, Ohio, woolen mill burned. be Loss $35,000.-The conductor and enns gineer of a Chicago & Rock Island orrailroad to stand train trial held in $3,000 bail each,