OMPANY,' APPROVED MARCH THIRD,
EIGHTEEN HUNDRED AND SIXTY-FIVE.

"_Be it enacted by the Senate and House of Representatives of the
United Stales of America, in Congress assembled_, That the fifth
section of the Act entitled 'An Act to Incorporate the Freedman's
Savings and Trust Company,' approved March third, eighteen
hundred and sixty-five, be, and the same is hereby, amended by
adding thereto at the end thereof the words following: 'and to
the extent of one half in bonds or notes, secured by mortgage on
real estate in double the value of the loan; and the corporation
is also authorized hereby to hold and improve the real estate now
owned by it in the city of Washington, to wit: the west half of
lot number three; all of lots four, five, six, seven, and the
south half of lot number eight, in square number two hundred and
twenty-one, as laid out and recorded in the original plats or
plan of said city: _Provided_, That said corporation shall not
use the principal of any deposits made with it for the purpose of
such improvement.'

"SEC. 2. _And be it further enacted_, That Congress shall have
the right to alter or repeal this amendment at any time.

"Approved May 6, 1870."

The company was organized on the 16th of May, 1865, and the trustees
made their first report on the 8th of June, 1865. Deposits up to this
date were $700, besides $7,956.38 transferred from the Military
Savings Bank at Norfolk, Virginia, on the 3d of June. On the 1st of
August the first branch office was opened at Washington, D. C., and on
the 1st of September it had a balance due its depositors of $843.84.

Other branches were opened during the year at Louisville, Richmond,
Nashville, Wilmington, Huntsville, Memphis, Mobile, and Vicksburg.
December 14, 1865, the Military Bank at Beaufort, organized October
16, 1865, was, by order of General Saxton, transferred to this
company, with its balance of $170,000. At the end of the first year,
March 1, 1866, fourteen branch offices had been opened, and the
balance due depositors was $199,283.42.

The total deposits made by freedmen in them, from their establishment
up to July 1, 1870, was $16,960,336, of which over $2,000,000 still
remained on deposit. The total amount of deposits in the Richmond
branch up to that date was $318,913, and the balance undrawn $84,537.
The average amount deposited by the var