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53D
CONGRESS, }
HOUSE OF Rl:<}.PlWSENT.A.TIVES.
2d Session.
{ Mrs: Dou.
No. 2u.
ANNUAL REPORT
OF THE
COMMISSIONER
OF THE
FREEDMAN'S SAVINGS AND TRUST COMPANY
TO THE
SECOND SESSION OF THE FIFTY-THIRD CONGRESS
FOR
THE YE.AR ENDED DECEMBER 2, 1893.
W .A.SHINGTON:
GOVERNl\lEN'l' PRINTING OFFICE.
189 3.
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TABLE OF CONTENTS.
REPORT,
Page.
Letter transmitting report . . • • • . . • • . . . . . . . . . . . . • . . . • . • . . . • • • . . . • • • • • • • • • • • • .
Report submitted to Congress...............................................
Account current of Freedman'R Savings and Trust Company.................
Payments under act of February 17, 1883. ••••. •.. ••. . . . . . . . . .•.. .. . ... .•• •••
Barred claims and dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Legislation recommended...................................................
Assets collected ...................................·. . . . . . . . . . . . . . . . . . . . . . . . . .
Available assets ............................. ·... ... . .. . . . . . . . . . . . . . . . . . . . . ..
Outstanding checks ......................... ______ ..........................
APPENDIX.
Dividends declared.........................................................
Dividends paid.............................................................
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LETTER
'
FROM
THE COMMISSIONER OF THE FREEDMAN'S SAVINGS
AND TRUST COMPANY,
TRANSMI'ITING
Report for the year ended December 2, 1893.
DECEMBER
12, 1893.-Referred to the Committee on Banking and Currency WJ.d
ordered to be printed.
OFFI0E OF THE COMMISSIONER OF THE
FREEDMAN'S SAVINGS .A.ND TRUST COMPANY,
Washington, D. O., December 9, 1893.
Sm: I have the honor to submit herewith the repo1·t of the Commissioner of the Freedman's Savings and Trust Company for the yea.r
ended December 2, 1893, as required by law.
Very respectfully,
JAMES
Hon. CHARLES F. CRISP,
Speaker of the House of Representatives.
H. ECKEUl1
Ooinm·is&-wner.
15
H. 1'.lis. 1.-H
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FREEDMAN'S S.AVIN GS AND TRUST COMPANY.
OFFICE OF THE COMMISSIONER OF THE
FREEDMAN'S SAVINGS .A.ND TRUST COMP.A.NY,
Washington, D. C., December 9, 1893.
Sm: In compliance with the requirements of section 5 of the act
of February 21, 1881, I have the honor to submit for the considcrntion
of Congress the following report of the condition of the Freedmau'8
Savings and Trust Company for the year ended December 2, 1893:
ACCOUNT CURRENT,
Cash on hand December 5, 1892 . • • • • • • • • • • • • • • • • • • • • • • ••• •• • • • •• • • • • • • . $32, 182. 65
RECEIPTS,
By additional proceeds of Jacksonville, Fla., real estate .•.... $3,000.00
By additional collection on judgment at law against Scott
and Johnson............................................... 1,081.57
By dividends on capital stock of the Second National Bank of
Washington, D. C............................... . . . . . . . . . .
:t40. 00
By dividends on capital stock of the Detroit Car Loan Com•
pa.ny, held a.s collateral . • •• ••• ••• •••• •••••• ••••• ••••••••.•
60. 00
4,381.57
Tota.I.. • • • . • • • . • • • • . • • • • • • • • • • • • . • • • • . . • . . . . . . . . . . . . • . . . . . . . . . . . .
36, 564. 22
DISBURSEMENTS,
To salary of Commissioner. . . . . . . . . . . . . . . . . . . . . . . . . • • • ••• • • • •• . 1,000.00
To compensation of agent, rent, and office expenses............ 1,500.00
To attorney's fees in case of the Commissioner t18. Scott and
Johnson....................................................
300.00
·To printing annual report................................. . .. .
6. 32
To collection fee, proceeds of Jacksonville, Fla., real estate....
3.12
3. 09
To barred dividends, act of February 17, 1883, section I . . . • . • . .
To barred dividends, a.ct of Febrnary 17, 1883, section 2.... ••••
44. 26
- - - - $2,856.79
Cash be.la.nee December 2, 1893 .••••••••••••••••••••••••••••••••... 33,707.43
PAYMENTS UNDER AC'l' OF CONGRESS APPROVED FEBRUARY 17, 1883.
Five claims, amounting to $47.35, were presented aud paid during
the year under the provisions of the act of February 17, 1883, making
1,034 claims paid under said act, amounting to $10,616.52, and leaving
1,377 claims unpaid, calling for $6,864.58.
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FREEDMAN'S SAVINGS AND TRUST COMPANY.
BARRED CL.A.IMS AND DIVIDENDS.
Eight claims were presented for payment during the year, requiring $42.37 to pay the 62 per cent declared in dividends, making 234
claims, calling for $3,941.50, presented since l\fay 12, 1885, which claims
a.re barred under the act of Congress approved February 21, 1881.
The Commissioner has on hand sufficient funds to cover the balance
of $6,864.58, payable under the provisions of the aet of February 17,
1883, as well as the 234 claims, amounting to $3,941.50, presented for
payment since May 12, 1885, but barred by the act of February 21,
1881, and such other claims as are likely to be presented for payment,
should the limitation contained in section 8 of the act of February 21,
1881, be repealed. He therefore renews the recommendation of the
late Uommissioner for the repeal of said limitation by the passage of
the following bill:
A BILL authorizing the Commissioner of the Freedman's Savings and Trust Company to pay oeriain dividends barred by the act of February twenty-llrst, eignteen lmndred amt eighty-one.
Be it en.acted, etc., That the Commissioner of the Freedman's Savings and Trust
Company be, and he is hereby, authorized and directed to l)ay from the funds in his
hands available for that purpose, to all chtimants otherwise legally entitled thereto,
who have not yet received them, the sixty-two per cent in dividends heretofore
declared in favor of the depositors of said company, notwithstanding the limitation
for the payment of such dividends contained in section eight of an act entitled "An
act amending the charter of the Preedrnan's Savings Rllll Trust Company, and for
other purposes," approved February twenty-first, eighteen hundred and eighty-one.
ASSETS COLLECTED.
In the Commissioner's last report the expectation was expressed that
the courts would award a further sum then in controversy uetween
rival claimants in the case of the Commissioner vs. Leonidas Scott et
al. This expectation has been realized to the extent of $1,081.57,
which sum has been paid to the Commissioner and deposited in the
Treasury of the United States to his account.
In his report for the year ended December- 2, 1889, the Commissioner
called attention to the sale of the trust company's banking house at
Jacksonville, Fla., under a judgment for $5,186.77, recovered against
the company by one Jonathan Greeley, a11d stated that the property
was sold for the sum of $9,150, and after payment of the judgment,
costs, and expenses, the balance remaining in the sheriff's hands, to
wit, $3,450.59, was paid to the Commissioner. At the same time the
Uommissioner expressed the belief that the title to said property
acquired under the sheriff's sale was defective, and that the company
would yet realize a considerable sum from its equity in this property.
This belief' has been fully justified, as by a persistent refusal on the
part of the Commissioner to furnish the purchaser under the sheriff's
sale a quitclaim deed for a nominal consideration, the additional sum
of $3,000 has been collected from this source, notwithstanding the prior
total destruction by fire of said banking house.
The item of $289.85, heretofore reported among the available assets,
being the amount of deferred payments on the Lukin's plantation lots
in South Carolina, is no longer regarded as an available asset and will
not appear hereafter as sucl1. The Lukin's plantation, located on on_e
of' the Sea Islands in South Carolina, was acquired hy the trust company in foreclosure proceedings and was afterward subdivided into
lots. These loh, were sold to colored people on partial payments. The
havoc and destruction wrought on these islands by a recent cyclone
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FREEDMAN'S SAVINGS AND TRUST COMPANY.
has made it impossible for these people to make their payments,
and as ejectment proceedings would involve expenditures perhaps
equal to, if not greater, than the value of the delinquents' lots, it is
not deemed advisable to institute such proceedings.
The following schedule embraces the remaining assets of the trust:
AVAILABLE ASSETS,
Descri pt,ion.
Face valne. Estimated
proceeds.
Remarks.
Cash balance • . •. •. . . •• . . . . •• . . . • .. . . . • . . . . . . . . . . . ••• • •• . . $33,707.43 $33,707.43
Second National Bank stock..............................
3,000.00
4,500.00
Detroit Car Loan Company stock • ... .. . • • . • • . . . • • . .• • • . .
4,000.00 . . .. . . . . . . . . Of uncertain value.
Total............................... • . • • . . . . .. . . . . . .
40, 707. 43
38,207.43
OUTSTANDING DIVIDEND CHECKS,
Eight outstanding checks, calling for $1.77, have been paid during
the year, leaving now outstanding checks issued as follows:
By Hon.
By Hon.
By Hon.
By Hon.
J. A. J. Cresswell et al.. . • • .. .. • .. . • • • • • . • . . • • . . . • • • • • . • • . • • • . • $3, 565.43
John Jay Knox . . . • . . .. . • . . . . • • . . . • . • . . . • • . • . . • • • . . .. • • • • • • • • • 4, 242. 88
H. W. Cannon .... .••.. .••.. .. . •. . .... ..•••. .... •..• .. . .•• ..••
90. 98
W. L. Trenholm .... •••• ..••.. ...... ...... ...... ...... .... ....
22.47
Total...... • • • • • • • • • • • • • • • . . . . . . . . • • . . • • • . . • • • • . . . . . . . • . • . . . . • • . .
7, 921. 76
The statements in the appendix contain a summary of all payments
to the depositors of the company since its failure.
Very respectfully,
JAMES H. ECKELS)
Oommissioner.
The SPEAKER OF THE HOUSE OF REPRESENTATIVES,
H.Mis.26-2
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APPENDIX.
STATEMENT
No. !.-DIVIDENDS,
At the time of the failure of the company in 1874, there were 61,131
depositors, to whom there was rlue ................•••••...•....... $2,939,925.22
Five dividends have been declared, as follows:
(1) 20 per cent, November 1, 1875 ............................... .
(2) 10 per cent, March 20, 1878 ..............................••..
(3) 10 per cent, September 1, 1880 ..........................•....
(4) 15 per cent, June 1, 1882 ......•......••.•..•.•...............
(5) 7 per cent, May 12, 1883 (final) .............................. .
587,985.04
293,992.52
293,99:.l.52
440,988.78
205,794.76
Aggregating 62 per cent and amounting to ..................•..
Of this amount there was called for and paid ...........•.........•..
1, 822, 753. 62
1,638,259.49
Leaving unpaid and barred by act of February 21, 1881. ...... .
184,494.13
Of this amount there was revived by act of February 17, 1883.......
Of which amount there has been paid.... . . . . . . . . . . • . . • . . . . . . • • . . . . .
17,481.10
10, 616. 52
Leaving uncalled for on December 2, 1893.... . • • • • •• • • • • • • • • •• •
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STATEUENT 1'l"o , II.-TABLE SHOWING TOTAL PAYMENTS TO THE CmWITORS OF THE FREEDMAN'S tsAVINGS AND TRUST COll:IPANY.
First dividend.
Branches.
.Atlanta.
.Alexnnrlrin, Vn..... .•....... ... . .. .. ..... . .... .. . ..... ..
Ga .. . .. .. .. .. . .. . .. .. .. .. • • • .. .. .. .. . .. .. . • .. ..
.Augu s ta, Ga............ ... ................ .... .........
Baltimore, Mel ...... ..... ........... ... ..................
Beaufort, S. C............................. ..............
Cl,nrleston , S. C ..................... .... .... ............
Colnmbns, Miss...... ..... ..............................
Columuia, Tenn.........................................
ITuntsvillc, .A.la..................................... ....
Jacksonville. J;'la .................................... . ..
L e xini,ton, Ky................. .. ...... .. .. .. ...........
1{ock. Ark........................................
Louisvill e, I?;......... .. ............ ..... ..... .... .....
Lynchburg, a................. ..... .... ... ......... ....
Macon, Ga .. .. .. .. .. .. .. .. .. .. .. .. . .. .. .. .. .. . .. . .. . .. ..
:l,1Pnq1his, Tonn .... .....................................
Little
:Mobile, .A.Ja ............... .. ............................
::K"tcliez, :l.l iss . .. ........ .. ........ ............. .. .......
::Kasltville, Tenn.........................................
N e wliern, N. C ................ .......... ...... ...... ....
0
~
N.
(I)
a.
-5!
C')
0
~
rv
KcwOrlcans,La ........................................
New York. N. Y .. .. .. .... .. ..... .. . .. . ........ ....... ..
J\orl'oll<, Vrt ... ...... .... .. • .... .. ................. ......
Philndel11hia, P<t..... ... .. .... .. ... .. .. .. .. . ... .. • .... ..
Rnl<'igli , N . (J .. .. .. .. .. .. .. • .. .. • .. .... .. .. ... ... .... .. •
Richmond, \
7 :i.. ... ... .. .. .... . .. . .... .. .. .. .. . .. .. .... ..
f'a ,·n 1111:ih , Ga.................... .... . ....... ...... .....
Shre\'cport, La............ ............... ...............
St. Louis, .Mo .. . .. . .. .. . .. .. .. .. .. .. .. .. • .. .. .. • .. • •• • ..
TaJ!ahassco, :na .. ... .. .. .. .. .. . .. .... . .. .... .. .. . .... ..
Vicksburg. Miss .. .... . .. .. .. . .. .... ... .. ..... .. . .. ... ..
Wil111i11gton , N. C................... ..... .. .. .. . ........
Washing ton , D. C.. .... . .. . .. . ...... .. ...... .... .. ... .. .
Miscellaneous........................... ....... .........
Second dividend.
I
I
Pollrth dividend.
Thlrd dividend.
MflsJ2,
Ko . of
No. of Nornmber Ko. of March 20, No. of September No. of
June 1,
claim1878,
1882,
claimclaim1, 1880,
1, 1875,
claimclaimru1ts. 20 per cent. an ts. 10 per cont. ants. 10 per cent. ants. 15 per cont. ants.
7 perc~nt.
136
246
1,057
1,Ci71
287
2, 104
43
180
263
306
207
86
792
155
365
422
584
73
450
349
767
1,021
8:17
471
276
1, 2UG
1,130
149
258
181
312
4ll
1,879
10
$870. 88
1, 362. 94
5, 62fi. 94
17,445.78
1, 377. 28
15,077.83
236. 40
970. 63
2,172.70
1,911.14
1,683. 41
772. 35
7,620. 77
789. 68
2, 968.05
4,889. 29
4,853.97
1,197.02
4,231.57
2,030.10
12,973.58
19, 125.13
6,131. M
4,377.69
1, &.15. 47
8,797.43
7,984.93
1,450.82
2,863.14
1, 48ti. 85
3. 892. 41
2, aoo. 35
20,785.18
183. 03
226
554
1,505
2,411
516
3,024
124
388
328
576
347
115
1,376
299
716
756
039
106
804
576
1,314
1,529
1,296
719
:'79
2,000
1,706
346
421
339
633
780
2, 676
22
$2,694.65
5, 003. 89
17,012. 84
54,788.02
4,930. 78
46,640.32
943. 09
3,305.85
6,468.84
6, 721.67
6,145.44
2,501. 12
24,529.46
2,880.61
9, 549. 62
16, 697.02
15,417.26
3,735.05
13, 823.03
6,218.01
43,631.56
62,026. 87
20,346.23
13,685. 82
5,730.51
27, ,JUG. 81
25, 493.03
5,680.59
0, 980. 68
4,840.47
14, 311.51
7,653.04
63,381.08
1,004.41
$1,338.38
2, 238. 82
8,255.63
26,930.65
2,330.62
22,4:<0.33
417.19
1,648.66
3,175.52
3,2-19.66
2,686.30
1,187.83
ll, 911. 56
1, 380. 89
4,635. 52
8,141.44
7,515.41
1,843.19
6,644.78
2, n22. 94
20,944.91
29, n96.10
9, U05.12
G, 720. 74
2,716.76
13,280. 23
12, 256.85
2, 703. 65
4,624.41
2, :!29. 38
6,477.22
3,590.45
31,191. O!I
202.17
207
424
1,300
2,193
439
2,823
Ul
311
300
487
287
95
1,216
256
560
687
814
06
644
468
1,062
1,318
1, 136
632
455
1,732
1, 468
300
347
283
535
Gil
2,444
14
197
362
1,212
2,036
395
2,5H
57
282
280
400
254
00
1,080
220
479
56!
763
83
564
427
962
1,174
984
508
390
1,527
1. 383
24.0
304
2U
412
516
2,292
0
$1,318.07
2, 219. 36
8,161.09
26,177.06
2,233.38
22,016.86
363. 59
1,605. 06
3,134.41
2,927.50
2, 5~7. 44
1,171. 43
1,570.48
1,335.98
4,476. 04
7,559. 55
7,322. 29
1,742.06
6, 39:i. 82
2, n20. 66
20,337.62
28,577.67
9,208.05
6,585.68
2,595.93
12, 765.84
12,092. 32
2,591.02
4, 396. 13
2,240.23
5, !<88. 29
3,468.01
30, 8G6. 70
260. 87
I
173
318
1,134
1,890
337
2,352
49
269
280
350
226
93
918
197
429
512
686
84
514
896
890
1,151
H35
523
324
1,475
1,314
196
280
205
393
488
2, 136
10
$1,974.00
3, ms. 20
12, 183.16
38,794.54
3, 276. 75
33,156.05
(jl9. 62
2, 412.60
4,706.04
4,260.55
3,750.52
1,748.80
16,870. OL
1,957.75
6,532.09
11, 108. 00
10,713.27
2,713. 50
9,320.90
4, 38 1. 96
29,725.92
42,614.06
13,678.41
9, 607.97
3,725.60
19,222.49
17,093.59
3,517 87
6,482.52
3,321. 53
8,981.33
5, no. 42
45,979.80
392. 20
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Total. .......... .................................. 29,096
555,360, 08
26,069
267,683.34
0
23,280
259, 123.18
21,527
383,996.71
N)
Final div idend.
I
I
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18, 774
Total pay·
m en ts at each
branch.
$8,195.98
14, 078. 21
61,239.66
l&.l, lo5.95
14, 148. 81
139,330. 00
2,479.89
10,002.80
19,057.51
19,070.01
16,863.11
7,384. 53
72,502.28
8,344.91
28, 1G I. 32
48, 48;;. 30
45,822.20
11, 2~2. 62
40,416.10
18, 47:l. 67
127,613.59
182,339.02
59,029.35
40,977. 90
16, 42R. 36
81,472. 80
75,820. n
15, D44. 55
28, 355. 88
14,218.46
an, 550. 76
22,149.27
192, 20a. 80
2, 132. 68
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172,096.18
1,722,441.04
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