Evening star. [volume] (Washington, D.C.) 1854-1972, 1876-04-25
The FreeJnan's Savings Bank.

report OF the Commissioners OF The Bank
taBen from the books of that institution,
ard made 10 the House on the Iith of March
lNt4 Mis-. Doc. No. IL, i3i Congress, II SEES
sion, RACES %. 81 and 81, which ere herewith
published. Mr. Kilhourn testified before
the committee that they had never hal any
interest in the Seneca Stone company. its
stock or bones; that their action IN relation
of lending the Bank the use of their names
and Collalerals was at the solicitation of the
Actuary, and simply as an accommodation
TO the Bank. While in the light of suhSe-
quent events their action NAV have been
very Unwlse and indiScreet, YET at the time
10 YVES made II was done in good faith as q
DeighbOTly accommodation, The statement
Of ACtuary Stickney shows that the Baak
held the 900 OF Seneca bonds a. the time
ktlbourn & Evans put in their note. and
also n at the Ser eca Stone company was in
Gebted TO the Bank for the 80, 600.
Enclosure T.
~ TIE MATTER OF THE SENECA STONE
COMPANY.
4crcCB,ep, Jet,rcen HaIlet Adjourn and John
ErGHS and the Finance Committee Cf me
FjeedmdH'S S0y1H0S and Trust Company.
OFFICE or THE CON'RS OF THE
! FREEDMAN'S SAVINGS AND TRUST Co.
WASHINGTON. ID. c, December 50, iS,j \
The Freedman'S Savings ana Trust COM
paDy has this day made loan 10 JOhu -
Evans end Hallet kiibOurn Of $50 900 upon
the following described securities As cOllate-
raj TO their dOte: -, 100 stock American
Dredging company, Philadelphia; S2C0O Ne
tTOpOlit5n Insurance company stock, Wash
inSIOD, ID. c.; $1,000 Maryland FreestOne
Manufacturing aid MIring company 6 per
cent gold bonds, Montgomery county, Nj;
- $50 Metropolitan Paving company stock,
Washington, II. C.; -j0CG0 Washington Mar
set house stock, Washington, u. c. SAID
note is payable six months after date. with
10 per cent. interest; aud Isl case said Evans
and KilbOurn's note shall lOt be paid as II
becomes due, then il is fully agreed that the
FreedmanS Savings and Trust company
shall keep the SI5,000 bonds of the Maryland
Freestone Manufacturing and Mining COM
paDy as full payment of said note and inter
esI, ana surrender TO said Evans and Kill
bourn the other securities above enumerated
save ana except the $4,000 bonds OF the
Maryland Freestone Manufacturing aud
Mining company, together with their note.
ID. l.. EATON. Actuary.
Approved-L. Clephahe, VIM. s. Hunting
ton, i Il. futile, finance committee.
true copy OF the agreement and indorse-
meltS. GEO. w, STICKSEY
Enclosure FL
A TO THE MATTER OF THE 'iSENECA STONE
COMPANY
statement Ot he .Ectudrg OT She Fgeffaul's
transactions hal rim me NHYldppE Free,'0as
Mining and Manufacturing C,stgdHg dgsI rg-h
NessTS. hHtoU5It ami EU,.HS.
WASHISGTON, IL. c.. November Is, IS7.;.
j. v L~9S.c", Eg, t80iraIi S,ee.N 1y.I-
At your request would make the follow
Ing statement as to transactions lad by
jhlS company with The Mary land Mining
and Manufacturing Company, and ~ ia
hesSrS. kioOErn ana Evans.
1T. As shown ny the books o. the company
May Is, 1870, 81 600 was loaned 80 SAID Mary
and FTeestOue and Mining Company, Sc
cured oY $4,000 Of their second-HOr,g gage
bonds.
2d July ., 1870, the Fredmen's Savings
and Trust Company bought Of S8I Mary
and FTeestOne and Mining Company -gp.GG0
Of their first mortgage bonds a. %, with the
verbal understanding that the company
would take said bonds back from the bank
al par after two years.
80. July Il, l,1I, further loan was made
o. The Freedman'S Savings and Trust m
pony by said miuing company of --..u.4.
secured by ~f9 coo, second mort p bDt"S
OF the same as collateral. rhjs -atenalt
shows that up to January . i..2. the hals
held second mortgage bonds OF the Mar h.
Mining and Man uftctUrin. Com pany So HOb
and $4,000 OF the hrst mortgage.
4lh' On jan usry ., ls72, as shown hy II
'cCSE, Inc TRANSACTIONS as between the UIuk
ana said company were set,iei, All com
pany at that date being in debt 10 the Fr-ei-
mans Savings and Trust Comp any lor cash
list Loan of May Is, IS50.............~i 90 Or
ID. Loan of July >, $50, being
amount paid fJr % nrst-mort-
x, Loan OF July l., Is1l......-..... 800 o.
iih. Ipt-rest due on above leans De-
cember 30, iSil........,..,...,.. -,IsJ -
Total due Freedman'S Savings aud
Trust Company .................5l,.N 80 80
AT this date, according To tue books OF this
matter was he'd with Messrs. KilbOurn e
Evans, whereby their note was given for
10000. payable six months after date and
secured as follows, viz: q shares American
Dredging Company, Philadelphia Pa, - 100:
- shares Metropolitan Paving Company
stock, 100 par value, 81 800; 1000 shares Mar
Eet house stock, so par value, $50 900; 30
shares National Metropolitan Life Insur.
ance Company, - 600; 100 bonds Maryland
Mining and Manufacturing Company 500
each, SIS. 600; and payment by the Maryland
FreestOue Mining and Manufacturing Com
pany of Sl,1Sj 80 on account OF interest. This
payment was made by check on the F,rst
treasurer. Very respectfully,
q W. STICKNEY, Actuary.
a true copy. Attest: A. NJ. SPERRY, Agt.
IN THE MATTER OF THE SENECA STONE
COMPANY.
Statement Of JessrS. RilbOlTN and Exams.
WASHINGTON, ID. c., November d, ISIS.
DEAR SIR: During the latter part of III e
month OF December, 1871, Mr.. ID. l.. Eaton,
actuary OF the Freedman's Savings and
Trust Co., called upon us and stated that the
Ereedman's Bank had made loan to the
Seneca Stone company upon the bonds of
said stone company as security. That the
news pa pfrS had been pitching into the Sem
| eca company, making its affairs appear in
bad Cdor, and also stating that the Freei.
mans Bank had made large loan TO the
stone company, secured on the company
bonds. The actuary further stated Ia at the
banks credit was being injured by these re-
ports, and therefore the actuary requested US.
as an accommodation TO the bank, 10 put in
our note and some cnllaterals, so the loan
would not appear in the name OF the Seneca
company.
Being willing to do anything we could con-
sistently 10 sid the banks credit, We com
piled with the actuarys request upon The
condition that we should be held entirely
harmless IN the matter. ami when the pa per
OF agreement to that effect was eXecute1 "a
copy Of which yOu have we signed the note
and placed in his possession our securities
as enumerated therein. The $4,000 of bonds
of the Seneca Stone company therein men,
toned, the actuaTy informed MS were in the
possession of the bank. We never saw them
and have no interest in them; not one cent
OF consideration, either directly or Indirectly,
passed TO us. Very respectfully, yours,
JOHN .. EVANS.
HALLET kILBOCRg.
Hon. j. VI LdnGsioH, Of Trustees FLeedDtaq's
SdtiiigS and Trust Company.
true copy of The original letter now on
the files OF the Freedman's Savings and Trust
company. m. SPERRY, Agent.
December IL. 1874.
Received, Washington, d. c., November
10, 1873, of the actuary OF the Freedman's
Savings and Trust company the within.
mentioned securi ties, with the exception OF
$4,000 bonds OF the Maryland Freestone
| Manufacturing and Mining company, with
! the understanding that our note fof $50 900 is
10 ,.H9t t.a.ls AnfA H.