The times. [volume] (Richmond, Va.) 1890-1903, 1898-12-09
A BALANCE FOR
THE FREEDMEN.
The Defunct Savings and Trust Co.
Has $29,344.04 Undisbursed.
A BILL FOR ITS DISTRIBUTION.
Captain Lamb Has One Before Con-
gress Which VIII Probably be Pas
sed Soon-Comptroller Dawes
Recommends Its Passage.
A BILL FOR ITS DISTRIBUTION

| Hon Charles G. Dawes. Comptroller OF
the Currency and ex-oficio Commissioner
OF the Freedmans Savings and Trust
Company has submitted to Congress his
annual report for the year ended Deem
Der 3. 1888.
The report shows that during the year
there was collected S260, and the dis
bursements for the same periol amounted
| TO s25lO2O. leaving a cash balance Of
2o3ilOi to the credit Of the company in
the Treasury Of the United States on De-
| cember 9, 1895.
The act OF February p. 1851. Mr.. Dawes
states. barred all claims not presented
| for examination and audit within six
| months from the date Of approval Of that
| act. and all dividends not called for
| within two years from the date Of their
| declaration.
CLAIMS BARRED.
4 final dividend Of per cent. was de-
| clared May T., 1883. The two years limi-
| tation fixed by the act OF February Il.
1851. for the payment Of this dividend ex-
| pired May T. 1855. on which date the
barred claims and dividends amounted
to the sum Of S1Sl.i9ll3
or the claims thus barred FIVE wor
presented for payment during the past
year. requiring Sl7.32 10 pay the 60 per
cent declared in dividends. making 2,9
claims Of this class presented since May
l., 1855. calling for A293.G2.
Deducting from the above mentioned
sum OF SlSi4941S. Mr. Dawes states. the
amount Of the claims ana dividends re-
vivcd by the act OF February IT,. 1sS3.
amounting 10 $l7.4S110 leaves balance
| Of Si67O13.O2 barred and unprovided for
Mr.. Dawes states that when IL is re-
membered that this last-named sum rep
resents more than 10000 claims. composed
| almost entirely Of very small amounts.
| and that since May u. 1855. a period Of
| over thirteen years. only 2l9 Of these
| claims. calling for $4,000 have been pre-
scented for payment il is evident that n
! very limited proportion Of the remaining
| barred claims AM dividends are likely
ever to be presented for payment or
| called for
4 CASH BALANCE.
| The report shows that $4,000 Of assets,
| regarded in 1855 as uncollectable, have
| since been collected, which amount Is
said 10 be sufficient not only to pay all
! claims revived by the act Of February Il,
| 1888. but after paying all expenses Of the
| office leaves balance Of s29 3HG in the
| Treasury.
Mr. Dawes states that there IS no
| longer any prospect of further collections
| from the remaining assets. Many Of the
| unpaid judgments have been outlawed,
| or are about to become so. and as the
| Judgment debtors are either insolvent or
| dead. il would be, he says, q useless
| waste Cf money TO keep these judgments
| alive.
| lie further states that while the
| funds on hand are not sufficient Tor the
| declaration of another dividend. they are
| deemed ample 10 pay not only the claims
| revived by the act of February II, ISIS
| and the barred dividends called for and
| presented since May r. 1883, but also
! other barred dividends likely to be called
! for hereafter
| Mr.. Dawes concludes his report with a
| renewal of the recommendation made by
| his several predecessors for legislation
! authorizing distribution Of the funds
| on hand among those dopOsitors whose
| claims and dividends are barred. I'm Obi
! connection he says:
1T would seem but just and proper
! To authorize the payment OF all such
| barred claims and dividends as far as
the funds IN the hands of the Commits
sioner will warrant
CAPTAIN LAMBS BILL.
| lie then calls the attention Of Congress
| to Representative Lambs bill now pend
ing before the Banking and Currency
Committee. o copy Of which is incopo-
| rated i'm the report. and says
This bill carries with it no appro-
priation from the Treasury Of the United
| states. but IS simply designed TO confer
authority upon the Commissioner 10 as
tribute among these depositors The money
! now lying I'm the Treasury which belongs
| 10 them. but which cannot be distributed
becal So Of the limitations Oh the act OF
| February q, ISL
The remaining available assNs which
would be distributed IN the event of the
legislation recommended are the follow
ing:
| a cash balance Of S293HN, some shares
! OF the cap!tal stock of the Second Ma
| tfonal Bank OF Washington ID. G, estl-
mated as worth $3.50. and some stock
| of the Detroit Car Loan Company the
face value OF which IS 5000. but The mar
| Ike. value is uncertain and unknown.
Dividend checks issued by the several
| commissioners ara still outstanding 10
! the amount Of t1lo9l9. never having
| been presented for payment.
! Captain Lambs bin will probably be re-
| ported I'm a few days by the Banking and
| Currency Committee, and there is very
| good chance for It's passage. 10 carries
no appropriation. merely proviiins Tor
the distribution Of what IS virtually
| trust fund.