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

-.s.
Alexandria, Virgins. ....-.......L-..-.. 1851 o.
Total deposifs.--......--.. ..-...--.- St-0s.sG -
As the banking house and lots In Washington
City is an important item OF their assets, srb-
NIT the Following description Of same Front
on Pennsylvania avenue, or President Square,
t. feet, by 1ss feet on IS i street. and contains
ssss2 rqqare feet of land. The building is q
rect on Pennsyfva anna avenue by III feet in
depth; four stories and Mansard roof, or hfth
story above grade OF avenue; ire-proof: front
or. S sa's ireestone the remainer of brick,
of forming part of q large hotel that will cover
the entire property, and in an elegant and sub
sfantiai manner. The bank and the WASHING.
ton branch occupy one-half OF the ero5nd floor
only, and the balance is now leased at an annual
rental OF e2f 500, and that portion now so occsi-
| pied would command an ANIMAL rental of about
-, 500 or, cay, an annual rental for the whole
| property OF $500. About two-thirfs of the
land IL improved, and the location is one of the
most valuable and commanding in the city o.
| Washington, rapidly advancing I'm value
The land and buildings at the nine branches
| are OF character adapted TO the business. are
| based upon an unusual line of deposits, seem
| to have been judiciously adapted To the best in
terests OF the institution, aud are said TO be i'm
proving in nisrket-yalue. Application for loans
on real estate or other securities are placed bc-
tore the finance committee, and are passed upon
| by them. Examinations of real estate offered
as security for loans, as To its estimated value
| are made by the executive officers I'm person
| and are very frequently followed by written
| opinions OF real-estate agents conversant with
Il ~
| Latta Fitch & Fox, &c.
Up TO a very recent period the institution
| was subject 10 constant OUTLAY. far beyond
the immediate profits on the deposits. as a ne
| cessary consequence OF the cost OF the estah-
Hshment OF branches, &C., and l. Is at the pre-
sent time only ~ far established As 10 begin TO
show profit on the business.
Temporary loans OF money were procured by
the Institution during the run upon them OF
october AID November last, secured by
pledge OF their United States bonds, sscurrency
SKIES, 10 the amount of SfG0 ON m mr.
to selling said or other securities or disturbing
loans In the available FUND.- drawing interest
az the rate OF 10uper cent. and the wisdom of
this measure is Justified by the recent large
advance in the market value OF these seeurities.
January IL, 1s73, the date of this examination
and the amount nov unpaid, February A. 1873
is 10000 The payment OF the 500 600 was
the result or rapid increase in their deposit
line, and the conversion of other available mai
ter into cash. The first twenty DAYS Of .Jann-
airy, 1875, show an increase to the amount of
about $4,000. There is deficiency in the
accounts of the Beaufort, South Carolina.
branch to the amount of about si6, 400 which is
now IN course OF investigation by the in spector
improvements in the manner of keepinp tbe
records are being adopted, which when com ME
ted viii enable them to compare fayorablv an
this respect with some of the oldest established
financial institutions among US.
The question of the establishments of
g branches" does not seem TO have been pro-
vided for by the charter, while the spirit of the |
charter, which seems to have been intended 10
bring about the moral elevation OF the freed /
man, four millions i'm number would seem To
IMPLY the necessity OF such an arrangement in /
order TO reach him where he lives; and limo
other way could this intention have been car
ried out. and such appears to have been the
views OF the gentle men who founded the insti-
tuition. and they number among them some of
the first philanthrOpists and business men of |
our nation. The question OF the Improvement
0, thelr lands in Washington City seems to be
clearly violation Of their charter and is sub-
United without further comment. The funds
Oh the institution are loaned i'm sums of $50 to
t; and these loans are widely'spread as to
majority Of the security for the loans upon real |
estate Is located in the District Of Columbia
MI, Many Oh tne loans are OF character that should
and will finally result in some loss to the insti-
tuition but the probable amount of such ulti- |
mate loss 1t Is very difficult to determine at this
time. more full inquiry as to values in GER
tam cases is now in process, the result Of which
will be communicable due course.
The business Of the Institution has risen so
rapidly from the most trifling deposits of 81
10 80, gathered up by the executive officers
from the hands OF the freedmen all over
during many tours throughout the south made
for the purpose Of calling their attention to the
question OF savings, to its present proportions
CURED in Investments which are not likely to
be repeated, with the light of past experiences
to guide them in the future. The executive
doubted integrity of character, devoted to the
best interests OF the institution, working for
small compensauons, ana have educated them
selves TO the practical knowledge of the BUSH
ness OF savings bank to degree that prom
ises prosperous future for the Institution.
=, would respectfully suggest the repeal of all
the District Of Columbia are now doing busi-
ness, and which admit Of inference ii not d.
fessy OF such wide departures from the line of
OF the sacred funds committed to their charge III
as have passed under my Observ alton in my
present examination of all the savings banks OF
the civ of WaS1in0tnn Than ay,~c OF |
savlngs-bank aetwhich shall define very clear |
y the character. of the property on which such
.sa shan advance money, limiting them
States securities; real estate Of double the |
amount Of the l0ans; State, city, town, l.,
and county bonds, having reference more |
ports to Congress or the Comptroller Of the |
Currency Of their actual conditiOn-exsmina-
tlons. annually at least, by experts-as shall
mate business career, and such wise iberaIity |
and encouragement to this "Freedlnen's
perpefuate an institution which has already
done 20 much to elevate and educate the freed
men.
Tine result of the working of this last-named
institution OF incalculable importance to the |
future welfare of our country, has already APP
peared. In hundreds of cases the freedmen, |
through the influence of this institution, have |
been taught habits of thrift, which have re- |
suited in their becoming the owners Of small |
patches OF land, and it is needless to describe |
the elevation OF the man which this simple fact /
af once produces. The destinies Of any nation !
are safe In the hands of a people who are the
owners Of the soil.
l submit herewith a detailed schedule of the |
assets and liabilities, of loans and Investments, |
of cash and deposits at all the branches; list |
of all salaries for year 1872; list of all other
expenses for year 1872; list of all funds i'm |
transitu; copy of the charter and bylaws, |
and sundry documents relative to the business |
Of the branches
All of which is respectfully submitted.
CHAs. A. MEIGs, |
National Bank Examiner OF New York.
Hon. John Jag Kaor, Comptroller Of the Currency, |
Washington City.
Consolidation assfs If The Fresd0,eas SartagS asd
: - TfaSt COMPANY, January Is, le73.
Cash In hands of parent bank-... .-... S2i,I22 90
Cash in hands Of First National Bank,
Wellington ........................ a3as2 Is |
Cash in hand Of branches 329.sji 81
Cash in transitu. 1855 "
Shortdate remittances in bank for col
Lection es,f35 6s
United States bonds. various, at par.... 1lSo5O
Snndry Washington City securities....... 3s,H5 s.
Approved elaine against the board Of
public works. % oQe 90
Loans secured by real estate, nearly all 4
in the District Of Columbia, for periods
Of ten days to two years. l7si SIS o5
Loans approved claims board of