1815. United States Savings Bank (Washington, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
July 1, 1932*
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
a8a0a6fc3ee58e48

Response Measures

None

Description

All articles describe the United States Savings Bank as a closed institution under receivership (receiver Frederick J. Young). The bank closed in July 1932 (article 4). No article describes a depositor run prior to or causing the closure; materials discuss receivership asset sales and litigation through 1941. Bank charter type not stated in the articles, so set to unknown.

Events (8)
1. July 1, 1932* Suspension
Cause Details
Article states the bank closed in July 1932 but gives no explicit cause for the suspension in the provided texts.
Newspaper Excerpt
Both institutions closed in July, 1932.
Source
newspapers
2. July 29, 1939 Receivership
Newspaper Excerpt
Frederick J. Young, receiver... The United States Savings Bank... has paid $50,846 of unproven claims, and undelivered checks amounting to $7,996. Mr. Young said the... receivership office is located at the site of the closed United States Savings Bank at Fourteenth and U streets.
Source
newspapers
3. August 27, 1940 Other
Newspaper Excerpt
Frederick J. Young, acting in the capacity of receiver for the United States Savings Bank and the Industrial Savings Bank, yesterday bought at a foreclosure sale a building at 918-20-22 U street N.W. ... sold under foreclosure by Receiver Young, acting for the two closed banks which held a joint first trust on the property.
Source
newspapers
4. September 21, 1940 Other
Newspaper Excerpt
Another step in liquidation of the United States Savings Bank was taken yesterday when Mr. Young changed the date for sale of most of the remaining assets of this bank from October 1 to October 8... Lists of these assets were being mailed out today to prospective bidders.
Source
newspapers
5. October 8, 1940 Other
Newspaper Excerpt
RECEIVER'S NOTICE OF SALE... Mr. Frederick J Young, as Receiver of the United States Savings Bank of Washington, District of Columbia, will offer at public sale... on October 8, 1940... the remaining assets of the said United States Savings Bank...
Source
newspapers
6. November 21, 1940 Other
Newspaper Excerpt
The remaining assets of the United States Savings Bank, with the exception of the bank building at Fourteenth and U streets N.W., were sold yesterday in District Court... for $2,550, to George M. Norris...
Source
newspapers
7. March 19, 1941 Other
Newspaper Excerpt
Depositors of the United States Savings Bank today are receiving letters from the Shareholders' Committee of the bank... presenting the plan for early termination of the receivership. Depositors are being furnished 'assignments of claim'... receiver Frederick J. Young communicated previously to the depositors.
Source
newspapers
8. November 9, 1941 Other
Newspaper Excerpt
Shareholders of the closed United States Savings Bank yesterday filed in District Court a suit to obtain court approval for a compromise plan to wind up liquidation of the institution... The receiver joined with the shareholders in presenting the plan to depositors.
Source
newspapers

Newspaper Articles (10)
1. July 29, 1939 Evening Star Washington, DC
Article from Evening Star, July 29, 1939

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Article Text

$600,000Unclaimed,Receiver Opens Drive to Find Owners Half Million in Deposits, More in Dividends Await Depositors of Six Closed Banks Frederick J. Young, receiver for $60,000. These have been made out six Washington banks, has started a to persons who had proven their claims. campaign to find the depositors who own more than half a million The Commercial National Bank, dollars worth of "unproven claims," for which the receivership office is and about $100,000 in unclaimed dialso at 1336 New York avenue, has vidend checks, ready to be cashed. unproven claims amounting to Letters are being sent out to de$206,000, and 2,111 undelivered positors listed as owners of the checks amounting to about $26,000. money, at their last address, and It has paid 70 per cent. a representative of the receiver is The four other bank receiverships working out of the receiver's office under supervision of Mr. Young are in an endeavor personally to find located at the site of the closed missing depositors who cannot be United States Savings Bank at located by mail. Fourteenth and U streets. Receivers of closed banks, accordPaid 100 Per Cent. ing to the official records of the Government, consistently have diffiThe United States Savings Bank, culty in getting creditors to call which has paid 100 per cent has for the last funds left in a receiver$50,846 of unproven claims, and unship. delivered dividend checks amount$160,000 in One Bank. ing to $7,996. Mr. Young said the Federal The Bank of Brightwood, which American National Bank and Trust has paid 62 1/2 per cent, has unproven Co., for which the receivership office claims of $41,500, and undelivered is located at 1336 New York avenue checks amounting to $6,986. N.W., has paid 75 per cent dividends The International Exchange Bank, to depositors and has $160,000 unwhich has paid 45 per cent, has proven claims for which no one has unproven claims amounting to called to prove ownership. Persons $17,000 and undelivered dividend who can prove claim to their part checks worth $7,500. of this fund will receive dividends totalling 75 per cent of the claim. The Industrial Savings Bank has In addition there are about 5,000 no undelivered checks, Mr. Young dividend checks in this bank, unreports, but has unproven claims totalling $114,500. called for, amounting to about

2. February 1, 1940 Evening Star Washington, DC
Article from Evening Star, February 1, 1940

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Article Text

United States Savings Bank, Frederick J. Young, receiver, 2000 Fourteenth street N.W., $2,650, income. William Henry and Dorothy H. Van Benschoten, 1228 Connecticut avenue N.W., $709.14, income. S. F. Vance, transferee, care of Independent Publishing Co., 1065 (Continued on Page A-15.)

3. August 27, 1940 Evening Star Washington, DC
Article from Evening Star, August 27, 1940

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Article Text

Bank Receiver Buys U Street Building Frederick J. Young, acting in the capacity of receiver for the United States Savings Bank and the Industrial Savings Bank, yesterday bought at a foreclosure sale a building at 918-20-22 U street N.W. from the Murray Bros. Printing Co. for $27,500. The structure was sold under foreclosure by Receiver Young. acting for the two closed banks which held a joint first trust on the property. The building houses the Murray Casino, a large auditorium on the second floor, two stores and a printing plant on the first floor. Maurice Murray of the printing firm announced afterward that the company would continue in business and would continue to print the Washington Tribune, large weekly paper for colored persons, which is published by the Capital News Service, Inc.

4. September 21, 1940 Evening Star Washington, DC
Article from Evening Star, September 21, 1940

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Article Text

Two Banks May Pay Final Dividends Before Christmas Plans Rushed to End Receiverships of D. C. Institutions Final dividends before Christmas from two closed banks in Washington appeared likely today as Receiver Frederick J. Young pushed plans to wind up the receiverships of the Bank of Brightwood and the International Exchange Bank. Chief Justice Wheat in District Court Thursday signed a final order approving sale of all remaining assets of the Bank of Brightwood to Meyer Steinberg of Baltimore for $3,250. He was high bidder in an auction sale conducted recently by Receiver Young. In the case of the International Exchange Bank an order on the proposed sale of remaining assets to M. J. Kramer of New York, who offered $3,500 for the assets at a recent auction, is returnable in court September 25. Any further bids must be in the hands of the receiver by noon, September 24. When final disposition is made of these remaining assets of both banks, Mr. Young will prepare final dividends to depositors. Both institutions closed in July, 1932. Hoping to have the checks ready before Christmas, he will notify depositors by post card. He requested depositors not to inquire in advance because such inquiries would merely delay the disbursement. Amounts of the two dividends have not yet been determined. Meantime, another step in liquidation of the United States Savings Bank was taken yesterday when Mr. Young changed the date for sale of most of the remaining assets of this bank from October 1 to October 8, at 10:30 a.m. at the bank. 2000 Fourteenth street at U street N.W. Lists of these assets were being mailed out today to prospective bidders.

5. September 23, 1940 Evening Star Washington, DC
Article from Evening Star, September 23, 1940

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Article Text

RECEIVER'S NOTICE OF SALE. To Whom It May Concern: Pursuant to authority of the Comptroller of the Currency of the United States. the undersigned Mr. Frederick J Young. as Receiver of the United States Savings Bank of Washington. District of Columbia. will offer at public sale to the highest bidder or bidders for cash. at 2000 14th st. n.w. on October 8. 1940. at 10:30 o'clock a.m. the remaining assets of the said United States Savings Bank of Washington. District of Columbia. consisting of bills receivable. judgements. overdrafts and other choses in action and chattels. less such items (or articles) as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the remaining assets so offered for sale may be inspected by prospective purchasers at the office of the Receiver of the United States Savings Bank. Washington. District of Columbia. on all business days up to and including the date of said sale between the hours of 9 m. and 4:30 p.m. According to law. said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States. and subject to confirmation by a court of record of competent jurisdiction. (Signed) FREDERICK J YOUNG.

6. September 24, 1940 Evening Star Washington, DC
Article from Evening Star, September 24, 1940

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Article Text

legislation L. S. Headley. same division. Chairman Harold R. Kertz of the Fiduciaries Section. said today that there will be a large attendance of trust officers and assistant trust officers at tomorrow night's meeting, according to advance reservations. Form for Advisers Adopted. The Securities and Exchange Commission yesterday adopted a form to be used by investment advisers in registering under the new act regrulating investment companies which becomes effective November 1. The new registration form requires Information relating to the form of organization of investment advisers, their partners, officers, directors, controlling persons, employes, the nature of their business, the nature and scope of authority with respect to investment advisory clients' funds and accounts, and the basis of compensation. Receiverships Nearing End. Frederick J. Young, receiver for the Bank of Brightwood and the International Exchange Bank. formerly at Fifth and H streets, expects that the affairs of these banks will be wound up in the near future. The court has agreed to the sale of the remaining assets of the Bank of Brightwood for $3,250 and similar approval of the sale of the International Exchange Bank's final assets is anticipated shortly. What the final payments to depositors will be is not known at this time. Receiver Young has changed the date for the sale of most of the final assets of the United States Savings Bank from October 1 to October 8, the latest move in the liquidation of that bank, which is also near conclusion. Financial District Comment. Charles H. Doing, first vice president of the Washington Loan & Trust Co., is serving as treasurer of the Red Cross Roll Call for the 14th consecutive year. Many Washington bankers are expecting to attend the funeral of Robert N. Harper tomorrow afternoon at the S. H. Hines Co. funeral home. In the death of Albert L. Baldwin the Union Trust Co. lost a highly valued director who had served the institution for many years. Mr. Baldwin held an enviable place in the life insurance field in Washington over a long period. Bonds Firm on Exchange. Bonds were strong on the Washington Stock Exchange today, with two issues registering all the sales. Anacostia & Potomac River R. R. 5s appeared on the board in two $1,000 sales at 103. the high for the year and up from the last sale at 102½. Capital Traction 5s were also wanted, two $1,000 transfers taking place at 103, also the high for 1940 and unchanged from several recent sales.

7. October 7, 1940 Evening Star Washington, DC
Article from Evening Star, October 7, 1940

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TOW CASIDOM other debts contracted by any one H. any than myself. H. L. FARRAR, 5221 N ave n.w WILL NOT BE RESPONSIBLE FOR than ANY I debts contracted by any person other Mass. myself ROY M. COAKLEY, 1505 ave. se. ANNUAL MEETING OF THE SHARETHE of the Equitable Co-operative the holders Building Association will be held at n.w of the association. 915 F st. 3:30 office Wednesday. November 6. 1940. constitu- at p.m. Amendments to the tion clock of the association will be considered. EDWARD L. McALEER. Secretary. RECEIVER'S NOTICE OF SALE. To Whom It May Concern: Pursuant to authority of the Comptroller the Currency of the United States. of undersigned the Mr. Frederick J Young. as of the United States Savings Bank will Receiver Washington. District of Columbia. bidder of at public sale to the highest n.w. offer bidders for cash. at 2000 14th st. or October 8. 1940. at 10:30 o'clock United a.m. on remaining assets of the said Disthe Savings Bank of Washington reStates of Columbia. consisting of bills other ceivable. trict judgements. overdrafts and such choses in action and chattels. less other(or articles) as may be paid or date of items disposed of prior to the said list wise herein mentioned. A descriptive sale sale the remaining assets so offered for of be inspected by prospective purchasers United may the office of the Receiver of the at Savings Bank. Washington. District and States Columbia. on all business days up between to of including the date of said sale the hours of 9 a.m. and 3:30 p.m. According to law. said remaining assets recannot be sold otherwise than without kind and without warranty of any of course character. and subject to the approval the or Comptroller of the Currency of the States. and subject to confirmation by United a court of record of competent jurisdiction. (Signed) FREDERICK J YOUNG. Receiver. United States Saving Bank. Washington, D. C. McKENNEY, FLANNERY & CRAIGHILL, Attorneys. LIMITED PARTNERSHIP NOTICE NO. 115. of Notice is hereby given this 1st day Hill. 1940. that John Rowland general October. partner, and George Hewitt Myers. the special partner. have withdrawn from limited partnership of "Y. E BOOKER CO. and on October 1st. 1940, Myles H. & Quail. a resident of Hyattsville, Maryland. was admitted as a general partner and Elizabeth Booker Morton. a resident of Richmond. Virginia. as,8 special partner E. said limited partnership of Y. BOOKER in & CO.." heretofore consisting and of Hewitt Myers. special partner. George Yelverton E. Booker. Harry W. Finney and all John Rowland Hill. as general partners. as residents of the District of Columbia in evidenced by a certificate duly recorded office of the Clerk of the Supreme the of the District of Columbia (now the Court District Court of the United States for District of Columbia). on October 1st, 1929. renewed and reconstituted by about certiand recorded in said office on or ficates April 21st. 1933: January 30th. 1934. and January 2nd. 1939. and said limited partnership has been again renewed and said reconstituted and will be continued by Yelverton E. Booker, Harry W. Finney and H. Quail. as general partners. and Morton. as the same firm name. Myles Elizabeth ner. under Booker special for invest- part- the purpose of transacting a general ment. banking and stock and bond brokerfor a term expiring on Sep1950. unless sooner tember age business 30, total dissolved capital by mutual consent. with the of Seventy-five Thousand Dollars ($75,000), which the special partner. Elizabeth of Booker Morton. has contributed Fifty Thousand Dollars ($50.000). and the offices of the partnership will continue to be in the American Security Building, 730 Fifteenth Street N.W. Washington, D. C. The business of the partnership will be transacted by the general partners only. Elizabeth Booker Morton, special partner. shall not be liable for or subject to any loss or liability beyond the amount of her aforesaid contribution ELIZABETH BOOKER MORTON. Special Partner. YELVERTON E BOOKER

8. November 21, 1940 Evening Star Washington, DC
Article from Evening Star, November 21, 1940

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Bank's Remaining Assets Are Sold for $2,550 The remaining assets of the United States Savings Bank, with the exception of the bank building at Fourteenth and U streets N.W., were sold yesterday in District Court, before Justice Bolitha J. Laws, for $2,550, to George M. Norris of this city. The sale was completed when the receiver. Frederick J. Young, came into court for an order nisi in approval of a sale of assets. for which the highest price had been $600. Competitive bidding ran the price up to $2.550.

9. March 19, 1941 Evening Star Washington, DC
Article from Evening Star, March 19, 1941

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Letters to Depositors Present Plan to End Bank Receivership Shareholders' Committee Of United States Savings Asks Claim Assignments Depositors of the United States Savings Bank today are receiving letters from the Shareholders' Committee of the bank, headed by Wade H. Cooper, former president, presenting the plan for early termination of the receivership. Depositors are being furnished "assignments of claim," whereby they are asked to assign to the Shareholders' Committee all assets of the bank over and above 3 per cent. The plan, which previously had been explained in detail by in Re- a Frederick J. Young communication ceiver to the depositors, 3 provides that the depositors get 100 per cent on their dividends of cents on the dollar. The Shareholders' Committee has established an office at 2100 Fourteenth street N.W., where Wilbur of former vice president the H. now a member the is ready to ther details of the committee, Zepp, bank, plan. Litigation. explain of furWould Terminate depositors agree to the they will receive all pending cent ended and the will proposal If be the soon, receivership litigation 3 per can be terminated. their letter to depositors, "since the shareholders In point out that occlosing of the bank, which the eight years ago, the depositors available curred been paid, or there is amount have payment to them. the full for their deposits. The shareholders, received of not only have of the however, since the closing has nothing but also each shareholder his inbank, lost the entire amount of vestment." See Assets Reduced. "There is a dispute as to whether interest depositors should receive of the the rate of 6 per cent out at assets or belong to the in assets shareholders succeed If the which has been will remaining the whether shareholders. pending these sev- liti- regation the depositors further. In any will litigation continues, if years before the ceive several eral the years, nothing it receiver Mean- event, be make any payments. reduced the assets are being Furexpenses of the if the receiver ther, by while, would even litigation. of last doubtful should resort prevail in litigation. the court it is in whether the sufficient to pay the would of the interest this be ultimate depositors." realization which full is amount on behalf of the out that further points The of the the claimed purpose letter depositors "compromise" is the is to pay the substance plan cent, which "in which will be 3 per of interest the an in excess of equal to interest or paid to of rate amount of period savings average de- the the positors during by going the banks in of the "will explained that of it District receivership obviously is Columbia." be in accounts, excess Furthermore percentage which that paid on absence of special for the is in nothing." the commercial Stockholders' Richardson agreement ComCounsel are William E. mittee and Norman Fischer.

10. November 9, 1941 Evening Star Washington, DC
Article from Evening Star, November 9, 1941

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Shareholders Push Plan to Liquidate U.S. Savings Bank Reconsideration of Plan Rejected by Justice Luhring Is Sought Shareholders of the closed United States Savings Bank yesterday filed in District Court a suit to obtain court approval for a compromise plan to wind up liquidation of the institution. The proposal is similar to a plan which was rejected Friday by Justice Oscar R. Luhring. Through William E. Richardson as counsel, shareholders asked Justice Luhring to reconsider his decision. A suit also was filed against the Controller of the Currency, the receiver of the bank. and depositors in an effort to enforce the agreement. It would enforce payment of 3 per cent only to those depositors who have signed waivers agreeing to accept only 3 per cent, and waive further interest. It would also permit payment of 12.55 per cent to depositors who had failed or refused to sign the waivers. Assessment Suit Pending. The proposal, originally made by the shareholders was designed to close up the affairs of the bank, clear the courts of all pending litigation, without enforcement of the 100 per cent stock assessment suit now pending against the shareholders. The receiver joined with the shareholders in presenting the plan to depositors. but insisted that the matter be approved by the court. Mr. Richardson contended the agreement did not require court approval. But since the Government took the matter to court and Justice Luhring rejected the plan. he said the shareholders feel they should take other action to present the matter again to the court. Shareholders believe there is enough money in the receivership to conclude the liquidation without assessin the shareholders, he added. The Treasury Department, through a letter filed by the deputy controller of the currency in the case before Justice Luhring previously, pointed out that the controller acts as a "trustee, primarily on behalf of the depositors and other creditors. and secondarily on behalf of the shareholders of the bank." Objections Pointed Out. "Consequently." the letter continued, "if it should develop during the course of the hearing upon the petition that there is just ground to doubt the validity or effectiveness of the assignments in question, or reasonable doubt as to the voluntary execution of said assignments with full knowledge of the facts involved-this office feels that such doubts should be resolved in favor of the objecting depositors, and litigation should thereupon be proceeded with for the purpose of enforcement, in full, of the liability of the shareholders of the bank upon the assessment heretofore levied by the controller of the currency." In his memorandum opinion Justice Luhring pointed out about 150