New-York tribune., 1874-07-02

not paid. The counsel Gays that email sum was
offered her. that acting under advice she refused TO
take It, the acceptance would he construed as re-
newal OF the deposit The bank officers refused 70 pay
tho due her. they said impossible for
them TO pay It. Suit Immediately begun against
the Company in the Marine Court and the papers were
served on the bank officers Tuesday. The Company
advertised Tuesday to the effect that was receiving
deposits but discontinued the advertisement yesterday
Application will be made to-day nlthe Marine Court for
the appointment OF receiver, else the counsel VIII
apply for q warrant in bankruptcy.
Tho bank officers say thai In refusing to pay the de-
positors they simply acting under orders from
Washington. A telegram was received on Tuesday
from Washington directing them TO discontinue pay
ments and receipts In regard to the special Of
Mrs Mapping they say that she did not make an appl-
cation for her money days after the notice The %
days expired Saturday and che applied on MONDAY
as soon they orders from Washington they Will
pay ont money Mrs Mapping continues the suit ana
gains they could not that she would be any better
%. r. r..s ry
The responses made by John J. ZuIle ecsshier of the
Company 70 the inquiries of TRIBUNE reporter yester
day seem rsom to doubt that the ansrs Oh
the entire institton iH all ITS ramitcations are In
bad condition The National tBoard OF Trustees OF tne
Company he sad evidently acting under the orderS oi
the Secretary OF tbe Treasury, had Issued TINS noee
and he thought IL had been sent to all OF the
n preparatory step toward winding mp tthe
concern. Thero we're about sS,ooo.ooo OF deposits
with the Company About 10000 Of this was wto tne
this braaoh the Cashier said that there was less tnan
ten per cent II the Company were 10 be thrown hto
biy take charge OF It's affairs according to law The
Company chartered as Natoaai Savings BANK lot
Freedmen In 1855 and IL at first restricted In It's IN
yestments TO Government bonds 1t afterwards re-
ceved the power OF investing In real estate. %
this, portion OF Its funds was invested lh can losnS
The greater part was however confined 10 bones ana
real estate. The NatioRsi Board o. @ tS
charge OF all the funds OF the concern ana skSS "a .e
investments The loans were nearly all naue IN WASH
Rgton There was va posc sHGg wopEs The law in regard
the Company just passed by congress was
10 remedy this as 1t directed thst certain p
OF the deposits OF any branch Should 10 nYesseu ~ to
place where they taken. the Government retains
asuiSrvison the savings banks In regard 20 inc
prospects OF depOsitOrs IN the Company Mr.. LuhIe
thought that they would receive the inn amount 1
their claims but that It would Oe months Deiore 'n
crclSSr Just issued by Frederick Douglass the pres
out President or the Company shows IN clear llght e
READ condition of the Company's affairs proving that
If the Company realize the iui amounts st
IN their oans there will stI be large senclt, wnicn
The depoSOrs will have to pay. Among o1her tninSs
Mr.. Douglass says: - ,-. .,...dx
knowledge through the publication OF the report o M
M' sE S1 h , aS SS She & therein stated II
LIT gaRu ls74 our exceeded our assets 70 s % s
maierar diminish the between these assets and sol
uYpe made to be BAD have turned out 10
Tue deficit stated to be the result OF several causes
al The hrst place the managers have endeayored 10
make the FreedmaD's Bank compete with older lnstltu
tions by Offering higher rate OF interest than they
could well afford another cause is fOund IN the great
number OF branches established in remote places
Again tho numerous runs on the baDk-three OF tnem
within the past Is mOnths-and the consequent wlth
drawal investments have been disastrous 10
the welfare the The run during tue panic
OF last Fall the bank $5000J beside compelling IL 10
Withdraw S5OOOe0 from safe profitable investments
The general pOsration of and the disturbed
most of the loans were made, have affected the result
In regard the charges made account OF the making
the ia Washington Mr. Douglass states
against the Free mans Bank tat
invested at the
" al grouEd
OF psnt point provides bst loans shall be msde N the
vic nT Of Tie different that the who deposit their
Isopey that will cot be withdrawn to ba up
quicken industry aod improve the
condition where is collected This feature OF the bill
recommend the F1eedmans SAVINGS and Trust Con-
papy 10 tue oonGGence AMI favor Of the cOl0rrd people
Tire object of tue circular was 10 reestaOnsn conn
In the proper conduct of the affairs OF the lnsttu-
ton. From tue action taken by the trustees in putting
stop TO the business OF the Company, 1T would seem
that the effort continue the bank after It's reVefses
has been abandoned.