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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V. Mismanagement and other troubles

Collection:: Economics Books

MISMANAGEMENT AND OTHER TROUBLES 77 and the First National Bank, both large bor- rowers from the Freedmen’s Bank, had repre- sentatives on the finance committee of the latter institution. H. D. Cooke, the First National Bank representative, when later called before investigating committees, professed profound ignorance of all the questionable transactions.* Balloch, a trustee and member of the finance committee, made a bad private loan in 1870, and in 1872 transferred his claim to the bank.® Huntington of the First National Bank bor- rowed 3,000 for one day and never repaid it.® Eaton, the actuary, was given by Vandenburg one-half interest in a $100,000 sewer-pipe con- tract to reward him for his kindness in securing loans for said Vandenburg.** Balloch borrowed $2,000 in 1872, giving as collateral $2,000 in United States five per cent bonds. Later these bonds were withdrawn and $1,800 in less valu- able railroad securities were substituted.” There was a loss of $32,000 caused by frequent loans to R. I. Fleming who, it was well known, was practically bankrupt. As security he offered bills against the District of Columbia, Y. M. C. A. bonds, and other doubtful paper. THE SENECA SANDSTONE COMPANY As examples to show the character of loans made after 1870 and to illustrate the business # Douglas Report, pp. &, 9, 76, 77, 91, 93; Bruce Report, pp. 51, 110, 111; Savannah News, Dec. 9, 1871. # Bruce Report, p. 176. 3 Douglas Report, p. 176. # Douglas Report, p. 12. 3 Bruce Report, p. 153.

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