1991. Franklin National Bank (Washington, DC)

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10504
Charter Number: 10504
Start Date: March 1, 1933*
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 9aed92c9

Response Measures

None

Description

The Franklin National Bank is described throughout as a closed institution placed in liquidation/receivership during the 1933 bank closings. Articles report continuing liquidating trust/receiver activity and multiple dividend payments from 1936 through 1941. No bank run is mentioned in the articles; the bank remained closed and in liquidation (receivership), so this is a suspension leading to permanent closure/receivership.

Events (10)

1. April 4, 1914 Chartered

Source: historical_nic

2. March 1, 1933* Receivership

Newspaper Excerpt: The Franklin National Bank ... in receivership/in liquidation; Franklin Liquidating Trust of which Samuel M. Thrift is executive secretary/secretary of the trustees is making payments to depositors.
Source: newspapers

3. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Closed in March 1933 along with other institutions (government/Controller action during the bank closings); placed in receivership/liquidation.
Newspaper Excerpt: The bank, which closed along with 12 other institutions in March, 1933, has paid so far one dividend of 50 per cent to depositors...
Source: newspapers

4. December 7, 1936 Other

Newspaper Excerpt: Franklin to Pay Out $250,000. Payment of the $250,000 dividend to 17,000 depositors in the former Franklin National Bank will start to morrow morning in the Departmental Bank Building, 1726 Pennsylvania avenue northwest Samuel M Thrift executive secretary of the trustees moved into the payment quarters to day The dividend brings disbursements up to 82 1/2 per cent of the funds due depositors
Source: newspapers

5. December 8, 1936 Other

Newspaper Excerpt: NOTICE OF DIVIDEND. The trustees of the Franklin Liquidating Trust announce the payment of a dividend of 25 per cent of the certificates of participation issued to creditors of the Franklin National Bank ... from December 8 through December 21, 1936
Source: newspapers

6. December 10, 1936 Other

Newspaper Excerpt: The Franklin Liquidating Trust ... paid out about 2,000 checks yesterday on its second day of making disbursements at a special temporary office at 1726 Pennsylvania avenue.
Source: newspapers

7. December 12, 1936 Voluntary Liquidation

Source: historical_nic

8. December 31, 1936 Other

Newspaper Excerpt: The Franklin National Bank paid two dividends during the past year through the Franklin Liquidating Trust, of which Samuel M. Thrift is secretary The two dividends amounted to 50 per cent of the amount due depositors, which was 17 1/2 per cent of their original deposits, or about $500,000. This brings the total payments to Franklin depositors up to 82 1/2 per cent, amounting to about $2,500,000.
Source: newspapers

9. December 5, 1938 Other

Newspaper Excerpt: Franklin Bank Depositors to Get $200,000 Payment of New Dividend Starts Tomorrow Depositors in the closed Franklin National Bank will receive an additional dividend amounting to about $200,000 beginning tomorrow, it was announced today by Samuel M. Thrift, executive secretary of the Franklin Liquidating Trust
Source: newspapers

10. June 8, 1941 Other

Newspaper Excerpt: The 17,000 depositors of the closed Franklin National Bank have received 100 per cent on their deposits and it is hoped that interest also due them may be paid later. Those who have not yet received their dividends may call at room 22, 945 Pennsylvania avenue N.W., where the final dividend was first made available late last month.
Source: newspapers

Newspaper Articles (6)

1. December 7, 1936 Evening Star Washington, DC

Article from Evening Star, December 7, 1936

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IN 1937 FORECAST Capital Goods Expected to Show Best Gains, Survey Indicates. BY EDWARD C. STONE. Further advances in stock prices, 10 relatively stable bond levels. a per cent increase in trade and a 5. to-8 per cent rise in commodity prices are among the predictions in the annual forecast by United Business Service released today in the financial district. The summary which includes the opinions of many different economic authorities, says Capital goods- This division of industry will SHO the greatest percentage improvement next year Rehabilitation of railroads and utilities. together with sizable increase in building. will materialize Retail trade-The dollar volume of goods sold at retail will probably be 8 per cent to 10 per cent larger than in 1936 owing to higher farm and urban purchasing power Retail prices are expected to advance next year Agriculture- Larger crops are expected in 1937. Benefit payments are likely to continue. although the total will be less than in 1936 Farm income will probably be about 5 per cent over this year, despite price declines. Industrial employment-Total factory employment will be higher next year largely because of the gains which will take place in the heavy industries. Strikes will be more numerous in 1937, despite further wage increases. There will be real scar. city of skilled workers in some lines. Foreign trade- total volume of United States foreign trade in 1937 will probably be larger than in 1936 despite the chaotic conditions in Europe and Asia. Reciprocal trade pacts will aid commerce Earnings- Earnings in 1937 will probably average 15 per cent to 20 per cent higher than in 1936, with the largest gains occurring in the capital goods industries First half profits should make exceptionally favorable comparisons with corresponding periods a year earlier Bond market-A relatively stable level of Government and high-grade corporate bond prices is expected through most of 1937. The year probably will mark the end of the long upward cycle of bond prices and there is possibility of a moderate downturn toward the close Secondgrade bonds should continue to advance. Stock market-The coming year should witness further advance stock prices Following a period of downward readjustment early in 1937 the main upward trend should be resumed Heavy industry issues are expected to record the largest percentage gains. Bankers Laud I. B. A. Parley Washington investment bankers returned today from the twenty-fifth annual convention of the Investment Bankers' Association at Augusta Ga enthusiastic over the forum and all other discussions. The convention drew 1,100 members, the largest attendance since 1929 and probably the largest on record Among the members from here were Kenneth S Wales. William W Mackall, E Booker George M Ferris. James P Nolan and James H Lemon Mr Booker is a member of the Board of Governors At the closing business session Edward B Hall of Chicago was elected president for the coming year Chairman James M. Landis of the Securities Exchange Commission made one of the most talked of addresses He was most frank in telling the investment dealers that unless they were extremely careful in protecting the investing public, further control measures would sooner or later be adopted by the Government The speech of J. D Ross of the same commission proved intensely interesting at the forum on public utilities. Lionel D Edie. consulting economist. placed full responsibility for the current ease of money rates at the doorstep of official Washington 'Whatever the mandate of 27.000. 000 votes may mean to different people, he said, "it would be stretching things a long way to make it mean mandate to keep money rates at levels as extremely as abnormally and as dangerously low as those now prevailing. Franklin to Pay Out $250.000. Payment of the $250,000 dividend to 17.000 depositors in the former Franklin National Bank will start to morrow morning in the Departmental Bank Building, 1726 Pennsylvania avenue northwest Samuel M Thrift executive secretary of the trustees moved into the payment quarters to day The dividend brings disbursements up to 82 1/2 per cent of the funds due depositors There will be a joint dinner meeting of the Safe Deposit Section of the District Bankers Association and the Maryland State Safe Deposit Association at Hotel Longfellow Baltimore tomorrow evening About 20 delegates from Washington will attend, including Chairman John F Hillyard, Vice Chairman Mrs. Helen R. Sharpe and Richard E Harris. general chairman of the 1937 Convention Committee The guest speaker will be T. Coxe of Philadelphia, president of the National Safe Deposit Council of A final liquidating dividend $124.61 is being paid to the holders of the first mortgage per cent bonds of Washington, Baltimore & Annapolis Electric Railroad Co The property has been in receivership since 1931 and in 1935 the track was torn up and sold for scrap. A previous pay. ment of $51 was made under a court order of July, 1933 With commercial loans on the increase and bank deposits at new alltime peake, Victor B. Deyber, chairman of the board of the Second Na tional Bank. sees no reason why the present recovery should not go forward for a long time, at least well into 1937 He is decidedly optimistic Bank Stock at New 1936 Top. Five shares of Washington Loan & Trust Co. stock sold on the Washington Stock Exchange today at 250, a new high mark for 1936. Mergenthaler Linotype came out at 55, Real Estate Mortgage & Guaranty preferred brought 61/4. Electric

2. December 7, 1936 Evening Star Washington, DC

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SPECIAL NOTICES. FULL AND PART LOADS WANTED TO all pion within 2,000 miles. Return-load rates. Padded vans. National 1460. NATL DELIVERY ASSOC., INC., 1317 N. Y. ave. FURNITURE OF ALL KINDS--AUCTION sale. Wednesday. 10 a.m., Dec. 9. including 2 grand pianos. apt. size. on premises. ACME MOVING & STORAGE CO., 4618 14th st. n.w. A. €. Rolfes & Co., Auctioneers. PORCH REPAIRING. SHELVING. COUNters, cabinet work. remodeling: roof repairing and painting; expert repairing of furni13* ture. Columbia 8997. AUCTION SALE BY ORDER WILLIAM E. Furey. Receiver. 29 automobiles. including 1936 Chevrolet town sedan. Parkard. Essex. Plymouth. Hudson and Nash in various body types; 1935 Chevrolet. also G. M. C. trucks. at R. L. Taylor Motor Co., 1840 14th st. n.w. THURSDAY DEC. 10. 8 P.M. Inspection permitted Dec. 8. 9. ADAM A. WESCHLER & SON, Auctioneers. de7.9 NOTICE IS HEREBY GIVEN THAT THE annual meeting of the shareholders of The Riggs National Bank of Washington. D. C., for the election of directors and the transaction of such other business as may come before the meeting. will be held at the banking house. 1503 Pennsylvania ave. n.w., on Tuesday. January 12, 1937. The polls will remain open from 11 o'clock a.m. until 12 o'clock noon. GEORGE O. VASS. de7.11 Cashier. THE ANNUAL MEETING OF THE STOCKholders of the Columbia Permanent Building Association of the District of Columbia. for the election of four directors. will be held on Tuesday. December 8. 1936. at 7:30 p.m. at the office of the association. No. 733 Twelfth st. n.w. Washington. D. C. FRED A. SMITH Secretary. DAILY TRIPS MOVING LOADS AND PART loads to and from Balto.. Phila. and New York. Frequent trips to other Eastern cities. "Dependable Service Since 1896." THE DAVIDSON TRANSFER & STORAGE CO. Phone Decatur 2500. NOTICE OF DIVIDEND. The trustees of the Franklin Liquidating Trust announce the payment of a dividend of 25 per cent of the certificates of participation issued to creditors of the Franklin National Bank Each creditor is requested to present certificate of participation at the temporary office of trust at 1726 Pennsylvania ave. n.w.. Washington. D. C., from December 8 through December 21. 1936: thereafter at 945 Pennsylvania ave. n.w., Washington. D. C., for the purpose of receiving check for the dividend available. WILLIAM F. KELLY. LINDSEY P. RAWLEY. HENRY J. STERZER. Trustees. Franklin Liquidating Trust. FLORIDA SPECIAL. CHEVY CHASE TRANSFER & STORAGE CO., WISCONSIN 3010. A DEAL FUNERAL AT $75 Provides same service as one costing $500. Don't waste "insurance money.' " Call LinDEAL. with 25 years' experience. coin 8200 CHAMBERS is one of the largest undertakers in the world Complete funerals as low as 575 up Six chapels twelve parlors. seventeen care. hearses twenty-five undertakers and assistants Ambulances now only S3. 1400 Chapin at. n.w. Columbia 0432. 517 11th st. a.a. Atlantic 6700.

3. December 10, 1936 Evening Star Washington, DC

Article from Evening Star, December 10, 1936

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DEPOSITORS URGED TO GET DIVIDENDS Only Small Number Call at Three Closed Banks to Collect Checks. Despite the imminence of Christmas and need for Christmas shopping funds, a surprisingly small number of depositors in three closed banks are calling for the additional dividends now being paid out. Officials in charge today urged depositors of the District National Bank, the Northeast Savings Bank and the Franklin National Bank to call for the checks which they have been notified are ready for them. The District National Bank yesterday paid out only 225 checks, although postal cards had been mailed notifying 600 people to call yesterday. As a result, a thousand more persons were notified officially and an additional 2,000 cards were sent out, making a total of 3,600 cards so far. More will follow. The Northeast Savings Bank, paying off at Eighth and H streets northeast, sent out 500 cards for the first day, but delivered only 225 checks. Justus S. Wardell, receiver for these two banks, said today he hoped there would be a larger response, as the checks are ready. The Franklin Liquidating Trust, of which Samuel M. Thrift is executive secretary, paid out about 2,000 checks yesterday on its second day of making disbursements at a special temporary office at 1726 Pennsylvania avenue. Meantime an agent buying receivers' certificates from two closed banks today increased his offer to depositors of the District National Bank. Lester Dutt announced he would raise the price paid for receivers' certificates of the District National from 50 per cent of the remainder to 60 per cent of the remainder. The 50 per cent offer was the same as the dividend being disbursed by the receiver, which amounts to 25 per cent of the original amount deposited in the bank. The agent's offer for certificates from the Federal American Bank continued today at 40 per cent of the remainder, which would be 20 per cent of the original deposit. In both the Federal and District Banks depositors had received one dividend of 50 per cent.

4. December 31, 1936 Evening Star Washington, DC

Article from Evening Star, December 31, 1936

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CLOSED BANKS PAY $2,399,900 IN Next Important Dividend Expected From FederalAmerican National. (By Cambridge Associates.) Six of the 21 closed banks of this city paid to depositors during 1936 a total of about $2,399,900, with prospects that the next important dividend will come some time early next year from the big Federal-American National Bank & Trust Co. No date has been definitely fixed for payment of the Federal-American dividend, nor has it been announced what the size of the dividend will be. The bank, which closed along with 12 other institutions in March, 1933, has paid so far one dividend of 50 per cent to depositors, amounting to $4.177.900. Cary A. Hardee is receiver. What will be forthcoming from any of the other closed banks in the form of dividends in 1937 cannot be estimated. Some others may pay; others no doubt will not pay any more during this new year. The total amount paid so far to depositors of all 21 closed banks of this city, according to a survey by The Star, is about $23,640,000. Fidelity Closed During Year. In addition to the 21 closed banks. which were being liquidated during the last year, the Fidelity Building & Loan Association was closed July 18 by the controller of the currency, whose receiver, James H. Nolan, now is in charge. About 3,000 members of the association have not yet filed their claims with the receiver. Preliminary survey of the institution by the Federal Home Loan Board has been made, but the way has not been cleared as yet for formal examination by the examining division of this board, looking for possible assistance from this quarter. The Fidelity had five branches. Details of the condition of the institution have not been disclosed by the Treasury Department. A decision is yet to be made as to whether it can be reorganized or will have to be liquidated. Among the six closed banks which made payments to depositors here last year the largest amount of money was disbursed by the District National Bank, of which Justus S. Wardell is receiver. This bank paid an additional dividend of 25 per cent, amounting to about $1,000,000. This brings total District National Bank dividends up to 75 per cent, with total payments of about $2,937,100. Bank Pays 100 Per Cent. The Chevy Chase Savings Bank paid during the year its final dividend of 20 per cent to depositors, amounting to about $133,000, bringing the total to 100 per cent, or about $678,388. Paul Sleeman has been elected stockholders' agent, and, as soon as his appointment can be officially approved by the Treasury Department, will take over from Receiver Hardee remaining assets for liquidation for stockholders, who advanced sufficient funds to pay off depositors in full. The Commercial National Bank, Robert C. Baldwin receiver, paid a dividend of 10 per cent this year, amounting to about $500,000, bringing total payments from this institution to 60 per cent, or about $3,364,110. The Franklin National Bank paid two dividends during the past year through the Franklin Liquidating Trust, of which Samuel M. Thrift is secretary The two dividends amounted to 50 per cent of the amount due depositors, which was 17 1/2 per cent of their original deposits, or about $500.000. This brings the total payments to Franklin depositors up to 821/2 per cent, amounting to about $2,500,000. The Northeast Savings Bank paid a dividend of 10 per cent in 1936, through Receiver Wardell, amounting to about $106,000, bringing the total dividends up to 95 per cent, amounting to about $1,010,000. The United States Savings Bank. under Receiver Carter B. Keene, paid last year a dividend of 10 per cent, amounting to $160,900, bringing dividends up to 90 per cent in this institution, with total payments of about $1,448,260. Three Receiverships Combined. The United States Savings Bank receivership has been consolidated with two other banks, the Bank of Brightwood, of which Claude H. Woodward was recever, and the International Exchange Bank, of which Frederick J. Young has been in charge. Young takes over the consolidated receivership and plans to move all the effects of the other banks to the United States Savings location at Fourteenth and U streets, The Bank of Brightwood has paid a total of 55 per cent, amounting to $437,042, and the International Exchange Bank has paid dividends of 31.23 per cent, amounting to $115,187. The Mount Vernon Savings Bank's remaining assets are in the hands of the Mount Vernon Liquidating Trust.

5. December 5, 1938 Evening Star Washington, DC

Article from Evening Star, December 5, 1938

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Franklin Bank Depositors to Get $200,000 Payment of New Dividend Starts Tomorrow Depositors in the closed Franklin National Bank will receive an additional dividend amounting to about $200,000 beginning tomorrow, it was announced today by Samuel M. Thrift, executive secretary of the Franklin Liquidating Trust The dividend will be paid in check form, at the office of the trust, Room 22, at 945 Pennsylvania avenue, in the building formerly occupied by the bank. Checks have been made out in the amount of 20 per cent of the face value of certificates of participation held by depositors. It will be necessary for depositors to present their certificates of participation, in order to get their new checks, Mr. Thrift emphasized. These certificates were issued in April, 1934, when Franklin depositors were paid in cash 65 per cent of their claims through the City Bank of Washington, which now operates a branch in the old Franklin Building at Pennsylvania avenue and Tenth street. For the remainder of their claims, depositors received at that time, certificates of participation representing 35 per cent of their deposits. Two dividends have been paid since, each one representing 25 per cent of the face value of the certificates. The dividend of 20 per cent now payable amounts to 7 per cent of the original deposit. Thus, when depositors get their checks for the latest dividend they will have received a total of 89 1/2 per cent of their deposits. The office will be open daily from 9 a.m. to 5 p.m., Mr. Thrift explained, with the exception of Saturday when it will close at noon. Trustees of the liquidating trust are William F. Kelly, Lindsey P. Rawley and Henry J. Sterzer. As announced Saturday, another closed bank will begin paying an additional dividend tomorrow, when the Potomac Savings Bank begins distribution of an 8 per cent dividend. amounting to $162,000, to 8,300 depositors. Checks will be paid to depositors bringing notification cards to the office of Receiver Justus S. Wardell, at 1406 G street N.W.

6. June 8, 1941 Evening Star Washington, DC

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Remaining Property Of 2 Closed Banks On Block Tomorrow Seventh Street Savings And Commercial National Assets to Be Auctioned Proceeding with a program designed to close out the affairs of all remaining banks in receivership in Washington, two receivers will conduct auction sales tomorrow of all assets in two banks. the Seventh Street Savings Bank and the Commercial National Bank. Similar sales for other receiverships will come later. Under plans of the Controller of the Currency, it is intended that a policy of "intensive liquidation" will be pursued and all receiverships closed up here by the end of the year, with final payment to thousands of depositors of institutions closed in 1932 and 1933. The first auction sale tomorrow will be conducted by Justus S. Wardell. receiver for the Seventh Street Savings Bank. He will dispose of the assets at his office, 1429 I street N.W.. at 10 a.m. This receivership already has made available to about 2,500 depositors dividends of 95 per cent for a total of $1,004,517. With proceeds from the sale tomorrow, together with cash already in hand, Mr. Wardell said he expects the institution will be able to pay at least 100 per cent. Final Dividend Near. Final sale of the assets of the Commercial National Bank will be conducted by Receiver Frederick J. Young, at his office. 1336 New York avenue N.W., at 2:30 p.m. tomorrow. Proceeds from this will be added to the cash in hand to result in a final dividend to depositors some time before December 1. Since this bank closed in February. 1933, dividends of 70 per cent have been paid, amounting to $3,938,171. Receiver Young also announced that he plans to sell at auction the remaining assets of the FederalAmerican National Bank and Trust Co. at 2:30 p.m. July 14. This institution. the largest closed bank in Washington. has paid to its depositors dividends of 75 per cent, amounting to $6,307,040. No definite estimate is available as to how much more will be realized by depositors. Final sale of assets in the closed Park Savings Bank will be conducted July 15 by Receiver John F Moran at his office at Fourteenth street and Park road N.W. General depositors in this institution have realized 36½ per cent in dividends. Besides this. a particular group of depositors who had money in the bank when its charter expired in 1929 received about $350,000, which was 26.206 per cent of the "low balance" which these people had in the bank between 1929 and 1933 when the bank closed. Three Others Wind Up. Other banks receiverships which are to be closed out during the year include the District National Bank. the Potomac Savings Bank and the North Capitol Savings Bank. In the case of the United States Savings Bank a Stockholders' Committee is proceeding with a plan for closing out the affairs of this institution and terminating pending litigation. The committee has received signed agreements from depositors who had about $900,000 in the bank when it closed. These agreements waive claims to all interest in excess of 3 per cent. Depositors in this bank have already been paid 100 cents on the dollar on their deposits and by their agreement would get 3 cents more on each dollar. The 17,000 depositors of the closed Franklin National Bank have received 100 per cent on their deposits and it is hoped that interest also due them may be paid later. Those who have not yet received their dividends may call at room 22, 945 Pennsylvania avenue N.W., where the final dividend was first made available late last month.