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Freedmen's Savings And Trust Company,
The Freedman's Saving and Trust Company, known as the Freedman's Savings Bank, was a private savings bank chartered by the U.S. Congress on March 3, 1865, to collect deposits from the newly emancipated communities. The bank opened 37 branches across 17 states and Washington DC within 7 years and collected funds from over 67,000 depositors. At the height of its success, the Freedman's Savings Bank held assets worth more than $3.7 million in 1872 dollars, which translates to approximately $80 million in 2021. However, the rapid development of the bank was largely driven by false claims and was coupled with mismanagement and fraud. The bank failed in 1874, weighed down by speculative loans issued by the bank's white officials throughout its existence.U.S. Senate. 46th Congress 2nd Session (1880). Report of the U.S. Congress, Senate, Select Committee on the Freedman's Savings and Trust Company (S.Rpt.440). Government Printing Office. Historians believe that the bank's failure not only ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Freedman's Savings Bank
The Freedman's Saving and Trust Company, known as the Freedman's Savings Bank, was a private savings bank chartered by the U.S. Congress on March 3, 1865, to collect deposits from the newly emancipated communities. The bank opened 37 branches across 17 states and Washington DC within 7 years and collected funds from over 67,000 depositors. At the height of its success, the Freedman's Savings Bank held assets worth more than $3.7 million in 1872 dollars, which translates to approximately $80 million in 2021. However, the rapid development of the bank was largely driven by false claims and was coupled with mismanagement and fraud. The bank failed in 1874, weighed down by speculative loans issued by the bank's white officials throughout its existence.U.S. Senate. 46th Congress 2nd Session (1880). Report of the U.S. Congress, Senate, Select Committee on the Freedman's Savings and Trust Company (S.Rpt.440). Government Printing Office. Historians believe that the bank's failure not only ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jay Cooke & Company
Jay Cooke & Company was a U.S. bank that operated from 1861 to 1873. Headquartered in Philadelphia, Pennsylvania, with branches in New York City and Washington, D.C., the bank helped underwrite the Union Civil War effort. It was the first "wire" brokerage house, pioneering the use of telegraph messages to confirm securities transactions with clients. The bank became overextended in the building of the Northern Pacific Railway and failed, contributing to the Panic of 1873. History Early years Jay Cooke founded the bank in 1861 with William E. C. Moorhead, the ownership split two-thirds to one-third. Later partners included Cooke's brothers, Henry and Pitt, then H. C. Fahnestock and Edward Dodge, who would hold the bank's seat on the New York Stock Exchange after 1870. During the Civil War, Cooke & Company sold hundreds of millions of dollars in Union government bonds. Its reputation among investors around the world enabled the bank to sell these bonds when other brokerages co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Disestablished In 1874
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Companies Established In 1865
American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the "United States" or "America" ** Americans, citizens and nationals of the United States of America ** American ancestry, people who self-identify their ancestry as "American" ** American English, the set of varieties of the English language native to the United States ** Native Americans in the United States, indigenous peoples of the United States * American, something of, from, or related to the Americas, also known as "America" ** Indigenous peoples of the Americas * American (word), for analysis and history of the meanings in various contexts Organizations * American Airlines, U.S.-based airline headquartered in Fort Worth, Texas * American Athletic Conference, an American college athletic conference * American Recordings (record label), a record label previously known as Def American * American University, in Washington, D.C. Sports teams Soccer * B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Companies Disestablished In 1874
American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the "United States" or "America" ** Americans, citizens and nationals of the United States of America ** American ancestry, people who self-identify their ancestry as "American" ** American English, the set of varieties of the English language native to the United States ** Native Americans in the United States, indigenous peoples of the United States * American, something of, from, or related to the Americas, also known as "America" ** Indigenous peoples of the Americas * American (word), for analysis and history of the meanings in various contexts Organizations * American Airlines, U.S.-based airline headquartered in Fort Worth, Texas * American Athletic Conference, an American college athletic conference * American Recordings (record label), a record label previously known as Def American * American University, in Washington, D.C. Sports teams Soccer * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Established In 1865
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
African-American History Of Washington, D
African Americans (also referred to as Black Americans and Afro-Americans) are an ethnic group consisting of Americans with partial or total ancestry from sub-Saharan Africa. The term "African American" generally denotes descendants of enslaved Africans who are from the United States. While some Black immigrants or their children may also come to identify as African-American, the majority of first generation immigrants do not, preferring to identify with their nation of origin. African Americans constitute the second largest racial group in the U.S. after White Americans, as well as the third largest ethnic group after Hispanic and Latino Americans. Most African Americans are descendants of enslaved people within the boundaries of the present United States. On average, African Americans are of West/Central African with some European descent; some also have Native American and other ancestry. According to U.S. Census Bureau data, African immigrants generally do not self-ide ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defunct Banks Of The United States
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Defunct (no longer in use or active) may refer to: * ''Defunct'' (video game), 2014 * Zombie process or defunct process, in Unix-like operating systems See also * * :Former entities * End-of-life product * Obsolescence Obsolescence is the state of being which occurs when an object, service, or practice is no longer maintained or required even though it may still be in good working order. It usually happens when something that is more efficient or less risky r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Church Of Jesus Christ Of Latter-day Saints
The Church of Jesus Christ of Latter-day Saints, informally known as the LDS Church or Mormon Church, is a nontrinitarian Christian church that considers itself to be the restoration of the original church founded by Jesus Christ. The church is headquartered in the United States in Salt Lake City, Utah, and has established congregations and built temples worldwide. According to the church, it has over 16.8 million members and 54,539 full-time volunteer missionaries. The church is the fourth-largest Christian denomination in the United States, with over 6.7 million US members . It is the largest denomination in the Latter Day Saint movement founded by Joseph Smith during the early 19th-century period of religious revival known as the Second Great Awakening. Church theology includes the Christian doctrine of salvation only through Jesus Christ,"For salvation cometh to none such except it be through repentance and faith on the Lord Jesus Christ." Book of Mormon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Walter Lynwood Fleming
Walter Lynwood Fleming (1874–1932) was an American historian of the South and Reconstruction. He was a leader of the Dunning School of scholars in the early 20th century, who addressed Reconstruction era history using historiographical technique. He was a professor at Vanderbilt University from 1917 through his career, also serving as Dean of the School of Arts and Sciences, and Director of the Graduate School. A prolific writer, he published ten books and 166 articles and reviews. The son of a plantation owner who had slaves, Fleming was sympathetic to White supremacist arguments and Democratic Party positions of his era while critical of Republicans and Reconstruction. Biography Walter Lynwood Fleming was born on a plantation at Brundidge, Alabama, on April 8, 1874, the son of William LeRoy and Mary Love (Edwards) Fleming. Both his parents were born in Georgia and had migrated west with their families to Alabama in the ante-bellum period as cotton was developed as the area ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frederick Douglass
Frederick Douglass (born Frederick Augustus Washington Bailey, February 1817 or 1818 – February 20, 1895) was an American social reformer, abolitionist, orator, writer, and statesman. After escaping from slavery in Maryland, he became a national leader of the abolitionist movement in Massachusetts and New York, becoming famous for his oratory and incisive antislavery writings. Accordingly, he was described by abolitionists in his time as a living counterexample to slaveholders' arguments that slaves lacked the intellectual capacity to function as independent American citizens. Northerners at the time found it hard to believe that such a great orator had once been a slave. It was in response to this disbelief that Douglass wrote his first autobiography. Douglass wrote three autobiographies, describing his experiences as a slave in his ''Narrative of the Life of Frederick Douglass, an American Slave'' (1845), which became a bestseller and was influential in promoting t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic Of 1873
The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. In Britain, the Panic started two decades of stagnation known as the " Long Depression" that weakened the country's economic leadership. In the United States, the Panic was known as the "Great Depression" until the events of 1929 and the early 1930s set a new standard. The Panic of 1873 and the subsequent depression had several underlying causes for which economic historians debate the relative importance. American inflation, rampant speculative investments (overwhelmingly in railroads), the demonetization of silver in Germany and the United States, ripples from economic dislocation in Europe resulting from the Franco-Prussian War (1870–1871), and major property losses in the Great Chicago Fire (1871) and the Great Boston Fire (1872) helped to place massive strain on bank reserves, which, in New ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
