The Freedmen's Savings Bank

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Monograph

Identifikator:: 175265076X

URN:: urn:nbn:de:zbw-retromon-129631

Document type:: Monograph

Author:: Fleming, Walter Lynwood http://d-nb.info/gnd/120660560X

Title:: The Freedmen's Savings Bank

Place of publication:: Chapel Hill

Publisher:: Univ. of North Carolina Press

Year of publication:: 1927

Scope:: x, 170 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VII. The work of the commissioners

Collection:: Economics Books

120 THE FREEDMEN’S SAVINGS BANK When the commissioners were ready to pay a dividend, the depositors were notified through the press, especially through the Negro papers, from the Negro pulpits, and, in the large cities, by posters. Yet, although every means of finding the depositors was taken, many of them could never be located. When the average small de- positor found that he could not draw out the money as he wanted it, he decided that it was forever lost, and numbers went away from their old homes leaving no address and could not be traced. The reports published after several years showed that as a rule only the principal deposi- tors profited by the commissioners’ distributions. It was also explained that many who received the first dividend were under the impression that they had received all that had not been lost. In 1881, after three dividends had been declared, it was found that of the 1875 dividend, $39,- 248.24 due to 31,967 depositors had not been claimed, an average of $1.20 each; of the 1878 dividend, $30,927.26 due to 36,078 depositors remained unclaimed, an average of 85 cents each; of the 1880 dividend, $54,539.59 due to 40,000 depositors was not claimed. The average amount now due from the three dividends to each of the 40,000 depositors was $3.40. In other words, most of the small deposits were not claimed but given up as lost, only the larger ones being called for.” The payment of these small claims was barred by an act of Congress in 1881, but later t Bankers’ Magazine, July, 1861; Bruce Report, p. 6; Reports of the Commissioners, 1874-1880.

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