Savannah morning news. [volume] (Savannah) 1868-1887, 1881-06-22
THE FREEDMEN's BANK.
Statement of Its Affairs by Comp.
EroIIer Knox.

The act of February 81, 1881, placed
the affairs Of the Freedmen's Bank in
the hands of the Comptroller of the Cur
rency, who was appointed Commits.
sioner for the purpose of closing up its
affairs. Comptroller Knox filed his
bond of 10000 on March Z, and entered
upon his duties. Since that date he has
sold real estate for cash, amounting to
$40, 1888 %, and the receipts from all
sources have been $50. 1854 20, $S1, $50 of
which was invested in 6 per cent bonds
which have been continued at 81 per
cent. The expenses for salaries
have been reduced about So, 900
yearly by placing the affairs of the bank
in the hands of the Comptroller. instead
of continuing them in the hands of the
Commissioners. Circulars were issued
by the new Commissioner, which have
been read in all the principal colored
churches of the country, calling upon all
creditors who have not received either Of
the three dividends which have been de-
clared to present their books and receive
dividend on or before August 81, or such
claims will be thereafter barred, and the
amount distributed among the other de-
positors. as required by law. Three
dividends have been paid since the fail
ure of the bank, the first on November /,
1875, of 90 per cent. upon claims amount
ing to So, 767, 0S6, and the second and third
each of 10 per cent, on March 20, 1878,
and September /, 1880. The amount
due upon the first dividend
is $50 24S "a. and is payable to 81, 967
depositors, or on an average of about
81 20 to each depositor. The amount
due upon the second dividend is $780,
927 20, and is payable to SO, orc deposit
tors, or an average of about So cents to
each depositor, and the amount due
upon the third dividend is $54, $50 81,
and is payable to 40, 900 depositors, or
an average of about 81 30 to each. The
total amount of unclaimed dividends is,
therefore, 1925, 715 81, and the average
amount due TO each deposition about
So no. OF these dividends SO, 582 ID has
been disbursed to 225 claimants since
the Comptroller took possession of the
assets and the circulars were issued to
the creditors. The real estate
belonging to the bank is estimat-
ed to be worth $685.. 900,
which includes the banking house prop
erty. This property is probably the
handsomest building site for a public
building, hotel or opera house in the
city of Washington, and has frontage
of 1856 feet 10 inches on Pennsylvania
avenue, opposite the Treasury Depart
ment, and 1876 feet of depth opposite
Lafayette square, near the Arlington
Hotel, and contains an aggregate of 3d.
12l square feet of ground. The bank
building covers all area of go feet II
inches by III feet; is ire-proof build
ing, which was constructed with special
reference to its occupation for govern
ment offices and to its extension. The
original cost to the bank of this hand
some property, including the building.
was $3.50, 315 &C. 1t Is now occupied
by the Attorney General and the Court
of Claims, and yields to the bank a
rental of $4,000 a year. The Comp.
troller says that the bill which passed
the Senate during the last session of
Congress, appropriating $3.50, 900 for the
purchase of this building, would I'M
doubtedly have passed the House if it
had been reached. He considers the
property cheap at that sum, and has lit
tie doubt that the government will be
authorized to purchase the property,
either for the proposed new pension
building or for some other purpose, dur
ing the next session of Congress. The
bank also holds a small amount of real
estate in other cities, and also other as
sets, in all estimated to be worth $50, 900.
AS soon as the bank property can be sold
at the price at which it is held, final
dividend will be made, probably of about
20 per cent, thus returning to such I'M
fortunate depositors of this institution as
can be found 60 per cent. upon their
original deposits, which amounted to
50 1868, 904 SO at the time of the failure.