MISMANAGEMENT AND OTHER TROUBLES 81
president of the Seneca Company, purchased
them from Eaton for $20,580, but if this money
was paid the bank’s record did not show it. The
Seneca Company also secured money through
individuals who borrowed on second mortgage
Seneca bonds and then turned the proceeds over
to the company.*
The responsible authorities, of course, professed
 to have little or no knowledge of these
transactions. Tuttle, a member of the finance
committee, who was a United States treasury
official, said that he did not read the Kilbourn
and Evans agreement before signing it, and he
further stated that he never read any papers
presented for his signature. He thus explained:
“I said that I wanted at least two names to
precede mine and that I wanted the actuary’s
name so as to know that it was all right. . . . 1
always told them that they must not deceive
me.” This to Cooke and Huntington!" In several
 transactions there was so much swapping
and juggling of securities that the authorities of
the Freedmen’s Bank became confused and lost
themselves in the confusion.
RESULTS OF MISMANAGEMENT
Such was the mismanagement that resulted
in the failure of the Freedmen’s Bank. In 1873
the available fund was no longer available, the
#0 The report of the Bruce Committee gives a full account of the
Seneca business. See also Bruce Report, pp. 52, 55, 91-97, 141-144, 178,
201-210, 283. Douglas Report, pp. 31, 74-76, 104. For details in regard
to other loans see Bruce Report, for the facts about those made to
Kennedy, Fleming, First Baptist Church, Y. M. C. A., Howard University,
 etc.
41 Douglas Report, p. 104.