1990. Franklin National Bank (Washington, DC)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 10504
Charter Number: 10504
Start Date: March 14, 1933
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 48a1ad5f

Response Measures

None

Description

The Franklin National Bank was closed under the March 1933 national bank holiday and placed in conservatorship (Treasury/Comptroller action). It did not experience a documented depositor-run prior to suspension in these articles. The bank later reopened as part of a merger (with Washington Mechanics Savings / Mt. Vernon) and released frozen deposits (various percentages). Reopening is documented in April–May 1934 (articles show reopening by late April and reported reopened in early May 1934).

Events (5)

1. March 14, 1933 Suspension

Cause: Government Action
Cause Details: Did not receive license to reopen after the March 1933 Presidential bank holiday; conservator appointed under emergency banking legislation.
Newspaper Excerpt: Officials of the Franklin National Bank, the third largest institution which received no license, expressed astonishment the failure of the Treasury bank Department at to permit the to reopen.
Source: newspapers

2. March 20, 1933 Other

Newspaper Excerpt: Depositors in the Franklin National Bank were greatly pleased to learn that Vice President Thomas P Hick man had been made conservator of the bank relieving F c Ochershausen temporarily assigned to this work Mr Hickman's desk was covered with flowers today
Source: newspapers

3. November 8, 1933 Other

Newspaper Excerpt: The announcement ... that the Washington Mechanics Savings Bank was about to take over the Franklin National Bank ... The consolidation will release $3,300,000 in deposits which are now frozen in the Mount Vernon and Franklin National Banks.
Source: newspapers

4. April 25, 1934 Reopening

Newspaper Excerpt: Franklin Reopens. was The Franklin National Bank open its most recent to throw Monday as a the doors, resuming The business City Bank of Wash- ... made available 65 per cent of deposits of the Franklin ... former Washington Mechanics' Savings absorbed the Franklin
Source: newspapers

5. May 3, 1934 Reopening

Newspaper Excerpt: since the Franklin National Bank was reopened a little over a week ago there had been few withdrawals. most of the approximately 18,000 depositors preferring to let their money remain in the institution.
Source: newspapers

Newspaper Articles (21)

1. March 14, 1933 The Washington Times Washington, DC

Article from The Washington Times, March 14, 1933

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LICENSES FOR THREE BIG ONES HELD UP Conservator Rules FederalAmerican; Franklin Voices Surprise at Delay Twenty Washington banks reopened their doors today for regular business, marking of the national bank while local the holiday, end major bankers outpredicted that one would be the consolidacome tion of some of the smaller and weaker banks to further strengthen the local banking situation. Reopening of the banks, after closed a week ago yesterbeing by the Presidential national procladay mation declaring the bank holiday, was marked with quiet and calm. of There was no rush deposiin any of the institutions tors which reopened, several banks would rethat the deposits be porting more than the withdrawals. Put Money Back Persons who withdrew funds debank holiday was and then not redeposit to place could before came clared, today the found the that it money back they now with a feeling the the holiday is over again, that sound. banks' position is Bank officials who look for the consolidation of local institutions step pointed out that such a aswould release certain frozen rewhich have blocked the banks. opening sets of a number of be of Such consolidation would inestimable value in strengthening they the local financial situation, said. Of the banks that were granted there licenses to reopen today national eight of the 11 banks, were all five trust companies, and seven of the 17 savings banks in the District. The first appointment of a made conservator in Washington was Curthe Comptroller of the posted by A notice was door of the on Bank can stating that the rency Company the National today. Federal and the in Ameri- Trust institution had been placed hands of a conservator. Poole Conservator The conservator named was John Poole, president of the bank. Mr. Poole explained that under the emergency banking legislation, providing for conserv- in the bank will function for normal ators, business except that present no money will be paid acout the and no deposits will be cepted. Joshua Evans, jr., president an- of District National Bank, to the other institution which failed receive its license today, would announced that the bank on business under regula- of carry issued by the Secretary the tions Treasury during the national bank holiday. Officials Astonished Officials of the Franklin National Bank, the third largest institution which received no license, expressed astonishment the failure of the Treasury bank Department at to permit the to reopen. Officials planned to confer (Continued on Page 2, Col. 7)

2. March 20, 1933 Evening Star Washington, DC

Article from Evening Star, March 20, 1933

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DROP IN INSURANCE BUSINESS IS February Total for New Policies Is 23 Per Cent Under 1932 Figures. BY EDWARD C. STONE. New insurance written in the District of Columbia in February was 23 per cent lower than the total for February 1932, according to the monthly report received today from Hartford, Conn. This was much better showing than the January figures revealed The average drop for the whole United States was exactly the same as that for Washington the report stated Virginia made slightly better record than Washington new business being but 21 per cent behind the same month last year. Among other States in the fifth Federal Rese district new insurance in South Carolina was down 23 per cent in Maryland. 26 per cent in North Carolina 30 per cent, and in West Virginia 35 per cent degeneral was there Although crease in this territory and all over the United States. compared with the corresponding month a year ago, the total during sold insurance life ordinary the raged over $20,000,000 in every working day The best record made by any State was produced by Alabama which was only per cent below business done in had Idaho Arizona and 1932 February. the hardest sledding during the month business in both these States being 45 per cent under the like period a year ago During February District of Columbia agents wrote $3,816,000 new business Maryland reported new business total ing $6,086,000 Virginia turned in new business ting to $5 while West Virginia's total was $3,078,000. North Carolina's business totaled $4, 767,000 and South Carolina sales amounted to $2,242,000. Delaware, Georgia and Florida are included in the South Atlantic group. This group as a whole wrote $34,888,000 during the month. Joins National Building League. The Northwestern Savings & Loan Association, Takoma Park, has been admitted to membership in the United States Building and Loan League according to Secretary H F Cellarius of Cincinnati Ohio. In qualifying for membership the association submitted financial statements, by-laws and other details. The Northwestern Savings & Loan Association becomes a member of a national organization in this field that has over 2.800 members. Its business is administered in Chicago The league was organized 39 years ago to aid the work of the local associations in the home financing field The Northwestern Association will be entitled to send a delegate to the league's conventions It will also participate in the national programs for tax relief. home owning encouragement and other work undertaken by the league According to E. V Crittenden. president of the association. the assets were $1,856,964.35 at the time of the last annual report Besides Mr Crittenden the officers and directors of the as sociation are W si Dewhirst. vice president Howard S Gott. secretary Alfred B Baker. attorney, and Arthur Keefer, Dr J. W Chappell Dr G Coulen Lewton R E Jones, W R Tuckerman. Dr W W Stockberger, Jesse H Powell, directors. Treasury Regulation 10 Passes. One of the most important regulations issued by the Treasury as an emergency bank ruling has been canceled This regulation related to the payment money for food and the transportation of food other emergencies and for pay rolls. It was the regulation under which all 'distress money was permi tted to be paid The Treasury considers that the regulation is no longer needed and its withdrawal will conserve the assets in banks which do not have to operate on full schedules. The aim of the latest ruling to help conservators funds bank conserve At the time the regulation was issued it was interpreted in detail by the Washington Clearing House Associatic for the benefit of the local banks all of which were then under the holiday proclamation order from the President in It greatly relieved the situation Washington as money was at once made available for 'dire needs The Treasury takes the view that sufficient banks are now open to take care of all needs for necessities as well as for pay roll demands. Stocks Added to D. C. List. The governors of the Washington Stock Exchange added three more stocks to the list today, trading to begin tomorrow The issues are Mergenthaler Linotype Woodward & Lothrop common and Woodward & Lothrop preferred Today's market opened with two shares of Potomac Electric Power 51/2 per cent preferred stock selling at 105 Lanston Monotype figured four 10share and one six-share sales at 40 The rest of the trading was confined to bonds. Washington Gas Light 5s 1960, came out in a $500 transaction at 103. Potomac Electric Power Consolidated 5s figured in two $1.000 sales at 103. The market closed with $1.000 4s Washington Railway & Electric changing hands at 88 Heard in Financial District. Depositors in the Franklin National Bank were greatly pleased to learn that Vice President Thomas P Hick man had been made conservator of the bank relieving F c Ochershausen temporarily assigned to this work Mr Hickman's desk was covered with flowers today Vice President Wilbur H Zepp of the United States Savings Bank also assumed his duties as conservator to day, following the reasury announc ment made Saturday evening He relieved I Bailey, who had been acting Mr Zepp conserva as also received many congratulation from the bank's customers The interest in the New York Stock Market is being well maint judging by the ttendance in the local bro terage houses. Today' opening of the week was considered favorable by market followers Incorporated Investors has declared the regular semi-annual dividend of per cent in stock payable April 20 28. March record stock to Gold Dust Corporation has declared the regular quarterly dividend of 30 cents on the common stock payable May to stock of record April 10. SILVER QUOTATIONS.

3. March 21, 1933 The Washington Times Washington, DC

Article from The Washington Times, March 21, 1933

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SEEK TO LEARN WHAT INQUIRY HAS SHOWN Amount of Shortage Remains Unknown; Col. Cooper Seeks Commercial's Records Directors of the Park Savings Bank will meet this week in an attempt to learn exactly what the conditions of the closed institution are, it was learned today. The directors will ask that the conservator who was placed in the bank a week ago today, a few hours after the suicide of Robert S. Stunz, vice president, meet with them and tell them what facts have been revealed about the alleged shortage ir accounts of the bank. This shortage, which is said to be may exat $1,000,000, least $200,000 and revealed ceed was in written by "To left two Whom notes It May Concern" Stunz and in his desk in the bank. Officials Exonerated These notes exonerated any of the present officers and directors of the institution from knowledge of the shortage. It was the discovery of the notes that led to of the placing of Deparment Justice accountants in the bank to determine the extent of the shortage. George E. Walker, chairman of the board of the bank, said to day: "I have been asked to call a meeting of th: board and ask the conservator to attend and tell us what has been developed, as we are as much in the dark as anyone. "From the notes Mr. Stunz left we believe there is a shortbut we know nothing of When we we be its age, condition extent. of affairs, learn will the in a position to start making plans for reopening the bank." Cooper Seeks Records Col. Wade H. Cooper, presiacdent Bank, of planned the Commercial today to National seek cess to the records of that institution to aid in his plans for of the bank which in the a reorganization was placed hands of receiver last month that it a The is necessary president that pointed he obtain out list of committee complete naming a depositors .to So before assist far in the reorganization. he has been refused permission to see the bank records. a night John voiced Dwyer, protest attorney, against out- last the reorganization plan as lined by Colonel Cooper, asserting that vital points in the plan were the not explained and represented. that depositors were not Two Expert Licenses Officials of two national banks not rea week ago which open were licensed today, to the Ameron reican, Franklin are and busy the Federal plans and for it sumption of business, was that be may expected granted these licenses two within banks the next few days. Joshua Evans, jr., president of said that the District as yet National plans for Bank, reopening that institution have not jeen completed. Mr. Evans said his bank is still awaiting from the Treasury further Department instructions before a decision will be made as to reorganization or consolidation.

4. April 29, 1933 The Washington Times Washington, DC

Article from The Washington Times, April 29, 1933

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300 Reserve Banks Now Open, Says Controller Three hundred of the 388 member banks of the fifth district of the Federal Reserve System have reopened since the banking holiday, John S. Walden, controller of the Federal Reserve Bank of Richmond, announced today. Seven of the 300 are new members, the American Security and Trust Company, of Washington, being one of these, its admittance to the system being announced a week ago. Of the 95 member banks in the fifth district that are trying to reorganize three are in Washington-the District National, Federal-American, and the Franklin National. The Commercial National Bank, also a member of the system, is in the hands of a receiver.

5. May 6, 1933 The Washington Herald Washington, DC

Article from The Washington Herald, May 6, 1933

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PROGRESS SEEN INREOPENING OF DISTRICT BANKS Stockholders and Depositors Are Backing Reorganization Plans Being Offered Them By RICHARD HATTON While little information has been available regarding the closed banks of Washington and while the Treasury Department has not as yet made any public statement regarding the local situation there has not been lack. ing determined effort upon the part of officials of closed institutions to evolve plans for reopening and progress has been made charge of number of the institutions being liquidated. More activity has been in the affairs of receivership banks than in those of conservator banks but both classc of institutions are probably suffering from the lack of exhortation anterooms of the Treasury. Stockholders of the Franklin National Bank yesterday appeared to be enthusiastic over the reorganization plan just announced by that institution and there every for believing that, if the Treasury approves, the plan will ultimately be carried though successfully. MANY DEPOSITORS AGREE Yesterday the services of several directors of the Franklin as well as those of the officers were required to handle the long line of de ositors appearing to sign agreements which it is believed will permit the reopening of the bank. Many of these depositors were enthusiastic in their support of the outlined in letters previously sent out by the bank. Stockholders appeared to be perfectly willing to agree to waive 33 1-3 per cent of their deposits on March 14 leaving the balance available for regular transactions, according to the plan. For this 33 1-3 per cent waived all assets not accepted by the reorganized bank will trusteed and participating certificates for the amounts waived be issued to be paid off out of realization upon assets as fast as they become available. Stockholders are also purchasing stock in bank equal to 6 per cent of their deposits on March 14. WAIT TREASURY WORD With stock stopped after 75 per cent of the required amount had been subscribed and with every assurance that total amount can easily be obtained, the Potomac Savings Bank is only awaiting some word from the Treasury to carry out its plan of reorganization. Meanwhile Receiver J. S. Bryan of the North Capitol Bank has paid out about $90,000 to depositors; the Northeast Savings Bank in charge of President George F Hoover has sold 7,600 of the 10,000 shares required for reorganization; pay ments have been made to depositors of the Bank of Bright wood by Claude H the Departmental Bank by Receiver W. B. Allman and the International Exchange Bank by Receiver T. Dinger and all of these institutions are working toward another percent age payment. The one big mystery among the receivership banks the Park Savings. As institution there no information available and even sensational rumor seems to have dried up.

6. June 5, 1933 Evening Star Washington, DC

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MERGER ANOTHER OF BANKS RUMORED, BUT MEETS DENIAL First From Page.) (Continued in the bank, stock preferred 30 to in of his reorganized waive cent deposits for he which return "particiand certificates:" of his cent per received to receive, when dein cash. The on of total ments of has sold thus worth deposits. pating the posits bank to Frankiin. be opens, made having available about obtained agree- more of than stock preferred in the This new stock not does carry The double stockholder. old NaBank Franklin ball tional Double on old ity still What stock. the for capital structure the will new Bank National be Departdepends Treasury bank ment. totaling Officials their stock for the today tions plans to step next reopen the the HamilFranklin tor the merger. Franklin to were the second Franklin two Gains. to sell stock Bank National the with return C. Graham, Mr. Hamilton. yesterday leaders to He went his American Co. this conmorning the The cerning share of par a the Bank, came for furif that ther the nated." The Capt. Chester Wells, nization Reorganational to at Bank, Dist subscribe 10 in per deposits the This should District of in be he behalf done, of thouown your of that there sands be date early may If the 50 per not organbe may of none for months your and small then every "Your said possible the behalfpessible and to each has every and you no wish cannot the opinion believe served your it are. by furunvery response you the United at tonight by Col. of the bank H. theater The meetCol. for keepthe United the merger States been and Wilbur of of the join to Departapproved of entry Savings has not by Col.

7. August 16, 1933 Evening Star Washington, DC

Article from Evening Star, August 16, 1933

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13,951 Licensed Banks Operating, With 2,870 Closed or Restricted. RECORDS ARE GIVEN OUT BY WALTER J. CUMMINGS Show State of Business as Closed August 12 for Member Institutions. (Copyright. 1933 by the Associated Press.) The American banking structure is virtually back on its feet. The records of Walter J. Cummings, of executive assistant to the Secretary liTreasury, today showed 13,951 censed the banks operating without restrictions and only 2,870 closed or operating inrestricted basis. These figures on clude a National banks and State memand non-members of the Federal mutual Reserve bers System, but exclude savings The institutions. record is as of the close of business August 12 for member institutions and as of July 26 for non-members. Held "Bank Opener." Cummings, brought to regaled Washington with Secretary Woodin and opener by inofficial title of 'bank 4.banks doing I said the that on August 12 there an were unrethat 740 961 stricted National banking business with State deposits memof $16,938,145,000 with deposits of $9,741,000 1 were bers non-membres on a of and $5,057,596,000 8.250 banks operating having 26 deposits full-time basis on July 31 deposits are as of December The there has been no assembled that 1932. condition as report of banks since time. next such condition report, based conThe National bank call by the troller on the as of June 30, will be made in about The two figures weeks. in Cummings' report were the from official records of taken of the currency for national from controller State member banks, and and Federal Reserve Board records for nonmembers. the inactive side, it was found On on August 12 there were yet closed 909 that operating on a restricted basis national or banks, having deposits institu- of $954,304,000; 95 State member and with deposits of $204,134,000. tions, non-member institutions, exclusive of 1.866 mutual savings banks, with deposits of $1,005,365,000 d The composite picture shows deposits while banks of $31,737,728,000. in a in total open of $2,163,803,000 was tied up closed or restricted banks The picture is even brighter, Cum- taken said, when cognizance is the mings of the many details entering into In of reopening an institution this task connection. he pointed out that of 909 national banks still closed or unlicensed, the 317 have received the official "O K. of the Treasury and are raising money provided in approved reorgani- rezation plans. This will involve the lease of $400,000,000 more in deposits, he said. S Cummings said every closed banking had t institution in the United States been examined by the Treasury since the banking holiday in March. 1 Table Prepared by Cummings. this table, prepared by Cummings, bankIn the composite statement of the ing is structure in the United States at the close of business August 12: Licensed banks (unrestricted Number Deposits 4,961 National banks $16,938,145,000 t bank State member banks 740 9,741,987,000 e Non-member (exclusive of mutual savings d banks) +8.250 5,057,596,000 e Total 13.951 $31,737,728,000 Number Unlicensed banks (closed or restricted *Deposits h 909 National banks $954,304,000 95 204,134,000 State member banks Non-member bank (exclusive of mubanks) tual savings 1.866 1,005,365,000 Total 2,870 $2,163,803,000 As of 26. 1933. December 31, 1932 tAs of July D. C. Average Low. Washington the percentage of banks In reopened since the bank holiday Nat is considerably below that for the tion. However, progress is being made, I with prospects that most of the remain- be ing restricted institutions soon will doing business again. Only one of the 13 unlicensed banks the has actually re-opened for business. Chevy Chase Savings 1 branch of the now a Bank, Riggs which purchase National is Bank. Negotiations for this were under way before the bank holiday Of the remaining 12 unlicensed banks eight are members of the proposed Hamilton National Bank merger, which is getting ready to open. No date has ) yet been fixed for the opening, however. The members of the merger are Federal-American National Bank & e Trust Co., the District National Bank, Potomac Savings Bank, Northeast Savings Bank, Woodridge-Langdon Savings and Commercial Bank, Washington Savings Bank, United States Savings Bank and Seventh Street Savings Bank. The other unlicensed banks in the city are the Franklin National Bank, the Mount Vernon Savings Bank, the Industrial Savings Bank and the Park Savings Bank. The Park Bank is in the hands of a receiver, for liquidation All the other unlicensed banks are in the hands of conservators. The Commercial National Bank went ) into the hands of a receiver late in , February, and is now being liquidated. e FRENOLL TARIFF ROAST

8. September 14, 1933 Evening Star Washington, DC

Article from Evening Star, September 14, 1933

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FERGUSON DEFENDS U.S. SECURITIES ACT Member of Trade Commission Denies Law Stands in Way of Recovery. BY EDWARD C. STONE. S. Ferguson, jr., member declares of Garland Federal Trade Commission. not the the new securities act does recovery stand that in the way of financial speech that the He asserted in a radio those who act is dangerous responsibility only to of telling seek to evade investors the whole Adver- truth prospective before the Financial Speakers Association made the claim yes- "too terday tisers that the new law is drastic." July 20 to September 20 state- the commission From received registration to ments involving securities amounting these state$211,900,000. he said, and shown on the whole have of a ments definite intention on the the part revery corporations to meet merely quirements issuing of registration, not and technical sense, but fully its ingenerously in a in compliance with tent and sucess purposes. of the act will depend not of The upon the ability and fidelity if not only commission. but in large. of the measure, on the support Mr. a the greater public the speaker declared. Garland 'Neither continued the issuer's right to security offer the public's right to buy a acnor be limited under this act on or may count of its speculative The unsound securities hazardous differs in character concept and in plan of many from acts so-called blue-sky laws of the the the States While certain qualof commissions pass upon the whether State of a security to determine within ity it may be offered for sale ador their not jurisdiction the Federal investors act heres to the principle that all of it be told the truth. and offered shall concerning securities publicly for sale. Gains in Sales Encouraging. Richmond Reserve ban's contained reThe on August retail sales in the port surprises. The best gain Charlesmany fifth district was scored cent by A group of ton. other W. cities Va.. 43 reported per in a the 38 Carolinas per cent gain did 37 and per 10 cent stores more In fact. business these than stores in August, slight 1932. gain for the first eight the report months a of the year compared with of 12.1 per like period of last year gain The was Washington exceeded by Baltimore Richmond which cent 30 per cent gain and departwith had a a 23 per cent Huntington. advance in W Va.. ment store sales also hung up exand Lynchburg. Va While fifth good records for August the first tra district stores are still behind surprising of 1932 these percentages eight months for August records did much to lower the longer period that It is interesting to note both for fifth district and the averages are the the 12 Federal Reserve districts for the per cent behind last year alone eight-month 10 period. In August cent gain local area made a 22 per whole the against only 16 per cent for the country average Cleveland district led the with 12 Federal The Reserve areas in August that 42 per cent advance in sales. but much a and surrounding territory was than harder city hit by the depression Washington and vicinity Hence. San a larger comeback must be made of the Francisco was at the bottom ahead 12 districts. being only 2 per cent of August. 1932. in retail sales. Franklin Officials Push Work. Officials of the Franklin National reBank which is now operating on a stricted basis. are constantly pushing their efforts to get the bank reopened under 100 per cent operations They date further progress but no for report resumption of unrestricted business can be given at this time Important conferences are being held frequently with United States Treasury officials assigned to give their special reattention to the reorganizing and opening of Washington banks. Frankofficials consider the results of these lin recent meetings as favorable Compliance with Treasury rulings however of an almost endless amount in requires detail which involves further delay the final application for the charter Officials of the Franklin National efstate that they are centering their toward continuing as a unit bank. Opposed forts to any kind of a merger they express the belief that all requirements can be met which will permit operations as an independent institution. This is their one aim Like many other closed banks in Washington. they had hoped to be open many weeks ago While depositors are clamoring for offi- a release of a part of their funds, cials insist they are working as fast as possible to bring this about. New Life in Broker Offices. There was much more activity in Washington offices of New York Stock Exchange firms today, a lively and higher opening being recorded Brokers say inflation talk and the Government efforts to advance commodity of prices seem to account for much the expansion in business here and in New York. Wall Street reports that public participation has shown a marked increase during the present week. The Government's reported determination to raise commodity prices both agriculture and other fields is conin tinuing unabated. it is said. Furtherit is estimated that prices must more. be raised another 50 per cent to get farm returns up to the 1914 level SO far as purchasing power is concerned. This situation means that commodity prices in their fluctuations are likely to have special bearing on the stock market during the remainder of the year. in the opinion of Washington brokers. 42 Per Cent Insurance Gain Noted. The E. S. Brashears Agency, Washington branch of the Union Central Life of Cincinnati, reports a gain of 42 over July per cent in August's This net-paid-for is the largest busi-

9. October 4, 1933 The Washington Times Washington, DC

Article from The Washington Times, October 4, 1933

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FRANKLIN BANK NEARLY READY TO REOPEN Treasury Speeds Up Case; Plan Calls for Payment, in Part, to. Many Depositors The local banking situation as it concerns closed institutions began to clear today with the announcement at the Treasury that considerable progress has been made in a plan to reopen the Franklin National Bank. This announcement, following the approval yesterday of a plan whereby the Mt. Vernon Savings Bank will release nearly $1,000,000 in frozen deposits through a sale of assets to the Washington Mechanics and Savings Bank, will leave but few other closed banks in the city. Shuman's Big Job So far has the work of reorganization progressed, that Maj. W. Irving Shuman, special representative of the Comptroller, who has engineered both the Hamilton merger, the Chevy Case sale and the Mt. Vernon bank agreement, in connection with his task of reorganizinz closed local banks, has resigned to join the new Federal Deposit Insurance Corporation. Of the Franklin reopening plan it was understood that it contemplates the payment of a substantial per cent of depositors' accounts with payment in full to come. Cooper Case Halted Only the United States Savings Bank, of which Col. Wade H. Cooper is president, and the Industrial Savings Bank, a colored institution, will remain closed after the Franklin plan is finally approved. The Treasury has already stated publicly that before January 1, all banks will either be reopened through some plan or placed in receivership. Colonel Cooper today in District Supreme Court was temporarily halted in his effort to force the Treasury approval of his plan when his suit was postponed until Monday.

10. November 5, 1933 Evening Star Washington, DC

Article from Evening Star, November 5, 1933

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BANKS MAY COME INTO COURT AGAIN United States Savings and Parks Savings Are Still in Litigation. Progress was made last week in disposition of the unlicensed bank situation in the District of Columbia, with prospect that the two banks in litigation will come before the courts again t is week. The case of the United States Savings Bank, which has been hanging fire ever since this institution was dropped from the Hamilton National Bank merger, will come up for hearing Tuesday morning before Justice Jennings Bailev in District Supreme Court. Depositors of the Park Savings Bank. wh last week lost their fight for a court receiver to replace the Treasury Department receiver. plan to file an amended bill in an effort to collect as much as possible from the directors and stockholders. Two Receivers Named. Two receivers were appointed for eight unlicensed banks. one of whom has taken charge. with the other scheduled to arrive this week. Former Gov. Cary A. Hardee of Florida has already taken over the remaining assets of the Federal-American National Bank & Trust Co. and the old Chevy Chase Savings Bank. Norman R. Hamilton of Portsmouth. Va., is planning to arrive here next Wednesday to take charge of six other unlicensed banks, which are the District National Bank, the Northeast Savings Bank, the Eventh Street Savings Bank. Washington Savings Bank, Woodridge-Langdon Savings Bank and the Potomac Savings Bank. Meantime negotiations for a merger of the Franklin National Bank with the Washington Mechanics Savings and the Mount Vernon Savings Banks have been under way, without a complete agreement having been reached. It was understood last night that progress had been made in the negotiations. although final decision had not been made as to whether the Franklin would merge or try to reopen alone. The Mount Vernon-Mechanics merger is making rapid progress, officials said last night. 4 Banks Unlicensed. As the District of Columbia situation stands today, according to Controller of the Currency O'Connor, in a review of the unlicensed banks of the Nation last night. there were 13 unlicensed banks here at the close of the President's holiday in March: nine of these have been licensed, chartered or placed in liquidation, and four of these are still unlicensed. Of these four. two plans have been approved. one for the Mount Vernon Savings Bank to merge with the Washington Mechanics, and the other for the reopening of the Franklin National Bank. Officials of the Franklin bank have not yet given their full agreement, however, to the Treasury plan. One plan has been disapproved, according to the controller's tabulation. This is presumed to be the plan for the United States Savings Bank, whose president, Col. Wade H. Cooper, is fighting the Treasury in the courts to force adoption of the Cooper plan. And finally, one plan for license is under consideration, that of the Industrial Savings Bank, a colored institution. which hopes to reorganize into a national bank. The United States Bank long has been in the courts, since Col. Cooper made such a fight to keep it out of the 4 Hamilton National Bank merger that the Treasury voluntarily withdrew it (Continued on Page 2, Column 4.)

11. November 8, 1933 Evening Star Washington, DC

Article from Evening Star, November 8, 1933

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NEW BANK MERGER CHEERS CAPITAL Plans for Franklin National Help Clear Situation Here Further, BY EDWARD C. STONE. The banking skies in Washington now are being cleared up with most satisfactory rapidity The announcement in The Star late yesterday that the Washington Mechanics Savings Bank was about to take over the Franklin National Bank aroused wide interest in the financial district today This is the second merger within a short time in which Ezra Gould, pres ident of the Washington Mec hanics Savings Bank has been the leading spirit Only a few days ago he announced that the Mount Vernon Savings Bank would be consolidated with his institution The merger of these two restricted banks with the Washington Mechanics will mean new institution with about $6,000,000 in deposits. The consolida tion will release $3,300,000 in deposits which are now frozen in the Mount Vernon and Franklin National Banks On completion of the merger, the Mount Vernon will release $80 .000. or 40 per cent of their deposits, and the Franklin National will release $2.500,000 which is between 56 and 75 per cent of that institution's deposits Gould to Head Merged Bank. The consolidated bank is to be known as the Mechanics Franklin Ezra Gould is to be president, John B. Cochran. former president of the Franklin Na tional chairman of the board Thomas Hickman, vice president in charge of the Franklin branch, while Clarence Burton. vice president and cashier of the Washington Mechanics, will hold the same positions in the new deal Frank W Lee. former president of the Mount Vernon will be vice president in the new bank in the office at Ninth street and Massachusetts avenue, which is to become the merged bank's headquarters. Settling of the Franklin's future leaves only two other restricted banks in Washington to be taken care of They are the United Savings Bank and the Industria Savings Bank ous efforts are being made to get both these institutions on their feet again Something must happen by the first of the year as President Roosevelt ruled that every time bank in the United States must either be back on full time or in receivership by January 1. That means that they will be defi nitely in or out of the financial picture Both wish few to reopen as individual units. Federal Rulings on New Issues, The Federal Trade Commission has ruled that it is allowable for under writers to send out circulars containing information on pro posed new offerings of securities prior to effective date of registration statement filed. providing they are marked to indicate that they are informative only The commission ruled that the Securities act definitely prohibits offers until the ation of the waiting period of 20 days. the time between the filing and the eff fective date of registra tion statement The rulings were made in response to numerous inquiries from underwriters The Trade Commission statement de clared further that "prospective purchasers whether they be dealers or the general public, should during this wait. ing period be educated up the nature of an issue which it expected that they will shortly be asked to buy, al ways reminding them that no determi nation to buy is requested of them until the expiration of the waiting period Towson Regins Institute Course Washington Chapter. American Institute of Banking. inaugurated new course on "Current Economic Problems' at the chapter rooms in the Bond Building last night Lectures will be given every Tuesday evening by Norman E Taxson, assistant treasurer and manager of the foreign department of the Washington Loan & Trust Co. The subject discussed in the opening talk was "The Banker- Is God. Man or Devil? The new course is open bank directors and officers holders of standard certificates in the Institu and others having 10 years experience in finance. Subsequent lectures will cover Government fiscal policies economic planning inflation and public works programs Chapter officials were gratified by the attendance at the first session 88 Cities Vote Bond Issues. New financing* approved by the voters of 88 municipalities in 23 States during October totaled only 5,458,715 as com pared with $25 132,750 during September according to The Daily Bond Buyer Among the larger items approved were $590.000 Cedar Rapids Iowa, School District $555.000 Cedar hurst and $370,000 Bath, N Y October totals of financing appro during previous years were $1,468,500 in 1932 $230,433,000 in 1931 and $4, 136.500 in 1930 During October the taxpayers in 38 communi in 14 States rejected proposals to issue bonds totaling $7,326,900 as compared with $7,756,316 in Septem. ber October totals for previous years were $1,986,500 in 1932 $4.058,294 in 1931, and $9,057,000 in 1930 Lively Day on D. C. Exchange. The holiday proved beneficial to the Washington Stock Exchange. as business showed marked improvement to day The Bonds were in better demand. opening sale was in Washington Gas 6s. series B $100 selling at 103. Wash ington Gas 5s. 1960 came out in $500 transfer at 1051/2 Potomac Electric Power Consolidated 5s moved in $1.000 transaction at 103 1/2 Washington Railway & Electric 4s came out on the board twice $1 .000 changing hands at 87 and $1.000 at 871/4. the closing price Lanston Monotype held the spotlight in the stock division Ten different sales were orded during the session every one made at The day turn over in this issue totaled 150 shares Potomac Electric Power 6 per cent preferred moved in two tiny sales, both at 111. Heard in Financial District An unusually large attendance is expected at the November meeting of the District of Columbia Life Under Association, which starts at the Willard at 6:15 this evening. C. B. Merriam R.F.C director. and chairman of the one Liquidation Board, Deposit speaker and life president M. A. Linton, will be the other A condensed statement of condition at the close of business October 25 as

12. November 12, 1933 Evening Star Washington, DC

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O'CONNOR WITNESS TOMORROW IN U.S SAVINGS BANK CASE Controller Called by Cooper in Effort to Force Reopening Plan. JURISDICTION OVER OFFICIAL IS ISSUE Charge of Arbitrary Use of Discretion Under Attack by Counsel of Treasury. Controller of the Currency J. F D'Connor is expected to take the witness stand tomorrow morning in the United States Savings Bank case béfore Justice Jennings Bailey in District Supreme Court The controller has been called as a witness by Col. Wade H. Cooper, president of the bank, who is attempting to force the Treasury Department to reopen the bank under the Cooper plan, which has been rejected by the Treasury Controller O'Connor testified once before in September during Col. Cooper's original suit, which resulted in withdrawal of the United States Savings Bank from the Hamilton merger The issue before the court this time to reopen the bank is set forth in an amended bill filed by Col. Cooper's counsel, W. Bissell Thomas and John W. Staggers. The Treasury DepartP ment, through counsel, George Barse and Charles E. Wainright, is stoutly opposing Col. Cooper's efforts to force the Treasury to use the Cooper plan. Question of Jurisdiction. The Treasury has raised the principle issue of whether the court has jurisdiction to compel the controller of the currency to take certain specified action. The question, Barse has insisted. narrows down to whether the controller has acted within his discretion or whether he has been arbitrary in the use of discretion Government agencies always have been vigilant in defending their executive discretion against attack. Justice Bailey during the two days which the trial has run, already has twice expressed some doubt as to whether he has jurisdiction He asked Treasury coursel whether any other courts had forced the controller to take such action as is asked in the present case. and Treasury counsel recalled there were none on record. Cooper's counsel has been digging deep into the status of the bank and endeavoring to show from testimony of several witnesses that the controller did act in an arbitrary manner in refusing to let Col. Cooper reopen on the plans he has submitted so far. Justice Bailey, before adjourning court Saturday noon, asked that counsel for both sides submit briefs by tomorrow on the question. Commercial Dividend. Meantime another important development in the bank situation here will be the payment tomorrow of the second dividend from the insolvent Commercial National Bank, of which Col Cooper also was president. This bank already has paid the first dividend of 20 per cent and tomorrow will be ready at 9 o'clock to begin paying out checks for the second dividend of 30 per cent The bank will be open daily from 9 to 5 o'clock. Progress is being made by the three member banks of the new MechanicsFranklin Savings Bank merger toward getting waivers from depositors of the two unlicensed banks and selling stock in the new enlarged institution. The Mount Vernon Savings Bank. which was unlicensed, is rapidly receiving from its depositors waivers for 60 per cent of their deposits in order that they may receive 40 per cent in cash when the new bank opens. Sale of stock is progressing rapidly, officials say. The unlicensed Franklin National Bank is the scene of great activity as preparations are made to transfer the prime and liquid assets of this institution to the new merger, in order to leave the remainder in the hands of three trustees. Examiners for the Treasury and the Reconstruction Finance Corporation are in the bank, and it is expected that a determination soon will be reached as to exactly what percentage the depositors will receive. It is expected to be somewhere between 65 and 75 per cent Ezra Gould, president of the Washington Mechanics Savings Bank, the open stitution, which stricted but has had a record of many years of successful operation without interruption, has been busy with many problems involving the consolidation of the three banks The new institution. of which he will be president and John B. Cochran of the Franklin Bank will be chairman of the board will have a capital stock of $300,000 and deposits of about $6,000,000. The Park Savings Bank case still is hanging fire in District Supreme Court, with the Depositors' Committee planning to file an amended bill designed to establish the liability of directors and stockholders in this sadly insolvent bank. where the shortage is now over $2,000,000. Negotiations are under way with Treasury officials concerning a proposed plan to reorganize the unlicensed Industrial Savings Bank.

13. January 16, 1934 The Washington Times Washington, DC

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FRANKLIN BANK MERGER PLAN SPEEDED Reopening Seen in Brief Time Under Terms of Linking 3 District Institutions Developments in the Washington closed bank situation had progressed so far today that officials of the Mt. Vernon Bank were able to foresee a reopening through the Mechanics Savings Bank merger plan in a short time. The Franklin National Bank, which is also to participate in this mreger, completed its collaboration with Treasury officials on the form of waivers and stock subscriptions and proofs of the forms are now being prepared for the printer. New Loan Planned The Mechanics Savings - Mt. Vernon-Franklin merger will be effected by a recapitalization of $225,000 capital and $125,000 surplus. In addition to the $800,000 to be borrowed from the Reconstruction Finance Corporation on unaccepted assets of the Franklin Bank, the corporation will be asked to loan $250,000 in capital notes or preferred stock in the new bank. Trustee of the waived deposits in the Franklin Bank will be William F. Kelley, attorney for the bank and a depositor; Lindsey Rawley, president of the Rock Creek Ginger Ale Company, a director, and Henry J. Sterzer, a stockholder. Park Case Speeded Of the capital structure the Mechanics Savings will provide $100,000 with $150,000 surplus; Mt. Vernon, $75 capital, with $75,000 surplus, and Franklin $50,000 with $50,000 surplus, bringing the total capitalization of the new bank to $225,000 capital with a surplus of $125,000. At the same time, liquidation of the Park Savings Bank, in hands of Receiver John Moran, proceeded swiftly with the filing of a number of suits in Municipal and District Supreme Court by G. Baillee Springton, attorney for the receiver, against defaulting debtors of the bank.

14. February 13, 1934 Evening Star Washington, DC

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H.O.L. C. OUTLINES MORTGAGE POLICY To Refund All Eligible Funds Held by Receivers or Conservators. The District office of the Home Owners' Loan Corporation is in the process of refunding all eligible mortgages held in financial institutions in hands of receivers or conservators, in accordance with a policy announced last month by the Board of Directors of the Home Owners' Loan Corporation. In communications to those banks and financial houses as yet unopened in the District, Paul J. Frizzell, manager of the H. O. L. C. here, during the last week has requested each of them to furnish him with applications from every home owner in Washington whose mortgage is in such ownership. To Liquidate Assets. The action is being taken, Frizzell explained, to liquidate such assets as quickly as possible for the benefit of depositors in these institutions, and also to provide home owners whose mortgages are in such a category with permanent financing and remove from them the fear of having their mortgages called at maturity. It is estimated that more than 760 of such mortgages are held in closed banks here, having a total value in excess of $2,000,000. Frizzell's office has sent out communications to 19 banks either in the hands of conservators or receivers. He has asked them to either have the home owners whose mortgages they hold to file an application with the H.O.L.C., or that the banks furnish him with the names of the home owners so that his office may solicit the applications. Communciations Sent Out. The communication went out to the Franklin National Bank, Federal American National Bank & Trust Co., District National Bank, Potomac Savings Bank, Washington Savings Bank, Northeast Savings Bank, WoodridgeLangdon Saving & Commercial Bank, United States Savings Bank, Seventh Street Savings Bank, Mount Vernon Savings Bank, Industrial Savings Bank, Park Savings Bank, Chevy Chase Savings Bank, the Departmental Bank, Bank of Brightwood, International Exchange Bank, North Capitol Savings Bank, Continental Trust Co. and Commercial National Bank. Seven of the above named banks opened as members of the Hamilton National Bank merger, and the Chevy Chase Savings Bank is now a branch of Riggs National Bank.

15. March 6, 1934 Evening Star Washington, DC

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REOPENED BANK'S DEPOSITS MOUNT Three Times as Large as Withdrawals on First Day of Operation. Deposits in the Washington Mechanics Savings Bank were three times as large as withdrawals yesterday, as the Mount Vernon Savings Bank reopened as headquarters of the Mechanics Bank at Ninth street and Massachusetts avenue. This was disclosed today by Clarence F. Burton, president of the enlarged Mechanics Bank, as the institution went into its second day of operation with substantial lines of depositors in the lobby. Surprised by Showing. President Burton and Vice President Frank W. Lee were not only gratified but surprised at the first day's showing. they said, because withdrawals particularly have been much smaller than they had anticipated. There were many large deposits, one being for $21,000, it was reported. The bank was profusely decorated with floral gifts from friends of the bank in the business and financial section. A handsome offering came from the District of Columbia Bankers' Association. Franklin Efforts Continue. The Franklin National Bank continued meanwhile with its efforts to get in sufficient waivers from depositors and to sell enough stock in the new merger to reopen as a part of the enlarged institution. Both the Mount Vernon and the Franklin have been closed for about a year, since the President's bank holiday. The Washington Mechanics' Savings Bank, with the reopening of the Mount Vernon as its headquarters, now has the downtown main office and four branches scattered throughout various business sections of the city.

16. March 12, 1934 The Washington Times Washington, DC

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BANK PAYMENTS MANY HER Approximately 38,000 Washingtonians and $1,000,000 were affected by developments in the closed-bank situation during the past week. While the North Capital Savings Bank, closed since before the banking holiday, will not pay its second 12 1/2 per cent dividend until tomorrow, the announcement that this was to be done was made Saturday by John S. Bryan, receiver. This development came close on the heels of the reopening of the closed Mt. Vernon Savings Bank as a unit of the unrestricted Washington Mechanics Savings Bank, headed by Clarence F. Burton, and the release of 40 per cent of deposits frozen since the bank holiday. The North Capital will begin paying off tomorrow about 8,000 persons. Approximately $120,000 is involved there. Earlier last week the Mt. Vernon began paying off, 30,000 estimated depositors being given access to more than $800,000. Sometime within the next two or three weeks the Franklin National Bank, also closed since the bank holiday. is scheduled to reopen as a part of the Washington Mechanics-Mt. Vernon combination. That will release approximately $1,200,000 and will affect some 10,000 persons. Mr. Burton, president of the Washington Mechanics, said today that every effort to expedite the opening of the Franklin National was being made.

17. March 26, 1934 The Washington Times Washington, DC

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DISTRICT TRADE IMPROVEMENT GENERAL Bank Deposits Up, Insurance Writings Climb, While Shop Sales Rise By DUNBAR HARE The financial picture in Washington took on a brighter hue last week, with indications that the District is nearer normalcy than it has been at any time since before the banking holiday. During the past week, the bank condition call of the comptroller of the currency showed that local bank deposits had jumped $23,000,000 since the last call on December 30. This represented the difference between $222,000,000 in deposits of December 30 and $245,000, of as 000 as of March 5. the date the most recent call. $2,000,000 in Insurance Another indication of prosper- inis the fact that new life $2.surance ity totaling more than dur000,000 was written last week ing "Financial Independence Week." E. McCombs, chairman of a J. committee of the District Assospecial Columbia Underwriters' of said these figures com- inciation, with a total of $1,300,000 unpare written by local life surance derwriters during the corresponding week of 1933. Also during the past week, sevbankers reported that many that merchants eral had asserted was their business during March was 30 per cent better than it March of last year. generally during Bankers in financial all of Washington's 21 open despite institutions are optimistic, securpessimistic attitude of These the and stock brokers. of latter ity blame the sluggishness securities business on the strike their act and on the current agitation. Deposits May Be Freed Conditions in Washington's imbanks also showed provement closed during the past hundreds week, indications that will be with thousands of dollars future of released within the near has depositors whose money to frozen since the banking holiday been and, in some instances, before. Marked progress was made afthe week in whipping Naduring of the closed Franklin The fairs Bank into shape. is to merge Washington tional Franklin unrestricted with and Me- the the chanics Savings Bank which Vernon Savings Bank, part of Mt. opened its doors as a three-way combine, paying dethe out $800,000 among 30,000 positors. Clarence F. Burton, president which of Washington Mechanics, Bank of the become The City three-corWashington will after the consummated, merger is that the nered today it was hoped combinasaid Franklin would join the off not and begin paying tion than April 23. Stockholders the later meet April 10, approve features are to and certain other dename merger. After that only of tail the work will remain. Early Release Sought Receivers and conservators remaining who charge of the they are in banks also report that make an closed doing their best to deposiare early release of funds to tors. is particularly true Savings, in the This of the Northeast Street case Savings, Seventh Savings Potomac and Washington stockholders Savings Assessments of and the Bank. these State banks which Woodridge-Lanedocational in all of and the District Bank, with Federal the American National National formed the Hamilton within the Bank, are expected The Hamilton's next few months. of the five option on assets expired last week. naOption banks on in the combine will tional State banks assets year. of the two not expire for a somere

18. April 25, 1934 Evening Star Washington, DC

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EFFORTS CONTINUE TO OPENONE BANK Treasury Department Still Pushes Plans for Only Colored Bank. Out of the 13 Washington banks which failed to reopen after the Presi- 1933, dent's bank holiday in March, enthe Treasury Department still is to reopen only one the more- lone deavoring the Industrial Savings Bank, colored bank in the city. A plan was prepared which bank, would to be established a new Bank, operathave the Industrial and known at the as same location. Eleventh efforts ing streets. Stock was sold, and the U are being made to establish make availstill new able institution. about 35 per It cent would of deposits in the old three bank. of the 13 banks have deOnly yet to pay a dividend Bank, to the failed positors-the as Park Savings and the United States Savings Bank The other Industrial Savings Bank. ranging banks have paid dividends to de10 40 per cent to 65 per cent that they from with prospects later on. probably positors, will pay more Franklin Reopens. was The Franklin National Bank open its most recent to throw Monday as a the doors, resuming The business City Bank of Wash- Washbranch formerly of known as Bank. the The ington, Mechanics' Savings cent ington Bank made available 65 per and City deposits of the Franklin 35 of the assets representing the other into the the have been thrown for slow Franklin per cent Liquidating Trust liquidation. former Washington absorbed Mechanics' the Savings The Vernon Bank Savings also Bank, at avenue, Ninth Mount and Massachusetts of the City street which is now headquarters has now six The City Bank Vernon Bank. houses. The Mount 40 per cent. banking a first dividend of unlicensed banks paid of the 13 Hamilton Six merged out into the new first diviNational were Bank, which paid for its a member dend of 50 per cent representing the banks. 50 per cent two receivers, remaining The assets hands of have been placed in the calling upon depositors Perwho other now are to prove their of claims. claim with sons and who filed proofs of these seven either the with conservators the receivers, need not file banks, another or proof of claim. Other Dividends being Far carried Off. now Advertisements some of these assets have receivers who by claims. are directed of to to persons file their the failed as yet will be paid in to future, Some dividends it is expected, assets, depositors but this out of the remaining in the distant future. are probably will the be unlicensed banks SavThree of The Park of involved in litigation. most complicated Adkins ings Bank case. Justice Jesse C. The Deall, District is before Supreme Court. the receiver in Commitiee and an effort to positors' aligned together in the complete out of $2,000,000 get loss are of more the The than directors loss was discovered president. in this institution. Robert S. Stunz, vice bank failed license. killed after himself when the This bank is in the to receive hands Wade a of a H. receiver. Cooper. president Bank. has of Col. States Savings Columbia the appealed United of to Appeals the District from of the Court adverse in Court District Supreme to reBank decision an effort the of to United force States the Treasury The Savings court has open a Cooper plan. for hearing. and is advanced under the case it some time about in to hear This bank is expected middle of May. no dividend receivership the and has paid Fight Receivership. Directors Directors of Commercial the Woodridge-Langdon Bank, National and Hamilton the the merged Savings Bank, have into filed the suit to to return force Department savings bank a assets remaining Treasury conservator. assets of The the into Treasury the hands at- reto put these the directors are to a a have repcently of receiver, to but them a returned Treasury resentative conservator, tempting made claiming promises of conwas Bank servatorship. Chase Savings banks of to The first Chevy of the 13 unlicensed a branch the its doors-as It has paid a reopen National dividend. Bank. and remaining receiver Riggs 65 per cent the hands of controller a of assets are understood in the an assessIt is plans to levy of all the banks ment the currency against whose assets stockholders are in the hands

19. May 3, 1934 The Washington Times Washington, DC

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ness was going ST at his new bank, Mr. Burton Dunbar Hare said: fine, and why it? shouldn't "It's going Washington earth is on the top of the so far as The concerned. riding just now, Federal business employes have part of their pay cut back, hotels are packed and jammed with visitors, and I'm told that department stores are so crowded it's difficult to find room in them. It certainly looks like prosperity is here." To emphasize this statement, Mr. Burton pointed out that since the Franklin National Bank was reopened a little over a week ago there had been few withdrawals. most of the approximately 18,000 depositors preferring to let their money remain in the institution. The Franklin, which was closed after the banking holiday, reopened as a part of the Washington Mechanics Savings Bank-Mt. Vernon Savings Bank combine. Approximately $2,000,000 in frozen deposits were released. Most of the withdrawals, Mr. Burton said, were by persons holding time-deposit certificates. Frank P. Morse, comanager of C.D. Barney & Co., has two sports -contract bridge and baseball. He does not like golf, tennis, football or horse racing. He said: "I like to take my sports sitting down. I'm like the man whom the doctor told to sit a lot and take light exercise. He got in a hammock and hired somebody to swing him gently to and fro." A. Harmer Reeside, manager of Westheimer & Co., is a busy man these days. In addition to keeping a keen eye on the market, he's practicing crooning so he can panic the boys when the Ticker Club holds its next jamboree. One of the chief features of any Ticker Club affair is Mr. Reeside's crooning. Carl J. Bergmann, Robert E. Buckley, C. Clinton James and William S. Quinter will attend a meeting of the southeastern group of building and loan association groups at Spartanburg, S. C., as delegates from the local organization. Edward C. Baltz, who is director of District No. 5 of the United States Building and Loan League, also will attend. Three officials of the Federal Home Loan Board, John H. Fahey, chairman; William F. Stevenson, member, and Horace Russell, general counsel, have been asked to make addresses, as have a number of persons nationally known in the building and loan field. Robert E. Christie, jr., president of the Investment Bankers Association of America, announces that the board of governors of that organization will hold its regular spring meeting May 19-23, inclusive, at White Sulphur Springs, W. Va. The board of governors consists of 39 members. representing a cross-section of the investment banking field in the United States and Canada. While the board of governers is in session the association's 20 standing committees will also meet to discuss provisions of the investment bankers code. Local brokers heaved a sigh of relief yesterday when 2 o'clock came and the stock ticker ceased to tick. They were generally apprehensive that the bottom was going to fall out of an already weak market. They hope for better times today. H. Prescott Gatley, widely known lawyer and banker, is receiving congratulations from his many friends on his assumption of the duties of president of the National Savings and Trust Company. Mr. Gatley has moved into the offices occupied by William D. Hoover during his 25 years' tenure of the presidential post. Mr. Hoover, in turn, moved into other quarters, where he will function as chairman of the board. Mr. Gatley has been connected with the trust company for a number of years as general counsel, director and member of the executive committee. Several years ago he was president of the District of Columbia Bar Association. -

20. July 9, 1934 Evening Star Washington, DC

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* Preliminary figure. subject to revision. The above statement, issued today by the controller of the currency, does not include three of the banks which failed to reopen at the close of the President's bank holiday in March, 1933. two of which have since reorganized by consolidation. The Franklin National Bank and the Mount Vernon Savings Bank were absorbed by the Washington Mechanics Savings Bank, whose name has since been changed to the City Bank of Washington. The Mount Vernon paid to its depositors 40 per cent when it reopened and the Franklin paid 65 per cent. In both cases the remaining assets are not in the hands of receivers, but in the hands of liquidating trusts, which are slowly liquidating these assets for the benefit of bank creditors. Efforts still are being made to reopen the Industrial Savings Bank.

21. February 7, 1935 Evening Star Washington, DC

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INSOLVENT BANKS PAY $23,959,103 17 Which Closed Here Return More Than Half of Total Deposits. Seventeen insolvent banks in the hands of receivers in the District of Columbia had paid out to depositors by the end of 1934, a total of $23,959,103, it was announced today by Controller of the Currency O'Connor. There still remains unpaid in these 17 banks a total of $17,274,599 deposits, according to a statement prepared from receivers' reports to the controller. The total amount of deposits in these banks at the date of suspension was $41,233,702. Receivers in charge still are proceeding with liquidation, with prospects, it is understood, that some further dividends will be paid. But nothing official now is available as to when the dividends may be forthcoming. The figures from the controller's office do not include two other insolvent banks, which failed to reopen at the end of the President's banking holiday in March, 1933, the Mount Vernon Savings Bank and the Franklin National Bank. They were not in the list because these institutions are not in the hands of the controller's receivers, but are held by liquidating trusts. The best assets of both of these banks were sold to the City Bank of Washington, which now has several branches throughout the city, and the remaining assets are being liquidated for the benefit of depositors by the liquidating trusts. Some of the banks in the adjoining table closed in July, 1932, and the remainder closed early in 1933.