Franklin National Bank (Washington, DC)

View Charter #10504 on SPMC View balance sheet

Episode Information

Episode UID
1050401599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
105040 national
Charter Number
10504
Start Date
March 6, 1933
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bcd243f1d7eab1ce

Response Measures

None

Description

Suspension originated with the March 1933 national banking holiday; reopening occurred via merger/recapitalization into City Bank of Washington.

Events (4)
1. April 4, 1914 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Closed as part of the President's March 1933 bank holiday and initial withholding of a reopening license by the Treasury; conservator appointed
Newspaper Excerpt
the national bank holiday, ... Washington banks ... were awaiting word ... to resume; Franklin National received no license
Source
newspapers
3. November 8, 1933 Reopening
Newspaper Excerpt
Plans for Franklin National Help Clear Situation Here Further ... Washington Mechanics Savings Bank was about to take over the Franklin National Bank ... Franklin will release $2,500,000 ... merger ... Ezra Gould to head merged bank
Source
newspapers
4. December 12, 1936 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (22)
1. March 13, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 13, 1933

Click image to open full size in new tab

Article Text

BANKS PREPARE FOR OPENING TOMORROW All to Resume at Same Time If Reserve Board 0. K's Clearing House Plea Washington banks today were awaiting word from the Federal Reserve Bank at Richmond for permission to resume activities tomorrow. It is expected that the Federal Reserve will honor the request of the Washington Clearing House Association and send out notification simultaneously, so that all banks here which are members of the system will receive licenses and open at the same time. The Clearing House made this request, pointing out that failure of any bank to open at the same time as the others might be misconstrued by depositors. While the local banks are expected to reopen tomorrow morning. Secretary of the Treasury William H. Woodin issued instructions to banks that they guard against hoarders. Withdrawals Limited Until more normal conditions have been established. the Secretary instructed, withdrawals should be limited at the discretion of the bank to necessary funds. This will permit the banks to restrict withdrawals of, in their judgment, the money to be taken out of circulation. Warning was again issued that 3 o'clock Friday is the deadline for those who have been hoarding gold or gold certificates to turn them in. Names to Be Listed At the close of the banking lists of those who sums or 1 will be have gold day February Friday withdrawn gold certificates large sent Reserve to since the of governor of the Federal at Richmond for such action as the Government may deem advisable in view of the President's edict against hoarding. It is believed that few persons will fail to turn in their gold as the President asked, bankers pointing out that in the past few days many thousands of dollars have already been turned in at local banks and at the Treasury. Today, the last of the bank holiday proclaimed by President Roosevelt, found Washington banks carrying on limited business and prepared for general reopening tomorrow. The reopening is expected to give a bc m to local business. Savings banks and other institutions here which are not members of the Federal Reserve System have applied to the Comptroller of the Currency for licenses to reopen, and it is expected that they will be given permission to resume on Wednesday.

2. March 14, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 14, 1933

Click image to open full size in new tab

Article Text

LICENSES FOR THREE BIG ONES HELD UP Conservator Rules FederalAmerican; Franklin Voices Surprise at Delay Twenty Washington banks reopened their doors today for regular business, marking of the national bank while local the holiday, end major bankers outpredicted that one would be the consolidacome tion of some of the smaller and weaker banks to further strengthen the local banking situation. Reopening of the banks, after closed a week ago yesterbeing by the Presidential national procladay mation declaring the bank holiday, was marked with quiet and calm. of There was no rush deposiin any of the institutions tors which reopened, several banks would rethat the deposits be porting more than the withdrawals. Put Money Back Persons who withdrew funds debank holiday was and then not redeposit to place could before came clared, today the found the that it money back they now with a feeling the the holiday is over again, that sound. banks' position is Bank officials who look for the consolidation of local institutions step pointed out that such a aswould release certain frozen rewhich have blocked the banks. opening sets of a number of be of Such consolidation would inestimable value in strengthening they the local financial situation, said. Of the banks that were granted there licenses to reopen today national eight of the 11 banks, were all five trust companies, and seven of the 17 savings banks in the District. The first appointment of a made conservator in Washington was Curthe Comptroller of the posted by A notice was door of the on Bank can stating that the rency Company the National today. Federal and the in Ameri- Trust institution had been placed hands of a conservator. Poole Conservator The conservator named was John Poole, president of the bank. Mr. Poole explained that under the emergency banking legislation, providing for conserv- in the bank will function for normal ators, business except that present no money will be paid acout the and no deposits will be cepted. Joshua Evans, jr., president an- of District National Bank, to the other institution which failed receive its license today, would announced that the bank on business under regula- of carry issued by the Secretary the tions Treasury during the national bank holiday. Officials Astonished Officials of the Franklin National Bank, the third largest institution which received no license, expressed astonishment the failure of the Treasury bank Department at to permit the to reopen. Officials planned to confer (Continued on Page 2, Col. 7)

3. March 20, 1933 Evening Star Washington, DC
Article from Evening Star, March 20, 1933

Click image to open full size in new tab

Article Text

DROP IN INSURANCE BUSINESS IS February Total for New Policies Is 23 Per Cent Under 1932 Figures. BY EDWARD C. STONE. New insurance written in the District of Columbia in February was 23 per cent lower than the total for February 1932, according to the monthly report received today from Hartford, Conn. This was much better showing than the January figures revealed The average drop for the whole United States was exactly the same as that for Washington the report stated Virginia made slightly better record than Washington new business being but 21 per cent behind the same month last year. Among other States in the fifth Federal Rese district new insurance in South Carolina was down 23 per cent in Maryland. 26 per cent in North Carolina 30 per cent, and in West Virginia 35 per cent degeneral was there Although crease in this territory and all over the United States. compared with the corresponding month a year ago, the total during sold insurance life ordinary the raged over $20,000,000 in every working day The best record made by any State was produced by Alabama which was only per cent below business done in had Idaho Arizona and 1932 February. the hardest sledding during the month business in both these States being 45 per cent under the like period a year ago During February District of Columbia agents wrote $3,816,000 new business Maryland reported new business total ing $6,086,000 Virginia turned in new business ting to $5 while West Virginia's total was $3,078,000. North Carolina's business totaled $4, 767,000 and South Carolina sales amounted to $2,242,000. Delaware, Georgia and Florida are included in the South Atlantic group. This group as a whole wrote $34,888,000 during the month. Joins National Building League. The Northwestern Savings & Loan Association, Takoma Park, has been admitted to membership in the United States Building and Loan League according to Secretary H F Cellarius of Cincinnati Ohio. In qualifying for membership the association submitted financial statements, by-laws and other details. The Northwestern Savings & Loan Association becomes a member of a national organization in this field that has over 2.800 members. Its business is administered in Chicago The league was organized 39 years ago to aid the work of the local associations in the home financing field The Northwestern Association will be entitled to send a delegate to the league's conventions It will also participate in the national programs for tax relief. home owning encouragement and other work undertaken by the league According to E. V Crittenden. president of the association. the assets were $1,856,964.35 at the time of the last annual report Besides Mr Crittenden the officers and directors of the as sociation are W si Dewhirst. vice president Howard S Gott. secretary Alfred B Baker. attorney, and Arthur Keefer, Dr J. W Chappell Dr G Coulen Lewton R E Jones, W R Tuckerman. Dr W W Stockberger, Jesse H Powell, directors. Treasury Regulation 10 Passes. One of the most important regulations issued by the Treasury as an emergency bank ruling has been canceled This regulation related to the payment money for food and the transportation of food other emergencies and for pay rolls. It was the regulation under which all 'distress money was permi tted to be paid The Treasury considers that the regulation is no longer needed and its withdrawal will conserve the assets in banks which do not have to operate on full schedules. The aim of the latest ruling to help conservators funds bank conserve At the time the regulation was issued it was interpreted in detail by the Washington Clearing House Associatic for the benefit of the local banks all of which were then under the holiday proclamation order from the President in It greatly relieved the situation Washington as money was at once made available for 'dire needs The Treasury takes the view that sufficient banks are now open to take care of all needs for necessities as well as for pay roll demands. Stocks Added to D. C. List. The governors of the Washington Stock Exchange added three more stocks to the list today, trading to begin tomorrow The issues are Mergenthaler Linotype Woodward & Lothrop common and Woodward & Lothrop preferred Today's market opened with two shares of Potomac Electric Power 51/2 per cent preferred stock selling at 105 Lanston Monotype figured four 10share and one six-share sales at 40 The rest of the trading was confined to bonds. Washington Gas Light 5s 1960, came out in a $500 transaction at 103. Potomac Electric Power Consolidated 5s figured in two $1.000 sales at 103. The market closed with $1.000 4s Washington Railway & Electric changing hands at 88 Heard in Financial District. Depositors in the Franklin National Bank were greatly pleased to learn that Vice President Thomas P Hick man had been made conservator of the bank relieving F c Ochershausen temporarily assigned to this work Mr Hickman's desk was covered with flowers today Vice President Wilbur H Zepp of the United States Savings Bank also assumed his duties as conservator to day, following the reasury announc ment made Saturday evening He relieved I Bailey, who had been acting Mr Zepp conserva as also received many congratulation from the bank's customers The interest in the New York Stock Market is being well maint judging by the ttendance in the local bro terage houses. Today' opening of the week was considered favorable by market followers Incorporated Investors has declared the regular semi-annual dividend of per cent in stock payable April 20 28. March record stock to Gold Dust Corporation has declared the regular quarterly dividend of 30 cents on the common stock payable May to stock of record April 10. SILVER QUOTATIONS.

4. March 21, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 21, 1933

Click image to open full size in new tab

Article Text

SEEK TO LEARN WHAT INQUIRY HAS SHOWN Amount of Shortage Remains Unknown; Col. Cooper Seeks Commercial's Records Directors of the Park Savings Bank will meet this week in an attempt to learn exactly what the conditions of the closed institution are, it was learned today. The directors will ask that the conservator who was placed in the bank a week ago today, a few hours after the suicide of Robert S. Stunz, vice president, meet with them and tell them what facts have been revealed about the alleged shortage ir accounts of the bank. This shortage, which is said to be may exat $1,000,000, least $200,000 and revealed ceed was in written by "To left two Whom notes It May Concern" Stunz and in his desk in the bank. Officials Exonerated These notes exonerated any of the present officers and directors of the institution from knowledge of the shortage. It was the discovery of the notes that led to of the placing of Deparment Justice accountants in the bank to determine the extent of the shortage. George E. Walker, chairman of the board of the bank, said to day: "I have been asked to call a meeting of th: board and ask the conservator to attend and tell us what has been developed, as we are as much in the dark as anyone. "From the notes Mr. Stunz left we believe there is a shortbut we know nothing of When we we be its age, condition extent. of affairs, learn will the in a position to start making plans for reopening the bank." Cooper Seeks Records Col. Wade H. Cooper, presiacdent Bank, of planned the Commercial today to National seek cess to the records of that institution to aid in his plans for of the bank which in the a reorganization was placed hands of receiver last month that it a The is necessary president that pointed he obtain out list of committee complete naming a depositors .to So before assist far in the reorganization. he has been refused permission to see the bank records. a night John voiced Dwyer, protest attorney, against out- last the reorganization plan as lined by Colonel Cooper, asserting that vital points in the plan were the not explained and represented. that depositors were not Two Expert Licenses Officials of two national banks not rea week ago which open were licensed today, to the Ameron reican, Franklin are and busy the Federal plans and for it sumption of business, was that be may expected granted these licenses two within banks the next few days. Joshua Evans, jr., president of said that the District as yet National plans for Bank, reopening that institution have not jeen completed. Mr. Evans said his bank is still awaiting from the Treasury further Department instructions before a decision will be made as to reorganization or consolidation.

5. April 29, 1933 The Washington Times Washington, DC
Article from The Washington Times, April 29, 1933

Click image to open full size in new tab

Article Text

300 Reserve Banks Now Open, Says Controller Three hundred of the 388 member banks of the fifth district of the Federal Reserve System have reopened since the banking holiday, John S. Walden, controller of the Federal Reserve Bank of Richmond, announced today. Seven of the 300 are new members, the American Security and Trust Company, of Washington, being one of these, its admittance to the system being announced a week ago. Of the 95 member banks in the fifth district that are trying to reorganize three are in Washington-the District National, Federal-American, and the Franklin National. The Commercial National Bank, also a member of the system, is in the hands of a receiver.

6. June 5, 1933 Evening Star Washington, DC
Article from Evening Star, June 5, 1933

Click image to open full size in new tab

Article Text

MERGER ANOTHER OF BANKS RUMORED, BUT MEETS DENIAL First From Page.) (Continued in the bank, stock preferred 30 to in of his reorganized waive cent deposits for he which return "particiand certificates:" of his cent per received to receive, when dein cash. The on of total ments of has sold thus worth deposits. pating the posits bank to Frankiin. be opens, made having available about obtained agree- more of than stock preferred in the This new stock not does carry The double stockholder. old NaBank Franklin ball tional Double on old ity still What stock. the for capital structure the will new Bank National be Departdepends Treasury bank ment. totaling Officials their stock for the today tions plans to step next reopen the the HamilFranklin tor the merger. Franklin to were the second Franklin two Gains. to sell stock Bank National the with return C. Graham, Mr. Hamilton. yesterday leaders to He went his American Co. this conmorning the The cerning share of par a the Bank, came for furif that ther the nated." The Capt. Chester Wells, nization Reorganational to at Bank, Dist subscribe 10 in per deposits the This should District of in be he behalf done, of thouown your of that there sands be date early may If the 50 per not organbe may of none for months your and small then every "Your said possible the behalfpessible and to each has every and you no wish cannot the opinion believe served your it are. by furunvery response you the United at tonight by Col. of the bank H. theater The meetCol. for keepthe United the merger States been and Wilbur of of the join to Departapproved of entry Savings has not by Col.

7. September 14, 1933 Evening Star Washington, DC
Article from Evening Star, September 14, 1933

Click image to open full size in new tab

Article Text

FERGUSON DEFENDS U.S. SECURITIES ACT Member of Trade Commission Denies Law Stands in Way of Recovery. BY EDWARD C. STONE. S. Ferguson, jr., member declares of Garland Federal Trade Commission. not the the new securities act does recovery stand that in the way of financial speech that the He asserted in a radio those who act is dangerous responsibility only to of telling seek to evade investors the whole Adver- truth prospective before the Financial Speakers Association made the claim yes- "too terday tisers that the new law is drastic." July 20 to September 20 state- the commission From received registration to ments involving securities amounting these state$211,900,000. he said, and shown on the whole have of a ments definite intention on the the part revery corporations to meet merely quirements issuing of registration, not and technical sense, but fully its ingenerously in a in compliance with tent and sucess purposes. of the act will depend not of The upon the ability and fidelity if not only commission. but in large. of the measure, on the support Mr. a the greater public the speaker declared. Garland 'Neither continued the issuer's right to security offer the public's right to buy a acnor be limited under this act on or may count of its speculative The unsound securities hazardous differs in character concept and in plan of many from acts so-called blue-sky laws of the the the States While certain qualof commissions pass upon the whether State of a security to determine within ity it may be offered for sale ador their not jurisdiction the Federal investors act heres to the principle that all of it be told the truth. and offered shall concerning securities publicly for sale. Gains in Sales Encouraging. Richmond Reserve ban's contained reThe on August retail sales in the port surprises. The best gain Charlesmany fifth district was scored cent by A group of ton. other W. cities Va.. 43 reported per in a the 38 Carolinas per cent gain did 37 and per 10 cent stores more In fact. business these than stores in August, slight 1932. gain for the first eight the report months a of the year compared with of 12.1 per like period of last year gain The was Washington exceeded by Baltimore Richmond which cent 30 per cent gain and departwith had a a 23 per cent Huntington. advance in W Va.. ment store sales also hung up exand Lynchburg. Va While fifth good records for August the first tra district stores are still behind surprising of 1932 these percentages eight months for August records did much to lower the longer period that It is interesting to note both for fifth district and the averages are the the 12 Federal Reserve districts for the per cent behind last year alone eight-month 10 period. In August cent gain local area made a 22 per whole the against only 16 per cent for the country average Cleveland district led the with 12 Federal The Reserve areas in August that 42 per cent advance in sales. but much a and surrounding territory was than harder city hit by the depression Washington and vicinity Hence. San a larger comeback must be made of the Francisco was at the bottom ahead 12 districts. being only 2 per cent of August. 1932. in retail sales. Franklin Officials Push Work. Officials of the Franklin National reBank which is now operating on a stricted basis. are constantly pushing their efforts to get the bank reopened under 100 per cent operations They date further progress but no for report resumption of unrestricted business can be given at this time Important conferences are being held frequently with United States Treasury officials assigned to give their special reattention to the reorganizing and opening of Washington banks. Frankofficials consider the results of these lin recent meetings as favorable Compliance with Treasury rulings however of an almost endless amount in requires detail which involves further delay the final application for the charter Officials of the Franklin National efstate that they are centering their toward continuing as a unit bank. Opposed forts to any kind of a merger they express the belief that all requirements can be met which will permit operations as an independent institution. This is their one aim Like many other closed banks in Washington. they had hoped to be open many weeks ago While depositors are clamoring for offi- a release of a part of their funds, cials insist they are working as fast as possible to bring this about. New Life in Broker Offices. There was much more activity in Washington offices of New York Stock Exchange firms today, a lively and higher opening being recorded Brokers say inflation talk and the Government efforts to advance commodity of prices seem to account for much the expansion in business here and in New York. Wall Street reports that public participation has shown a marked increase during the present week. The Government's reported determination to raise commodity prices both agriculture and other fields is conin tinuing unabated. it is said. Furtherit is estimated that prices must more. be raised another 50 per cent to get farm returns up to the 1914 level SO far as purchasing power is concerned. This situation means that commodity prices in their fluctuations are likely to have special bearing on the stock market during the remainder of the year. in the opinion of Washington brokers. 42 Per Cent Insurance Gain Noted. The E. S. Brashears Agency, Washington branch of the Union Central Life of Cincinnati, reports a gain of 42 over July per cent in August's This net-paid-for is the largest busi-

8. October 4, 1933 The Washington Times Washington, DC
Article from The Washington Times, October 4, 1933

Click image to open full size in new tab

Article Text

FRANKLIN BANK NEARLY READY TO REOPEN Treasury Speeds Up Case; Plan Calls for Payment, in Part, to. Many Depositors The local banking situation as it concerns closed institutions began to clear today with the announcement at the Treasury that considerable progress has been made in a plan to reopen the Franklin National Bank. This announcement, following the approval yesterday of a plan whereby the Mt. Vernon Savings Bank will release nearly $1,000,000 in frozen deposits through a sale of assets to the Washington Mechanics and Savings Bank, will leave but few other closed banks in the city. Shuman's Big Job So far has the work of reorganization progressed, that Maj. W. Irving Shuman, special representative of the Comptroller, who has engineered both the Hamilton merger, the Chevy Case sale and the Mt. Vernon bank agreement, in connection with his task of reorganizinz closed local banks, has resigned to join the new Federal Deposit Insurance Corporation. Of the Franklin reopening plan it was understood that it contemplates the payment of a substantial per cent of depositors' accounts with payment in full to come. Cooper Case Halted Only the United States Savings Bank, of which Col. Wade H. Cooper is president, and the Industrial Savings Bank, a colored institution, will remain closed after the Franklin plan is finally approved. The Treasury has already stated publicly that before January 1, all banks will either be reopened through some plan or placed in receivership. Colonel Cooper today in District Supreme Court was temporarily halted in his effort to force the Treasury approval of his plan when his suit was postponed until Monday.

9. November 5, 1933 Evening Star Washington, DC
Article from Evening Star, November 5, 1933

Click image to open full size in new tab

Article Text

BANKS MAY COME INTO COURT AGAIN United States Savings and Parks Savings Are Still in Litigation. Progress was made last week in disposition of the unlicensed bank situation in the District of Columbia, with prospect that the two banks in litigation will come before the courts again t is week. The case of the United States Savings Bank, which has been hanging fire ever since this institution was dropped from the Hamilton National Bank merger, will come up for hearing Tuesday morning before Justice Jennings Bailev in District Supreme Court. Depositors of the Park Savings Bank. wh last week lost their fight for a court receiver to replace the Treasury Department receiver. plan to file an amended bill in an effort to collect as much as possible from the directors and stockholders. Two Receivers Named. Two receivers were appointed for eight unlicensed banks. one of whom has taken charge. with the other scheduled to arrive this week. Former Gov. Cary A. Hardee of Florida has already taken over the remaining assets of the Federal-American National Bank & Trust Co. and the old Chevy Chase Savings Bank. Norman R. Hamilton of Portsmouth. Va., is planning to arrive here next Wednesday to take charge of six other unlicensed banks, which are the District National Bank, the Northeast Savings Bank, the Eventh Street Savings Bank. Washington Savings Bank, Woodridge-Langdon Savings Bank and the Potomac Savings Bank. Meantime negotiations for a merger of the Franklin National Bank with the Washington Mechanics Savings and the Mount Vernon Savings Banks have been under way, without a complete agreement having been reached. It was understood last night that progress had been made in the negotiations. although final decision had not been made as to whether the Franklin would merge or try to reopen alone. The Mount Vernon-Mechanics merger is making rapid progress, officials said last night. 4 Banks Unlicensed. As the District of Columbia situation stands today, according to Controller of the Currency O'Connor, in a review of the unlicensed banks of the Nation last night. there were 13 unlicensed banks here at the close of the President's holiday in March: nine of these have been licensed, chartered or placed in liquidation, and four of these are still unlicensed. Of these four. two plans have been approved. one for the Mount Vernon Savings Bank to merge with the Washington Mechanics, and the other for the reopening of the Franklin National Bank. Officials of the Franklin bank have not yet given their full agreement, however, to the Treasury plan. One plan has been disapproved, according to the controller's tabulation. This is presumed to be the plan for the United States Savings Bank, whose president, Col. Wade H. Cooper, is fighting the Treasury in the courts to force adoption of the Cooper plan. And finally, one plan for license is under consideration, that of the Industrial Savings Bank, a colored institution. which hopes to reorganize into a national bank. The United States Bank long has been in the courts, since Col. Cooper made such a fight to keep it out of the 4 Hamilton National Bank merger that the Treasury voluntarily withdrew it (Continued on Page 2, Column 4.)

10. November 8, 1933 Evening Star Washington, DC
Article from Evening Star, November 8, 1933

Click image to open full size in new tab

Article Text

NEW BANK MERGER CHEERS CAPITAL Plans for Franklin National Help Clear Situation Here Further, BY EDWARD C. STONE. The banking skies in Washington now are being cleared up with most satisfactory rapidity The announcement in The Star late yesterday that the Washington Mechanics Savings Bank was about to take over the Franklin National Bank aroused wide interest in the financial district today This is the second merger within a short time in which Ezra Gould, pres ident of the Washington Mec hanics Savings Bank has been the leading spirit Only a few days ago he announced that the Mount Vernon Savings Bank would be consolidated with his institution The merger of these two restricted banks with the Washington Mechanics will mean new institution with about $6,000,000 in deposits. The consolida tion will release $3,300,000 in deposits which are now frozen in the Mount Vernon and Franklin National Banks On completion of the merger, the Mount Vernon will release $80 .000. or 40 per cent of their deposits, and the Franklin National will release $2.500,000 which is between 56 and 75 per cent of that institution's deposits Gould to Head Merged Bank. The consolidated bank is to be known as the Mechanics Franklin Ezra Gould is to be president, John B. Cochran. former president of the Franklin Na tional chairman of the board Thomas Hickman, vice president in charge of the Franklin branch, while Clarence Burton. vice president and cashier of the Washington Mechanics, will hold the same positions in the new deal Frank W Lee. former president of the Mount Vernon will be vice president in the new bank in the office at Ninth street and Massachusetts avenue, which is to become the merged bank's headquarters. Settling of the Franklin's future leaves only two other restricted banks in Washington to be taken care of They are the United Savings Bank and the Industria Savings Bank ous efforts are being made to get both these institutions on their feet again Something must happen by the first of the year as President Roosevelt ruled that every time bank in the United States must either be back on full time or in receivership by January 1. That means that they will be defi nitely in or out of the financial picture Both wish few to reopen as individual units. Federal Rulings on New Issues, The Federal Trade Commission has ruled that it is allowable for under writers to send out circulars containing information on pro posed new offerings of securities prior to effective date of registration statement filed. providing they are marked to indicate that they are informative only The commission ruled that the Securities act definitely prohibits offers until the ation of the waiting period of 20 days. the time between the filing and the eff fective date of registra tion statement The rulings were made in response to numerous inquiries from underwriters The Trade Commission statement de clared further that "prospective purchasers whether they be dealers or the general public, should during this wait. ing period be educated up the nature of an issue which it expected that they will shortly be asked to buy, al ways reminding them that no determi nation to buy is requested of them until the expiration of the waiting period Towson Regins Institute Course Washington Chapter. American Institute of Banking. inaugurated new course on "Current Economic Problems' at the chapter rooms in the Bond Building last night Lectures will be given every Tuesday evening by Norman E Taxson, assistant treasurer and manager of the foreign department of the Washington Loan & Trust Co. The subject discussed in the opening talk was "The Banker- Is God. Man or Devil? The new course is open bank directors and officers holders of standard certificates in the Institu and others having 10 years experience in finance. Subsequent lectures will cover Government fiscal policies economic planning inflation and public works programs Chapter officials were gratified by the attendance at the first session 88 Cities Vote Bond Issues. New financing* approved by the voters of 88 municipalities in 23 States during October totaled only 5,458,715 as com pared with $25 132,750 during September according to The Daily Bond Buyer Among the larger items approved were $590.000 Cedar Rapids Iowa, School District $555.000 Cedar hurst and $370,000 Bath, N Y October totals of financing appro during previous years were $1,468,500 in 1932 $230,433,000 in 1931 and $4, 136.500 in 1930 During October the taxpayers in 38 communi in 14 States rejected proposals to issue bonds totaling $7,326,900 as compared with $7,756,316 in Septem. ber October totals for previous years were $1,986,500 in 1932 $4.058,294 in 1931, and $9,057,000 in 1930 Lively Day on D. C. Exchange. The holiday proved beneficial to the Washington Stock Exchange. as business showed marked improvement to day The Bonds were in better demand. opening sale was in Washington Gas 6s. series B $100 selling at 103. Wash ington Gas 5s. 1960 came out in $500 transfer at 1051/2 Potomac Electric Power Consolidated 5s moved in $1.000 transaction at 103 1/2 Washington Railway & Electric 4s came out on the board twice $1 .000 changing hands at 87 and $1.000 at 871/4. the closing price Lanston Monotype held the spotlight in the stock division Ten different sales were orded during the session every one made at The day turn over in this issue totaled 150 shares Potomac Electric Power 6 per cent preferred moved in two tiny sales, both at 111. Heard in Financial District An unusually large attendance is expected at the November meeting of the District of Columbia Life Under Association, which starts at the Willard at 6:15 this evening. C. B. Merriam R.F.C director. and chairman of the one Liquidation Board, Deposit speaker and life president M. A. Linton, will be the other A condensed statement of condition at the close of business October 25 as

11. November 12, 1933 Evening Star Washington, DC
Article from Evening Star, November 12, 1933

Click image to open full size in new tab

Article Text

O'CONNOR WITNESS TOMORROW IN U.S SAVINGS BANK CASE Controller Called by Cooper in Effort to Force Reopening Plan. JURISDICTION OVER OFFICIAL IS ISSUE Charge of Arbitrary Use of Discretion Under Attack by Counsel of Treasury. Controller of the Currency J. F D'Connor is expected to take the witness stand tomorrow morning in the United States Savings Bank case béfore Justice Jennings Bailey in District Supreme Court The controller has been called as a witness by Col. Wade H. Cooper, president of the bank, who is attempting to force the Treasury Department to reopen the bank under the Cooper plan, which has been rejected by the Treasury Controller O'Connor testified once before in September during Col. Cooper's original suit, which resulted in withdrawal of the United States Savings Bank from the Hamilton merger The issue before the court this time to reopen the bank is set forth in an amended bill filed by Col. Cooper's counsel, W. Bissell Thomas and John W. Staggers. The Treasury DepartP ment, through counsel, George Barse and Charles E. Wainright, is stoutly opposing Col. Cooper's efforts to force the Treasury to use the Cooper plan. Question of Jurisdiction. The Treasury has raised the principle issue of whether the court has jurisdiction to compel the controller of the currency to take certain specified action. The question, Barse has insisted. narrows down to whether the controller has acted within his discretion or whether he has been arbitrary in the use of discretion Government agencies always have been vigilant in defending their executive discretion against attack. Justice Bailey during the two days which the trial has run, already has twice expressed some doubt as to whether he has jurisdiction He asked Treasury coursel whether any other courts had forced the controller to take such action as is asked in the present case. and Treasury counsel recalled there were none on record. Cooper's counsel has been digging deep into the status of the bank and endeavoring to show from testimony of several witnesses that the controller did act in an arbitrary manner in refusing to let Col. Cooper reopen on the plans he has submitted so far. Justice Bailey, before adjourning court Saturday noon, asked that counsel for both sides submit briefs by tomorrow on the question. Commercial Dividend. Meantime another important development in the bank situation here will be the payment tomorrow of the second dividend from the insolvent Commercial National Bank, of which Col Cooper also was president. This bank already has paid the first dividend of 20 per cent and tomorrow will be ready at 9 o'clock to begin paying out checks for the second dividend of 30 per cent The bank will be open daily from 9 to 5 o'clock. Progress is being made by the three member banks of the new MechanicsFranklin Savings Bank merger toward getting waivers from depositors of the two unlicensed banks and selling stock in the new enlarged institution. The Mount Vernon Savings Bank. which was unlicensed, is rapidly receiving from its depositors waivers for 60 per cent of their deposits in order that they may receive 40 per cent in cash when the new bank opens. Sale of stock is progressing rapidly, officials say. The unlicensed Franklin National Bank is the scene of great activity as preparations are made to transfer the prime and liquid assets of this institution to the new merger, in order to leave the remainder in the hands of three trustees. Examiners for the Treasury and the Reconstruction Finance Corporation are in the bank, and it is expected that a determination soon will be reached as to exactly what percentage the depositors will receive. It is expected to be somewhere between 65 and 75 per cent Ezra Gould, president of the Washington Mechanics Savings Bank, the open stitution, which stricted but has had a record of many years of successful operation without interruption, has been busy with many problems involving the consolidation of the three banks The new institution. of which he will be president and John B. Cochran of the Franklin Bank will be chairman of the board will have a capital stock of $300,000 and deposits of about $6,000,000. The Park Savings Bank case still is hanging fire in District Supreme Court, with the Depositors' Committee planning to file an amended bill designed to establish the liability of directors and stockholders in this sadly insolvent bank. where the shortage is now over $2,000,000. Negotiations are under way with Treasury officials concerning a proposed plan to reorganize the unlicensed Industrial Savings Bank.

12. January 16, 1934 The Washington Times Washington, DC
Article from The Washington Times, January 16, 1934

Click image to open full size in new tab

Article Text

FRANKLIN BANK MERGER PLAN SPEEDED Reopening Seen in Brief Time Under Terms of Linking 3 District Institutions Developments in the Washington closed bank situation had progressed so far today that officials of the Mt. Vernon Bank were able to foresee a reopening through the Mechanics Savings Bank merger plan in a short time. The Franklin National Bank, which is also to participate in this mreger, completed its collaboration with Treasury officials on the form of waivers and stock subscriptions and proofs of the forms are now being prepared for the printer. New Loan Planned The Mechanics Savings - Mt. Vernon-Franklin merger will be effected by a recapitalization of $225,000 capital and $125,000 surplus. In addition to the $800,000 to be borrowed from the Reconstruction Finance Corporation on unaccepted assets of the Franklin Bank, the corporation will be asked to loan $250,000 in capital notes or preferred stock in the new bank. Trustee of the waived deposits in the Franklin Bank will be William F. Kelley, attorney for the bank and a depositor; Lindsey Rawley, president of the Rock Creek Ginger Ale Company, a director, and Henry J. Sterzer, a stockholder. Park Case Speeded Of the capital structure the Mechanics Savings will provide $100,000 with $150,000 surplus; Mt. Vernon, $75 capital, with $75,000 surplus, and Franklin $50,000 with $50,000 surplus, bringing the total capitalization of the new bank to $225,000 capital with a surplus of $125,000. At the same time, liquidation of the Park Savings Bank, in hands of Receiver John Moran, proceeded swiftly with the filing of a number of suits in Municipal and District Supreme Court by G. Baillee Springton, attorney for the receiver, against defaulting debtors of the bank.

13. February 13, 1934 Evening Star Washington, DC
Article from Evening Star, February 13, 1934

Click image to open full size in new tab

Article Text

H.O.L. C. OUTLINES MORTGAGE POLICY To Refund All Eligible Funds Held by Receivers or Conservators. The District office of the Home Owners' Loan Corporation is in the process of refunding all eligible mortgages held in financial institutions in hands of receivers or conservators, in accordance with a policy announced last month by the Board of Directors of the Home Owners' Loan Corporation. In communications to those banks and financial houses as yet unopened in the District, Paul J. Frizzell, manager of the H. O. L. C. here, during the last week has requested each of them to furnish him with applications from every home owner in Washington whose mortgage is in such ownership. To Liquidate Assets. The action is being taken, Frizzell explained, to liquidate such assets as quickly as possible for the benefit of depositors in these institutions, and also to provide home owners whose mortgages are in such a category with permanent financing and remove from them the fear of having their mortgages called at maturity. It is estimated that more than 760 of such mortgages are held in closed banks here, having a total value in excess of $2,000,000. Frizzell's office has sent out communications to 19 banks either in the hands of conservators or receivers. He has asked them to either have the home owners whose mortgages they hold to file an application with the H.O.L.C., or that the banks furnish him with the names of the home owners so that his office may solicit the applications. Communciations Sent Out. The communication went out to the Franklin National Bank, Federal American National Bank & Trust Co., District National Bank, Potomac Savings Bank, Washington Savings Bank, Northeast Savings Bank, WoodridgeLangdon Saving & Commercial Bank, United States Savings Bank, Seventh Street Savings Bank, Mount Vernon Savings Bank, Industrial Savings Bank, Park Savings Bank, Chevy Chase Savings Bank, the Departmental Bank, Bank of Brightwood, International Exchange Bank, North Capitol Savings Bank, Continental Trust Co. and Commercial National Bank. Seven of the above named banks opened as members of the Hamilton National Bank merger, and the Chevy Chase Savings Bank is now a branch of Riggs National Bank.

14. March 6, 1934 Evening Star Washington, DC
Article from Evening Star, March 6, 1934

Click image to open full size in new tab

Article Text

REOPENED BANK'S DEPOSITS MOUNT Three Times as Large as Withdrawals on First Day of Operation. Deposits in the Washington Mechanics Savings Bank were three times as large as withdrawals yesterday, as the Mount Vernon Savings Bank reopened as headquarters of the Mechanics Bank at Ninth street and Massachusetts avenue. This was disclosed today by Clarence F. Burton, president of the enlarged Mechanics Bank, as the institution went into its second day of operation with substantial lines of depositors in the lobby. Surprised by Showing. President Burton and Vice President Frank W. Lee were not only gratified but surprised at the first day's showing. they said, because withdrawals particularly have been much smaller than they had anticipated. There were many large deposits, one being for $21,000, it was reported. The bank was profusely decorated with floral gifts from friends of the bank in the business and financial section. A handsome offering came from the District of Columbia Bankers' Association. Franklin Efforts Continue. The Franklin National Bank continued meanwhile with its efforts to get in sufficient waivers from depositors and to sell enough stock in the new merger to reopen as a part of the enlarged institution. Both the Mount Vernon and the Franklin have been closed for about a year, since the President's bank holiday. The Washington Mechanics' Savings Bank, with the reopening of the Mount Vernon as its headquarters, now has the downtown main office and four branches scattered throughout various business sections of the city.

15. March 26, 1934 The Washington Times Washington, DC
Article from The Washington Times, March 26, 1934

Click image to open full size in new tab

Article Text

DISTRICT TRADE IMPROVEMENT GENERAL Bank Deposits Up, Insurance Writings Climb, While Shop Sales Rise By DUNBAR HARE The financial picture in Washington took on a brighter hue last week, with indications that the District is nearer normalcy than it has been at any time since before the banking holiday. During the past week, the bank condition call of the comptroller of the currency showed that local bank deposits had jumped $23,000,000 since the last call on December 30. This represented the difference between $222,000,000 in deposits of December 30 and $245,000, of as 000 as of March 5. the date the most recent call. $2,000,000 in Insurance Another indication of prosper- inis the fact that new life $2.surance ity totaling more than dur000,000 was written last week ing "Financial Independence Week." E. McCombs, chairman of a J. committee of the District Assospecial Columbia Underwriters' of said these figures com- inciation, with a total of $1,300,000 unpare written by local life surance derwriters during the corresponding week of 1933. Also during the past week, sevbankers reported that many that merchants eral had asserted was their business during March was 30 per cent better than it March of last year. generally during Bankers in financial all of Washington's 21 open despite institutions are optimistic, securpessimistic attitude of These the and stock brokers. of latter ity blame the sluggishness securities business on the strike their act and on the current agitation. Deposits May Be Freed Conditions in Washington's imbanks also showed provement closed during the past hundreds week, indications that will be with thousands of dollars future of released within the near has depositors whose money to frozen since the banking holiday been and, in some instances, before. Marked progress was made afthe week in whipping Naduring of the closed Franklin The fairs Bank into shape. is to merge Washington tional Franklin unrestricted with and Me- the the chanics Savings Bank which Vernon Savings Bank, part of Mt. opened its doors as a three-way combine, paying dethe out $800,000 among 30,000 positors. Clarence F. Burton, president which of Washington Mechanics, Bank of the become The City three-corWashington will after the consummated, merger is that the nered today it was hoped combinasaid Franklin would join the off not and begin paying tion than April 23. Stockholders the later meet April 10, approve features are to and certain other dename merger. After that only of tail the work will remain. Early Release Sought Receivers and conservators remaining who charge of the they are in banks also report that make an closed doing their best to deposiare early release of funds to tors. is particularly true Savings, in the This of the Northeast Street case Savings, Seventh Savings Potomac and Washington stockholders Savings Assessments of and the Bank. these State banks which Woodridge-Lanedocational in all of and the District Bank, with Federal the American National National formed the Hamilton within the Bank, are expected The Hamilton's next few months. of the five option on assets expired last week. naOption banks on in the combine will tional State banks assets year. of the two not expire for a somere

16. April 25, 1934 Evening Star Washington, DC
Article from Evening Star, April 25, 1934

Click image to open full size in new tab

Article Text

EFFORTS CONTINUE TO OPENONE BANK Treasury Department Still Pushes Plans for Only Colored Bank. Out of the 13 Washington banks which failed to reopen after the Presi- 1933, dent's bank holiday in March, enthe Treasury Department still is to reopen only one the more- lone deavoring the Industrial Savings Bank, colored bank in the city. A plan was prepared which bank, would to be established a new Bank, operathave the Industrial and known at the as same location. Eleventh efforts ing streets. Stock was sold, and the U are being made to establish make availstill new able institution. about 35 per It cent would of deposits in the old three bank. of the 13 banks have deOnly yet to pay a dividend Bank, to the failed positors-the as Park Savings and the United States Savings Bank The other Industrial Savings Bank. ranging banks have paid dividends to de10 40 per cent to 65 per cent that they from with prospects later on. probably positors, will pay more Franklin Reopens. was The Franklin National Bank open its most recent to throw Monday as a the doors, resuming The business City Bank of Wash- Washbranch formerly of known as Bank. the The ington, Mechanics' Savings cent ington Bank made available 65 per and City deposits of the Franklin 35 of the assets representing the other into the the have been thrown for slow Franklin per cent Liquidating Trust liquidation. former Washington absorbed Mechanics' the Savings The Vernon Bank Savings also Bank, at avenue, Ninth Mount and Massachusetts of the City street which is now headquarters has now six The City Bank Vernon Bank. houses. The Mount 40 per cent. banking a first dividend of unlicensed banks paid of the 13 Hamilton Six merged out into the new first diviNational were Bank, which paid for its a member dend of 50 per cent representing the banks. 50 per cent two receivers, remaining The assets hands of have been placed in the calling upon depositors Perwho other now are to prove their of claims. claim with sons and who filed proofs of these seven either the with conservators the receivers, need not file banks, another or proof of claim. Other Dividends being Far carried Off. now Advertisements some of these assets have receivers who by claims. are directed of to to persons file their the failed as yet will be paid in to future, Some dividends it is expected, assets, depositors but this out of the remaining in the distant future. are probably will the be unlicensed banks SavThree of The Park of involved in litigation. most complicated Adkins ings Bank case. Justice Jesse C. The Deall, District is before Supreme Court. the receiver in Commitiee and an effort to positors' aligned together in the complete out of $2,000,000 get loss are of more the The than directors loss was discovered president. in this institution. Robert S. Stunz, vice bank failed license. killed after himself when the This bank is in the to receive hands Wade a of a H. receiver. Cooper. president Bank. has of Col. States Savings Columbia the appealed United of to Appeals the District from of the Court adverse in Court District Supreme to reBank decision an effort the of to United force States the Treasury The Savings court has open a Cooper plan. for hearing. and is advanced under the case it some time about in to hear This bank is expected middle of May. no dividend receivership the and has paid Fight Receivership. Directors Directors of Commercial the Woodridge-Langdon Bank, National and Hamilton the the merged Savings Bank, have into filed the suit to to return force Department savings bank a assets remaining Treasury conservator. assets of The the into Treasury the hands at- reto put these the directors are to a a have repcently of receiver, to but them a returned Treasury resentative conservator, tempting made claiming promises of conwas Bank servatorship. Chase Savings banks of to The first Chevy of the 13 unlicensed a branch the its doors-as It has paid a reopen National dividend. Bank. and remaining receiver Riggs 65 per cent the hands of controller a of assets are understood in the an assessIt is plans to levy of all the banks ment the currency against whose assets stockholders are in the hands

17. July 9, 1934 Evening Star Washington, DC
Article from Evening Star, July 9, 1934

Click image to open full size in new tab

Article Text

* Preliminary figure. subject to revision. The above statement, issued today by the controller of the currency, does not include three of the banks which failed to reopen at the close of the President's bank holiday in March, 1933. two of which have since reorganized by consolidation. The Franklin National Bank and the Mount Vernon Savings Bank were absorbed by the Washington Mechanics Savings Bank, whose name has since been changed to the City Bank of Washington. The Mount Vernon paid to its depositors 40 per cent when it reopened and the Franklin paid 65 per cent. In both cases the remaining assets are not in the hands of receivers, but in the hands of liquidating trusts, which are slowly liquidating these assets for the benefit of bank creditors. Efforts still are being made to reopen the Industrial Savings Bank.

18. December 7, 1936 Evening Star Washington, DC
Article from Evening Star, December 7, 1936

Click image to open full size in new tab

Article Text

IN 1937 FORECAST Capital Goods Expected to Show Best Gains, Survey Indicates. BY EDWARD C. STONE. Further advances in stock prices, 10 relatively stable bond levels. a per cent increase in trade and a 5. to-8 per cent rise in commodity prices are among the predictions in the annual forecast by United Business Service released today in the financial district. The summary which includes the opinions of many different economic authorities, says Capital goods- This division of industry will SHO the greatest percentage improvement next year Rehabilitation of railroads and utilities. together with sizable increase in building. will materialize Retail trade-The dollar volume of goods sold at retail will probably be 8 per cent to 10 per cent larger than in 1936 owing to higher farm and urban purchasing power Retail prices are expected to advance next year Agriculture- Larger crops are expected in 1937. Benefit payments are likely to continue. although the total will be less than in 1936 Farm income will probably be about 5 per cent over this year, despite price declines. Industrial employment-Total factory employment will be higher next year largely because of the gains which will take place in the heavy industries. Strikes will be more numerous in 1937, despite further wage increases. There will be real scar. city of skilled workers in some lines. Foreign trade- total volume of United States foreign trade in 1937 will probably be larger than in 1936 despite the chaotic conditions in Europe and Asia. Reciprocal trade pacts will aid commerce Earnings- Earnings in 1937 will probably average 15 per cent to 20 per cent higher than in 1936, with the largest gains occurring in the capital goods industries First half profits should make exceptionally favorable comparisons with corresponding periods a year earlier Bond market-A relatively stable level of Government and high-grade corporate bond prices is expected through most of 1937. The year probably will mark the end of the long upward cycle of bond prices and there is possibility of a moderate downturn toward the close Secondgrade bonds should continue to advance. Stock market-The coming year should witness further advance stock prices Following a period of downward readjustment early in 1937 the main upward trend should be resumed Heavy industry issues are expected to record the largest percentage gains. Bankers Laud I. B. A. Parley Washington investment bankers returned today from the twenty-fifth annual convention of the Investment Bankers' Association at Augusta Ga enthusiastic over the forum and all other discussions. The convention drew 1,100 members, the largest attendance since 1929 and probably the largest on record Among the members from here were Kenneth S Wales. William W Mackall, E Booker George M Ferris. James P Nolan and James H Lemon Mr Booker is a member of the Board of Governors At the closing business session Edward B Hall of Chicago was elected president for the coming year Chairman James M. Landis of the Securities Exchange Commission made one of the most talked of addresses He was most frank in telling the investment dealers that unless they were extremely careful in protecting the investing public, further control measures would sooner or later be adopted by the Government The speech of J. D Ross of the same commission proved intensely interesting at the forum on public utilities. Lionel D Edie. consulting economist. placed full responsibility for the current ease of money rates at the doorstep of official Washington 'Whatever the mandate of 27.000. 000 votes may mean to different people, he said, "it would be stretching things a long way to make it mean mandate to keep money rates at levels as extremely as abnormally and as dangerously low as those now prevailing. Franklin to Pay Out $250.000. Payment of the $250,000 dividend to 17.000 depositors in the former Franklin National Bank will start to morrow morning in the Departmental Bank Building, 1726 Pennsylvania avenue northwest Samuel M Thrift executive secretary of the trustees moved into the payment quarters to day The dividend brings disbursements up to 82 1/2 per cent of the funds due depositors There will be a joint dinner meeting of the Safe Deposit Section of the District Bankers Association and the Maryland State Safe Deposit Association at Hotel Longfellow Baltimore tomorrow evening About 20 delegates from Washington will attend, including Chairman John F Hillyard, Vice Chairman Mrs. Helen R. Sharpe and Richard E Harris. general chairman of the 1937 Convention Committee The guest speaker will be T. Coxe of Philadelphia, president of the National Safe Deposit Council of A final liquidating dividend $124.61 is being paid to the holders of the first mortgage per cent bonds of Washington, Baltimore & Annapolis Electric Railroad Co The property has been in receivership since 1931 and in 1935 the track was torn up and sold for scrap. A previous pay. ment of $51 was made under a court order of July, 1933 With commercial loans on the increase and bank deposits at new alltime peake, Victor B. Deyber, chairman of the board of the Second Na tional Bank. sees no reason why the present recovery should not go forward for a long time, at least well into 1937 He is decidedly optimistic Bank Stock at New 1936 Top. Five shares of Washington Loan & Trust Co. stock sold on the Washington Stock Exchange today at 250, a new high mark for 1936. Mergenthaler Linotype came out at 55, Real Estate Mortgage & Guaranty preferred brought 61/4. Electric

19. December 7, 1936 Evening Star Washington, DC
Article from Evening Star, December 7, 1936

Click image to open full size in new tab

Article Text

SPECIAL NOTICES. FULL AND PART LOADS WANTED TO all pion within 2,000 miles. Return-load rates. Padded vans. National 1460. NATL DELIVERY ASSOC., INC., 1317 N. Y. ave. FURNITURE OF ALL KINDS--AUCTION sale. Wednesday. 10 a.m., Dec. 9. including 2 grand pianos. apt. size. on premises. ACME MOVING & STORAGE CO., 4618 14th st. n.w. A. €. Rolfes & Co., Auctioneers. PORCH REPAIRING. SHELVING. COUNters, cabinet work. remodeling: roof repairing and painting; expert repairing of furni13* ture. Columbia 8997. AUCTION SALE BY ORDER WILLIAM E. Furey. Receiver. 29 automobiles. including 1936 Chevrolet town sedan. Parkard. Essex. Plymouth. Hudson and Nash in various body types; 1935 Chevrolet. also G. M. C. trucks. at R. L. Taylor Motor Co., 1840 14th st. n.w. THURSDAY DEC. 10. 8 P.M. Inspection permitted Dec. 8. 9. ADAM A. WESCHLER & SON, Auctioneers. de7.9 NOTICE IS HEREBY GIVEN THAT THE annual meeting of the shareholders of The Riggs National Bank of Washington. D. C., for the election of directors and the transaction of such other business as may come before the meeting. will be held at the banking house. 1503 Pennsylvania ave. n.w., on Tuesday. January 12, 1937. The polls will remain open from 11 o'clock a.m. until 12 o'clock noon. GEORGE O. VASS. de7.11 Cashier. THE ANNUAL MEETING OF THE STOCKholders of the Columbia Permanent Building Association of the District of Columbia. for the election of four directors. will be held on Tuesday. December 8. 1936. at 7:30 p.m. at the office of the association. No. 733 Twelfth st. n.w. Washington. D. C. FRED A. SMITH Secretary. DAILY TRIPS MOVING LOADS AND PART loads to and from Balto.. Phila. and New York. Frequent trips to other Eastern cities. "Dependable Service Since 1896." THE DAVIDSON TRANSFER & STORAGE CO. Phone Decatur 2500. NOTICE OF DIVIDEND. The trustees of the Franklin Liquidating Trust announce the payment of a dividend of 25 per cent of the certificates of participation issued to creditors of the Franklin National Bank Each creditor is requested to present certificate of participation at the temporary office of trust at 1726 Pennsylvania ave. n.w.. Washington. D. C., from December 8 through December 21. 1936: thereafter at 945 Pennsylvania ave. n.w., Washington. D. C., for the purpose of receiving check for the dividend available. WILLIAM F. KELLY. LINDSEY P. RAWLEY. HENRY J. STERZER. Trustees. Franklin Liquidating Trust. FLORIDA SPECIAL. CHEVY CHASE TRANSFER & STORAGE CO., WISCONSIN 3010. A DEAL FUNERAL AT $75 Provides same service as one costing $500. Don't waste "insurance money.' " Call LinDEAL. with 25 years' experience. coin 8200 CHAMBERS is one of the largest undertakers in the world Complete funerals as low as 575 up Six chapels twelve parlors. seventeen care. hearses twenty-five undertakers and assistants Ambulances now only S3. 1400 Chapin at. n.w. Columbia 0432. 517 11th st. a.a. Atlantic 6700.

20. December 10, 1936 Evening Star Washington, DC
Article from Evening Star, December 10, 1936

Click image to open full size in new tab

Article Text

DEPOSITORS URGED TO GET DIVIDENDS Only Small Number Call at Three Closed Banks to Collect Checks. Despite the imminence of Christmas and need for Christmas shopping funds, a surprisingly small number of depositors in three closed banks are calling for the additional dividends now being paid out. Officials in charge today urged depositors of the District National Bank, the Northeast Savings Bank and the Franklin National Bank to call for the checks which they have been notified are ready for them. The District National Bank yesterday paid out only 225 checks, although postal cards had been mailed notifying 600 people to call yesterday. As a result, a thousand more persons were notified officially and an additional 2,000 cards were sent out, making a total of 3,600 cards so far. More will follow. The Northeast Savings Bank, paying off at Eighth and H streets northeast, sent out 500 cards for the first day, but delivered only 225 checks. Justus S. Wardell, receiver for these two banks, said today he hoped there would be a larger response, as the checks are ready. The Franklin Liquidating Trust, of which Samuel M. Thrift is executive secretary, paid out about 2,000 checks yesterday on its second day of making disbursements at a special temporary office at 1726 Pennsylvania avenue. Meantime an agent buying receivers' certificates from two closed banks today increased his offer to depositors of the District National Bank. Lester Dutt announced he would raise the price paid for receivers' certificates of the District National from 50 per cent of the remainder to 60 per cent of the remainder. The 50 per cent offer was the same as the dividend being disbursed by the receiver, which amounts to 25 per cent of the original amount deposited in the bank. The agent's offer for certificates from the Federal American Bank continued today at 40 per cent of the remainder, which would be 20 per cent of the original deposit. In both the Federal and District Banks depositors had received one dividend of 50 per cent.

21. December 31, 1936 Evening Star Washington, DC
Article from Evening Star, December 31, 1936

Click image to open full size in new tab

Article Text

CLOSED BANKS PAY $2,399,900 IN Next Important Dividend Expected From FederalAmerican National. (By Cambridge Associates.) Six of the 21 closed banks of this city paid to depositors during 1936 a total of about $2,399,900, with prospects that the next important dividend will come some time early next year from the big Federal-American National Bank & Trust Co. No date has been definitely fixed for payment of the Federal-American dividend, nor has it been announced what the size of the dividend will be. The bank, which closed along with 12 other institutions in March, 1933, has paid so far one dividend of 50 per cent to depositors, amounting to $4.177.900. Cary A. Hardee is receiver. What will be forthcoming from any of the other closed banks in the form of dividends in 1937 cannot be estimated. Some others may pay; others no doubt will not pay any more during this new year. The total amount paid so far to depositors of all 21 closed banks of this city, according to a survey by The Star, is about $23,640,000. Fidelity Closed During Year. In addition to the 21 closed banks. which were being liquidated during the last year, the Fidelity Building & Loan Association was closed July 18 by the controller of the currency, whose receiver, James H. Nolan, now is in charge. About 3,000 members of the association have not yet filed their claims with the receiver. Preliminary survey of the institution by the Federal Home Loan Board has been made, but the way has not been cleared as yet for formal examination by the examining division of this board, looking for possible assistance from this quarter. The Fidelity had five branches. Details of the condition of the institution have not been disclosed by the Treasury Department. A decision is yet to be made as to whether it can be reorganized or will have to be liquidated. Among the six closed banks which made payments to depositors here last year the largest amount of money was disbursed by the District National Bank, of which Justus S. Wardell is receiver. This bank paid an additional dividend of 25 per cent, amounting to about $1,000,000. This brings total District National Bank dividends up to 75 per cent, with total payments of about $2,937,100. Bank Pays 100 Per Cent. The Chevy Chase Savings Bank paid during the year its final dividend of 20 per cent to depositors, amounting to about $133,000, bringing the total to 100 per cent, or about $678,388. Paul Sleeman has been elected stockholders' agent, and, as soon as his appointment can be officially approved by the Treasury Department, will take over from Receiver Hardee remaining assets for liquidation for stockholders, who advanced sufficient funds to pay off depositors in full. The Commercial National Bank, Robert C. Baldwin receiver, paid a dividend of 10 per cent this year, amounting to about $500,000, bringing total payments from this institution to 60 per cent, or about $3,364,110. The Franklin National Bank paid two dividends during the past year through the Franklin Liquidating Trust, of which Samuel M. Thrift is secretary The two dividends amounted to 50 per cent of the amount due depositors, which was 17 1/2 per cent of their original deposits, or about $500.000. This brings the total payments to Franklin depositors up to 821/2 per cent, amounting to about $2,500,000. The Northeast Savings Bank paid a dividend of 10 per cent in 1936, through Receiver Wardell, amounting to about $106,000, bringing the total dividends up to 95 per cent, amounting to about $1,010,000. The United States Savings Bank. under Receiver Carter B. Keene, paid last year a dividend of 10 per cent, amounting to $160,900, bringing dividends up to 90 per cent in this institution, with total payments of about $1,448,260. Three Receiverships Combined. The United States Savings Bank receivership has been consolidated with two other banks, the Bank of Brightwood, of which Claude H. Woodward was recever, and the International Exchange Bank, of which Frederick J. Young has been in charge. Young takes over the consolidated receivership and plans to move all the effects of the other banks to the United States Savings location at Fourteenth and U streets, The Bank of Brightwood has paid a total of 55 per cent, amounting to $437,042, and the International Exchange Bank has paid dividends of 31.23 per cent, amounting to $115,187. The Mount Vernon Savings Bank's remaining assets are in the hands of the Mount Vernon Liquidating Trust.

22. December 5, 1938 Evening Star Washington, DC
Article from Evening Star, December 5, 1938

Click image to open full size in new tab

Article Text

Franklin Bank Depositors to Get $200,000 Payment of New Dividend Starts Tomorrow Depositors in the closed Franklin National Bank will receive an additional dividend amounting to about $200,000 beginning tomorrow, it was announced today by Samuel M. Thrift, executive secretary of the Franklin Liquidating Trust The dividend will be paid in check form, at the office of the trust, Room 22, at 945 Pennsylvania avenue, in the building formerly occupied by the bank. Checks have been made out in the amount of 20 per cent of the face value of certificates of participation held by depositors. It will be necessary for depositors to present their certificates of participation, in order to get their new checks, Mr. Thrift emphasized. These certificates were issued in April, 1934, when Franklin depositors were paid in cash 65 per cent of their claims through the City Bank of Washington, which now operates a branch in the old Franklin Building at Pennsylvania avenue and Tenth street. For the remainder of their claims, depositors received at that time, certificates of participation representing 35 per cent of their deposits. Two dividends have been paid since, each one representing 25 per cent of the face value of the certificates. The dividend of 20 per cent now payable amounts to 7 per cent of the original deposit. Thus, when depositors get their checks for the latest dividend they will have received a total of 89 1/2 per cent of their deposits. The office will be open daily from 9 a.m. to 5 p.m., Mr. Thrift explained, with the exception of Saturday when it will close at noon. Trustees of the liquidating trust are William F. Kelly, Lindsey P. Rawley and Henry J. Sterzer. As announced Saturday, another closed bank will begin paying an additional dividend tomorrow, when the Potomac Savings Bank begins distribution of an 8 per cent dividend. amounting to $162,000, to 8,300 depositors. Checks will be paid to depositors bringing notification cards to the office of Receiver Justus S. Wardell, at 1406 G street N.W.