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54:TH CONGRESS
1st Session.
}
HO
E OF REPRE 'E~ TATIVES. { DocUME~T
No. 49.
ANNUAL REPORT
OF '£BE
COMML IONER
OF THE
ND TRUST COMPANY
FREEDMAN'S AVING
TO THE
FIR T ES IO OF THE FIFTY-FO RTH CO GRE
FOR
THE YEAR ENDED
OVEMBER 30, 1895,
WASHINGTO :
GOVER
llfENT PRI~TI
1895.
H. Doc. 32-30
G OFFICE,
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TABLE OF CONTENTS.
REPORT.
Page,
Letter transmitting report . • • • • . . • . . . . . . . . . . . . . . . . . . • .. . • . . . • • • . .. • .. • • .. • ..
Report submitted to Congress .......... ..... _.. . . .. .. .. .. . . . .. . .. . .. . .. . .. .. .. .. .. . .. . ... • • . . . .. . ..
Collections during the year . .. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • • • • . . . . . • •
Disbursements during the year...... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • • . . . . . . . . •
Payments under act of February 17, 1883 . . . . . . . . . . . . . . . . . . . . . . . . . . . . • . . . . . . .
Barred payments and dividends.............................................
Legislation recommended ...•......•............... ~ . . . . . . . . . . . . . . . . . . . . . . . .
Available assets.............................................................
Other assets . . . • . . • • • .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . •
Outstanding checks....... . . . • . . . . . . . . . . . . . . . . . . . . . . • . . . . . . . . . . . . . . . • • • . . . ..
5
7
7
7
7
8
8
8
8
9
APPENDIX.
Dividends declared . . . . . . . • • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • • . • • • • . . . . . •
Dividends paid --~-- .... .... .... .... .... .... .•• .•. ...... .••• •••• ...... .• . .. .
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11
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LETTER
FROM
THE COMMISSIONER OF THE FREEDMAN'S SAVINGS
AND TRUST COMPANY,
TRANSMITTING
Annual report for the year ended November 90, 1895.
DECEMBER
12, 1895,-Referred to the Committee on Banking and Currency and
ordered to be printed,
OFFICE OF THE COMMISSIONER OF THE
FREEDMAN'S SAVINGS AND TRUST COMPANY,
Washington, D. a., December 11, 1895.
SIR: I have the honor to submit herewith, as required by law, the
annual report of the Commissioner of the Freedman's Savings and
Trust Company for the year ended November 30, 1895.
Very respectfully,
JAMES H. EOKELS,
Hon.
THOMAS
B.
Oommissioner.
REED,
Speaker of the House of Representatives.
6
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FREEDMAN'S SAVINGS AND TRUST COMPANY.
OFFIOE OF THE COMMISSIONER OF THE
FREEDMAN'S SAVINGS AND TRUST COMPANY,
Washington, D. O., December 11, 1895.
SIR: I have the honor to submit herewith for the consideration of
Congress the annual report of the Commissioner of the Freedman's
Savings and Trust Company, as required by section 5 of the act of
February 21, 1881.
The receipts and disbursements during the year ended November 30r
1895, have been as follows:
RECEIPTS.
By dividends on the capital stock of the Second National Bank
of Washington, D. C. . . . . . . . • • . . . . . . . . . . • . . . . . • . • . . . . . . . • • • . • • $240. 00
By dividend on the capital stock of the Detroit Car Loan Company .. ••.• .. ••. . . . •••... .•.. ..• ..• ... .. . ... ... . . . . . . .... .. . .• 20. 00
By amount received in compromise of the judgment against J. T.
H. Hall, equity cause No. 5827 • • • • . . . • • . • • • • . • • • • • . . . • • . . . . . . . 500. 00
$760.00
Balance on hand December 11, 1894 ..•••..••••••••••....•....•••••••••••. 81,627.46
Total •••••••••••••••••••••••.•••.•..•.••..••••••••••.••••••••••••• 82,887.46
DISBURSEMENTS. ·
To salary of Commissioner...... • • • • . . . . • • . . . . . . . . . • • • • • • • • • • • $1, 000. 00
To compensation of agent and office expenses . . . . . . • • . . . . • . • . . 1, 500. 00
To attorneys' fees, equity cause No. 5827, Freedman's Savings
and Trust Company 11. J. T. H. Hall .••••.••••••••••••....•••
25.00
To copying annual report •.•••••••••••••••.••••••••••••..•• _••
5.00
7.60
i~tion
b~~!J1\r-:la.!!1!e~~~.~~d~r- -~;t -~i -F~b~-;;;;; "ii," isss; ~~~:
2 ••••••••••••••••••••••••••••••...••.•••..•.••••..••••••
7.50
2,545.10
Cash balance on hand at the close of business November 80, 1895 ... 29,842. So
PAYMENTS UNDER A.CT OF CONGRESS APPROVED FEBRUARY 17, 1888.
Of the barred dividends authorized to be paid under the provisions
of the act of February 17, 1883, only one claim, calling for $7.50, was
presented .and paid during the year, making a total of 17041 claims paid
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FREEDMAN'S SAVINGS AND TRUST COMPANY.
under said act, amounting to $10, 7-24.16, and leaving 1,370 claims
unpaid, cailing for $6,756.94.
B.A.RRED CLAIMS AND DIVIDENDS,
Five claims were presented for payment during the year, requiring
$81.14 to pay the 62 per cent declared in dividends, making 259 claims
presented since May 12, 1885, calling for $4,177.50, which claims are
barred under the act of February 21, 1881.
The Commissioner is still of the opinion that the available assets on
hand will provide for the payment, not only of all the unpaid dividends
revived under the provisions of the act of February 17, 1883, likely to
be called for1 but also for all other dividends barred under the provisions of section 8 of the act of February 21, 1881, likely to be presented
for payment, should the limitation for their presentation and payment
be removed. It is therefore respectfully recommended that the limitations in regard to the payment of all claims and divideuds now barred
be removed, and that the Commissioner be authorized to pay from the
balance in his bands available for that purpose, so much of the 62 per
cent declared in dividends as may be due on all valid claims presented
for payment.
The following draft of a bill, if enacted into law, will accomplish the
result indicated:
A BILL authorizing the Commissioner of the Freedman's Savings and Trnst Company to pay certain
dividends barred by the act of February twenty.first, eigliteen hundred and eighty.one.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assenibled, That the Commissioner of the Freedman's Savings and Trnst
Company be, and he is hereby, authorized and directed to pay from the funds in his
hands available for that purpose, to all claimants otherwise legally entitled thereto,
who have not yet received them, the sixty-two per centum 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 Freedman's Savings and Trust Company, and for
other purposes," approved February twenty-first, eighteen hundred and eighty-one,
AV.ilLABLE ASSETS.
The following list embraces the available assets on hand:
Face valne Estimated
· proceeds.
Description.
!remarks.
Cash balance ...•••.••••.....•••••...•••••••••••••.. $29,842.36 $29,842.36
Second National Bank stock.......................
3, 000. 00
4, 050. 00
Detroit Car Loan Company's stock.................
4, 000. 00 . . • . • • . • • • • . Of uncertain value.
Total.. . . . . • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
36, 842. 36
33, 892. 36
OTHER ASSETS.
Of the other assets described in the report of the Commissioner for
the year ended December 1, 1883 (Mis. Doc. No. 10, Forty.eighth Congress, first session), $500 has been collected from one J. T. H. Hall, in
equity cause No. 5327, and counsel has been instructed to take proper
steps for the collection of the judgments against Charles R. ])ouglas,
for $1,800, and Lewis H. Douglas et al., for $561,52, out of the estate
of the late Frederick Douglas, their father,
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FREEDMAN'S SAVINGS AND TRUST COMPANY.
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OUTSTANDING OHEOKS,
Of the outstanding dividend checks mentioned in the Oommissioner'r,
last annual report, nineteen, calling for $363.20, have been presented
and paid during the year, leaving still outstanding checks issued as
follows:
By Hon, J. A. J. Creswell et al. .........................•.........•..... $3,401. 93
By Hon.•John Jay Knox .•••.•....••.•...........•..............•..••••• 4,004.44
By Hon. H. W. Cannon.................................................
90. 98
By Hon. William L. Trenholm...........................................
22. 47
By the present Commissioner....... . . . . . . . . . . . . . . . . . . . . . . . . . . . . ••• • . • . • .
1. 69
Total . • • . • . • • • . . . . . . . . . . . . . • . . . . . . . . . . . . . . . . . . . . . . . . . . • . . . . . . . . . . .
7, 521. 51
In the appendix will be found a summary of the dividends declared
and paid since the failure of the company.
Very respectfully,
JAMES H. EO.KELS, Commissioner,
The SPEAKER OF THE HOUSE OF REPRESENTATIVES,
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APPENDIX.
STATBMBNT
No. !.-DIVIDENDS DECLARBD.
At the time of the failure of the company in 1874, there were 61,131
depositors, to whom there was due ......••••••..•••••••••••..••••• $2, 939,925.22
Five dividends have been declared, as follows:
(1) 20 per cent, November 11 1875 •.•••••.••••••••••••••••••••••••
(2) 10 per cent, March 20, 1~78 ....••..••..•••••.•.•.....••••.•••
(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
293,992.52
440,988.78
205,794.76
Aggregating 62 per cent and amounting to.................... 1,822,753.62
Of this amount tliere was called for and paid........................ 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, 724. 16
Leaving uncalled for on December 2, 1893...... •••••• •••• •••••
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STATEMENT
No.
IL -TABLE SHOWING TOTAL PAYMENTS TO TITK CREDITORS OF THE FREEDMAN'S SAYINGS AND TRUST COMPANY.
Final dividend.
T hird dividend. Fourth dividend.
Total pay•
No.of May 12, meuts at each
No.of
June 1,
No.of Afar. 20, No.of
Seat. I ,
branch.
1888,
claimoln.im1882,
claim 1 80,
1878.
claimclaiman ts. :lOper cent. ants. l0percent. ants. l0per cent. ants. 15 percent. ants. 7 per cent .
First dhidend.
Branohes.
I No. of
Alexandria, Va __ . . .. ----- --·-- - ---- -------- - ----- --·· ···
Atlanta, Ga·----·- --··· -- -- ----- - - ----- ----· --- ······-·-
:: ::::
tltlr~;;l.Mci.::::::::::::: :: :: :::::::::::::::: ::--::------
226
554
1, 50G
2,411.
516
Beaufort, S. C-····· ·· --· -- - · -- -- · - ------ ------Charleston, S. C _. . __ • - - - -. -- - -- -- - -. - - - ----- - - -• -- -- - - - - 3,024
124
338
328
- -----·-·-- ----·. __
--- -- _______
-- •• - _____
· ····
Huntsville, A.la-__ . ___ _
____
___-·_______
•. ··
Fl"---Jacksonville,
576
347
115
1,376
299
8~i~tr~·l~~; :::::::::::::::: ::::::: :: :: :: ::::::::::::
i fttl~\~~ic:irl;k:::: ::::::::::::::::::: :::::::::::::::::
tra;!i~~:t~~::::::::::::::::::::::::::::::::::::::::::
0
cg
N
a.
(1)
O'
'<
0
0
a..(i)
716
: : ::::::: ::::: :::: :: :::: :: ::::::
:~t'l~'.i1'1r~~~::::::::::
Natchez. Miss _________ ___________ __-··- ___ . ___________ • .
756
939
106
Nasltville,'I'euu .................. . .. .... ..... . . .... . ....
804
576
--- ---·----- --·--- ·---___ -----------____--·-N. CLa.Newborn,
·-· -. _______
_____ ____ ___________
N ew Orleans.
New York , N. Y __ ___ ______ -----·--· · ______ _-------- - - - -Norfolk, Va . __ ___ _· - _____ ---- ___ - --- ___ _. __________ ·-- ---
if~itt-~t:::::::::::::::::::::::::::::::::::::::::
Sn.,·anna.b, Gn. . .. .. ___ _---- ... ...... ... . ...... . . ...... . ...
-_-_·_-_-_-_-_-: _-_-:::::::::::
~~-1:~E~~ir~~_._._._. _-_-_-_-_-_-_-_-_-_---_-_-_-_-_---_-_--_.-_---__ --- ___ -·- --·. ___
Tallabasseo, F la. _______ -· -
I-"
t..:>
1,314
1,529
1,296
719
579
2,000
l , 706
346
421
339
633
780
2,676
22
Second dividend.
Nov.1 1
1875,
$2,694.65
5,093.89
17. 012. 84
54, 788. 02
4,930. 78
46,649. 32
943. 09
3,365.85
6,468.84.
6,721. 67
6, 145.44
2,604.12
24, 529_ 46
2,880.61
9,549.62
16, 697_ 02
15,417.26
3,735.95
13, 823- 03
6,218.01
43,631.56
62,026.87
20,346.23
13,685. 82
5,739.51
27,406. 81
25, 493.03
5,680.59
9,989.68
4,840. 47
14,311.51
7, 653.04
63,381.08
1, 004- 41
~i~ ~ltff};;~;;;; ;; ;;;;~)~~);~~;~~~)~~)~ ;
Total dividends paid. ______. ______ ___ . ______ _____ _ . -...... ··· -· · ·---·-
207
424
1,800
2,193
439
2 823
91
an
300
487
287
95
1,216
256
560
687
814
96
644
468
1,062
1, 318
1,136
'632
455
1
732
l 468
300
347
283
535
641
2,444
14
$1,31!8. as
?., 238. 82
8, 2.•5. 63
26,930.55
2,330.62
22,430.33
417.19
1, 6-18. 66
3,175.52
3, 249.66
2,686.30
1,187.83
11, 911.66
1,380.89
4,635.52
8,141.44
7, 515.41
1, 843.19
6, 6,14. 78
2,922.04
20,944.91
29,996.19
9,665. 12
6,720.74
2, 716.76
13, 280. 23
12, 25G. 85
2,703.65
4, 624.41
2,320. 38
G, 477. 22
3, 599.45
31, 19l. 04
292. 17
197
362
1, 212
2,036
395
2,f,J. l
57
282
280
400
254
90
1,089
220
479
564
763
83
564
427
962
1,174
984,
568
390
1,527
1,383
240
304
224
412
516
2,202
9
$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- 59
2, 597_ 44
1,171.43
1,570. 48
1,335, 98
4, 476.04
7, 559_ 55
7,322.29
1,742.06
6,395.82
2,920.66
io, 337. 62
l8, 577. 67
9,208.05
G, 585. 68
2,595.93
12, 765.84
' 2, 092. 32
2,591.62
4,396.13
2,240.23
5. 888. 29
3,468. 01
30,866.70
260. 87
173
318
1,134
1, 890
337
2,352
49
269
280
350
226
93
918
197
429
512
686
84
614
396
890
1,151
935
523
324
1,475
l, 314
196
280
205
393
488
2,13G
10
$1,974.00
3, 163.20
12,183.16
38,794.54
3,276.75
aa, 156. 65
519. 62
2, 412.60
4,706. 04
4,260.55
a, 100. 52
1, 748.80
16,870.01
1,957.75
6, 532_ 09
11 , 198.00
10, 713.27
2, 713.50
9,320.90
4,381.96
29,725.92
42, 614.06
13,678. 41
9,607.97
3,725.69
19,222.49
17,993.69
3,5 17.87
6,482.52
3,321.53
8,981. an
5,119.42
45,079. 80
392. 20
136
246
1,057
1,671
287
2,104
43
180
263
306
207
86
792
155
365
422
584
73
450
349
767
1, 021
837
471
276
1,296
1,130
149
258
181
312
411
1, 879
10
$870. 88
1, 362.94
5,626.94
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, 197.92
4,231.57
2,030.10
12,973.58
19,125. 13
6,131. 54
4,377.69
l, 645. 47
8, 797. 43
7,984.93
1,450.82
2,863.14
1, 486.85
3,892.41
2. 309. 35
20,785. 18
183. 03
--- - - - - ------- .......
-----------······-· -- ---------- ---··-·· .....
··········-..........
............... ---- -- -· ....
···- -······
---------············
... .... ... ...
...... .. ....
.. ...........
-----------·······-···
........
....
Special deposits and preferred claims. ____ __. ___ . ___ __ __
-- --·······
-----------·
-----------···· ········
--555, 360. 08 26,069 267,683.34 23,290 -1 259,123. 1s I 21,527 383,096.71 18,774 172,096.18
Ilnrred c]ai ms, section l , u.ctFoUruarvl7,l883 . . . .... .. . .
Barred claim s. section 2, act February 17, 1883-- _________
Total .•• ·-· ···· ·············-·········-··· ·····---- 29,996
0
. $8, 195_ 98
14,078.21
51,239.66
164,135.95
14,148.81
139,330. 99
2,479.89
10,002. 80
19,657.51
19,070. 61
16,863.11
7,384.53
72, 502.28
8,344.91
28, 161.32
48,485.30
45,822.20
11,232.62
40,416.10
18,473.67
127, 6l3, 59
182,339. 92
59,029.35
40,977.90
16,423.36
81, 472_ 80
75, 820.72
15,944.55
28, 355_88
14,218.46
39,550.76
22, 149.27
192,203.80
2,132.68
1, 638, 259. 49
5,177_96
5,546.20
73,565.03
1, 722, 548. 68
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