Evening star. [volume] (Washington, D.C.) 1854-1972, 1874-12-15
Ire Freeamen's Savings Bank.

sIoNKIs' REroET.
The report Of the Comm 'ssionerso OF the Freed
mems Bank was presented 10 Congress t1-dav.
1t sets forth that with but few except ons every
dollar received by the commissioners has been
deposited in the Treasury, and whatever e.
penses have been betrayed have been pad bv
checks upon the came. The comm ,s'oneTs
speak of the difficulty attend ng the Withdrawn
OF the funds from tHe several agencies. In some
cests they had rc Cls 10 the plVcta5s @. tly
Comp3Dy's EIure .-. 81. ft-L hal r-sl s.--. p --fI
Offered iUr -as.s d. t-,.gat It's .i-Ey>al 40 -..-
Gus rats; and IL w--pIs they bsI ID paw tsr
claim ana &C SIS OF suit. The proceedings ip~tf-
TUT ait er their apI OintTent nave b. IN nearly
All st sside under The provisions OF the act O.
Congress, but in Oue or Two cassS they have
been compelled - replevy property Eeiz- I. and
1uihish bonds to abide the uiUmsts decision.
The cash ara cesh items on haud 1T he several
branches. - called lOr by tue oJOSs OF he o. n
IADy aC tue close ct bUetTtSs ,IuIy II. tr~t
aIcuurtCn 10 : 50, Isl =. O. tbs toe >usn O.
sJi $50 : OF y be been rec we'd up 10 Npvem-
htr so, he UitetsEse. SIT, y %. is found -
tUusist NANNY ot m. .orary loans, Que t'lfs
sud shoTiS carried in TIE cssa OF some o. tae
btSrchCs. 4 70. ion OF e. 3Bnt, the com
Ei;slOHeis fear, viii prove a tolsi loss.
BAD BOOK REEPiNG.
The COMMISSIONERS, Rtfsr IUtFher speaking of
the trst sAyGOna, refer to tie di'f fCJtties Wafu
1tCh they have had , contend, OWING - the
cS.eIuye sNs Ia Of bookkeeping aud the Eea-
eTsi c0BtusI"n OF accounts, anIsa considering
toe ms.eti3l they have he'd 70 rely on, aud tue
pe,sOus - deal with, il - SGmsw VT at doubtful
wht fher they shall ever be able - Obtain an
absolutely correct statement OF The liabilities
sTd p els Of the OmpaEy; at Any rate II IN be
slow, tedIous process. TGe monthly rel Jrts OF
the branches show there are on tac books OF the
company over 2,CC0 deI ositors' accounts stal
open, and each Uf them requires careful ex
animation. For "A long time IL has been known
that the DEP sslt ledger balances of several OF
tie branches, including the Washiu. tor branch
were inaccurate ana unreliable, those OF th,.
Washington branch alODs containing at the
tine the ComBi sOEers took 20 session tiscrep-
ancI6S OF over SI0,JtJ }. The sUm OF SO 52S has
tiIce been discovered 10 consist of the ia plIca-
Z on Of IJTtiOn OF the depostOrs' accounts
they batsug been twice transferred from one of
the ClG lcdsers OF tue company. On account OF
the irregularities thus existing the comm ssiJn-
eTs mace the pssS-boOks themselves tue basis o.
the examination. 1t soon became apparent
nat designing peTsCIs were engaged in melting
the sus plciOn Ut depositOrs aud eUdsavOTing u
prevent them from presenting their past Jok.
Many OF the d6pgSitOIs themselves looked anon
this action a. an attempt on the part of tne
Comnr> >loneT- TO deprive them OF the only evil
debCe !bey bad of the compsny's indebteius-s
% them, ard NO amount or CnRraCttr OF as. -
spccs tteMCd 10 be sufficient II disabus5 them
o. Ihls teller. All fhe schedules ept those Ot
y Or'eaIs and St LCuls, have been received.
Most OF them show the amount due deposit II 70
be greater than the amount previously re-
ported by CmcsTs IN charge of the several
be 1cheS.
DIFF CULTIEs OF REALIZING THE ASSETS.
Mot OF the loans held by the company are
overdue, and Oh many OF the u interest mas bee \
allowed 10 accumulate for two, and "a .yLle
cFses for three years In ordinary times tgt.
real estate loans could doubtless be collected
without much trouble, but under the present
circumstances their collection " ould be exceed
lngly slow and difficult. TIE late fnanctal
panic, and consequent extreme scarcity Of
lunUsy the uncertainty OF the tntuTe Character
ot the District, aud the present high rate OF tax
alton, all coDspiTe to reterd the collection OF
ttcse lo2rs. To attempt ID enforce their imme-
diate payment would result in the greatest sac-
rfice, and to thIJW any considerable p1rttOu or
real estate held a Secnrltv on the market at
p'eSent would make IL impossible TO realize the
Indebtedness thereon. Still, the cDmmiy.jOrers
aie pressing, and shall continue to press tbeir
collect ons as fast as they are able to do So bu.
up to fhis time they have been able TO edSct
sa!e 10 tblId partCsin three cases op'y of eleven
II i,"-s tt pT0I elty offered for sale. In al rle
Other cases fhey have been compelled either -
/ siGcne the sale or buy IN ths pro 9e,Jyt)
avoid sacrifice, and hey shall probably oe ON
ptlied 10 continue 10 do 70 for S3me some ufae
70 come. a 10 the sO-caled svaiIabls ioafs
L CIR CClle CtiCDs is still more dificu't AF,ur
half Of them "ere male on District og liumb- ;
ttChll luss, now below par. or many of tnfs5
'osrs The stcUlity - Inadequate: OF Others
utterly worthless, ard in some cescs the faD4s
OF fbe bank have teen loaned uEcn mzre rsg.
sCrel pO,eS without any .3cUTity Whaf3Ve-. The
sJne may sui stantiIily be said of the braucn
lCaTsr AZ q Cl~-s ih-. 8pIe2r 70 be ths ~, =
IN the os> sen OF the comr Any. and tho com-
nj s;oners doubt whether ev, II tiity per cent o.
their suorUt will ever be Collected. In attenp'
ing 10 realize upon the real estate proper OF the
company, the commissioners hope 10 secure the
Wa IN and Jacksonville pToperttesf } the Unit,I
States for the ugcs and purposes for which th,y
are admirably adapted.
BAD hRWs FOR DRPOsITORg,
The commissioners say +bat the exhibit OF
cash transactions from July Is, 1874, to Nove,u-
Ger 80, 1873, both inclusive, shOss a balance of
cash aud Gosh items on hand November 60 of
SY3y@s2. The commissioners say their collec-
tiOns have, npaTatiTely.spee king, been small.
ard the cesh on hand does not promise very
early dividend. Unless Congress comes to our
aid and authorizes the purchase for the use of
The govern meDt or rome OF the real state OR0- /
by the company, a long time will el4y o before
we can hope 70 accumulate sufficient funrs+p
make q payment Of twenty cents, for IL requires
nCery 60 CCO ID make such a payment, aud the
amount of cash n the Tre~ suTy subject - d.aIt
al Ee Writing CT this report is SltSE0StJ The
present condition of the books ard accounts OF
te company, tCO, is such that n we had tAe
necessary funds low % decisre a dividend n
would not OILY be imprUdent but unsafe 70 do
80. Hence II is impossible for US to cay how soJu
2 dividend will be declared.