1700. Departmental Bank (Washington, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 14, 1932
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
600ed4bf0395a439

Response Measures

None

Description

The Departmental Bank (Washington, D.C.) voluntarily suspended operations July 14–15, 1932 as a precaution amid other local bank closings. The controller of the currency and a receiver took charge and the institution remained closed and in receivership thereafter; depositors filed claims and received multiple dividend payments over subsequent years. Charter detail in articles states the bank operated under an Arizona state charter, so classified as a state bank. No explicit depositor run is described in the articles—suspension appears precautionary and led to receivership and liquidation.

Events (9)
1. July 14, 1932 Receivership
Newspaper Excerpt
The directors ... to suspend operations and turn the affairs of the bank over to the controller of the currency. W. N. Taylor, national bank examiner is in charge. W. B. Allman later acted as receiver.
Source
newspapers
2. July 14, 1932 Suspension
Cause
Local Banks
Cause Details
Directors suspended operations voluntarily as a precaution in view of recent closings of several local banking concerns.
Newspaper Excerpt
The Departmental Bank, 1726 Pennsylvania Ave., has suspended operations... 'This action was wholly voluntary on the part of the bank, and was taken purely a precautionary measure, in view of the recent closing of several local banking concerns.'
Source
newspapers
3. September 21, 1932 Other
Newspaper Excerpt
DEPARTMENTAL BANK TO OPEN FOR CLAIMS ... which closed July 14, will be opened at 8:30 a.m. Friday to enable depositors to file bills of claim... The bank went into the hands of the controller of the currency July 14 when its directors decided to suspend operations as a precautionary measure.
Source
newspapers
4. February 9, 1933 Other
Newspaper Excerpt
7,500 DEPOSITORS WILL GET $375,000 ... The Departmental Bank ... will distribute checks totaling $220,000 to 3,444 depositors... The checks will be available for delivery at the offices of the respective receivers...
Source
newspapers
5. April 29, 1933 Other
Newspaper Excerpt
Departmental ... Ready to Release 'Frozen' Accounts ... The Departmental Bank will pay its second dividend ... amount will be $160,000 or about 20 per cent, W. B. Allman, receiver stated.
Source
newspapers
6. June 15, 1933 Other
Newspaper Excerpt
DEPARTMENTAL BANK TO PAY THIRD TIME 15 Per Cent Dividend Will Make 65 Per Cent Total Paid Depositors Since Closing.
Source
newspapers
7. March 6, 1934 Receivership
Newspaper Excerpt
The trustee of ... suit by the Washington Loan & Trust Co. ... against W. B. Allman, receiver of the Departmental Bank, which was incorporated under the laws of Arizona.
Source
newspapers
8. August 3, 1934 Other
Newspaper Excerpt
DEPARTMENTAL BANK TO PAY 10 PCT. MORE ... Depositors in the long-defunct Departmental Bank will receive a fifth dividend... The Departmental Bank closed its doors on July 14, 1932, with a deposit liability of $952,000.
Source
newspapers
9. May 2, 1940 Other
Newspaper Excerpt
John F. Moran, receiver of the Departmental Bank, has been authorized to advertise the remaining assets of the bank for sale... the liquidation has resulted in six dividends being paid to date by the receiver amounting to 85 per cent.
Source
newspapers

Newspaper Articles (23)
1. July 15, 1932 Times Herald Washington, DC
Article from Times Herald, July 15, 1932

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Article Text

The Departmental 1726 Pennsylvania Ave., has suspended operations, bringing the total to four local institutions which have closed their doors in two days. Notice of the Departmental Bank's given by the board of directors in a statement, which said: "This action was wholly voluntary on the part bank, and was taken purely precautionary measure, in view of the recent closing of several local banking W. M. Taylor, bank examiner, is in charge the institution. The North Capitol Savings Bank, the International Exchange Bank closed yesterday, and the Bank of Brightwood. Wednesday.

2. July 15, 1932 Evening Star Washington, DC
Article from Evening Star, July 15, 1932

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DEPARTMENTAL BANK CLOSED BY DIRECTORS Suspension Is Ordered as Precautionary Measure-Controller Takes Charge of Institution. The Departmental Bank, 1726 Pennsylvania avenue, today was in the hands of the controller of the currency, the directors having decided late yesterday to suspend operations as a precautionary measure. W. N. Taylor, national bank examiner is in charge. In announcing the action, the following statement was issued by the bank: "At a special meeting of the board of directors of the Departmental Bank held late this afternoon, it was unanimously decided to suspend operations and turn the affairs of the bank over to the controller of the currency. "This action was wholly voluntary on the part of the bank and was taken purely as a precautionary measure, in view of the recent closing of several local banking concerns." J. T. Exnicios is president of the bank. The controller's call on June 30, showed deposits of $1,181,886.32. John R. Hawkins, president of the Prudential Bank, 717 Florida avenue, told The Star today that groundless fears had been expressed by some of the patrons of his institution, and requested that publicity be given to the statement that the bank is in excellent condition.

3. July 15, 1932 The Washington Times Washington, DC
Article from The Washington Times, July 15, 1932

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DEPARTMENTAL BANK CLOSED The Departmental Bank, 1726 Pennsylvania Ave., has suspended operations, bringing the total to four local institutions which have closed their doors in two days. Notice of the Departmental Bank's suspension was given by the board of directors in a statement, which said: "This action was wholly voluntary on the part of the bank, and was taken purely as a precautionary measure, in view of the recent closing of several local banking concerns." W. M. Taylor, bank examiner, is in charge of the institution. The North Capitol Savings Bank, the International Exchange Bank closed yesterday, and the Bank of Brightwood, Wednesday.

4. September 21, 1932 Evening Star Washington, DC
Article from Evening Star, September 21, 1932

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DEPARTMENTAL BANK TO OPEN FOR CLAIMS For Three Months, Beginning Friday, Depositors May File Bills. The Departmental Bank, 1726 Pennsylvania avenue, which closed July 14, will be opened at 8:30 a.m. Friday to enable depositors to file bills of claim, W. B. Allman, receiver for the bank, announced yesterday. The institution will close at 9 p.m. The same hours will be observed on Saturday. For three months, beginning Friday. depositors may file claims. On week days the hours will be 8:30 a.m. to 5 p.m., and on Saturdays, 9 to 1. The bank went into the hands of the controller of the currency July 14 when its directors decided to suspend operations as a precautionary measure.

5. September 23, 1932 Evening Star Washington, DC
Article from Evening Star, September 23, 1932

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DEPOSITORS FILE CLAIMS AT DEPARTMENTAL BANK Institute, Closed Since July 14, Opens Today With 100 Persons in Line. Opening for depositors to file bills of claim, the Departmental Bank, which closed July 14, today was handling hundreds of depositors. The bank opened at 8:30 a.m. with a line of more than 100 persons waiting to file their claims, and throughout the day clerks were busy taking care of depositors. It will remain open until 9 p.m. and have the same hours tomorrow. Depositors have three months in which to file claims and after this week end the bank hours will be from 8:30 until 5 on every day but Saturday, when the hours will be from 8:30 until 1. it was announced by W. B. Allman, receiver of the bank.

6. September 24, 1932 Evening Star Washington, DC
Article from Evening Star, September 24, 1932

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SPECIAL NOTICES. CHAIRS FOR RENT. SUITABLE FOR BRIDGE PARTIES. banquets. weddings and meetings. 10c up per day each: new chairs. Also invalid rolling chairs for rent or sale. UNITED STATES STORAGE CO.. 418 10th st. n.w. Metropolitan 1844. TREASURY DEPARTMENT. Office of the Comptroller of the Currency, Washington, D. C. September 22, 1932. Notice is hereby given to all persons who may have claims against "The Departmental Bank," Washington, D. C., that the same must be presented to W. B. Allman, Receiver, with the legal proof thereof. within three months from this date or they may be disallowed. (Signed.) F. G. AWALT, Acting Comptroller of the Currency.

7. November 17, 1932 Evening Star Washington, DC
Article from Evening Star, November 17, 1932

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BANK INVESTORS GET DEFICIT BILL Shareholders Ordered to Meet Assessments for Departmental November 25. W. B. Allman, receiver for the Departmental Bank, 1726 Pennsylvania avenue, which suspended. operations July 15 last, issued a call to shareholders of the institution today to arrange for payment of 100 per cent assessments on or before November 25. The assessment on the shareholders was levied October 18 under authority of the controller of currency of the Federal Government, and was made for the protection of the depositors of the bank. Assessments Total $106,060. There are approximately 3,000 shareholders affected by the order, and their assessments aggregate approximately $106,060. The full payment of the assessments is due November 25. For the convenience of shareholders employed during the regular hours of the day, the bank will remain open until 10 p.m. November 25. While full payment of the assessment is due next week, shareholders, by signing an agreement before November 25, are given the right to make the payments in four monthly installments, ending February 25, Mr. Allman said. The Departmental Bank operated under a charter granted by the State of Arizona, but was subject to the rules of the National Banking Association and under the control of the Federal controller of the currency. Depositors File Claims. The shareholders of the institution were subject to double liability in case of failure of the bank. A statement of the condition of the bank for the quarter year ended September 30 showed the total of all assets coming into the hands of the receiver up to that date amounted to $1,118,867.65. The total assets uncollected up to that date were $949,606.82 and the total of all liabilities was $906,937.20, while cash on hand at that time totaled $121,041.51. Depositors are being given an opportunity to file claims for payment by the institution.

8. February 9, 1933 Evening Star Washington, DC
Article from Evening Star, February 9, 1933

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7,500 DEPOSITORS WILL GET $375,000 Departmental and Brightwood Banks to Make First Payment. Nearly 7,500 depositors in two suspended Washington banks soon will receive $375,000 as the first payment on approved claims against the institutions, it was announced this afternoon at the office of the Controller of the Currency, Treasury Department. The Departmental Bank, 1726 Pennsylvania avenue, will distribute checks totaling $220,000 to 3,444 depositors, while the Bank of Brightwood, at Georgia and Colorado avenues, will pay $155,000 to approximately 4,000 depositors, according to the receivers of the two banks, W. B. Allman of the Departmental and Claude H. Woodward of the Brightwood institution. 30 and 20 Per Cent. The announcement, released by acting Controller F. G. Awalt, said the payments represented 30 per cent of total claims thus far approved against the Departmental Bank, and 20 per cent of total approved claims against the Bank of Brighwood. Other depositors' claims may be approved in the future, it was pointed out, in which case they will be entitled to the first payment announced today. "The checks will be available for delivery at the offices of the respective receivers within a short time," Awalt's announcement said. "The holders of claims against these suspended banks must present their receiver certificates at the time of delivery of the dividend checks." To assist Government employes in collecting their checks from the Departmental Bank, Receiver Allman announced the institution would remain open all day tomorrow and Saturday until 9 p.m. on both days. Beginning Monday, however, he said, the regular banking hours of 8:30 to 5 will be observed. No "Open" Announcement. No announcement as to keeping the Bank of Brightwood open after its regular closing time was made by Receiver Woodward. The Bank of Brightwood, at Georgia and Colorado avenues, closed last July 13, and up until December 31 last, (Continued on Page 2, Column 5.)

9. February 10, 1933 The Washington Herald Washington, DC
Article from The Washington Herald, February 10, 1933

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HERE Brightwood Will Distribute 20 Per Cent to Depositors; Departmental 30 Per Cent By RICHARD HATTON Depositors in two of the four Washington banks closed July order the Comptroller of the Currency able to their "dividend" checks today, according information given out by the Comptroller's of fice. The which have been in charge of receivers are the Bank of and the Departmental Bank About 7,500 depositors in the two banks will benefit the disbursement which will about PAYMENT AT BANKS According to office of the Comptroller the "dividend" be paid by the Departmental Bank will amount to 30 cent. while the disbursement by the Bank of Brightwood will be 20 per cent. Holders of claims against these banks must present their ceivers at the time payment made. that depositors will have to call the banks for their checks. Claude Woodward, the Bank of Brightwood. stated that institution would open at 8:30 today, tomorrow and Monday and remain open until days for convenience of those will receive their the Departmental Bank. Receiver B Allman stated that the bank would open at to day, and Saturday and remain open until and that next week the bank would be open for payments from 8:30 until Neither of the institutions had received loans from the Reconstruction Finance Corporation as had the other closed Washington banks. the International Exchange and the North Capitol of condition of the Bank of issued few days Receiver Woodward gave total assets accounted for as with total liabilities accounted for of Total collections from assets were reported as this figure added from stock assessment This stock assessment was made necesary, reported. because the deficiency was determined to be excess of the capital the bank. The receiver has collected cash Cash in the hands of the receiver and Comp troller amounts Secured and preferred liabilities paid amount Advances for protection assets. amount to and penses of receivership ported as Receiver Allman of the Departmental. and Claude H. Woodward. of the Brightwood in stitution. additional payments will be made soon assets are liquidated and claims proven.

10. February 10, 1933 Evening Star Washington, DC
Article from Evening Star, February 10, 1933

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TWO MORE BANKS TO PAY DEPOSITORS Departmental and Brightwood Institutions Paying Out $375,000. While depositors crowded into two suspended Washington banks today to collect the first payment on their claims. Acting Controller of the Currency F. G. Awalt announced two other defunct local banks would issue payments as soon as money in hand permits. The Departmental Bank, 1726 Pennsylvania avenue, and the Bank of Brightwood, Georgia and Colorado avenues, are paying approximately 7,500 depositors a total of $375,000. Two Other Institutions. The International Exchange Bank, Fifth and H streets, and the North Capitol Savings Bank, at H and North Capitol streets, are the two institutions which Awalt said would make an initial payment on approved claims as soon as enough money is collected. All four banks closed last July. The doors of both the Departmental and Brightwood banks were opened this morning at 8:30 o'clock to distribute checks to depositors. Approximately $220,000 is being paid to 3,444 depositors in the Departmental Bank, while the Brightwood institution is distributing checks totaling $155,000 to about 4,000. To Be Open at Night. To expedite distribution of the money, the Departmental Bank will remain open tonight and tomorrow night until 9 o'clock, resuming the regular hours of from 8:30 to 5 beginning Monday. The Bank of Brightwood will be open until 5 o'clock tonight and all day tomorrow until 5. A steady line of men and women filed into both banks throughout this morning, able to draw money for the first time since the institutions closed last July. At the Departmental depositors were being paid 30 per cent of their claims, while at Brightwood 20 per cent was being paid. Additional payments will be made by both banks as liquidation progresses and cash in hand permits, it was said by officials.

11. February 10, 1933 The Washington Times Washington, DC
Article from The Washington Times, February 10, 1933

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RECEIVERS PAY BANK TOLLS Claude H. Woodward and W. B. Allman, receivers, respectively, for the Bank of Brightwood and the Departmental Bank, closed last July by the Comptroller of the Currency, today began paying the first dividend of about $375,000 to the 7,500 depositors. Bank of Brightwood depositors will receive 20 per cent and Departmental Bank depositors will receive 30 per cent of their approved claims in this installment. Depositors must have their receiver certificates in person at the time of payment. The Bank of Brightwood will be open today until 5 p. m. and tomorrow and Monday from 8:30 a. m. until 5 p. m. The Departmental Bank will be open until 9 p. m. today and tomorrow and from 8:30 to 5 p. m. next week. Further payments will be made from time to time, as the receivers realize on assets.

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

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FREES PLAN $285,000 TO LOCAL PATRONS Departmental and North Capitol Ready to Release "Frozen" Accounts Dividends amounting to $285,000 will be paid out Monday by the Departmental Bank and the North Capitol Savings Bank, both closed institutions. The Departmental Bank will pay its second dividend. This time the amount will be $160,000 or about 20 per cent, W. B. Allman, receiver stated. The North Capitol Savings Bank will pay its first dividend of $125,000. To Stay Open Late The Departmental Bank. Allman said,will be open for the convenience of Government workers from 8:30 a. m. to 9 p. m., Monday, Tuesday and Wednesday. Persons unable to call at the bank these days will be able to collect their checks during the regular business hours. About 4.000 checks will be paid out, Allman said. The second dividend payment brings the total paid back to depositors to about $400,000. When the bank suspended the book value of assets was $1,100,000. Payment of the first dividends to of the depositors closed North Capitol Savings Bank, amounting to $125,000, or 12 1/2 per cent, are to be made beginning Monday at 9 a. m.. John S. Ryan, receiver, announced today. 6,000 Checks Ready Six thousand checks are ready for distribution to depostiors of the bank, which closed its dcors last July 14. Regular banking hours are to be observed and only those persons living out of the city will be able to get their dividend checks by mail. All others will be required to call at the bank and sign receipts for the money, Ryan said. As added funds are accumulated from liquidation of the bank's assets further dividends will be declared when the sums have reached sufficient size, he said.

13. April 30, 1933 The Washington Herald Washington, DC
Article from The Washington Herald, April 30, 1933

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3 BANKS READY PAY PART OF Departmental, North Capitol Savings, and Brightwood to Reimburse Up to $500,000 Depositors in three of the Washington banks now being liquidated by receivers will in the near future be paid dividends aggregating nearly half a milion dollars, according to plans of officers in charge. The first to participate will be depositors of the Departmental Pank, who will be paid a dividend of 20 per cent tomorrow. This is the second disbursement by Receiver W. B. Allman and will amount to approximately $160,000. REACHES 50 PER CENT The first payment by the Departmental, made on February 10, was for 30 per cent and amounted to $225,000. The depositors in this bank, when the current dividend is paid, will have received approximately $385,000, or 50 per cent of the amount due them. Receiver Allman stated yesterday that the bank would be open from 8:30 a. m. to 9 p. m. tomorrow, Tuesday and Wednesday for payment of the dividend checks. Those not collecting their check on these days will be able to get them during regular business hours thereafter. About 4,000 checks will be turned over to depositors. AT NORTH CAPITOL Another dividend disbursement to be made tomorrow will be the first payment to depositors of the North Capitol Savings Bank when Receiver John S. Ryan turns over approximately $125,000 to some 6,000 depositors. This is a dividend of 12½ per cent and is the first payment by the North Capitol since being placed in the hands of a receiver. It was learned yesterday, also, that the Bank of Brightwood, now being liquidated under the direction of Receiver Claude H. Woodward. expects shortly. possibly within week or two, to raz a dividend of approximately 25 per cent amounting to something near $110,000. This disburser ent will bring the total repaid to depositors since the bank was placed in the hands of a receiver up to 45 per cent as disbursement of 20 per cent was made February. SAVINGS OBSCURE Every effort is being made by Receiver J. T. Dinger of the International Exchange looking toward the payment of another vidend to depositors but nothing definite can be announced as yet although it is possible a paymay be available by July. Receiver Dinger paid a dividend c: 162-3 per cent, amounting to approximately $83,000 to depositors on March 27. The situation at the Park Savings Bank remains obscure with apparently little hope of liquidation in the near future.

14. June 15, 1933 Evening Star Washington, DC
Article from Evening Star, June 15, 1933

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DEPARTMENTAL BANK TO PAY THIRD TIME 15 Per Cent Dividend Will Make 65 Per Cent Total Paid Depositors Since Closing. The Departmental Savings Bank, 1726 Pennsylvania avenue, which closed 11 months ago yesterday, will pay a third dividend of 15 per cent on Saturday, W. B. Allman, receiver for the institution, announced yesterday. Previously the bank paid two other dividends totaling 50 per cent of deposits. The bank will be open from 8:30 a.m. to 9 p.m. on Saturday. For the benefit of Government workers these hours will be repeated on Monday and Tuesday. After that the regular banking hours will be observed. Depositors must bring their receiver's certificates to obtain the dividend.

15. March 1, 1934 The Washington Times Washington, DC
Article from The Washington Times, March 1, 1934

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BILL WOULD AID DEPOSITORS (Continued from Page 1) witnesses from Detroit to testify in its behalf. Potomac Bank Moves Another development in the closed bank field today was the physical transfer of the Potomac Savings Bank to the District National Bank Building. Quarters of the Potomac Institution were taken over as a branch of the Hamilton National Bank. Since then it has been occupying offices formerly used by the closed Departmental Bank. The move brings into the District National Bank Building three of the five closed banks of which Norman Hamilton is receiver. Mr. Hamilton stated that the others would move in as soon as possible. Almost 30 million dollars belonging to the people of the District of Columbia still is tied up in closed banks, it was learned today from the office of the Comptroller of the Currency. Nineteen banks are closed, so far as the official record goes, although seven listed are included in the group which made up the Hamilton National Bank merger. Many Depositors Involved How many depositors are involved the comptroller's office is unable to estimate. Opinion in local financia circles was that provisions of the bill of Representative Clarence J. McLeod (R.) of Michigan will affect District the

16. March 6, 1934 The Washington Daily News Washington, DC
Article from The Washington Daily News, March 6, 1934

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Shareholders' Levy Upheld by Decision The District Court of Appeals yesterday upheld the right of a Federal bank receiver to assess shareholders in banking institutions incorporated under state laws and doing business in the District. This decision was handed down in a suit by the Washington Loan & Trust Co., trustee of the estate of Benjamin P. Mann, against W. B. Allman, receiver of the Departmental Bank, which was incorporated under the laws of Arizona. The trustee contested the 100 per cent assessment on the ground that the Federal receiver could not enforce such assessment against a bank authorized by state law. The decision affirmed a District Supreme Court decision.

17. August 3, 1934 The Washington Times Washington, DC
Article from The Washington Times, August 3, 1934

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DEPARTMENTAL BANK TO PAY 10 PCT. MORE Depositors in the long-defunct Departmental Bank will receive a fifth dividend, amounting to 10 per cent of their original deposits, next Monday. In making this announcement today, John F. Moran, receiver of the bank, pointed out that the dividend will bring the total payoff so far to 80 per cent of the deposits. About $720,000 has been made available so far, he said, and the present dividend will increase the amount to $800,000. About 4,000 depositors will receive $80,000 in next Monday's pay-off. Checks will not be mailed to those residing in the District, but will be distributed in Mr. Moran's office in the Park Savings Bank, of which he is also the receiver. The bank is at Fourteenth and Kenyon Streets Northwest. The Departmental Bank closed its doors on July 14, 1932, with a deposit liability of $952,000. It has since made the largest repayment of deposits of any closed bank in the District, Mr. Moran stated.

18. July 28, 1936 Evening Star Washington, DC
Article from Evening Star, July 28, 1936

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BANK ASSETS HELD WORTH $400,000 But Park Savings' Remaining Holding Carry Book Value of $1,114,393. The Park Savings Bank, closed since March 6, 1933, has remaining assets with a book value of $1,114,393.61, but an estimated value of about $400,000, according to the latest quarterly report of the receiver, John F. Moran. Depositors have received dividends of 20 per cent, amounting to $564,197.62 out of the total of $3,399,516.39 unsecured liabilities at the date of suspension. Cash collected from interest, premium, rents, etc., by the receiver from assets amounted to $65,314.76 toward defraying expenses of liquidation, which, to date, had amounted to $166,815.35. Cash in hands of the receiver on June 30, amounted to $13,307.01. Moran also reported the Departmental Bank, which has paid out a total of 80 per cent amounting to $617,144.97 to its depositors since it was closed July 14, 1932, still has remaining assets with a book value of $331,379.91, but an estimated value of only $54,000. The North Capital Bank, which also closed July 14, 1932, was reported by Moran to have paid out 25 per cent dividends to depositors amounting to $235,122.84, and had remaining assets of book value of $910,492.92, with an estimated value of $309,150.

19. December 16, 1937 Evening Star Washington, DC
Article from Evening Star, December 16, 1937

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2 CLOSED BANKS WILL PAY $96,000 North Capitol Savings and Departmental to Give Dividends Soon. Payment, probably before Christmas, of about $96,000 in additional dividends to depositors of two closed banks-North Capitol Savings Bank and the Departmental Bank-was authorized today by Controller of the Currency J. F. T. O'Connor. In making formal announcement the controller said "actual distribution to creditors of dividend funds involved will be made as soon as possible, although due to the time required for preparation of dividend checks the exact date of distribution cannot be stated at this time." The receiver of both banks, John F. Moran, whose offices are in the old closed Park Savings Bank on Fourteenth street N.W., was authorized by the controller to proceed with payment. In the North Capitol Savings Bank there will be a third dividend amounting to 6.25 per cent to creditors. This dividend will effect a distribution of $57,700 to 5,857 claimants. As this receivership already has paid dividends of 25 per cent, the total payments will now aggregate 31.25 per cent. Depositors of this bank have filed claim against the institution for a total of $940,000. Receiver Moran will pay to depositors of the Departmental Bank a sixth dividend of 5 per cent. This will amount to $38,600 to 4,029 claimants who have proved claims aggregating $772,000. As this receivership has paid dividends of 30 per cent already, the Christmas dividend will bring the total up to 35 per cent. Controller O'Connor explained that Receiver Moran will announce later by publication or by postal card the exact date when dividend checks will be made available. "In the meantime," said Mr. O'Connor in his statement, "it is requested that depositors of the banks involved do not communicate with Receiver Moran by phone or otherwise concern(See BANKS, Page A-3.)

20. December 16, 1937 The Washington Times Washington, DC
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CLOSED BANKS TO CHEER 10,000 Happy news for almost 10,000 depositors in two closed Washington banks another dividend was authorized today by Comptroller of the Currency J. F. T. O'Connor. Some 5,857 depositors in the North Capitol Savings Bank will receive checks for 61/4 per cent of the claim. This is the third dividend to be paid, the total amount of which will be $57,700. For the 4,029 depositors in the Departmental Bank, a 5 per cent dividend, totalling $38,600, was authorized. This is the sixth dividend paid. John F. Moran, receiver for both banks, announced that word will be sent to the depositors shortly, telling them when the checks will be available.

21. December 22, 1937 Evening Star Washington, DC
Article from Evening Star, December 22, 1937

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Bank Starts Paying $60,000. Receiver John F. Moran of the North Capitol Savings Bank started payment today of a 6 1/4 per cent dividend to more than 5.800 depositors. The present disbursement amounts to about $60,000. The payment is being made at the old Park Savings Bank Building, Fourteenth and Kenyon streets N.W. The old Departmental Bank, which is in charge of the same receiver, began the payment Monday of a 5 per cent dividend to 4,000 former depositors. In the distribution $38,000 is involved, and it brings total payments to date to 85 per cent.

22. May 2, 1940 Evening Star Washington, DC
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CITC rights were exercised, although that does not mean that holders of the common stock elected to purchase 45 per cent of the 24,400 shares. Washington Gas preferred is now quoted on the Washington Stock Exchange, ex-dividend, at 104 bid and 105 asked. The last sale was at $107 a share and it sold earlier this year at $109. Application will be made shortly for listing the 24.600 new shares on the Washington exchange. There are 35,600 shares already listed, which will make a total of 60,000 shares. According to plans of the Washington Gas Light Co., of which Marcy L. Sperry is president, the $2.513.000 proceeds of the stock sale will be used for payment of bank loans and for expansion and equipment. The company has paid dividends on the preferred stock regularly since the first shares were issued in 1937 and dividends on the common stock at same rate since 1886, the present rate being $1.50 per annum. Net income in 1939 amounted to $1,231,797. in 1938 to $1,005,983 and in 1937 $760,207. Moran to Sell Bank Assets. John F. Moran. receiver of the Departmental Bank, has been authorized to advertise the remaining assets of the bank for sale, the sale to take place in the receiver's office, 222 Riggs National Bank Building, Fourteenth and Park road N.W., at 8 p.m. Friday, May 17, it was announced today. The Departmental Bank closed on July 14, 1932: liabilities were approximately $1,000.000, and assets were $1,200,000, which included a stockholders' liability of $106,000. The liquidation has resulted in six dividends being paid to date by the receiver amounting to 85 per cent. Dividends and secured and preferred liabilities paid were approximately $800,000. It is expected at the termination OI the bank's affairs that a seventh and final dividend will be paid. For many years the Departmental Bank was located in the 1700 block on Pennsylvania avenue, and did a thriving business loaning money largely to Government employes. The turn in its affairs came after the 1929 crash in Wall Street. Sacks Heads Loan Group. Eckert J. Sacks, who helped organize the Washington Permanent Building Association 59 years ago and was one of the original directors, was re-elected president at the annual meeting held yesterday. John Henderson was renamed vice president, Carl J. Bergmann, treasurer. and H. H Bergmann, secretary C. Chester Caywood continues as general counsel. while directors reappointed include John H. Clipper, C. Rammling, James R. Ellis, Clyde H. Miller, Max Walten, Joseph N. Saunders and Walter B. Avery. Washington Permanent was the first association in the city to become a member of the Federal Home Loan Bank. It is also a member of the District of Columbia Building and Loan League, United States Savings and Loan League and the American Savings, Building and Loan Institute. Shareholders were informed that assets now total $10,250,000, the highest figure on record. Financial District Comment. Washington bankers attending the annual convention of the Association of Reserve City Bankers at Hot Springs, Va., were back at their desks today.

23. May 14, 1940 Evening Star Washington, DC
Article from Evening Star, May 14, 1940

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Preston C. KINE. graduating from the National College of Pharmacy After serving in the Army during the Spanish-American War, he returned to private life, and entered the service of the telephone company in October, 1901, as a clerk in the plant department, in Washington. Mr. .King is the treasurer of Emory Methodist Church, Washington Board of Trade, Association of Oldest Inhabitants of District of Columbia and is vice president of the National Capital Field Club. He resides on Glenbrook road, in Edgemoor. Investment Dealers Confer. Y. E. Booker and J. Clifford Folger, Washington investment dealers, are attending the meeting of the Board of Governors of the Investment Bankers Association, in session at White Sulphur Springs. Francis A. Bonner of this city, chairman of the National Association of Securities Dealers, is also in attendance. At yesterday's session it was voted to adopt a three-year program to give the public a better view of the Investment business. This program will include a factual survey of investment banking, a second phase which will begin next December and continue while Congress is in session, dealing with planned economy versus free enterprise, and a third phase dealing with Government activity in the field of finance. Asset Sales Comes Friday. Following sale of the assets of two other closed banks this week. assets of the former Departmental Bank will be placed on sale by Receiver John F. Moran next Friday afternoon at 2 o'clock in the receiver's office, room 222, Riggs National Bank Building, Fourteenth and Park road N.W. As already noted, the receiver has paid six dividends, amounting to 85 per cent of the money due depositors. Exchange Trading Heavy. Trading on the Washington Stock Exchange today was the heaviest in several weeks, with some prices lower. Capital Traction 5s sold at 1001/2 and 1001/4; Capital Transit stock came out at 14 7/2 and closed at 14 1/2; Lanston Monotype sold at 28, and Washington Gas Light common moved at 25. Riggs National Bank common stock opened at 275 and closed at 2751. Washington Railway & Electric preferred commanded 115.