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.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V. Mismanagement and other troubles

Collection:: Economics Books

70 THE FREEDMEN’S SAVINGS BANK in office on account of his popularity among the Negroes. The actuaries, first Eaton, and later Stickney, the nephew of Eaton, conducted business very much as they pleased, and as the speculators inside and outside wanted them to do. As a token of the regard in which he was held by the speculators who borrowed money from the bank, Eaton possessed a number of shares, which cost him nothing, in one of the various public works companies of the District. A great deal of the bad paper held by the bank bore Eaton’s endorsement.? THE AMENDMENT TO THE CHARTER The hoarded deposits of the Freedmen’s Bank having attracted attention of the speculators in Washington, an amendment to the charter was secured in 1870 by those of the trustees who were in sympathy with a more active loan and invest- ment policy. The amendment merely provided that one half of that portion of the deposits formerly invested in United States securities might be invested in notes and bonds secured by mortgage on real estate of at least twice the value of the loan. The bank was also authorized to improve the real estate that it already held, provided that none of the principal of the de- posits should be used. The inference is that the bank was already holding property in violation of the original charter, which permitted no in- vestments in real estate. The $260,000 spent on 2 Bruce Report, pp. 51, 58, 109, 110, 119, 178, 222; Douglas Report, pp. 36, 89. 91, 95,

Access restriction

Copyright

fullscreen: The Freedmen's Savings Bank

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation