Seventh Street Savings Bank (Washington, DC)

Episode Information

Episode UID
15007771599
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
1500777 routing
Routing Number
15-0077
Start Date
March 1, 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
d012f86653836d06

Response Measures

None

Description

Closed after the March 1933 banking holiday and placed in conservatorship/receivership; later liquidated with periodic dividends.

Events (7)
1. March 1, 1933 Suspension
Cause
Government Action
Cause Details
Banking holiday and protective measures following heavy withdrawals during early March 1933; bank did not reopen after the holiday.
Newspaper Excerpt
Several savings banks here invoked the 60-day clause on withdrawal of savings accounts... Among the local banks which have adopted this rule ... Seventh Street Savings Bank.
Source
newspapers
2. March 1, 1933* Receivership
Newspaper Excerpt
The Seventh Street Savings was placed in the hands of a conservator After the bank holiday, and later was turned over to a receiver to liquidate the assets and pay the depositors.
Source
newspapers
3. July 8, 1934 Other
Newspaper Excerpt
Seventh Street Savings Bank ... assessments levied ... Seventh Street Savings Bank, $100,000 from 123 stockholders.
Source
newspapers
4. October 28, 1934 Other
Newspaper Excerpt
SEVENTH STREET BANK WILL BEGIN PAYING $313,944 ... Payment of a 30 per cent dividend from the insolvent Seventh Street Savings Bank will begin Tuesday morning ... Norman R. Hamilton, receiver.
Source
newspapers
5. July 1, 1937 Other
Newspaper Excerpt
receiver of the Seventh Street Savings Bank petitioned the District Court today to enforce assessments against 58 stockholders totaling $65,200.
Source
newspapers
6. December 1, 1937 Other
Newspaper Excerpt
Depositors of the Seventh Street Savings Bank will receive $109,000, bringing the total dividends for that institution up to 90 per cent.
Source
newspapers
7. September 10, 1939 Other
Newspaper Excerpt
7th Street Savings Bank Will Pay 5 Per Cent Dividend ... fourth in a series of dividends since the bank failed to reopen after the March, 1933, banking holiday.
Source
newspapers

Newspaper Articles (16)
1. March 1, 1933 Evening Star Washington, DC
Article from Evening Star, March 1, 1933

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Article Text

LOCAL BANKS ACT TO PROTECT FUNDS District National Limits Withdrawals-Others Invoke 60Day Clause on Savings. The District National Bank opened today on a 5 per cent withdrawal basis, following action taken by the directors early this morning, for the protection of depositors. President Joshua Evans, jr., announced. (The following notice was addressed today to the depositors in the bank: "Owing to heavy withdrawals of deposits during the last few days, and in order to safeguard all of our depositors, the board of directors has passed a resolution allowing depositors to withdraw 5 per cent of their balances in this bank at the close of business February 28, 1933, until further notice. All new deposits and new accounts opened March 1, 1933, and thereafter are subject to 100 per cent withdrawal at any time after actual realization cf funds by the bank." 60-Day Clause Invoked. The officials stressed the fact that all deposits made today and after this date can be withdrawn in full at any time. It was announced in the financial district that most of the local building and loan associations have invoked their time clauses on withdrawals, limiting the amount to $100. For larger amounts notice must be given in advance. Officials said the rule would be in force for the present. Several savings banks here invoked the 60-day clause on withdrawal of savings accounts. Some of these banks permit the withdrawal of 10 per cent up to $100. Above that amount, the 60day or two-month notice, is being required. Protective Measure. Among the local banks which have adopted this rule-the same plan which has been adopted extensively in other cities-are: United States Savings Bank, Chevy Chase Savings Bank, Security Savings & Commercial Bank, Park Savings Bank, Seventh Street Savings Bank, Washington Savings Bank, Anacostia Bank, Mount Vernon Savings Bank and the Northeast Savings Bank. (In an earlier edition of The Star the name of the Washington Mechanics' Savings Bank was included with those involking the 60-day clause. This was incorrect.) Officials said the action was taken merely as a protective measure, both for the banks and for the depósitors. The Commercial National Bank. which closed yesterday, has been placed in the hands of Robert C. Baldwin, a receiver of the office of the controller of the currency. Mr. Baldwin has taken over the receivership from J. L. Bailey, who took charge when the bank was closed. It was explained that Mr. Bailey will remain for a while in his capacity as a national Bank examiner to assist Mr. Baldwin. Has Considerable Experience. In the meantime, it was said at the Treasury Department, the new receiver probably will use a large part of the staff of the bank for his work. The new receiver. before Joining the office of the Controller of th è Currency, had considerable liquidating experience. Under the auspices of the Government he has been receiver for e bank at Lynn, Mass., since the latter part of 1931, and has been directing its liquidation. An official of the Treasury said in regard to Mr. Baldwin: "By reason of his ability in liquidating that bank, the Treasury Department saw fit to transfer him to the Commercial National Bank. We have every confidence that he will administer the affairs of the institution in a manner satisfactory to all concerned."

2. June 17, 1933 The Washington Times Washington, DC
Article from The Washington Times, June 17, 1933

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HAMIL TON BANK ABOUT TO LAND LAST MEMBER Seventh Street Savings Plans to Enter Merger; Stores Subscribe to Stock The Seventh Street Savings Bank is expected to become the eighth and last member organization of the new $1,250,000 Hamilton National Bank of Washington. Directors of the Seventh Street bank, according to Treasury officials, voted yesterday to enter the merger. No action was taken at a meeting of the stockholders today, however. John D. Howard, president, is also conservator of the bank. If the bank enters the merger, its stockholders and depositors are expected to subscribe for between $50,000 and $75,000 worth. of stock in the Hamilton. Deposits Total $1,166,000 The deposits of the Seventh Street Savings total $1,166,000, half of which would be made immediately available to its approximately 5,000 depositors as soon as the Hamilton begins functioning. The total resources of the Hamilton, with the gain in "prime" assets of the latest member, would be about $13,000,000. of which about $11,000,000 would be in the form of deposits. Representatives of three groups interested in the Park Savings Bank have not yet agreed on a plan of action there. A depositors committee, headed by J. W. Thompson, favors postponing receivership and its members believe that "considerably more than 15 cents on the dollar may be realized. "A group headed by Frank J. Sobotka, said to represent a number of depositors, is inclined to favor asking for receivership and forming a branch in the new Hamilton, or a new community bank. A committee representing directors is said to be willing to do "whatever is best for depositors." For Best Interests Believing it "to be for the best interests of the city," a number of Washington's largest department stores are subscribing for stock in the new bank. The Hecht Company has subscribed for $5,000; Lansburgh and Brother for $2,500, and Julius Garfinkle for $2,500. Other stores, including Woodward and Lothrop and Kann's, are known to have procured stock, both as investments and for the benefit of the community and about 70,000 depositors, but prefer that their subscriptions should not be made public. The bank's subscription committee, Capt. Chester Wells, chairman, declared today that subscriptions had gone oven the $1,000,000 mark and a separte group group is drafting by-laws.

3. March 30, 1934 Evening Star Washington, DC
Article from Evening Star, March 30, 1934

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Article Text

STILL $23,000,000 IN BANKS CLOSED of 15 for Liability Deposit 19 Institutions Shown by Figures. of hands for totals Deposit liability 15 out in of the the 19 closed more receivers banks of this city it was now learned include today. the than $23,000,0 figure ,000, does not banks here and deposit This liability hands of of three conservator: Bank, still in Mount the Vernon by the The are which the was absorbea Savings of Bank conservators Mechanics the hands ational Bank also ton three still the in Franklin by the Mechanics. and Savings ting the under to be Woodridge-la absorbed Langdon which is operating merger. Commercial the Hamilton Bank. Savings Bank Bank, now The attempting and the Industriorganization. a reorg bill. now on pendanking. depos- in provide closed The itors cents on to House would in all the for dollar national face stiff banks bill, op position. however, 100 is The known provide latest amendment legislation for including from to the bill benefits would of had the borrowed CorporaState in the banks which Finance This would tion apply to most here. the Reconstructions before they of the clased banks Seven Banks group In of Merger. closed was merged banks of The seven largest new in number, Hamilton received National 50 per their Bank, Bank. into here, the The depositors deposits either or from remains through the receiver which assets cent the Hamilton but the there receivers still are now of deposit of liquidating. The detailed in figures the of hands the seven liability placed from these District six American National receivers are as follows Federal CO., $4,285, 135; banks Bank, $2.075.645 Bank Savings Trust Savings Bank, $509.1 Bank, Bank, $551,000; Potomactic Savings 932; National Northear Seventh Street Savings Bank, $1,033,441; Washington in the liability which $179,200. Remaining deposit Savings Bank, of Riggs Chevy reopenea Chase as stands a branch at $273,783 782. has Bank, Deposits. in National Show banks Figures other the amount Figures from here, showing the hands date. of of receivers, follows: receivership deposits placed the total in paid to de$838.866 dividends if Bank any are of Brightwase which depositors: Con- reposits, been of paid Company, to when $5,766 it was 28, tinental have Trust liability February Commercial maining with the which thrown 1933. at into National the merged: same Bank, commercial totadi deposit Nahave about to been liability, tional had Bank, of which $10.147.349.143 $4,000,000 in addi- full; debeen paid be paid in deposits, tion to which had Bank, $802,373 has been Ex$538,70 of in paid Bank, have posits, in of dividends:- $451. 967 been paid Savings dividends: change which $99,47 North deposits, Capitol of which Bank, Bank. $1,02 has been States paid Savings resident, between $234,203 United bitter controver president is Col. the deposits centerwade The of a Treasury H. Cooper. epartment, Februwhen it of this have ary 10 been paid. shown and to went have into year. receive NO dividends 1. May Seen is Bank The Opening absorbed Franklin Savings by National Bank, the the and institution is The to being Mechanic name Washington of wington. before take the City new Bank of will open the dollar. into Franklin "The paying probabis 65 cents on beingenent turned of and May the remaining remauidating assets trust for Savings a Langdirectors De- are depositorwoodridge Wercial Bank Treasure Incommercial Complans of the it into are in the is resisting partment remaservator. remaining to throw assets The however, place as ship and of a doing business Hamiltency Bank O'Conhands and the the Currenc the ques- all a branch of Controller Controll of to be stressment studying assets on were nor is known laying an primenization. tion of banks into whose Bank, battle, over which the of Spokan park the Savings bitter court com- reThe there Feasury a Departies deposit to collect than with the allied with the director of deposit ceiver against amount shows to the remitteefull $2,500,000 when shortage, turned No over real the dividends 5 per liability, $3,379.5 though to some paid ceiver, of paid, bank has paid been not since it it people closed reviously have cent which been before the it closed others who had

4. July 8, 1934 Evening Star Washington, DC
Article from Evening Star, July 8, 1934

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MANY TO BENEFIT BYLEVY ON BANKS Depositors Will Gain by 100 Pct. Assessment on Stockholders. Thousands of depositors are expecting to benefit from the 100 per cent assessment which Controller of the Currency O'Connor yesterday levied on 1,343 stockholders in five local banks. The exact number of these depositors was not available last night, but it is known to run into the thousands. None of these depositors has received more than 50 per cent dividend so far on the deposits which were tied up when the five banks failed to re-open at the close of the bank holiday. News that the controller had levied the assessment fell as a shock upon the stockholders. but it was greeted by depositors with hope that when the receivers collect all that is possible, there will be further dividends available for creditors. Amounts Involved Uncertain. There is no way of computing at this time how much the receivers will be able to collect from the stockholders, nor how much will be available for the depositors, nor when it will be available. Some of the banks are known to be in better condition than others, although up to the present time they have all paid the same dividend-50 per cent. The banks whose receivers now will proceed to collect the assessment where possible are: The Federal-American National Bank and Trust Co., in the hands of Receiver Cary A. Hardee, who already has advertised official notice to collect $2,000,000 from 642 stockholders. Four other banks in the hands of Norman R. Hamilton, who will attempt to collect as follows: District National Bank, $1,000,000 from 325 stockholders; Potomac Savings Bank, $140,000 from 68 stockholders: Northeast Savings Bank, $100,000 from 185 stockholders, and Seventh Street Savings Bank, $100,000 from 123 stockholders. The assessments aggregate $3.340.000 divided among a total of 1,343 stockholders. Threats of Bankruptcy. Announcement of the assessment was greeted yesterday in some quarters with threats of some stockholders to go into bankruptcy. Should they carry out this threat, it is understood the Government's receivers would have to take place alongside all other (Continued on Page 2, Column 8.)

5. July 9, 1934 The Washington Times Washington, DC
Article from The Washington Times, July 9, 1934

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D. C. BANKS TIE UP MILLIONS (Continued from Page 1.) course, meant less money for the banks. The largest amount of money still due Washington depositors is held by the defunct Commercial National Bank, which closed its doors with deposits aggregating $11,058,615. Since its failure it has paid off half this amount. Local financial speculation centered today on just how much money would pour into the coffers of five of the banks in receivership here as a result of a 100 per cent levy on 1,342 stockholders for $3,340,000. Assessments were levied against stockholders in the FederalAmerican National Bank, the District National Bank, the Potomac Savings Bank, the Northeast Savings Bank, and the Seventh Street Savings Bank. May Collect One-Third It developed over the week-end that scores of stockholders in these banks are not in a position to meet the demands of the Comptroller of the Currency. Bankers, baring their estimates on past experience, believe that only one-third of this debt will be paid. This fact, plus an appreciable shrinkage in assets held by the banks, makes eventual loss to thousands of depositors a certainty. There was considerable discussion today regarding the possibility of assessments being levied against stockholders in the Washington Savings Bank and the Woodridge-Langdon Savings and Commercial Bank, two which joined with the five that have been assessed in forming the present Hamilton National Bank. Whether the Comptroller of the Currency will levy assessments against stockholders in these banks could not be ascertained.

6. October 28, 1934 Evening Star Washington, DC
Article from Evening Star, October 28, 1934

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SEVENTH STREET BANK WILL BEGIN PAYING $313,944 Cards Being Mailed Out for 30 Per Cent Dividend This Week. MORE THAN $500,000 ALREADY DISBURSED Washington Savings and Northeast Savings Now Busy Distributing Additional Funds. Payment of a 30 per cent dividend from the insolvent Seventh Street Savings Bank will begin Tuesday morning, at 1300 Seventh street, the old bank building, it was announced last night by Norman R. Hamilton, receiver. Funds totaling about $320,000 are available to pay the dividend to about 4,000 depositors, it was explained. Claims have been proved and checks written for $313,944.90. This will be the second dividend to be paid by the bank, the first one, of 50 per cent, amounting to more than half a million dollars, having been paid out in September, 1933. Cards Being Mailed. Post cards are being mailed to depositors notifying them what day to call at the bank. The first group of about 750 cards was mailed yesterday, asking the first depositors to come Tuesday. Other groups of cards will be mailed daily. All will be given opportunity to call at the bank some time in this week. Dividend checks will be available at the old Seventh Street Savings Bank location, however, only for this week. Next Monday morning they will be moved to the office of Receiver Hamilton at 1406 G street, the location of the old District National Bank. Must Show Cards. In order to claim their checks, depositors will be asked to show the post cards they have received from the receiver. They will be asked to sign a receipt for the dividend check, and the signature must agree with the signature already in the hands of the receiver, on the proof of claim. Payment of the checks will be in charge of Butler Ballance of the receivership. Hamilton, who is liquidating five insolvent banks in this city, is still paying out second dividends in two other banks under his supervision. A second dividend of 20 per cent is being paid to depositors of the Washington Savings Bank, which is in addition to the original of 50 per cent. A second dividend of 25 per cent is being paid to depositors of the Northeast Savings Bank, in addition to the original 50 per cent.

7. November 1, 1934 The Washington Times Washington, DC
Article from The Washington Times, November 1, 1934

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Re-Appraisal of Assets A Boon to Depositors The payment of additional dividend of thirty per cent to the depositors of the Seventh Street Savings Bank is an indication that some progress is being made in bringing to the depositors the benefits contained in the McLeod-Steagall act enacted at the last session of Congress. IT IS A DEMONSTRATION OF THE FACT THAT IF THE PROVISIONS OF THAT LAW WERE MORE AGGRESSIVELY UTILIZED THE DEPOSITORS WITH FUNDS IN CLOSED BANKS HERE AND THROUGHOUT THE COUNTRY WOULD BE ABLE TO OBTAIN ALMOST IMMEDIATELY A LARGE PART OF THE MONEY WHICH IS TIED UP. The new dividend to depositors of the Seventh Street Savings Bank means that eighty per cent of the total deposit liability of that institution has been met. That is a far better record than is held by many of other closed banks of the city and is a tribute to the active work of Receiver Norman R. Hamilton. After the original dividend of fifty per cent was paid Mr. Hamilton went to the Reconstruction Finance Corporation and because of the McLeod-Steagall provisions was able to obtain re-appraisal of the assets upon which the bank had borrowed from the corporation. As a result of that re-appraisal on the liberal basis provided in the McLeod-Steagall act the additional dividend was made possible. THE RELUCTANCE OF SOME RECEIVERS AND OF SOME OFFICIALS OF THE RECONSTRUCTION FINANCE CORPORATION TO UTILIZE THE LIB. ERAL APPRAISAL BASIS WHICH WAS FOUGHT FOR so EARNESTLY BY REPRESENTATIVE CLARENCE J. M'LEOD IS ONE OF THE MANY MYSTERIES OF THE CLOSED BANK SITUATION. Recently Comptroller of the Currency J. F. T. O'Connor and Chairman Jesse Jones of the Reconstruction Finance Corporation announced that they would utilize the provision of the McLeod-Steagall act which permits the corporation to purchase the assets of closed banks to wind up "tail-end" receiverships. They purpose to use the provision only in connection with receiverships which have deposit liability of less than thirty thousand dollars. THERE IS NO SOUND REASON WHY THIS USE OF THE PROVISION SHOULD NOT BE EXTENDED AND IT IS TO BE HOPED THAT IT WILL BE so EXTENDED. But in the meantime the new appraisal basis provided in that act can be made a powerful weapon in the nation's recovery fight. It provides that loans may be made by the Finance Corporation on assets appraised on the basis of recovery instead of being based upon depression values. The corporation now has in its vaults great masses of securities upon which original loans were made and which were appraised for the purpose of those loans upon the lowest depression prices. By re-appraising all of those securities, as has been done in the case of the Seventh Street Savings Bank and one or two other local institutions, the corporation would be able to make immediately available to depositors large sums of money. THIS, IT SHOULD BE BORNE IN MIND, WOULD BE MADE POSSIBLE WITHOUT THE PROSPECT OF FINANCIAL LOSS TO THE CORPORATION OR THE GOVERNMENT.

8. July 3, 1935 Evening Star Washington, DC
Article from Evening Star, July 3, 1935

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BRICE CLAGETT NEW HAMILTON COUNSEL Succeeds Late Angus W. McLean in Receivership of Five Banks Here. Brice Clagett, attorney and former newspaper man, has been appointed counsel for Norman R. Hamilton, receiver of five insolvent banks of this city, succeeding the late Angus W. McLean. it was learned today. Mr. Clagett will participate in the extensive litigation already revolving around the banks in charge of Mr. Hamilton, particularly the District National Bank. He will have associated with him Charles E. Wainwright, attorney, formerly with the Treasury Department, who was associated with Mr. McLean. The banks concerned are the District National Bank, Potomac Savings Bank. Northeast Savings Bank, Seventh Street Savings Bank and Washington Savings Bank

9. July 1, 1937 Evening Star Washington, DC
Article from Evening Star, July 1, 1937

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ASKS COURT HELP BANK ASSESSMENT Seventh Street Institution Receiver Petitions Against 58. The receiver of the Seventh Street Savings Bank petitioned the District Court today to enforce assessments against 58 stockholders totaling $65,200. Levied by the controller of currency July 5, 1934, after the instution had been refused a license to reopen, assessment payment was demanded of all the stockholders. The defendants have not complied, the court was told. The Seventh Street Savings was placed in the hands of a conservator After the bank holiday, and later was turned over to a receiver to liquidate the assets and pay the depositors. Approximately 80 per cent due them already has been paid, but the amount due on stock assessments is needed to make up the remainder, Wardell declared, through Attorneys Brice Clagett and Charles E. Wainwright. Capital stock of the institution consisted of 1,000 shares of a par value of $100 per share.

10. December 1, 1937 The Washington Times Washington, DC
Article from The Washington Times, December 1, 1937

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Distribution of $70,000 to 1,890 depositors of the Washington Savings Bank is under way today at the 1406 G St. N. W., headquarters of Justis S. Wardell, receiver. The amount represents a 20 per cent dividend and brings the total dividends to 100 per cent. Depositors of the Seventh Street Savings Bank will receive $109,000, bringing the total dividends for that institution up to 90 per cent, next Monday. This bank, merged with the Hamilton National Bank. Distribu-

11. December 1, 1937 Evening Star Washington, DC
Article from Evening Star, December 1, 1937

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DIVIDEND IS PAID BY SAVINGS BANK Final 20% Being Disbursed. Interest Claims to Be Met Later. A woman who said she required the money for food, medicine and a longneeded pair of glasses, was the first depositór of the closed Washington Savings Bank to appear at 1306 G street today to receive the 20 per cent dividend being paid out by Justus S. Wardell, receiver of the bank. The woman, whose name was not disclosed, said she had been waiting for months for the payment. The Washington Savings Bank, which closed in March, 1983, previously had paid dividends of 80 per cent to its depositors. With distribution of the 20 per cent today, amounting to $70,000, the dividends reached 100 per cent of the principal for 1,890 claimants who had proved claims aggregating $350,000. Controller of the Currency J.F. T. O'Connor, in announcing authorization of the dividend recently, said interest will be paid later. Receiver Wardell plans also to distribute a 10 per cent dividend to 2,616 claimants of the Seventh Street Savings bank beginning Monday, at the old bank property on Seventh street N.W., now operating as a branch of the Hamilton National Bank. This dividend will amount to about $105,300. Checks have been written for distribution of a 10 per cent dividend to creditors of the big District National Bank, and they were being sent by the receiver today at the Treasury Department for official signatures. This dividend, which is promised before Christmas, will distribute $386,850 to 8,704 claimants of this bank. It will be paid at the District National Bank Building, 1306 G street N.W., at a date to be announced soon by Receiver-Wardell

12. December 4, 1937 Evening Star Washington, DC
Article from Evening Star, December 4, 1937

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RECEIVER TO PAY DIVIDEND MONDAY Ten Per Cent Will Go to Closed District National's Depositors. Distribution of a 10 per cent dividend from the closed District National Bank, amounting to $386,800, will begin Monday at the bank. 1406 G street. it was learned today from Receiver Justus S. Wardell. The dividend, which will be paid to 8.704 depositors. had been announced previously through Controller of the Currency O'Connor, but the time for paying it was not definitely fixed until today. Cards now are being mailed out telling depositors when to call for their checks. This will be the second closed bank dividend to start Monday. as the Seventh Street Savings Bank also will begin distribution, through the same receiver, of a 10 per cent dividend. This amounts to $105,300. Checks for the Seventh Street Bank depositors will be distributed at the old bank location at Seventh and N streets, now occupied by a branch of the Hamilton National Bank. Already Receiver Wardell is paying out a 20 per cent dividend to 1,890 depositors of the Washington Savings Bank, at 1406 G street, amounting to about $70,000. The three dividends together amount to a distribution of $562,100 to 13,210 depositors of the three banks. in plenty of time for Christmas shopping. Distribution will start at 9 a.m. Monday at both locations. Receiver Wardell emphasized today that depositors must bring their cards of official notice, which have been mailed out, and also their receivers' certificates in order to get their dividend checks.

13. December 5, 1937 Evening Star Washington, DC
Article from Evening Star, December 5, 1937

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DIVIDENDS READY AT CLOSED BANKS District National and Seventh Street Saving Start Paying Tomorrow. Distribution of nearly half a million dollars to 11,420 depositors of the District National Bank and the Seventh Street Savings Bank, closed since March. 1933, will begin tomorrow morning. Ten per cent dividends will be made available by Receiver Justus S. Wardell in the form of checks, paid out in time for Christmas shopping. Post cards are being mailed to depositors, notifying them when to call at the locations, 1406 G street N.W., for District National Bank depositors, and Seventh and N streets N.W., for the Seventh Street Savings Bank depositors. The Seventh street location now is occupied by the Hamilton National Bank as a branch. Checks will be available at both places at 9 a.m. In order to get their checks, however, Receiver Wardell warned that depositors must bring with them cards of notification, and their receivers' certificates. The District National is paying out $386,800 to 8,704 depositors, making dividends totalling 85 per cent, while the Seventh Street Bank is paying out $105,300 to 2,616 depositors, bringing dividends up to 90 per cent. These two total $492,100, which is expected to give a substantial boost to Christmas shopping this week. Payment of a 20 per cent dividend will continue at 1406 G street to depositors of the Washington Savings Bank, bringing payments there up to 100 per cent. These depositors are receiving a total of about $70,000.

14. September 10, 1939 Evening Star Washington, DC
Article from Evening Star, September 10, 1939

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7th Street Savings Bank Will Pay 5 Per Cent Dividend 2,657 to Get Checks Totaling $52,600 From Closed Institution Another 5 per cent dividend to depositors in the closed Seventh Street Savings Bank has been authorized and will be paid as soon as the checks can be written and schedules arranged, it was announced last night. The dividend payments-will total $52,600, to be distributed among 2,657 claimants, according to announcement by the Controller of the Currency. The fourth in a series of dividends since the bank failed to reopen after the March, 1933, banking holiday, the new 5 per cent payment will bring to 95 per cent the percentage of authorized dividends to date. Proved claims amounted to $1,053,900. Justus S. Wardell, receiver for the closed bank, said the payments would be made from his office at 1614 K street N.W. as soon as they could be arranged. No date has been fixed for the payments to begin and it may be several weeks before they can get under way, he added. Mr. Wardell said claimants will be notified by post card when they should call for their checks.

15. September 11, 1939 Evening Star Washington, DC
Article from Evening Star, September 11, 1939

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The board's index number stood at 89 for August compared with 83 a year ago and 86 in July, this year. New Accounting Field Seen. Boris Baievsky, a Washington certified public accountant. is author of an article on "Housing and Accounting Systems" appearing in the current Journal of Accountancy, in which he sees an active new field for accountants in connection with the management of vast housing projects. He says the trend is in changing from individual house ownership to the renting of houses. Many builders are now operating and maintaining the housing units which they construct. and doing so at a profit. The author says the facts indicate a new investment field for large-scale housing enterprises, calling for a high degree of managerial control methods. Here is where accounting comes to the front, the aim being to show at all times the status of administration, operation, maintenance and finance. He says accountants must apply their systems to large projects, which have municipal administrations, as well as to units operated on a smaller scale. Banking Courses Announced. During the past few days a good deal of pressure has been exerted on junior bankers in the city to get them to take banking studies in the institute. Chairman Edward M. Blaiklock of the Educational Committee announced yesterday that the following courses will be offered in the first semester: Banking I-Instructors. Eliot H. Thomson, Washington Loan & Trust Co., and William T. Vandoren, vice president and cashier, Liberty National Bank. Law II-Instructor, Raymond B. Dickey, dean of faculty. Economics II-Instructor. Norman E. Towson, assistant treasurer, Washington Loan & Trust Co. Banking III-Instructor, Ralph Endicott, assistant treasurer, Washington Loan & Trust Co. Accounting - Instructor, D. L. Mitchell, partner, James A. Councilor & Co. Heard in Financial District. Today's boiling stock market swamped the local brokerage offices with customers. the over-Sunday gains in war stocks being astonishing. Wall Street gossip says the public has plunged into the market in a way that temporarily rivals 1929. Receiver Justus S. Wardell of the Seventh Street Savings Bank will soon start payment of a 5 per cent dividend, amounting to $52,600 to 2,657 former depositors. The payments will be made at 1614 K street N.W. This will bring payments to 95 per cent of the amount due claimants. Potomac Electric Power 5½ per cent preferred stock sold at 115 on the Washington Stock Exchange today and Washington Railway & Electric preferred again moved at 116. The bid for Washington Gas Light common advanced from 26 to 26½ and the asked priced was pushed up from 27 to 27½. Morris Plan Convention Set. Appointment of Wallace D. McLean as general chairman for the 20th annual convention of the Morris Plan Bankers Association. October 9, 10 and 11 at Rye, N. Y., was announced here today. He is chairman of the board of the Morris Plan Industrial Bank, New York City. Elwood G. Childers of Washington has been made chairman of the Auditing Committee.

16. October 12, 1939 Evening Star Washington, DC
Article from Evening Star, October 12, 1939

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Seventh Street Bank To Pay Dividend Late This Month Depositors Will Be Officially Notified When to Appear The previously authorized 5 per cent dividend from the closed Seventh Street Savings Bank will be distributed to 2,666 depositors sometime late this month, it was learned today from Justus S. Wardell, receiver. Checks are being prepared for payment of this dividend, but will not be ready until depositors are officially notified individually by post card. Receiver Wardell asked depositors not to call at the office until they receive such an official post card notifying them which day to call. When they do come, he emphasized it will be necessary for creditors to bring their receivers' certificates. The dividend will amount to $52,696. Further good news for depositors was divulged today in the quarterly report of the receiver on the condition of the bank receivership as of September 15. This shows that there are remaining assets of a value which, if realized upon. will bring in sufficient funds to finish paying depositors in this bank in full. Already depositors have received dividends of 90 per cent, amounting to $951,782, the report shows. The new dividend to be distributed will bring the total payments up to $1,003,478, or 95 per cent, leaving only 5 per cent remaining to pay off depositors in full. Remaining assets are listed on the report as having a book value of $345,518, including a stock assessment against stockholders of $100,000, which is in litigation. These assets are "estimated" to have a value of $131,395. If this could be realized in cash for creditors, the receiver would be able to pay at least the additional 5 per cent, and thus make restoration of 100 per cent of the deposits in the bank when it closed in March, 1933. The remaining assets include, in addition to the disputed stock assessment, one piece of real estate, owned outright; the bank building at Seventh and N streets N.W., now rented to a branch bank of the Hamilton National Bank; some firsttrust notes on real estate and other securities.