2002. Freedmans Savings & Trust Company (Washington, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
January 18, 1881
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
6c22145a

Response Measures

None

Description

Articles (Jan–Aug 1881) describe legislative and Commissioner actions to close up Freedman's Savings & Trust Company, notices to depositors to present claims and receive dividends, and a bill authorizing purchase of the bank property. No article describes a depositor run; the bank is in receivership/being wound up by government action (act of Feb 21, 1881). Classified as suspension_closure (suspension with permanent closure/receivership).

Events (4)

1. January 18, 1881 Other
Newspaper Excerpt
the bill to authorize the Secretary the Treasury to purchase the of bank's property passed the Senate yesterday. It fixes the maximum price $250,000 ... to provide for the purchase of the Freedman's Bank property by the United States.
Source
newspapers
2. February 21, 1881 Suspension
Cause
Government Action
Cause Details
Congress enacted law (Feb 21, 1881) authorizing government action to wind up the Freedman's Savings & Trust Company; Commissioner appointed to close affairs and pay depositors; notices to present claims and apply for dividends issued thereafter.
Newspaper Excerpt
as provided in the act of February 21, 1881.
Source
newspapers
3. March 14, 1881 Other
Newspaper Excerpt
OFFICE OF THE COMMISSIONER OF THE FREEDMAN'S SAVINGS AND TRUST COMPANY... Notice is hereby given to the Depositors and Creditors ... that all claims must be presented ... on or before AUGUST 24 1881 ... JNO. JAY KNOX, Commissioner.
Source
newspapers
4. July 28, 1881 Other
Newspaper Excerpt
OFFICE OF THE COMMISSIONER OF THE FREEDMAN'S SAVINGS AND TRUST CO., WASHINGTON, D.C., July 28, 1881.-Notice is hereby given to all depositors and other creditors ... that all claims ... must be presented ... on or before August 21, 1881 ... JOHN JAY KNOX, Commissioner.
Source
newspapers

Newspaper Articles (5)

Article from National Republican, January 18, 1881

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not submit to wrong because of this fixed truth. The Fourth of March. The inauguration of a President of the the United States is an event to which attention of the whole civilized world is attracted, and the ceremonies attendant all thereupon are of absorbing interest millions to citizens of our Republic of fifty Disof people. To the residents of the trict of Columbia it is a National occurrence of peculiar importance, as within thouits borders gather thousands upon sands of people from all sections of our common country to witness and take part a in the inauguration proceedings. It is is gala day for the Nation's Capital, and source of large revenue to all classes The of business interests in Washington. coming inauguration on the 4th of March will, without doubt, be witnessed citi- by far larger assemblage of American a zens at their National Capital than ever before gathered here upon a similar occasion. This unprecedented large influx of visitors, whose attendance is already assumed, is due in a very large measure to the efforts made by the inauguration who committee of citizens of the District, have taken steps to provide attendant the attractions and entertainment for avalanche of visitors to an extent commensurate with the importance of the occasion. To do this in a proper manrequires a large temporary expenditure ner of means, and every resident libof the Capital can afford to subscribe erally to the request of the committee, the as the returns in a thousand ways from expenditures of our visitors will reimburse a hundred-fold. Our reputation as at of the Nation's Capital is our business interests are stake; inhabitants directly citizens involved, and should prompt our the to stand by the committee and make coming inauguration a success which will redound to the credit and enterprise of ever the Capital of the Republic. Fellowcitizens, subscribe liberally, for there must be no such word as fail Senator Bruce and the Freedman's Bank. Senator Bruce has done well in the discharge of the duties assigned him as chairman of the Select Committee on the Freedman's Savings and Trust Company. At the last session he reported two billsthe offices of the three who receive one commissioners, to abolish $3,000 nominal, each annum for duties merely and per to substitute in their stead the Comptroller of the Currency at a compensation of $1,000, and the other to provide for the purchase of the Freedman's Bank property by the United States. The bill to abolish the commissioners was acquiesced in, it is understood, by two of them. It passed the Senate at the last session, and rests upon the Speaker's to table. A friendly paper-weight is said it down. Whenever the Democratic will press House sees fit to pass it, $8,000 a year due toward the discharge of the debts the depositors. The bill to authorize the Secretary the Treasury to purchase the of bank's property passed the Senate yesterday. It fixes the maximum price $250,000. The property embraces is at not only the bank building (which but 62 feet front), but all the land between that and Fifteenth-and-a-half street. The frontage on Pennsylvania avenue is 186 feet 10 inches, and on Fifteenthand-a-half street (opposite Lafayette Square) of 136 feet; total area, 23,121 feet. On Fifteenth-and-a-half the square street the property extends back to Commissary Department quarters. If the House will pass this the unfortuñate freedmen can have the $250,000 thepayment of their claims against the bank. Senator Bruce is entitled to praise for his exertionsin this business, and we hope both bills may speedily pass the House. IT falls to the lot of Washington people


Article from Chicago Daily Tribune, February 24, 1881

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SEXATOR BRUCK'S bill to abolish the Board of Managers of the affairs of the Freedmun's Savings & Trust Company Is now before the President nwaiting signature. The bill makes the Controller of the Currency a Commissioner of the bank, with-authority to close up Its affairs, and to pay depositors as fast ns It can be done out of the assets of the bank. The success of Senator Bruce's labors In behalf of the Freedman's Bank revives interest In the fate of that III-starred concern. Messrs. Creswell, Leopold, and Purvis still comprise the Board of Managers, nt n cost of $9,000 per annum, each drawing n salary of $3,000 for doing absolutely nothing. Creswell and Purvis do not pretend to have rendered any services for the six years they have received this large salary out of the slender remant of the assets remaining to the credit of the misguided blacks who made the bank the depository for their small savings. By the now law. Controller Knox is to receive $1,000 a year, n clear saving of $8,000, to say nothing of the clerical salaries, which will also be cut off. When Mr. Hayes signs this bill it will discontinue the present Board, but at this moment they still draw their salnries with great regularity. The aggregate of the cost of managing the of fairs of this bank sluce the appointment of the Board of Commissioners is 83H,044. Of this, $50,000 has gone for Commissioners' salaries alone, and 831,000 for attorneys' fees. a Senator Bruce says that 30 per cent of divldends have been declared already, and it Is hoped that a further and tinal dividend of 20 per cent can be declared, reducing the net o loss of the depositors to a million and a half dollars. This will be possible, he thinks, If the or Government will buy the Freedman's Bank building and property. The bank building is now occupied by the offices of the Departof ment of Justice, and the grounds extend out r. to the street facture on Lafayette Square, run-


Article from Evening Star, May 27, 1881

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SPECIAL NOTICES. SPECIAL NOTIOE.-TH members of the SENIOR CLASS of the Columbian Law College are notified that the announcement of the result of the examinations will be made on TUE3DAY NEXT, the 31st instant, at 5 o'clock p.m. It WM. STIOKNEY, Secretary. CHARITY SERMON.-Rev. H. MAGEVNEY, S J., who presched such an eloquent sermon at Et Aloysius' Church on Easter Sunday, will deliver a sermon at 11 o'clock Mass on SUNDAY, May 29, at the same church, uader the anspices of the St. Vincent de Paul Conference, for m27-29 the benefit of the poor of the parish. WE, THE UNDERSIGNED GROCERY MERCHANTS, agree to close our re-pecrive places of business, positively, at 11 d'elect 8 arp. on MONDAY, May 30 (Decoration Day): Home, o eary & Co., Barbour & Hamileon. Frank Hume G. G. Cornwell, J o Erg. od & Co, B. W. Reed's sons, N. H. Shea. m27-2t* THE UNDERSIGNED BANKS AND BANKERS, desiring to suspend business as far as practicable on the 30th of May (Decoration Day), respectfully request all persons having paper maturing on that day to provide for the payment of the same on SATURDAY. May 28. George H. B. White, Cashier National Metropolitan Bank: Thos. C. Pearsall, Cashier Citizens' National Bank: Middleton & Co, H D. Cooke. & Co., B.P. Snyder. Treasurer National Savings Bank: J. H. Equier & Co., Riggs & Oo., Lawis Johnson & Co., C. A. James. Cashier Bank of Washington: J.A. Ruff, Cashier Central National Bank: Daniel B. Clarke, President National Bank of the Republic; H. C. Swsin. Cashier Second Na tional-Bank; Wm. Laird, ir., Cashier Farmers and Mechanics' National Bank of Georgetown, D O. 1t NOTICE.-The annual meeting of the Lot Holders of Oak Hill Gemetery Company will be held in the office of the company at the Cometery, on MONDAY, June 6th, at 5 p.m., for the purpose of electing a board of managers to serve for the ensuing year. By order m25-eotd JAS. GORZLER, Secretary. THE ANNUAL MEETING OF THE Stockholders of the East Fairmount Gas, Coal and Core Company will be held at the Office of Cummings & Baker, No. 1411 F street northwes', FRIDAY, June 3, at o'clock v.m. m23-10t JAMES E. BELL. Secretary. WASHINGTON, D. C, May 21st, 1881 SPECIAL NOTICE- To the Stockholders of the NATIONAL FAIR ASSOCIATION:You are hereby notified that an Election will be held on MONDAY, May 30th, 1881, bet ween 2 and o'clock p. m., at Room 277, National Hotel, (entrance on 6th street,) to fill a vacsney in the Board of Directors. owing to the designation of W. M. Galt. Esq. By order of the Board m21-1w OHAS. U. DUNCANSON, Sec. HAMILTON & SHEDD FLUMBING, TINNING. GAS FIXTURES. SLATE MANTEL LATROBES. RANGES AND FURNACES. All binds of Job Work in our line promptly attended to. HAMILTON & SHEDD, ml4 409 9th street. GAS FIXTURE+-E F. BROOKS, wish Mitchell, Vance & Co's goods and a quarter of a century practical experience. I can meet all compet. tion and sell at LOWEST RATES. Immense stock. Fine selection. Retort-Gas Stoves. reduced rates. E. F. BROOKS, m7 531 15th street. EUREKA SPRINGS WATER, (from Arkaneas.) Summit Deep Rock, Geyser, (Saratoga,) Bethesda, Blue Lick. Bedford, Salurian, Michigan Congress Water. and other natural waters, freshly received, and for sale on draught at MILBURN'S PHARMACY, m5 1429 Pennsylvania ave. NOTICE The undersigned having opened his New Store at 1419 NEW YORK AVENUE, with a well selected stock of BUILDERS' AND MISCELLANEOUS HARDWARE, CUTLERY, TOOLS, &C., respectfully invites his friends and the public to give him a call. ap27-2m JAMES B. LAMBIE. OFFICE OF THE COMMISSIONER OF THE FREEDMAN'S SAVINGS AND TRUST COMPANY, WASHINGTON, D. O., March 14, 1881. Notice is hereby given to the Depositors and Creditors of the FREEDMAN'S SAVINGS AND TRUST COMPANY that all claims must be presented, and all dividends heretofore declared applied for, at this office, on or before AUGUS 24 1881, or they will be barred, and the amounts distributed among the other creditors of the Company. as provided in the act of Febrasry 21, 1881. Depositors who have not already received dividends should immediately forward their books by mail or express, or through some responsible bank or banker, accompanied with their address. mar12 JNO. JAY KNOX, Commissioner.


Article from Evening Star, August 17, 1881

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al7-2t Secretary. CHEAP COAL AND WOOD FOR THE SEASON OF 1881 AND 1882. The ROCHDALE CO-OPERATIVE SOCIETY has developed the best scheme of co-operation at present attainable in the District of Columbia. It has just completed a very advantageous contract to supply its members with Coal and Wood from the present to April 30, 1882. In addition to this, it has other very valuable contracts with the most reliable business firms in the city for Books and Stationery, Boots and Shoes, China and Housefurnishing, Men's and Boys' Clothing, Cutlery and Jewelry Repairing, Dentistry, Drugs and Medicines, Ladies' Dry Goods, Education. Furniture and Carpets, Groceries and Provisions, Plumbing, Gent's Furnishing, Hardware, Hate, Furs, Ice, Insurance, Livery and Carriages, Meats, Milk, Musical Instruments, Optical do., Oysters, Paints, Oils, Glass, Paper Hangings, Tobacco and Cigars. In fact, everything needed by individuals or families, at greatly reduced prices, saving from $25 to $100 per annum. Cards of membership can be had from any of the original members, or of the Secretary, for $1, and a yearly subscription of 25 cents. The Society is not running any stores, has no liabilities, no debts, and is square with the world. The following-named sentlemen will receive orders for Coal and Wood until October 1, 1881: Andrew Glass, Agricultural Department, 1354 C street southwest; C. S. Trevitt, Secretary's office, Treasury Department, 1335 U street northwest; E. O. Leecn, Mint Bureau, Treasury Department: John Corson, Quartermaster General's Office, 1734 14th street northwest: J. E. Reynolds, Treasurer's office, Treasury, 717 North Carolina avenue southeast; Smith Thompson, Adjutant General's office, 1005 E street northwest; J.W. Harsha, Treasurer's office, Treasury. 905 H street northwest; H. W. Smith, Quartermaster General's office, 631 F street southwest: Abner T. Longley, Agricultural Department, 806 A street northeast; A. N. Meeker, Bureau Engraving and Printing, 508 4th street southeast, and JOHN COOK, Secretary, Fourth Auditor's office, Treasury, 618 12th street northwest. al6 WASHINGTON GROVE CAMP MEETING, will commence THURSDAY, AUGUST 11TH, and close WEDNESDAY, AUGUST 24TH. Trains will leave B. & O. Depot for Camp at 8:10, 8:40 a. m.. and 4:45, 6:05 p. m. Returning, will leave Camp at 7:21, 8:44 a. m., 3:38, 6:28 p.m. al0-12t Round Trip Tickets, 80 cents. OFFICE OF THE COMMISSIONER OF THE FREEDMAN'S SAVINGS AND TRUST CO., WASHINGTON, D.C., July 28, 1881.-Notice is hereby given to all depositors and other creditors of the Freedman's Savings and Trust Company, who have not applied for the dividends heretofore declared, that all claims against said Company must be presented at, or forwarded to this office on or before August 21, 1881, or they will be barred, and the amounts distributed among the other creditors of the company, as provided in the act of February 21, 1881. Depositors who have not already received dividends, should immediately forward their books by mail or express, or through some responsible bank or banker, accompanied with their address. Depositors who have received the three dividendsalready declared should not forward their books until a further dividend is declared, of which due notice will be given. jy29-20t JOHN JAY KNOX, Commissioner. N. H. MILLER, Attorney-at-Law, Has removed his office to Rooms 6 and 8, Gunton Law Building, Louisiana avenue, near City Hall. jy25-3m EUREKA SPRINGS WATER (from Arkansas), Summit, Deep Rock, Geyser (Saratoga), Bethesda, Blue Lick, Bedford, Salurian, Michigan, Congress Water, and other Natural Waters, freshly received, and for sale on draught at MILBURN'S PHARMACY, m5 1429 Pennsylvania avenue. GAS FIXTURES. E. F. BROOKS, with Mitchell, Vance & Co.'s goods and a quarter of a century practical experience. I can meet all competition and sell at LOWEST RATES. Immense Stock. Fine selection. Retort Gas Stoves, reduced rates. m7 E. F. BROOKS, 531 15th street.


Article from The Dallas Daily Herald, May 16, 1882

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Work at the National Capital Yester day-The Various Subjects Legis. lated Upon by the Senate and House. Nominations of Interest to Texians Sent in by the President-An Unlooked for Confirmation. Stillwell H. Russell Arrested on Charge of Embezzlement- Robert G. Ingersoll His Security. Fluctuations of the Call Board-Necrological Record. The Trail of the Dublin Assassins Getting Faint. Other Foreign and Domestic News. Forty-Seventh Congress. SENATE. WASHINGTON, May -House Geneva award bill was tabled temporarily, the judiciary committee, which has jurisdiction of the subject, having already reported the bill: also, house bill for public buildings at Louisville, Kentucky Bills were introduced and referred as fot lows: By Mr. George (by request)-To aid in the construction of the railroad and levees of the Memphis & New Orleans railroad company Mr.Pendleton submitted from the committee on civil service, etc. a report to accompany the civil service reform bill. He said the formal statements made before the committee would be pre sented as addenda. Ordered printed. Mr. Morrill presented amendment to house bonded distillery spirits bill, in the Re form of a substitute for that measure. ferred to the finance committee House bill for the removal of the remains of the late Minister Kilpatrick from Chili New Jersey was passed. The Senate then listened to a speech by Mr Beck upon the house bonded distilled spirits bill. now in the finance committee, his pending resolution 10 gve the measure precedence of consideration hereafter, being taken up. Mr. Windom followed Mr. Beck in reply to an allusion of the latter to the of pending investigation of the doings whiskey men by a special committee of which Mr. Windom is chairman. Mr. Beck's resolution having served its purpose in calling attention to the subject, it was indefinitely postponed. Following are the amounts appropriated by the bill favorably reported: Public buildings at Jackson, Tennessee, $50,000; Newcastle. Delaware, $15,000; Council Bluffs, $10,000; Detroit, $60,000 Hannibal, Missouri, $75,000; Louisville, $500,000. A letter was transmitted from the com missioner of pensions inviting attention to the needed deficiency appropriation of $16,000,000 to meet the June payment of army pensions. After an executive session the senate ad journed The vote in the executive session on the of confirmation of Roland Worthington, the Boston Traveler as collector of customs of the port of Boston, was 38 ayes to 14 nays. The "nay' vote comprised eleven republicans and three democrats. HOUSE Under the call of states. the following bills were introduced and referred: Bv Shelley of Alabama- For the sale of public lands in Mississippi, and Louisiana to the New Orleans & Northeastern railroad company also to regulate the sale of coal and iron lands in Alabama. By Robinson, of New rk-Calling on the president for further correspondence with Great Britain in regard to American citizens imprisoned in Ireland. By Lynch. of M (ississippi- Amendatory of Federal election laws; also, to reimburse depositors of the Freedman's Savings and Trust company for losses incurred by fail ure of said company. Under the suspension of the rules the bill passed providing that no action for damages for infringement of patents shall be sustained for the use of any patented article or device when it shall appear on trial that defendant purchased such article for valuable consideration in open market. The speaker laid before the house message from the president transmitting a communication from the commissioners of pensions, calling attention to the fact that the deficiency appropriation of $16,000,000 to meet June payments of army pensions, 25th should be available as early as the inst., if practicable. Referred. Adjourned. NOMINATIONS? The president to-day nominated James L. McKee, of Texas to be marshal of the northern district of Texas: H. L. Gosling, of Texas marshal of the western district Texas J. C. Bigger, of Texas, attorney for the northern district of Texas; M. T Williams, of Tennessee, as marshal of the western district of Tennessee: William A. Maury, of the District of Columbia, assistant attorney-general of the United States. English and Irish Affairs. LONDON, May 15. The common council to-day decided to offer £500 reward for the conviction of persons guilty of placing the canister of powder on a railing of the Mansion house last Friday night. In the house of commons this afternoon Mr. Johnson, attorney general for Ireland, announced that the sub-inspector, who was in command of the police when the crowd fired upon at Ballina. some days ago, was during the rejoicing over the release been the suspects have of relieved from duty Parnell read letter which he wrote to Mr. O'Shea, home rule member for county Clare, before his release, which is to the effect that a reform of the land act in regard to arrears of rent, purchase and lease, are necessary and that on the completion thereof, the Land league would do all that was possible to suppress outrages in Ireland Forster asked 'Shea that the whole letter be read. then read a paragraph omitted by Parnell, stating that if the reforms specified were made, the Land-leaguers might act cordially with the liberals in the support of liberal principles. The reading was received with cheers from the opposition benches. The Central News Dublin dispatch says The police have discovered that the car in which the murderers escaped was hired by a stranger. from stable in the southern 8 part of the-city, and was returned about o'clock on the evening of the murder. They hope to be able to trace the driver. DUBLIN. May 15 The assausins dispersed when the car returned to the stable on the night'of the murder. The police merely suspect who the driver is. They have under surveillapce and he may be arman rested, but the detectives have no chance of bringing home his guilt unless an informer comes forward. Persons who witnessed the flight of the assassins have been shown the house and the suspected driver, but their