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1 Report of the Commissioners of the Freedman's Savings and Trust Company 1 (1876)

handle is hein.slavery/rpcfmsvt0001 and id is 1 raw text is: 4-1TII CONGRESS, SENATE. Mis. Doe. 1st Sssion. j No. 36. REPORT OF THE COMMKISSIONERS OF THE FREEDMAN'S SAVINGS AND TRUST COMPANY, TRANSMITTING, In com ' iance ?rith a resolution of the Senate of the 5th instant, statements sho'winl the balaowe due on the assets of the Freedman's Savings and Trm t Company at the time of their transfer, the action taken to collect the same, awu7their present status; also, the receipts and expenditures from .Jly 13, 1874, to December 31, 1875. JA1 UkuY 18, 1B76.-Ordered to lie on the table and be printed. OFFICE OF THE C(OMVIISSIONERS OF THE FREEDXA.hN'S SAVINGS AND TRUST COMPANY, Washington, A. C., January 18, 1876. SIR: In compliance with the resolution of the Senate of the 5th instant, we have the honor to transmit herewith a detailed and cor- rected statement, No. 1, showing the balance due on the assets of the Freedman's Savings and Trust Company at the time of their transfer to us, the action taken to collect the same, and their present status. Also, a statement, No. 2, showing our receipts and expenditures, actual and constructive, from July 13, 1874, to December 31, 1875, both inclu- sive. The several balances reported in the first-named statement as still due, amounting to $1,960,872.81, (exclusive of the accrued interest on the unpaid loans, which, on account of the uncertainty of the rate col- lectible, we have thought best not to compute, and also exclusive of sun- dry petty expenditures incurred in connection with said loans and charged to them,) plus the sum of $157,744.73, being balance to our credit in the Treasury of the United States, constitute the remaining un- distributed assets of the company. Of the latter amount, however, the sum of $123,890.08 is necessary to cover the balance due on the first dividend, so far as the company's indebtedness has been ascertained. How useless it would be for us to attempt to estimate what we shall ultimately be able to realize from these undistributed assets, will be made apparent by a perusal and examination of the remarks made op- posite the great majority of them. The suits already pending, and which are beilg almost daily increased, involving as they do large ex- penditures of money, the general deterioration of the property which we have been compelled to buy in, and of the property upon which we have to rely for payment of most of the balances yet due on loan account, the large expense incident to the foreclosure of the mortgages or deeds of trust on said properties, the overdue and unpaid taxes thereon, the in- solvency of some of the heaviest debtors to the company, the worthless- ness of most of the loans made at the southern branches of the com- pany, &c., render an accurate computation of the amount hereafter to be collected impossible ; still, we hold a number of good loans yet, though Reproduced with permission from the University of Illinois at Chicago

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