New-York tribune., 1874-07-03
THE FREEDMEN'S SAYINGS BANK.

! ALL PAYMENTS TO DEPosITORs REFUsED-THR sUS-
! PENSION INTENDED TO HAVE BEEN KEPT sECRET
FOR TIE PRESENT.
| WASHINGTON, July 2.-Largo numbers OF Dc
positors principally coored men, were at the Fseec-
mems Bank to-day to draw their funds, but without
success, the uniform answer being that the irs':-
tuition had gone into liquidation, and therefore
the actuary had been instructed to pay out
no moro money 1t was intended by the trustees.
at the meeting last night, 10 keep their
"a tie winding up Of the bank and ts
branches private until the Secretary OF the Treasury
as Commissioner, which has not yet been done.
MEMPHIS, July 2-rhe suspension Of the ffeedman's
colored people though Its business has been small since
the panic last Fali.
BUSINESS ENTIRELY SUSPENDED AT TIE LOCAL
BRANCH.
The business at the Freedman's Savings
Bank No 1856 Bleeckerst has been entirely suspended
although number Of persons applied yesterday for the
payment Of drafts made upon the bank by the depos
No application has yet been made for the ap
pointment OF receiver. A 2. Ketcham the attorney
for the bank has put notice OF appearance In the
suit OF Arabella Mapping. and is entitled TO six days
time which limit will not expire before Monday next
Meanwhile the counsel for the plaintiff asserts that the
suit is pending and the officers OF the bank by allowing
themselves to be sued just and equitable claim,
have voluntarily put themselves into bankruptcy.
TRIBUNE reporter called yesterday upon the Officers
Of the bank and from Mr. Zlille the Cashier OF the
New-York branch, learned that the ordinary Bank
ruptcy act does not affect this institution, but that II
requires the application OF oneaf OF the creditors OF
the entire institution. which embraces "a banks In
nearly many States. act to that effect having
passed Congress at the latter end OF the session. lie
thought would not be likely that one-half OF the
creditors could be reached IN such as 10 secure
the necessary unity OF action. He did not believe that
Arabea Mapping would gain anything hy the course
she had pursued, and, If she succeeded In obtaining
Judgment, she would be TO her money
than she was before. There plenty OF de-
who wanted their money. and as Arabela Mapping
could afford to pay lawyer the cashier did not pity
Tue funds not III this city, but in Washing
ton and therefore judgment could be made en5ctye
Had Congress done IN the beginning what they dld in
the end. tnere would have been no trouble at ALL "A
commission had appointed to look aer the inter
OF the depOsOrs aud lie supposed the pOSitors
would q portion OF their money. While matters are
present ali business must OF course be
slspe nded The expiration of the "Sixtyday notices
week soon, for If that could have been kept
oil TIL Saturday, bank would have been able TO pay
all OF them oil Monday. There really has been no
trouble In the New-IOrk branch but the depO>itOrs
could he paid off until the institution was in con
dIliOn to pay AT every other branch.
From other the reporter learned that there
general beIef mat the Institution was complete
failure, and that every one OF the "a branches would
close its doors entirely within few days The
officers OF the NcYYOrk oraucn they are awaiting
Geographic advIces from the Nation Il Capital