The Freedmen's Savings Bank

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

APPENDIX 153 The Freedmen’s Bank has been subjected to no less than three of these raids during the last eighteen months. The run made upon the bank by the failure of Jay Cooke & Co. cost us no less than $500,000, and required the with- drawal of a half million dollars from safe and profitable investments. Add to these causes the general prostration of business, the great loss of confidence to all moneyed institutions, the disturbed condition of affairs, especially in the District of Columbia, where most of our loans have been made, and you will easily understand why the Freed- men’s Bank is now under a heavy strain, and found it necessary to seek protection in the recent amendments to its charter. In respect to the future of the bank some of the main sources of danger and ruin have been entirely removed. The trustees, governed by an increasing concern for the safety of their depositors rather than for large profits in the way of interest, have abandoned their unwise compe- tition with others in the offer of a high percentage of interest, and have now resolved to pay only such a rate as the net earnings of the bank will warrant them in paying. They have also given up their wild and visionary schemes of banking, and have abandoned the policy of establishing branches in remote corners of the country. They will now establish none where there is not a very strong likelihood of their becoming self-sustaining. Not only have they discarded the policy of extension, they have adopted the policy of closing up as speedily as is convenient and practicable the non-paying branches now in operation. They are not only for decreasing the number of branches but also the number of employees, and for reducing the salaries of their agents to the lowest point consistent with securing the services of good men. With this retrenchment of expenses, with wise and vigorous management, and with the returning confidence of our people, it is believed that the Freedmen’s Savings and Trust Company, which has already been a powerful instrument in promoting the moral, social, and intellectual welfare of our people, will survive and flourish despite the machinations of its enemies.

Access restriction

Copyright

fullscreen: The Freedmen's Savings Bank

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation