Evening star. [volume] (Washington, D.C.) 1854-1972, 1874-09-14
The Freedman's Savings and Trust
Company.

STATEMENT oF THE CoMMIssIoNERs-AssKTs
AND LIABILITIES.
ires ard TTust ecmpanv. in a comnnnicstion
10 MessTs. James II. A. johnson, George ".
Perkins and K. b. Sorrell, say: SIN reply to
CON mlssioners OF the Freedman's Savings and
following:
~. However much 1t may Re regretted, it is
nevertheless true that this company is insOl-
vent and unable TO pay its depositOrs and other
creditors. After all, or nearly al, the convert
ible securities and cash on hand had been ex-
hausted In paying the demands Of depositors,
the directors, to prevent a further sacrifice,
ayalled themselves Of the provisions of the act
OF Cor gress, approved June 20, 1874, and pro-
ceeded 10 select three commissioners to CLOSE
up the affairs of the bank. The Commission.
eTs were approved by the secretary. and after
giving bond and complying with the law in all
other respects, entered upon the discharge of
their duties, and for two months have been en-
gagged in the investigation and adjustment of
the complicated operations of the principal
Office in this city and it's thirty-three branches,
covering transactions amounting to many mil
hons OF dollars.
IL. The commissioners have felt the inport-
ance OF presenting to the public at An early day
az least an approximate statement of the affairs
OF the company, and from tho beginning have
bent all their energies to that task. AS vet they
can make no statement In detail for which they
are willing to be held responsible. They have
not arrived at accurate results either "a to the
Indebtedness or the assets OF the institution
pany1ng paper as presenting what il claimed by
those In charge Of the company az the time Of
lts suspension to be close approach to its ac-
tual condition. Should this statement prove,
upon examination, to be correct, and the assets
realize the sums at which they are respectively
valued. the company will be able to pay about
ninety-six per cent of its total indebtedness +,
less expenses. 1t is but fair to say, however,
that the commissioners do not expect TO realize
the full valuation OF the assets as presented in
this statement, and that they are not without
fear that upon settlement of the mass hooks of
depositors greater sum will appear to be due
them. These are matters that can only be de-
termined with accuracy after q careful investi-
gaJOn, and after persistent efforts to convert
the loans and various securities into money.
III. Enough has been said TO convince any
person acquainted with business that it is simply
impossible for the commissioners at this stage of
their work to state with any pretensons to ac-
curacy the time when their trust can be closed,
OF even when dividends can be declared and
paid. The commissioners have already relieved
from hypothetication sundry securities placed
in pledge before their appointment and have
paid of the entire amount (S26, 962 26) of de-
posts made special after June 20, 1874, under
the provisions of the act of Congress of that
date. and are doing their utmost to make full
and complete report to the honorable Secretary
OF the treasury at the earliest day practicable.
They hope 70 present that report before the
meeting of Congress, and that meantime the
depositors will continue to aid them by cordial
and patient cooperation, rather Lhan retard
them by Improbable and vexatious proceed
ings. NO effort will be spared on the part OF the
commissioners to so close up the affairs Of the
company as 70 produce the largest dividends
with the least possible delay. Every dollar col
leeted will be deposited in the Treasury of the
United States for the benefit of the deposltors, ;;
STATEMENT OF THE DEBTS AND ASSETS
OF the company at the close of business j uly II,
1874, as compiled from its books and the state
meDts of its former officers:
DEBTS.
10 Oeposltors .................... =, T93 1913 %
To other creditors. 1000 90