2018. Freedmen's Savings and Trust Company (Washington, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 6, 1879
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
a9b05050

Response Measures

None

Description

Articles (1879 and 1880) describe commissioners appointed to wind up the affairs, dividends paid, request that Congress purchase the building, and a Senate bill to reimburse depositors and direct sale of assets. No run is described; the bank was being wound up/placed in receivership by act of Congress — a suspension leading to permanent closure.

Events (3)

1. June 6, 1879 Receivership
Newspaper Excerpt
The Commissioners appointed under an act of Congress to wind up the affairs of the Freedmen's Savings and Trust Company report that, in addition to the 30 per cent. dividend heretofore paid, another dividend of 20 per cent. will probably be declared...
Source
newspapers
2. June 6, 1879 Suspension
Cause
Government Action
Cause Details
Commissioners were appointed under an act of Congress to wind up the company's affairs, indicating government-ordered winding up/suspension of operations.
Newspaper Excerpt
The Commissioners appointed under an act of Congress to wind up the affairs of the Freedmen's Savings and Trust Company...
Source
newspapers
3. April 13, 1880 Other
Newspaper Excerpt
A BILL FOR THE RELIEF OF FREEDMEN'S BANK DEPOSITORS. Mr. Bruce to-day Introduced a bill in the Senate to reimburse colored depositors in the Freedmen's Savings and Trust Company for losses sustained by the failure of the bank. The bill provides for the sale at public auction ... of all the real estate, personal property and assets of the institution ... and provides ... for the payment ... of the balances due to depositors ... $2,000,000 ... is appropriated by the bill for this purpose.
Source
newspapers

Newspaper Articles (2)

Article from The Jasper Weekly Courier, June 6, 1879

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Article Text

CURRENT NEWS. WASHINGTON. The Commissioners appointed under an act of Congress to wind up the affairs of the Freedmen's Savings and Trust Company report that, in addition to the 30 per cent. dividend heretofore paid, another dividend of 20 per cent. will probably be declared, making 50 per cent. in all. In order to enable them to do this, however, they ask Congress to purchase the Freedmen's Bank building in Washington, a large portion of which is now rented for Government offices, and a bill will soon be introduced for that purpose. The Commissioners have heretofore asked to be relieved from the duties imposed, and on submitting this bill, will reiterate that request. The President has nominated William J. Gilbraith of Iowa, Associate Justice of the Supreme Court of Montana; John F. Morgan of Illinois, Chief-Justice of the Supreme Court of Idaho; Norman Buck of Idaho, Associate Justice of the same court. A Washington dispatch of the 22d says: There is a decided disposition on the Republican side of the House to prevent the consideration of any general legislation after the disposal of the Warner Silver bill, and prominent members of the party said to-day there was no doubt but that all the Republicans would follow this course if an attempt should be made to take up any of the various other measures which have been reported by committees the present session other than those making appropriations for the Army and the Executive branch of the Government. To accomplish this, the Republicans will have to refrain from voting, which will leave the House without a quorum. The President has nominated Eugene Schuyler of New York, Consul General at Rome, and also the following Consuls: Judson A. Lewis, Sierre Leone, at that place; Wilson King, Pennsylvania, at Birmingham; Wm. F. Grinnell, New York, at Bremen; Alex. McLean, New Jersey, at Guayaquil. Supervising-Architect Hill, having been fully exonerated from the charges brought against him in connection with the construction of the Chicago Custom-house, has been reinstated in office. In reply to numerous inquiries, Secretary of Treasury Sherman states that the reason why he does not advance the price of refunding certificates is that the act of Congress makes it mandatory for him to exchange them at par for lawful money of the United States. If these securities, the Secretary says, could only be sold to actual investors in limited sums, it would be a wise disposition of them, and it is believed that a great majority do get into the hands of such people, but the Postmasters and other disbursing officers can not distinguish between real investors and those who buy to sell again. The Secretary of the Treasury on the 27th stopped the sale of $10 certificates in the large cities of the East. Up to this time $36,000,000 had been sold, and two-thirds of these east of the Alleghanies. The Secretary says he will try to get the remaining $4,000,000 into the hands of the people of the small Western towns until all are disposed of. Cincinnati, St. Louis and Chicago are to have but $40,000 worth a day. At a Cabinet meeting held on the 27th it was decided that Capt. Eads was entitled to the $500,000 payment for the depth of 25 feet in the Mississippi jetty, over which payment the authorities have been hesitating six weeks. The Cabinet has reached the conclusion that under the law the depth and width are secured, the payment is to be made and the only requirement as to the maintenance of depth and width is after 30 feet has been reached, for which $1,000,000 is to be held as security for a term of years. Holders of called bonds which mature before the first of July next, are requested by Secretary Sherman to send them to the Department for payment during the month of June. In this way holders of such bonds will receive payment for them with interest to maturity before the bonds mature. All United States bonds forwarded for redemption should be addressed to the Loan Division, Secretary's office, and all registered bonds should be assigned to the Secretary of the Treasury for redemption. WEST AND SOUTHWEST. The Iowa Democratic State Convention was held at Council Bluffs on the 21st. Judge H. H. Trimble was nominated by acclamation for Governor, the other nominees being J. V. Yeoman for Lieutenant-Governor, Reuben E. Noble, Supreme Judge, and Irvin Baker, Superintendent of Public Instruction. The resolutions indorse the action of Congress and denounce the President's vetoes; favor the substitution of Treasury notes for national bank notes and the abolition of national banks of issue; the reduction of the bonded debt as fast as possible.


Article from The New Orleans Daily Democrat, April 13, 1880

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Article Text

WASHINGTON NOTES. A Deputy Collector Seeks in Vain the Interference of the Revenue Bureau. WASHINGTON, April 12. - Deputy Collector Steward, of Farm county. Ga., reports to Collector Clark. of Atlanta who today telegraphed Commissioner Raum that H body of mounted armed men, headed by Webb Fludley, burned bis barn and st re on the seventh Instant. and fired on him and his son. wounding the letter. The commissioner replied by telegraph that such off 0808 are not against the Internal evenue laws. but the per petrators must be dealt wi h by State laws. He authorizes Clark to aid the State officers with his men. and to arrest the assailants If found to be Illicit dietillers. THE GOVERNMENT ASKED TO AID THE FOREIGN JEWS. A. 8. Solomons and Simon Wolf. representing the "Upion of American H-brow Congr gations," have pre-ented to the Secretary of State a remonstrance against the alleged cruel discrimination against Jew- In Rossia. and requested that the American Minister to Rus-in be instructed. If reporte are true, to protest against it in the name of religious freedom A BILL FOR THE RULIEF OF FREEDMEN'S BANK DEPOSITORS. Mr. Bruce to-day Introduced a bill in the Senate to reimburse colored depositors in the Freedmen's Savings and Trust Company for losses sustained by the failure of the bank. The bill provides for the sale at public auction. in Washington. within four months fr m the DASSage of the act. of all the real estate. personal property and assets of the Instintion. the procoods to be turned Into the United States Treasury: and provides. further. for the payment. six m nths after the passage of the bill, of the balances due to depositors, respectively $2.000.000, or 80 much as may be necessary. is aupropriated by the bill for this purpose. NOMINATION BY THE PRESIDENT. The President to day sent to the Senate the nomination of J M Bynum, of R'enzi, AS con sus supervisor of the first Mississippi district. THE CASE OF YEATES vs. MARTIN. The sub-committee of the House Election took up the CASO of Yeates VS. Martin, of North Carolina, and Mr. Southard bezan argument for contestant. RECEIVER CASE AND THE CARROLLTON BAILROAD A decision was rendered by the United States Supreme Court to-day In the case of Frank T. Case, receiver. vs. the New Orleans and Carrollton Railroad Company. The decree of the circuit court is affirmed with costs, this court, holding that the decree dismissing the former and a precisely similar suit, determined the merits of the case, and is a bar to recovery in the present action.