1807. Seventh Street Savings Bank (Washington, DC)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
February 28, 1933
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
a4f0712d5ca27448

Response Measures

None

Description

Articles describe heavy withdrawals around Feb 28–Mar 1, 1933 with the bank invoking a 60-day/time withdrawal clause (protective measure), followed by failure to reopen after the 1933 bank holiday, placement in conservatorship and eventual receivership and liquidation with ongoing dividend payments. Sequence is a run leading to suspension/closure (receivership). 'State' chosen because institution is a savings bank; no explicit 'National' or 'Trust' wording was present. Dates are taken from newspaper reports.

Events (6)
1. February 28, 1933 Run
Cause
Macro News
Cause Details
Heavy withdrawals during the banking turmoil/banking holiday period in late Feb/Mar 1933; protective limits invoked amid broader banking panic.
Measures
Invoked time/60-day withdrawal clause or limited withdrawals (5% or 10% up to $100 depending on bank); limited full withdrawals for new deposits.
Newspaper Excerpt
Owing to heavy withdrawals of deposits during the last few days... board of directors has passed a resolution allowing depositors to withdraw 5 per cent...
Source
newspapers
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank did not reopen after the March 1933 bank holiday; placed in conservatorship and later receivership by the Controller of the Currency.
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. June 17, 1933 Other
Newspaper Excerpt
Directors of the Seventh Street bank... voted yesterday to enter the merger [with Hamilton National Bank]. John D. Howard, president, is also conservator of the bank. If the bank enters the merger, its stockholders and depositors are expected to subscribe... (Washington Times, 1933-06-17).
Source
newspapers
4. November 8, 1933 Receivership
Newspaper Excerpt
Norman R. Hamilton... soon also will take charge of these institutions: ... the Seventh Street Savings Bank. ... appointment of receivers for banks in this city ... the controller recently appointed ... Norman R. Hamilton ... will take over ... the Seventh Street Savings Bank. (Evening Star, 1933-11-08).
Source
newspapers
5. July 8, 1934 Other
Newspaper Excerpt
Seventh Street Savings Bank... will attempt to collect... $100,000 from 123 stockholders. (Evening Star, 1934-07-08).
Source
newspapers
6. September 10, 1939 Other
Newspaper Excerpt
7th Street Savings Bank Will Pay 5 Per Cent Dividend... The fourth in a series of dividends since the bank failed to reopen after the March, 1933, banking holiday... (Evening Star, 1939-09-10).
Source
newspapers

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

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

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BANK DEPOSITORS ARE REASSURED O'Connor Promises Orderly Marketing of Assets of Eight Institutions. Controller of the Currency J. F. T. O'Connor, in a formal statement today, announced that appointment of receivers for banks in this city "does not mean that the assets of such institutions will be thrown upon the market indiscriminately." The controller's statement was made in response to many requests concerning the policy to be carried out by the two receivers recently appointed to liquidate the assets of eight banks here. "In the first place," the controller pointed out, "it is obviously impossible to throw assets on the market at once. Moreover, even if this could be done, it would be poor policy, since the controller, acting in the capacity of trustee, has the duty of realizing as much as possible for creditors." In this connection. the controller pointed out that his position on this point was made clear in his speech to the American Bankers' Association last September 7. Minimum Expense Promised. Mr. O'Conner also called attention to the fact an orderly liquidation will be accomplished at a minimum expense. The average cost of liquidating national banks, he added, has been 3.9 per cent of book value and 6.65 per cent of actual collections. These percentages, he said, are much lower than found in "ordinary receiverships." Under the law it was necessary to appoint receivers to replace conservators, the controller pointed out, "in order that proper notice to creditors could be given and the trust finally liquidated. The controller in these cases," he continued, "has no option. He must appoint receivers." This interpretation of policy was designed particularly to apply to the operation of receiverships to which the controller recently appointed Cary Hardee of Florida and Norman R. Hamilton, Portsmouth, Va. Will Distribute Checks. Mr. Hardee, who was former Governor of Florida, is liquidating two banks here. the Federal American National Bank & Trust Co., which he has already taken over, and the Chevy Chase Savings Bank, of which he soon will assume charge. Mr. Hamilton yesterday took over the District National Bank and soon also will take charge of these institutions: Potomac Savings Bank, Washington Savings Bank, Northeast Savings Bank, Woodridge-Langdon Savings & Commercial Bank and the Seventh Street Savings Bank. Meantime, Controller O'Connor announced that Robert C. Baldwin, receiver of the Commercial National Bank, will start distribution of checks in payment of the second dividend to depositors next Monday. This will be for 30 per cent, and will be available to 34,000 depositors. When distribution of this 30 per cent is completed it will make a total of 50 per cent paid to the creditors of this bank in the aggregate amount of $3,000,000.

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

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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

5. June 17, 1934 Evening Star Washington, DC
Article from Evening Star, June 17, 1934

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Bank of Georgetown, the Washington Savings Bank and the Seventh Street Savings Bank. Mr. McLean, who is general counsel for the receiver, Norman R. Hamilton, is former director of the War Finance Corporation, former Assistant Secretary of the Treasury and former Governor of North Carolina.

6. 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.)

7. November 2, 1934 The Portsmouth Star Portsmouth, VA
Article from The Portsmouth Star, November 2, 1934

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HAMILTON'S Washington Paper Pays Editorial Tribute To His Receivership. The Washington Times of yes terday paid the following editoria' tribute to Norman R. Hamilton. Portsmouth, who is administration Federal bank receiver under this with offices in Washington. payment of additional the divi deof cent to dend thirty positors of the Seventh Street Sav. indication that Bank is an progress is being some the benebringing depositors the McLeod contained in Stegall act enacted at the last ses congress. sion of is demonstration of the fact that if the provisions that law were more aggressively utilized in closed the with funds depositors throughout the banks here and able to obtain alwould be country most immediately large part of the money which is tied up. "The new dividend to depositors the Seventh Street Savings Bank of makes all eighty per of the total liability of that institution paid depositors. better record than That is far of other closed held by many is banks of the city and is tribute to the work of Receiver Norman R. Hamilton. "After the original dividend of fifty per cent paid Mr. Hamilton went to the Reconstruction nance Corporation and because of the able to obtain re appraisal which the bank the assets upon from the corporation had borrowed "As result of that re-appraisal an the liberal basis provided in the Stegall act the additional dividend was made possible.

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 10, 1935 Evening Star Washington, DC
Article from Evening Star, July 10, 1935

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BANKS' RECEIVERS FILE SUIT TO GET $3,500,000 FUNDS Quasi-U. S. Agencies Are Defendants Based on Court Decision. PREFERENTIAL PAYMENT IS DECLARED ILLEGAL Actions Back Up Individual Depositors' Contention of Unjust Division. In an effort to recover receivers approxi- for mately $3,500,000. closed the banks today two Washington suit in District Supreme Court filed several quasi-governmental improperly against alleged to have of their agencies payment in full had been received deposits after the bank closed. suits must follow a recent that decision The by the Court of to Appeals depositors preferential payments illegal in the absence of of this a statute sort are expressly authorizing such payment. had already been filed by the individual Suits depositors to compel return of the money. Robpresent suit was filed by ComThe Baldwin on behalf of the Norman ert C. National Bank and District mercial Hamilton. receiver of the that the R. Bank. They ask to defendant National agencies be compelled paid 50 per cent of the money securireturn and to account for any them them that may have been given opened. ties when their accounts were All Depositors Paid Half. of only half the money been is sought. Return since all depositors have 50 per cent dividends. paid named as defendants include MerThose Inland Waterways Corp., the War the chants' Fleet Corp., Secretary of purArthur L. Flint. general WashDern. officer and chief of the Canal; chasing office of the Panama sucington Attorney General Cummings, custodian; as to the alien property Bureau cessor Creed F. Cox, chief of the Brown, Gen. Insular Affairs. and C. F. of disbursing agent of Philippine revenue. No early dividends can be expected depositors in the banks concerned, exby on account of the suits, it was plained. Meanwhile, Receiver Hamilton's the report today showed has asquarterly District National now includclosed estimated at $2,153,944.34. stock sets estimated $650,000 from recently ing an Stockholders collection lost assessments. a court fight to prevent of this assessment. official Not Listed report in Report. lists collections beThe stock assessment at nothing, relativefrom the court fight. The from cause small of amount already collected against ly $1,000,000 assessment the item the is listed under receiver shareholders as "cash collected by $367.shown trustee for owners," some and 690.61. held This, as however, includes other trust in hands funds. of the receiver and but controller Cash is listed at $553,642.37. on its bank still owes some more the Rethe loan of $817,287 from 50 construction original Finance Corp. out per institution paid cent This to its depositors in September, 1933. on the four other closed were Reports under his jurisdiction Hamilton. made banks public today by Receiver F. C. Loan Not Shown. R. Potomac Savings Bank, from per The another dividend of time 12 1/2 ago, which announced some C. to cent borrowed was from the R. F. loan has this possible, but the new out tomake not show on the report for the does Checks are being written has been day. dividend, but no date It is new yet for their distribution. before fixed will be some time they is likely The Potomac bank estiare ready. to have remaining already assets has shown at $871,595.79. It mated 50 per cent dividends. paid Washington Savings Bank, The has paid out total dividends of of $171,679.97. which 80 per cent. has estimated remaining assets Seventh Street Savings 80 Bank, The has paid out dividends of per which is shown to have remaining cent, listed at $473,140. assets Northeast Savings Bank, one which of The paid 85 per cent dividends, for closed has highest in the city $393,217.03. banks, the has remaining assets of

10. July 14, 1936 The Washington Times Washington, DC
Article from The Washington Times, July 14, 1936

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RECEIVERSHIPS CHANGE HANDS Norman R. Hamilton has been succeeded as receiver for the District National Bank by Justus S. Wardell. The final report issued by Hamilton yesterday estimates value of remaining assets at $2,314,598.19. More than $1,000,000 has been paid on a total RFC loan of $1,193,641.72. Further dividends to depositors are not likely until pending court actions are disposed of. Hamilton has also turned over to Wardell the receiverships of the Potomac Savings Bank, the Northeast Savings Bank, the Seventh Street Savings Bank and the Washington Savings Bank, all still in process of liquidation.

11. 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.

12. November 28, 1937 Evening Star Washington, DC
Article from Evening Star, November 28, 1937

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BANK'S RECEIVER PREPARED TO PAY Closed Seventh Street Savings to Start Distribution December 6. The recently authorized dividend of 10 per cent will be paid to depositors of the closed Seventh Street Savings Bank beginning Monday, December 6, it was announced last night by Justus S. Wardell, receiver of the institution. Checks will be made available to depositors at the old bank location on Seventh street, now occupied by a branch of the Hamilton National Bank, Mr. Wardell explained, but they will not be available at the office of the receiver, 1306 G street N.W. Post cards will be sent by the receiver to all 2,616 depositors of the Seventh Street Savings Bank, notifying them what day to call at the institution for their checks. The payment totals $1,059,200 and bririgs the total dividends from this bank up to 90 per cent. Checks have all been written for the dividend of 20 per cent to be paid 1,890 depositors of the Washington Savings Bank, which will bring their dividends up to 100 per cent. But it had not been decided last night when the receiver would be ready to deliver these checks to depositors. The dividend amounts to $350,000. Checks are being written for the 10 per cent dividend to 8,704 depositors of the District National Bank, amounting to a tótal of $3,868,500. Receiver Wardell will notify these depositors when to call for their money. In announcing the authorization for three dividends in these three banks, Controller of the Currency J. F. T. O'Connor requested that "depositors of the banks involved not communicate with the receiver by phone or otherwise, concerning the distribution of dividends, as such communications will only serve to delay preparations for payment."

13. February 1, 1939 Evening Star Washington, DC
Article from Evening Star, February 1, 1939

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District National Bank Building Is Sold For $325,000 Funds Will Be Used Eventually for More Dividends Sale of the District National Bank Building at 1406 G street N.W. to Elsyldor Properties, Inc., at a price of $325,000. was announced today by Justus S. Wardell, receiver for the bank. To make way for immediate transfer of the property, Receiver Wardell began to move today the records of five receiverships from the sold building to modest rented quarters at 1614 K street N.W. The receiverships for these five closed banks in charge of Mr. Wardell will be operated. beginning tomorrow morning, at the new K street address. Terms of the sale, which was negotiated by H. C. Smithy and Mark Winkler, included the paycash ment of $75,000 and cent. $250,000 The in trust notes at 41/2 per agreement provides that the purchaser shall pay off $15,000 of the for the notes each year first next trust five years. This would leave a on the building of $175,000 at the end of the five years, in 1944. Improvement Stipulated. A further stipulation in the sale is that the buyer shall spend within $30,000 on improvethe building. less than $30,000 be ment the next to year Should expended anyfor the thing this purpose, difference between what is actually spent for improvement and $30,000 shall be used to curtail further the outstanding notes. Receiver Wardell explained that the funds from sale of the building will be used eventually for more to the 8,600 in dividends depositors the closed District National Bank. The receivership, however, at the time does not have sufficient the of funds present to justify disbursement another dividend now. No prediction could be made as to when the next dividend could be paid to the depositors. These depositors already have received dividends amounting to 85 per cent of their accounts in the bank when it closed in March, 1933. Five Banks Listed. The five closed banks, whose records Mr. Wardell will move from G to K streets immediately, are: District National Bank, Potomac Savings Bank, Seventh Street Savings Bank, Northeast Savings Bank and Washington Savings Bank. One of the first acts of Mr. Wardell after moving to his new location will be supervision of arrangements to pay depositors of the Washington Bank another dividend, interest on acconstituting Savings their that bank. These 3,000 depositors counts in already have received 100 the dollar from the receivand the new ership cents on additional will amount dividend to be paid shortly to cent 10.24 per interest. This will bring the payments to these depositors up to a total of 110.24 per cent their deposits when the bank 1933. A closed of in date for distribution of this dividend had not been fixed. The disbursement is expected to amount to about $37,000.

14. February 19, 1939 Evening Star Washington, DC
Article from Evening Star, February 19, 1939

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Closed Bank Depositors Slow to Claim Checks Depositors of the closed Washington Savings Bank are slow to claim the new dividend checks now available, it was announced yesterday by Receiver Justic S. Wardell. The checks, which are for 10.24 per cent of the deposits in the bank when it closed in 1933 are not available at the former office of the receiver, it was emphasized, but at his new office, 1614 K street N.W. Post cards notifying approximately 2,000 certificate holders have all been mailed out, and disbursement of funds. amounting to approximately $35,879 has been in progress since last Monday. Payment of the present dividend is for interest on the deposits in the bank when it closed, and brings up to a total of 110.24 per cent the amount made available. Receiverships of these other banks in charge of Receiver Wardell also are at the new K street location: Northeast Savings Bank, District National Bank. Potomac Savings Bank and the Seventh Street Savings Bank.

15. 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.

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.