Liberty National Bank (Washington, DC)

View Charter #11633 on SPMC View balance sheet

Episode Information

Episode UID
1163301599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
116330 national
Charter Number
11633
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
cf2c59512810abd0

Response Measures

None

Events (3)
1. March 11, 1920 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Presidentially proclaimed national bank holiday (banks closed under federal order/Regulation No. 10)
Newspaper Excerpt
four-day bank holiday
Source
newspapers
3. March 14, 1933 Reopening
Newspaper Excerpt
All to Resume at Same Time If Reserve Board O. K's Clearing House Plea; local banks expected to reopen tomorrow
Source
newspapers

Newspaper Articles (5)
1. March 11, 1920 Evening Star Washington, DC
Article from Evening Star, March 11, 1920

Click image to open full size in new tab

Article Text

BANK'S NEW HOME HAS MANY VISITORS Depositors and Friends Inspects Liberty National's Quarters. Throughout the day a steady stream of depositors. with their friends, visited the new home of the Liberty National Bank. 15th and I streets, to inspect the structure just completed and to congratulate the officials and directors of the institution on the success achieved since the bank's organization in 1917. The new building. which is one of the most modern and commodious in Washington. was decorated with flowers and ferns. gifts from many of the other banking Institutions in the city. wishing the infant national bank of the Capital success and good luck. George O. Walson. president of the institution. assisted by Edward J. MeQuade. cashier. and at different intervals during the day by other officers and directors, was kept busy show ing the visitors over the new building. The Liberty Savings Bank was organized in October. 1917. Today marks the first day under its new charter as a national bank. George O. Walson. president. began his banking career with the National Capital Bank of this city. He was one of the organizers and president of the Anacostia Savings Bank, and afterward served as cashier at different intervals for the Union Savings, Commercial National and National Metropolitan banks of Washington. Edward J. McQuade, cashier, has acted as its treasurer ever since its inception. having been elevated to his present position at the last meeting of the stockholders. He was one of the organizers, and served at one time as vice president of the old Citizens' Savings Bank. which was consolidated in 1913 with the District National Bank. He is a past president of the Washington Chapter, American Institute of Banking, and a member of the executive council of the same organization. Mr. McQuade is one of the two Washington directors of the Mergenthaler Linotype Company of New York. The other officers of the Liberty National Bank include Dr. William L. Robins and Grant W. Taylor, vice presidents. and J, B. Skinner, assistant cashier. The directors are Charles A. Camalier, S. T. Cameron, M. O. Chance. Judson T. Cull. jr.: Paul E. Johnson, George L. Darssen, E. J. McQuade. Lennard H. Mitchell. E. H. Neumeyer, James O'Donnell, Dr. William L. Robins, Grant W. Taylor, Eugene E. Thompson. George O. Walson and Willam H. McCray. The bank will remain open until 9 p.m. during the rest of the week for the convenience of visitors. Announcement was made last night that Samuel R. Baulsir had been appointed cashier of the Security, Savings and Commercial Bank to fill the vacancy caused by the resignation recently of William R. Baum. Mr. Baulsir is assistant cashier of the National Bank of Washington and has been connected with the banking business for twenty-three years. He began his career as a runner for the old Central Bank. which was later absorbed by the National Bank of Washington. He worked his way up through the various departments of the bank and several years ago was promoted to the position of assistant cashier. He was educated in the public schools here and attended the classes of the Washington Chapter of the American Institute of Banking. At a meeting of the directors of the Security Savings and Commercial Bank held yesterday the regular quarterly 3 per cent dividend on the bank's capital stock was declared. The dividend is payable March 31 to shareholders of record March 25. Increases Undivided Profits. At a meeting of the directors of the Washington Loan and Trust Company held yesterday. it was voted to transfer $100,000 from undivided profits to the bank's surplus fund. This makes the bank's total surplus $1,300,000. John B. Larner. president of the bank. has returned from a two-week vacation spent at Augusta. Ga. Stock Exchange Inactive. Trading on the local stock exchange was very light today. Two shares of Washington Gas sold at 46, and five shares of American Security and Trust brought 235. After call two shares of Commercial National Bank changed hands at 18212 and two shares of Washington Gas brought 46. There was also one

2. March 9, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 9, 1933

Click image to open full size in new tab

Article Text

Banks Free Money For Essentials Washington banks today started granting withdrawals by depositors who need the money for the purchase of food, medicine, and other essentials-and found few persons taking advantage of the service. Each depositor who came to draw money was required to sign a printed form to the effect that the money withdrawn was to be used for necessities. No limit was set by the banks, but those making the withdrawais were asked to explain their needs and the sum was determined by this method. Amounts paid out ranged from $5 to $25. Withdrawals Are Light Bank officials in all parts of the District said that the number of withdrawals was running exceedingly light, an indication that the four-day bank holiday has worked little if any hardship in Washington. The withdrawal of money was made possible through instructions issued by the Washington Clearing House Association to its members, based on regulation No. 10, the "humanitarian" regulation issued by Secretary of the Treasury William H. Woodin. Reversal of Position In taking this stand the clearing house reversed its position of yesterday when it recommended against any action on Regulation No. 10 pending further clarification of the ruling which was termed as vague and too broad. While this action releases a certain amount of funds from the banks, no action will be taken on another section of the regulation providing that the banks may meet payrolls. Bankers pointed out that if they did this they would jeopardize their own position, by paying out money while they are unable to take any in. No bank, no matter how strong its position and reserve, can long do this, they said. Under restrictions placed on the banks by Secretary Woodin, banks may receive new deposits, but these deposits must be kept in trust. So far all local banks (Continued on Page 2, Col. 3)

3. March 10, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 10, 1933

Click image to open full size in new tab

Article Text

PAYROLLS HERE MET BY BANKS (Continued from Page One) certificates may be withdrawn, however. The local banks also continued allowing their depositors to withdraw funds up to $25 for purchases of food, medicine, and other essentials permitted under Regulation No. 10. Those making the withdrawls must sign statements that the money is to be expended in accordance with the regulations of the department. Padded Payrolls Alleged Several banks reported they had detected several instances of business men trying to pad their payrolls to get larger amounts of cash on hand in their establishments. To check this, the banks were requiring the business men to present their payroll books as proof of their needs. Some banks, however, not sure of the authority to issue money to meet payrolls, were asking the business men to sign 10-day notes for the money they withdraw to meet the payrolls. In this manner, they said, they would be protected if it was learned afterward that they did not have authority to issue the money. Rent Not Considered Banks do not consider payment of rent one of the essentials covered in the regulation, several being reported as refusing to honor withdrawals for rent payments, holding that the landlord must wait payment as do stores and other business concerns. The Clearing House last night advised its members to prepare to reopen on short notice, and it was believed that all banks will be opened for business in full by next Monday. Some banks may be reopened tomorrow, it was indicated. At Upper Marlboro, Md., the First National Bank today started cashing pay roll checks and also cashed checks for county employes whose offices carry accounts in the bank. Exchange to Open The Washington Stock Exchange, closed following the proclamation of the bank holiday, will also open again Monday, it is believed, and local brokers are looking for a rising market.

4. 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.

5. March 17, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 17, 1933

Click image to open full size in new tab

Article Text

STOCKHOLDERS AND PATRONS TO CONFER Commercial National Chief To Bare Plan to Reorganize; D. C. Banking "Normal" Washington banks licensed to reopen after the bank holiday are back on a practically "normal" operating basis, local bankers declared as reopenpositors today that followed the rush the of deon ing of 20 local the banks usual volume Tuesday fell away to of business. Clearing House records showed that checks totalling $1,716,728.31 were cleared yesterday. This figure, it was said, is about the normal day's clearing. Wednesday $2,888,365.93 was cleared, but this large sum was due to the Government pay day and to some of the outstanding checks from the holiday period still being cleared, it was said. Depositors to Meet Plans for reorganization and reopening of the Commercial National Bank, the only institution in the District placed in the hands of a receiver as a result of the recent banking crisis, will be discussed at a meeting of depositors and stockholders to be held at the Mayflower Hotel tomorrow night. Col. Wade H. Cooper, president of the bank, who called the meet- a ing, declared he would hold series of such gatherings if necessary in order that the 20,000 depositors may learn "the true facts" leading up to the closing of the institution February 28. A "safe and sure" plan for speedy recovery of the bank has been developed by Colonel Cooper, he said, and he expects to reveal this at the meeting tomorrow night. Merger Plans Wait Plans for reorganization and possible consolidation of the 13 Washington banks which were not licensed to reopen at the end of the President's national bank holiday were still in abeyance today. Officials of the banks are exmeet pected shortly to to discuss in the conference possibility of receiving Federal aid in event plan of consolidation may be worked out. Meanwhile conservators of the banks are working over the assets of the institutions, preparatory to making a report to the Comptroller of the Currency as to their strength and the possibility of reorganization for the protection of depositors and stockholders. One Reopening Denied Reports that one of the 10 savings banks which failed to receive a license would open tomorrow was denied at the office of the Comptroller of the Treasury and by the conservator handling the affairs of the bank. The conservator pointed out that he has been at work for only two days on the bank's affairs, and said it would probably require several weeks before his report on the assets would be completed and sent to the Treasury Department, which will then act on the question of issuing a license.