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.