Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-03-11

Premium account, furniture, xPenses, &C T4G 8
Cash in National Metropolitan ~ ashns 1'''' 9
top ton 3; 5,7o2 4
York lsssl :
Total resources. ..,.... sl2s. $50 s
| Liabilities:
Ssp;isl stock nad sI5.ooo o
GrnlnaIy deposits, SAVING. .......... 56.0Ig 3
i"''ioe' "i@ e>0nshse''---'- -'.'-......- l-o42 a
sI2s,4ss s.
The nominal capital Of this ASSOCIATION !,
| $50, 600, only $1,000 OF which has bean raid -,
| 1t has deposits TO the amount of SIP oO0 d. r.
three hundred and ffty-six different iepositors
| The business seems to have been cayefuIlv nd
| prudeutly managed for the three montbs sin my
| It's organization, and is conducted for the prof;i
| and benefit Of the shareholders. Two or rbres
certificates have been filed in the Off ce OF ths
register of deeds of the District of Columbia ar
| provided by the general incorporation act. for
| the purpose of pertecting the organization ot
similar assoclations 1t was not originally in
l tended that savings banks should be Organ ed
under the general incorporation act, and il does
not contain the proper provisions REQUIRED for
me organization Of such institutions Saving.
banks should be esta blished and mauap wholly
Tor the beneht OF depOsitOrs; and IL such institn
ions are permitted to be organi zed and to con-
auct business under this act of Congress, i'm
competition with each other Rpon nominal
capital, with authority to offer high rates of
interest upon cnrrent accounts, as well AZ npon
s IN deposits the hnal result will be the loss
loans upon doubtful Securities 80
Recommend that the portion of the act of
Sase Ie,V, authorizing the organization or
savIigs banks under the general Incorporation
act be repealed. The Recommendation Of the
repeal or all laws in reference to savings banks
IN ane district OF Columbia, and the passage of
general law requiring frequent publication of
reports, and other necessary restrictions con
tanned U my annual report, f repeated.
Inc National Savings Rank of Washington
having been m II tbo
was not considered necessary to make an addi-
tl0nal examination at the present time
Inc Bank OF Washington was chartered by
congress by act approved February Is. IsIf.
which act has been subsequently amended nv
the following acts: Act OF May 4, 1870; March
=, ISL; February ., 1896; July 2, 1856; Nav 81.
yer expired July 4. 1874. since which time it,
business has been conducted by a board of trus-
tees, under the same name and title, which
trustees were elected at general meeting OF
shareholders held June y, 1913. Vacancies i'm
the board OF trustees we're subsequently filed
oy TWO OF the surviving trustees, by virtue of
decree or equity, No. 1851, dated Februarv 2
1859, made by the supre me court of the District
OF Columbia. The examiner called upon th,
oHlcers OF this association for the purpose of
making an examination but w as informed Nh al
the business was conducted as a private hank
ing house. Accordingly no examination was
maze, plt, at my request, the Solicitor OF the
gress in reference to this institution in order r.
ascertain whether or not its business is being
CONQUERED under authority of these acts.
nave the honOr to be, very respectfully
- JOHN JAY KNOX. COMPTROLLER.
h.. Schuyler Coifar, President Of TIE Ssaafe.
WASHINGTON CITY, February ). 1s,3.
SIR; In accordance with your Instructions ]
have just completed an examination OF the AZ
fairs OF the "Freedmen's Savings and Trust
company Of this city, and respectfully report
as follows: Nr0,
On the 18th January. 1866. the following gen.
tiemen met at the National American Ex
change Bank, New York, and after listening to
the remarks OF the Rev. John Watson Alvord
VINO had, during the late war, entered Sayan-
nah. Georgia, simultaneously with General
Sherman's army, became Inspector OF schools
ana hnances, under General q. o. Howard, and
aIteL"ard general superintendent OF schools for
freedmen throughout all the states lately i'm re-
DeihOh, measures were at once adopted to
found the Treatments Savings and Trust Com.
Pany, iOr the charter Of which a bill was then
Isa9 IN Congress, and was passed March 3,
ant, Hiram Barney, Charles Collins, Thomas
Abraham Baldwin, A. s. Barnes, S. B. Cald''
Nell. X; r. Graves, A 8: Hatch, Walter S.
sssn g. R. T. Mpnn vi 4 G. W. Lambert Rnhs Roe
John W.. AIvofd. william 4. Booth V es'. Of
New York, was the first president, and d. w. |
authorized to open branches throughout the |
southern states. 10 = =
April 4, 1855, opened an,ofice in New York. |
ginias july II, 1855 the U first deposit Vas e.
celyed at the Washington branch Office In |
1861 the parent bank remov ID TO Washington |
CITY, corner 18TH street and Pennsylvania ave- |
nue. and December I, 1871, again removed 10 |
the present location on President Square, Penn |
sy1vania avenue. The degree of A. M. was CON |
l IeGc upon IN the Rev W. Alvord BY Yale Col
ton, having devoted himself to its service from
MS inception. They have an inspector and as
sistant, whose dutyit is to examine frequently |
in oy,A oil H.
no other duties. The branches receive deposits |
remit to the parent bank ,,essan amount suffi- |
cient to meet ordinary fluctuations I'm their de- |
posts, draw drafts ON other branches, mainly |
for the accommodation Of depositors, and gen,
orally for the reason that there are no national
banks In the places where such drafts are re- /
duire9 6y the business community. This pOr- |
ton OF their business is a matter Of very small |
proht, and is mainly incidental to the main |
Question Of getting deposits. AS national banks
-. .N..~..sne. .Iis biil-drawing is mainly con-
positors The branches have had authority in |
some cases to make local loans or temporary in /
yestments Of funds, but this system was aSah- !
dOned in October, 1872, and all loans or invest |
with few trifing exceptions. @As the magni- |
tude Of the deposits will warrant, this power |
will pass to local boards Of trustees who can be
intrusted with the vital power.
The only branches that draw any amount OF |
domestic exchange, at profit, are at jackson |
Vile, Beaufort, South Carolina, Natchez, and |
NlcksDurSn Inc shreveport, louisiana. branch |
draws only for the postmaster at that place.
The branches have local loans at this time a. |
follows memphis, Tennessee, &I9,9S3.l6, on |
county warrants, trust-deeds Of real estate, SC
yicksburgh, Mississippi, S25,9O9 on city bonds,
State and city warrants, real estate, Sc. New
Orleans, 81, go ON United States bonds and CITY
bonds. Jacksonville, Florida, 1885, 1911 ON CITY
real estate, pereonal, Sc. Beaufort, South Car
DINA, SIS, Cos. 60 on various securities.
The branches own the lot and building In
which they are doing business, as follows:
Charleston, South Carolina, house and lot. Sl2 00 o.
Vicksburgh, Mississippi, house and lot.... ~ 10
Jacksonville, Florida, house ani lof...-. 80 90
NassiS le Tennessee, house and lot.... 2,E9 80
Chattanooga. Tennessee, lot. ACKNOWLEDGEMENTS. I'D Oh
Tallahassee, Florida lot. Ak78 os
Memphis Teunessee, lot 65H %
Baltimore, Mary hard house and lot..-... l6,62 o.
Baltimore, Mary land, house and lot bought - =.
in on pre-IOaps ... ......... $500 90
Beaufort, South Carolina, house and lot. sou ~
Furniture, safes, and fixtures at branches
Cost two years ago-no charges since then
toths account slts7 81
l65.I4 IS
The 0cers estimate Of present values..,. l92 so
pr,V.x W. cp.e.~ H.. 49,