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

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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 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, pro- fessed 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 sev- eral 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 Uni- versity, etc. 41 Douglas Report, p. 104.

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