2034. Industrial Savings Bank (Washington, DC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
March 5, 1933
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
791be81b

Response Measures

None

Description

The Industrial Savings Bank (a colored institution) was closed at the March 1933 banking holiday and placed in conservatorship. Treasury worked with the bank on a reorganization plan; the Controller approved a reorganization plan in the 10-day period ending Dec. 20, 1933, and articles describe plans to reopen (new national-bank organization or reopening under a reorganization) with dividends to depositors (35%). Later reporting shows dividends paid and the bank qualifying as a Federal depository. No discrete bank run is described in the articles; closure was a result of the banking holiday/government conservatorship and subsequent reorganization and reopening.

Events (6)

1. March 5, 1933 Suspension
Cause
Government Action
Cause Details
Closed at the March 1933 banking holiday and placed in conservatorship; refused license to reopen immediately after the holiday.
Newspaper Excerpt
The Industrial Savings Bank, of Washington, did not open. W. H. C. Brown, president, has been named government conservator.
Source
newspapers
2. October 7, 1933 Other
Newspaper Excerpt
The Treasury Department today launched a program of co-operation with officials of the Industrial Savings Bank ... with a view to developing a plan for reorganization and reopening as a national bank. W. H. C. Brown, president of the bank and now its conservator, said ... a reorganization committee ... has volunteered their services on this committee ... Examiner Taylor was at the meeting and will now direct the negotiations and lead in the program of setting up a reorganization plan. (Oct. 7, 1933.)
Source
newspapers
3. December 20, 1933 Other
Newspaper Excerpt
Industrial Savings Bank of Washington was one of 14 banks ... to receive approval for reorganization plans in the 10-day period ending December 20, it was announced today by the office of the Comptroller of the Currency. ... frozen deposits were estimated at $578,000 ... the only nonmember institution in the group (Dec. 23, 1933).
Source
newspapers
4. December 20, 1933 Reopening
Newspaper Excerpt
The Controller approved the plan for the Industrial Savings Bank and the plan provides for a new bank (35% to be paid to depositors) and reopening under federal auspices; approval announced in the 10-day period ending Dec. 20, 1933. (Dec. 1933 articles).
Source
newspapers
5. September 29, 1934 Other
Newspaper Excerpt
Industrial Bank ... has now qualified as Federal depository, Walter Carter, cashier, anthis week ... the Federal Insurance Corporation insures the accounts of each depositor up to $5,000. (Sept. 29, 1934)
Source
newspapers
6. July 12, 1935 Other
Newspaper Excerpt
The Industrial Savings Bank, which was closed March 5, 1933, has paid to depositors 35 per cent dividends ... remaining assets estimated at $308,548.43. (Jul. 12, 1935)
Source
newspapers

Newspaper Articles (22)

Article from The Northwest Enterprise, March 23, 1933

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FIVE ARE READY; TWO MORE IN RECEIVERSHIP (Continued from Page One) without restrictions. In Newport News The Sons and Daughters of Peace, Penny, Nickel and Dime Bank of Newport News, Va., hopes every day to be able to open, but has not done so yet Opening Indefinite James M. Morris is receiver for the People's Dime Savings Bank and Trust Association of Staunton, Va. The bank's opening is indefinite. The Phoenix Bank of Suffolk, Va., will not open, M. Anderson Maxey, receiver reported Tuesday. D. C. Bank Under Conservator The Industrial Savings Bank, of Washington, did not open. W. H. C. Brown, president, has been named government conservator.


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


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.


Article from Evening Star, October 7, 1933

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INDUSTRIAL BANK REORGANIZING PLAN BEING WORKED OUT Officers of Colored Institution Hold Conference With Controller. COMMUNITY LEADERS' ASSISTANCE ENLISTED Reopening Under Federal Auspices Proposed-Franklin Meet for Today Postponed. The Treasury Department today launched a program of co-operation with officials of the Industrial Savings Bank, colored institution. which has been closed since the banking holiday. with a view to developing a plan for reorganization and reopening as a national bank. W. M. Taylor, national bank examiner, has been assigned to represent the Treasury in working with officers of the bank to develop an acceptable plan. Conference Held. These developments followed a conference yesterday of bank officers with Controller of the Currency J. F. T. O'Connor at the controller's office. Examiner Taylor was at the meeting and will now direct the negotiations and lead in the program of setting up a reorganization plan. W. H. C. Brown, president of the bank and now its conservator, said today that he was very much gratified at the action just launched by the Treasury Department and has a reorganization committee of bank officers and leaders from the colored community of Washington to help the cause along. Leaders Enlisted. The chairman of this Reorganization Committee, Brown explained, is vice president of the bank, Jesse H. Mitchell. Among the others who have volunteered their services on this committee are J. Stanley Wilson, grand exalted ruler of the colored Elks; Elder Michaux, Archibald S. Pingett, secretary of the National Association for the Advancement of Colored People, and Rev. W. H. Jernigan, national president of the Baptist Young People's Union. Meantime, negotiations still were under way toward agreement on a plan to reopen the Franklin National Bank. A meeting of the Depositors' Committee, which had been called for today, was postponed until Monday.


Article from The Omaha Guide, October 21, 1933

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INDUSTRIAL BANK REOR GANIZATION PLAN BEING WORKED OUT WASHINGTON (CNS) - The Treasury Department has launched a program of cooperation with officials of the Industrial Savings Bank which has been closed since the banking holiday, with a view to developing a plan for reorganization and reopening as a national bank. W. M. Taylor, national bank examiner, has been assigned to represent the Treasury in working with officers of the bank of develop an acceptable plan. These developments followd a conference recntly of bank officers with Controller of the Currency J. F. T. O'Connor at the controller's office. Examiner Taylor was at the meeting and will n°W direct the negotiations and lead in the program of setting up a reorganization plan. bank and now its conservator, is very W. H. C. Brown, president of the much gratified at the action just launched by the Treasuy Department and has a reorganization committee of bank officers and leading citizens of Washington to help the cause along. The plan is to open the institution as a national bank with a capital of $200,000. According to banking laws for cities the size of Washington all natonal banks must have a capital of $200,000 except in cases where banks are opened in outlying districts. Due to the fact that the Industrial Bank is uptown and caters exclusively to Negroes the smaller capital of $100, 000 may be applied in this case. $60,000 Subscribed The sum of $60,000 has already been subscribed in the new setup and for every dollar the bank raises the Reconstruction Finance Corporation will match. This means that if the $100,000 capital is agreed on by officials of the Treasuy the bank will have to supply only half of that amount. Then the only problem to be worked out will be the amount` each depositor will receive on the dollar. The deadline for closed banks has been set for January 1 at which time all banks must be opened or they will be liuidated.


Article from Evening Star, October 22, 1933

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These were declared Savings Bank. insolvent and placed in the hands of receivers in July. Each has declared a dividend. Only two banks have been turned over to receivers since January-the Commercial National Bank and the Park Savings Bank. The former has paid a dividend of 20 per cent, but the Park Savings Bank, where there is a shortage estimated at more than $2,000,000, is the center of an involved court battle, which will come to trial next Wednesday morning. The Commercial National appears clearly to be in line for help from the Deposit Liability Board, but the status of the Park Bank, where so little assets remain, virtually puts it in a class by itself. 12 in Conservators' Hands. In the third general class of closed banks here are 12 now in the hands of conservators. This includes seven institutions, whose prime assets were taken over by the new Hamilton National Bank merger, but whose remaining assets are in the hands of conservators. Controller of the Currency O'Connor plans to place these remaining assets in the hands of two receivers shortly. The new Hamilton National Bank is moving substantially forward. according to reports, and is not officially involved in any way by the liquidation of assets remaining in the hands of conservators. There is one link, however, to the advantage of the Hamilton Bank, in the "right of substitution" clause of the contract by which the conservators sold their prime assets to the Hamilton. Within six months after the execution of the contract, the Hamilton may substitute any of the assets it bought, for any of the assets remaining in the hands of conservators. So that, although the controller of the currency may place these remaining assets in the hands of two receivers, in place of the present conservators, the old tie of that "right of substitution" clause still would hold. It may complicate the business of attempting to get new R. F. C. loans on these remaining assets. It is understood, however, that the controller himself is interested in this subject, here in the National Capital, and will give attention to it, besides the study to be given by the local committee of the Deposit Liquidation Board. Another in Litigation. Another of the banks in the hands of a conservator. the United States Savings Bank, is in litigation, with trial in its case scheduled for November 6. Other conservatorship banks are the Mount Vernon Savings Bank, the absorption of which by the Washington Mechanics' Savings Bank, through a special merger agreement, is expected to be effected this week; the Franklin National Bank. which is trying to reopen on a plan of its own, and the Industrial Savings Bank. colored institution, which is working on a plan of reorganization to become a national bank. Part of the assets of the old Chevy Chase Savings Bank which since has become a branch of Riggs National Bank, are still in the hands of a conservator.


Article from Evening Star, October 25, 1933

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RECEIVERS FOR 7 D. C. BANKS TO BE CHOSEN Two Will Replace Conservators of Institutions Merged in New Hamilton. Appointment of two receivers to replace the seven conservators in charge of assets remaining in seven banks which merged into the Hamilton National Bank is expected shortly. The names of several men who have been mentioned for these two posts are understood to be before the controller of the currency, J. F. T. O'Connor. There has been considerable speculation in the financial district here as to the selections to be made for these posts, but the latest indications pointed toward men well known in public life. It is understood that none of the present seven conservators will receive an appointment. W. H. C. Brown, conservator of the Industrial Savings Bank, conferred with officials at the Treasury today regarding a proposed plan to reorganize this colored institution into a new national bank.


Article from Evening Star, November 11, 1933

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COMMERCIAL BANK TO PAY 30 PER CENT Receiver Starts Payments Monday on Claims Proved Up to November. Robert C. Baldwin, receiver for the Commercial National Bank, announced today that payment of the second dividend, one of 30 per cent, will start Monday at 9 a.m. This will be a payment on claims proved up to the end of-October The bank had previously paid a dividend of 20 per cent. so that this second payment will give depositors half their money in the bank when it closed last February. Mr. Baldwin's statement follows: 'Following an announcement by J. T. O'Connor, controller of the currency, for the payment of a second dividend of 30 per cent to the creditors of the Commercial National Bank of Washington on Monday, November 13, Robert C. Baldwin, receiver, submits the following plans for payment on that date: "The doors of the bank will be open from 9 a.m. to 5 p.m. daily, except Saturday, when hours from 9 a.m. to 1 p.m. will apply. "All creditors who have received their first dividend checks must produce their receiver's certificates. Those who have not received their first dividend checks must produce the orangecolored receipts issued to them when claims were proven. No dividend checks will be delivered unless the receiver's certificate is presented for indorsement of dividend thereon or orange-colored receipt is surrendered. A receipt prepared by the receiver for each dividend check is to be signed at the bank windows. 'Receiver's certificates will be delivered, with dividend checks, to creditors surrendering orange-colored - receipts. Administrators, executors, guardians, receivers or trustees must furnish an up-to-date copy of appointment. 'All available windows at the bank will be open, but it is requested, to avoid congestion, that those who can conveniently do SO postpone claiming dividends for several days, as the checks can be obtained at any time suited to their convenience. "Distribution of checks at this time will include all claims proven through October 31. "Payment will be made by checks of the controller of the currency only. 'Further filing of claims will be postponed until after November 27.' Despite reports in the financial district that the Industrial Savings Bank, the only colored bank in the city, would be thrown into the hands of a receiver. Gibbs Lyons, deputy controller of the currency, today announced that the Treasury is making every effort to find a way for this bank to be reorganized. Examiners Study Situation. Mr. Lyons said a careful study had been made of the status of the institution and that two bank examiners in the reorganization division of the controller's office had been authorized to study the situation. A conference was held this morning in this di ision between Treasury officials and a delegation from the bank headed by is president, W. H. C. Brown. who is also the conservator. Mr. Lyons explained that no decision has been reached to place the bank in the hands of a receiver. but that negotiations are now very actively under way with a view to seeing what can be done. The Industrial Savings Bank was placed in the hands of a conservator at the end of the banking holiday March K 15, when it was refused a license to reopen. It had previously absorbed an/ other colored bank.


Article from Evening star, November 11, 1933

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COMMERCIAL BANK SOVIET RELATIONS Receiver Starts Payments Departure of Litvinoff Next Monday on Claims Proved Wednesday Now Appears Up to November. Doubtful. Robert C. Baldwin, receiver for the Commercial National Bank, announced today that the second dividend, of 30 per cent, will start Monday a.m. This will be payment on claims up the end The had paid dividend of 20 per cent. so that this second payment give depositors half their money the bank when it closed last February. Mr. Baldwin's statement follows: Following an the the per creditors the National Bank Washington on Monday, Robert Baldwin, receiver, submits the following on the will from a.m. urday, when hours from apply creditors who have received their first dividend checks produce not their first dividend checks produce the orangecolored receipts issued them when claims proven. No dividend checks will unless the ceiver's receipt surrendered. prepared by the for each be signed the bank certificates will be tors surrendering orange colored rereceivers or trustees must furnish an up-to-date of at the bank congestion. that those who can veniently do dividends for several days. as the checks can obtained at any time suited convenience. checks at this time will include all claims through October will be made by checks of the the until claims be postafter Despite reports the financial district that the Industrial Savings only colored bank thrown into the hands receiver Lyons, controller today nounced that the Treasury effort way for bank Examiners Study Situation. Mr. Lyons said careful study had made of the status of the institution two bank reorganization had to study the conference held this merning cials delegation headed is president, H. C. Brown. who also the decision hands but that negotiations are now very actively under with view seeing Bank placed end of the banking holiday March when refused open. previously absorbed colored Associated Realization that complex problems the hoped turned the to preparing for detailed discussions. Commissar Maxim Litvinoff confers with late this afternoon additional Monday and possibly further into next The original program contemplated after State Department had reached ficient despite of personal between the minister has found essary the Wednesday Unlikely. authoritative official said still was impossible definite time extremely doubtful will be able sail at first inwas his Government quarters indicated the Soviet negotiator expected speedier but that need before an understanding can said, however. not mean that any serious obstacles blocking progress. chats Mr. Roosevelt and the add up four hours, meetings swelled the total discussions to more 10 last night was the the longest intimate change the Chief Litvinoff For three hours, lasting until to was only other official Before the the President told newsmen would be nothing report afterward Bulthe that reiterated Litvinoff the smile the Capital has regard fixture. left the Execuwith Mr. Meet for Hour at Noon. The late was the secyesterday. At noon they met for State Department officials and then issued joint that discussions continue in normal Authoritative Litvinoff Moscow the his Hull. But no hint was dropped of Soviet toward an understanding on Secretary left today Undersecretary Phillips other assisare thoroughly the nition are being gone over at the State Department


Article from Evening Star, November 12, 1933

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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.


Article from The Washington Times, November 15, 1933

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RECEIVER GETS BANK ASSETS Cary T. Hardee, who was named receiver for the remaining assets of the Federal-American National Bank two weeks ago, has completed physical transfer of the assets, it was learned today, and has receipted for them to John Poole, former president of the bank, who has been its conservator since the holiday last March. Hardee declined to state the condition of the assets nor what the policy of the Treasury would be in the matter of stock assessments. It is believed, however, that substantial assessments eventually will be levied before dividends will be forthcoming. Hardee is expected to be named receiver also for the Chevy Chase Savings Bank. Progress in the negotiations for reopening the Industrial Savings Bank, a colored institution, was reported today by Deputy Comptroller Gibbs Lyons.


Article from Evening Star, December 12, 1933

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THREE BANKS PUSH REOPENING PLANS: ONE CHANGES NAME Franklin and Mt. Vernon Seek Approval of Waivers on Deposits. SPOKANE PLAN IS USED AT INDUSTRIAL SAVINGS Thirty-five Per Cent to Be Paid by City's Only Colored Institution. the Franklin National Bank, and the The Vernon Savings Bank today pushed rapidly forward Industrial Mount Savings with Bank plans for reopenMount Vernon, ing The Franklin and with the Washington the which will merge Savings Eank Savings to form Bank, Mechanics Mechanics Franklin their program involvnew working on of stock. were in waivers and of sale the Industrial city, Savings, the In the case colored bank in has the approved the only of the currency its prime and plan the controller for the sale new of bank to be same ora liquid assets to operated at streets, with and and U deposits building ganized at Ele of eventh 35 per cent of the from the release old institution Treasury Calls Plan Fair. the Indus of this plan for received late Approval Bank was president trial Saving by W. H C Brown, Treasury agreed It vesterday The equitable and conservati as fair and new bank with to the plan for setting up capital strucprovides different name. with 000 capital stock sold and to ture, a including $50 This will be directors $15,000 surplus stockh kholders and share, $10 of depositors, public for $13 and a $3 to surthe and which to the goes to capital best plus. bank is to under buy the well The new old bank was introin here duced known assets of Spokane the the plan organ which zaticn of the name officers Hamilton merger. such as the new remiin to decided he All details and other particulars, soon said be Conservator submit to Brown the Treasury the prcwould posed list Spokane of officers. Plan Explained. plan, the prime Savthe spokane the Industrial the and Under liquid assets will be of turned remaining over to asings Bank institution and the the benefit new liquidated for will be negosets will be loan to raise of depositors remaining A assets out to tiated on the as possible to pay toward as much cash of the old institution de their depositor 35 per cent to be paid al exact amount de mined, it is through positors The has not predicted been to be about 35 form per cent case of the Franklin was in the the hands of In a waiver the agreement officiais today in Bank great night was of officers the Treasu went over this Unless form some last- predetail last arose, it by the minute objection would be approved dicted it before night. for the deTreasury areement provides waive 35 The agreement the Franklin to into the positors per cent of of their trustees, deposits in order in cash that hands of three receive 65 per cent holding may that depositors in the they necessary deposits sign the can It 75 is per cent of waivers all the before the plan bank become effective plan to Speed Forms. the were eager to it If rached Bank offici in the mails b3 rushed to new them form late today and may it was be to mailed plan within also the printer The Franklin to stockholders, depositors a provides few days. for sale of and stock the public at entered $20 The share. Mount Vernon with Savings series of an important of union period, labor its waiver organizu nizations plan meetings to act on its de positors scheduled Mount Vernon asks order to receive 40 cent per to The waive 60 per in cent cash in when the bank of the opens. W Lees, president to get word Mount Frank from Vernon, the expected first of the union case today groups to act States Savings findings Bank of The United as the court was at a standstill final decree in Papers the had and the delayed last fact was further Treasury case prepared by the Col. Wade H been but counsel Treasury for had not yet week, and the for presentaJustice agreed Cooper to its final Jennings form Bailey in Distion to Supreme Court before Thankstrict Bailey, the day of Col. Cooper Justice dismissed the plea the Treasury giving, mandamus to force is now await for reopen the bank. findings He of fact this and is to form of the Until ing the decree withholding promulgated proposed formal Col. Cooper is expected is to be payproposa his next move, to which reopen the Beyond bank, this one a ing new deposit figure positors there 65 are per no cent details available Favor Independent Bank. Men's Associais tion, has The Central Arthur Business Clarendon S record Smith in president. of of which ablishment gone on of manage an indeat the United pendent favor bank under States new Savings Bank by preferred merchants location independent bank is bank, acAn to a branch opinion of the Mr. near cording the association to the disclosed expressed in Smith a formal But state- the ment issued by people in that area, solicited viewpoint of and U streets. is Associaby to determine Fourteenth the Central Business more Men's fully what tion. there desire Receiver people Savings Bank have At the Park announced week claims totaling John F Moran the first this is a been filed during Moran feels the de$1,250,000. Mr. response from to file substantial but he urged possible them The bank claims positors, as soon until as 5:30 p.m., at except noon. open daily it closes are but when $4,000,000 in in actual letest Saturdays is There almost the bank, shortage deposits accordliability cash in and assets exists, of more


Article from Evening Star, December 17, 1933

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S. U. BANK SAVINGS AGAIN REOPENING BE WILL PRESSED Groups, Including Several Treasury Representatives, to Seek Action. MEN CENTRAL BUSINESS ASKING RECEIVERSHIP Progress Being Made in Re-estab- Instilishing Other Closed tutions in City. the United Bank week Negotiations to reopen probably will get States way some including Savings time this representaare under Several groups, Treasury Departm the rtment, Central out tives of the for action. ociation while came pressing Association receivership reopen Business last Men's night for a is being nks-the made to openly progress closed Mount National which Meantime, three other Bank, the will unite Sav Franklin Savings Bank, Mech Mechanics Mecha Vernon washington the new industrial Sav Bank, with Bank the to form and the reopen alone, as institution Savings ings Bank which is to under the ings colored Bank. the around a new of the Industrial swings with prosof this name Controverse States Savings still the fate pects United of institution further is settled. Steps Tomorrow. to morrow court battle Further steps will to be end taken one Col. phase early Wade of of the Further morning launched by bank, who president to reopen sought the H. Cooper, to force the plan Treasury but lost... Justice the Cooper be filed by Supreme Col. under final decr Bailey must opinion in District dismissing Court can Jennings before his become final. with filed Cooper's Treasury bill Department documents proposed the The in as was Cooper's Thomas early case, the the court but court's counsel. vesterday this findings John not They agreed W. of Staggers fact have tomorrow by pre- Col and W. Bissell and will file findings of findings fact pared their own different own morning of these two will prepare and his frame Out Justice Bailey and conclusio sions Bailey's memo- Norandum day the his findings final opinion decree. Justice was handed before down Thankshad vember the 29. Treasury of Department fact the and following Cooper's giving; prepared Wednesday its findings conferences December with 6. Col. vesterday was decided held them attorneys for to until file the docuwhen the court. ment with Final Decree Awaited. could be carried it No new negotiations was said by is the made Treasury final will officials forward, until the then decree negotiations parties but when it and is. any interested be heard. made an of Col. surplus be will reopened. Cooper yesterday ble sum of offet time the advance the same of Treasury by to bank money that the but to bank would build contended would up consider at be the solvent the value if Col the Bailey, had held capri- that the Justice bank suit. placed however. arbitrary in appraisers. dismissing nor could find no the the he cious Cooper's Treasury action Department in the procedure relating of to final bank decree is made to Col. As Cooper soon of as plans Appeals the to note of the an succeed District appeal be in of the Court If negotiations can dropped. reopening Columbia. the bank the appeal Receivership Proposed. Men's Associahas taken an asking Col. Cooper The Central the bank, Business active and there renewed was interest tion in afternoon why much delay and sociation, headed so late vesterday It was this Smith, suggesting which receiver- called by Arthur ship. Clarendon at Central High School Auditorium was and of the Depositor the mass meeting Committe in October, a depositor, appointed when a headed by T S. Grape, association a appointed member Now the association headed has by Mr. Smith late new committee committee has met daily, Col. and Cooper yesterday This sent explanation the letter of to delay. asking for association has repeatedly favor- gone Our wrote Mr. Smith "as United on record. the amalgamation of the the new ing Savings Bank with you Hamilton States National newspapers Bank. Because that you have said to the to get this bank re- for were very anxious cannot see the reason opened. we in the reopening of have the same. now the delay proceedings, which months, been going disastrous to Court on for the past three the merhave been in our very vicinity and the members Associaof chants the Central Business Men's tion. "If this continued court of this action bank is pro- our longing the feel opening that the sooner the this best bank it members into receivership. this vicinity thrown the merchants of Busiwill be for members of the Central and is the Association know ness Men's the public should We believe and that the the publicity why this delay should be thrown sunlight on await- of same. Franklin National Bank of is its new ing The final approval of Mechanics' details Savings forms. plan Bank to before join the mailing new out to depositors said last sale of necessary The night Mount to be its Vernon making stock Bank and good return was progress of sellin the waivers from its depositors. Bank is new signed The Industrial Savings institution at $13 a share, ing stock but in has its no waivers in the plan.


Article from The Washington Times, December 23, 1933

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D.C. BANK GETS OPENINGO.K. Industrial Savings Bank of Washington was one of 14 banks in the United States to receive approval for reorganization plans in the 10-day period ending December 20, it was announced today by the office of the Camptroller of the Currency. It was the only nonmember institution in the group, and its frozen deposits were estimated at $578.000, and unrestricted, $44,000. Twenty-four national banks were licensed and opened during the period. Twenty-three of these, with $28,060,000 frozen deposits of two national banks in receivership. The First National Banks of Honaker and Onancock, Va., and the First National of West Union, W. Va., are among those granted licenses. The Farmers and Merchants National Bank of Cambridge, Md., was in the group whose reorganization plans were approved. As a result of this action, there are now only 13 national banks in the country which do not have either an approved or a disapproved reorganization plan.


Article from Evening Star, January 14, 1934

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Second Bank Consolidation Virtually Assured by Action. WAIVER OF 35 PER CENT OF FUNDS TO BE ASKED Mt. Vernon Savings Disposes of All Quota of Stock Required for New Institution. Paving the way for release of 65 per cent of deposits from the Franklin National Bank, amounting to about $2.000.000, Controller of the Currency F. T. O'Connor late yesterday signed the official plan for reopening the Franklin Bank as a member of the Mechanics-Franklin Savings Bank merger This vital action virtually assures the formation of the second bank merger to result out of the 13 District of Columbia banks which were unlicensed at the close of the President's banking holiday in March. The first merger, formed from seven unlicensed banks built up the new Hamilton National Bank, which has been operating with it steadily increased success since opened in September and which now has deposits of more than $9,000 000 This second merger is built around the Washington Mechanics Bank, which never was closed except during the banking holiday along with every bank in the country. and which, has been operating always on a 100 per cent basis. The first unit to join the second merger was the Mount Vernon Savings Bank. which now has sold all of its quota of stock in the new merger and has also received from depositors the required 75 per cent of waivers necessary toward reopening Forms Nearly Complete. The Franklin National Bank. under terms of the plan formally approved now by the controller, will ask its depositors to waive 35 per cent of their deposits in order to restore the bank to solvency Acceptable assets of the Franklin Bank will be sold to the Mechanics, in order to make available 65 per cent of the depositors' money when the Franklin reopens as a part of the merger The necessary forms for this waiver were virtually completed last night by experts at the Treasury Department and it is expected that they will be turned over to the bank tomorrow or Tuesday to be printed. The bank will then rush these in the mails to depositors. It will be necessary to receive waivers from depositors holding 75 per cent of the total deposits of the Franklin Bank before the plan can become effective. Much of the success of the plan therefore will depend now upon the depositors themselves and the speed with which they return to the bank the necessary waivers The Franklin Bank also will launch a campaign to sell stock in the new merger to build up the capital structure by $100,000. It is believed that this stock will sell for the same price at which it was offered by the Mount Vernon, $20 a share, half of which goes to par value and half to surplus. Lee to Be Vice President. It is understood that John B. Cochran, president of the Franklin Bank, is to be chairman of the board of the merger, while Thomas P. Hickman, vice president of the Franklin, will be vice president of the merger and will be in charge of the branch at the old Franklin location, at Tenth street and Pennsylvania avenue The Mount Vernon Savings Bank brings to the merger Frank W. Lee president of the Mount Vernon, who is to be a vice president of the merger Depositors of the Mount Vernon have waived 60 per cent in order to receive 40 per cent when the bank opens. This is expected to release about $800, 000 in deposits. The two mergers thus provide for reopening 9 out of the 13 unlicensed banks. One of the others, the Chevy Chase Savings Bank, became a branch of Riggs National Bank. The Industrial Savings Bank colored institution, is now selling stock in a plan to reopen alone as the Industrial Bank The Park Savings Bank where there is an estimated shortage of about $2. 250,000 is still in litigation with a date set yesterday, for January 25 when the District Supreme Court will hear both the equity and law suits brought by the Depositors Committee in an effort to establish the liability of directors and to collect from them as much as possible of the loss. The equity and law suits in this bank had been filed separately but have now been set down for simultaneous hearing. Conservator Remains. The status of the United States Savings Bank is still very uncertain. Col. Wade H. Cooper, president, has appealed from an adverse decision of the District Supreme Court which had denied him a writ of mandamus to force the Treasury to reopen the bank on a Cooper plan. which had been rejected by the Treasury Department Cooper reopened negotiations to get the bank open by itself, outside of a merger, and offered to advance certain money to rebuild the surplus of the bank. But these negotiations have not vet reached a successful conclusion. The bank still is in the hands of its a conservator, Wilbur H. Zepp, who is Treasury representative. Meantime. Col. Cooper has been indicted by the Federal grand jury on charges of misapplying funds in the Commercial National Bank, of which he was president and which now is in the hands of a receiver. Cooper charges the indictment was a "frameup" on the part of Treasury officials. What will happen to the United States Savings Bank is a question of vital interest to more than 14,000 depositors, but the prospect of reopening this bank is still uncertain.


Article from Evening Star, February 13, 1934

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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.


Article from Evening Star, April 1, 1934

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dating assets, it is generally admitted that there will be considerable losses, whereas under the McLeod bill, a slow orderly liquidation extending over a period of 10 years would, it is believed by the best authorities, eliminate any possibility of loss." Expanded to State Banks. The McLeod bill provides for payment to depositors of 100 per cent on their deposits, in the case of certain specified banks. The bill first included national banks, then was expanded to State banks which were members of the Federal Reserve system, and now is proposed to include also banks which borrowed from the R. F. C. Col. Cooper has been the center of prolonged litigation since he started the fight which kept the United States Savings Bank from joining the proposed Hamilton merger. At present, Col. Cooper is under an indictment growing out of his presidency of the now insolvent Commercial National Bank. Another Cooper case involving the United States Savings Bank is now pending before the Court of Appeals. in which he still is endeavoring. after a decision against him in District Supreme Court. to force the Treasury to reopen the bank. This bank is now one of the 15 banks in this city in the hands of a receiver, and is one of those understood to be under consideration for a 100 per cent stock assessment. Meantime, the complex case of the Park Savings Bank. still is pending in District Supreme Court before Justice Jesse C. Adkins. In that case. the Treasury Department's receiver, John F. Moran. has joined with the depositors committee in an attempt to sue directors for the complete losses in the bank, exceeding $2,500,000. According to reports from the reorganization committee of the Industrial Savings Bank, colored institution, the campaign to raise the $65,000 required capitalization for the new Industrial Bank will be completed during the coming week. More than 95 per cent of the stock has now been sold and plans for the reopening are being worked out.


Article from Evening Star, April 25, 1934

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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


Article from The Afro-American, September 29, 1934

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Industrial Qualifies as Federal Depository Industrial Bank Streets, northwest has now qualified as Federal depository, Walter Carter, cashier, anthis week With this new which shows the that the Federal government has in the bank, the Industrial now carry part of the Postal Savings for the government. of confidence. Mr. result the bank' the Federal Insurance Corwhich insures the counts of each depositor up to $5,000. Deposits Boosted Because the bank to be many deposits from individuals and busifirms. also been announced that the bank has approved by Federal for Home Improvement loans, the Presithe improvement of their O'Connor, white. comptroller of the currency, appointed Brown, former president of the Industrial Savings receiver that bank. order to liquidate remaining dividends may be paid to the depositors.


Article from Evening Star, July 12, 1935

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# LEGAL NOTICES. Harry W. Blair, Assistant Attorney General; Henry H. Glassie, Special Assistant to the Attorney General; Leslie C. Garnett, United States Attorney; Alex. H. Bell. Jr., Special Assistant United States Attorney- IN THE SUPREME COURT OF THE DISTRICT OF COLUMBIA. HOLDING A SPECIAL TERM AS A DISTRICT COURT OF THE UNITED STATES. In the matter of the acquisition of all privately owned land in Squares 598, 599, 650, 652 and 654 in the City of Washington, District of Columbia. Filed June 24, 1935. Frank E. Cunningham, Clerk. - District Court Docket No. 2347.- ORDER OF CITATION.-Upon consideration of the petition of the United States of America filed herein on the 22nd day of June, 1935, by Leslie C. Garnett, United States Attorney for the District of Columbia, acting under the instructions of the Attorney General of the United States and at the request of the Federal Emergency Administration of Public Works, seeking the condemnation of the following described lands in the City of Washington, District of Columbia: All privately owned lands in Squares 598, 599, 650, 652 and 654 in the City of Washington, District of Columbia, including all private right, title, interest and estate, if any, in and to the public and private alleys in said squares, for the public use, that is to say, as a site for a low cost housing and slum clearance project known as the War College Project, being Project No. 1704 of the Housing Division of said Public Works Administration: It is this 24th day of June, A.D. 1935. ORDERED THAT the following named persons: Floyd Adams, 1230 Howison Place, Southwest; Herminia H. Aiken, 800 H Street, Northwest; J. B. Aiken, 909 Quackenbos Street, Northwest; Benjamin Allen, 1301 First Street, Southwest; John O. Allen, surviving trustee, 1416 F Street, Northwest; American Security and Trust Company, trustee under the will of Alice Slater Kehoe, 15th and New York Avenue, Northwest; American Security and Trust Company, trustee under the will of Mattie R. Slater, 15th and New York Avenue, Northwest: Laura Anderson, c/o Lloyd R. Turner, 600 Seventh Street, Southwest; Pearl Anderson, 1214 Canal Street, Southwest; Charles A. Appleby, trustee, 917 Fifteenth Street, Northwest; Arms and Drury, Incorporated, a Delaware Corporation, 1710 I Street Northwest: W. Spencer Armstrong, trustee, 503 E Street, Northwest: Annie Aronsohn, 1387 Quincy Street, Northwest; Frank Audrey, 1310 Canal Street, Southwest; Walter B. Avery, 632 G Street, Northwest: Moses Baicy, 137 P Street, Southwest: Lena Bailey, 1234 First Street, Southwest: Cornelius Ball, 1335 First Street, Southwest: William McC. Bailey, 1218 Howison Place, Southwest: William Ball, trustee, Rehoboth Baptist Church, 1324 First Street, Southwest: Bankers Consolidated Corporation, 1518 K Street, Northwest; James Banks, 73 N Street, Southwest; Stafford Banks, 327 F Street, Southwest; Jerome F. Barnard, trustee, 1422 F Street, Northwest: Joseph Barnes, 1342 First Street, Southwest; Len Barnes, 1310 First Street, Southwest: Lillian M. Barry, 1425 Euclid Street, Northwest: Louis Barton, 1419 Half Street, Southwest; Bearing Sales Company, 1907 Fourteenth Street, Northwest; Charles Beavers, 346 N Street, Southwest; James J. Becker, trustee, 503 E Street, Northwest: Clarence L. Belcher, 1260 Howison Place, Southwest: Andrew Belt, 1375 First Street, Southwest; Frances Belt, 1327 Half Street, Southwest: Rigel O. Belt, trustee, Union Trust Building; Joseph Berger, 1381 First Street, Southwest; Hermann H Bergmann, trustee, 629 F Street, Northwest: Melvin F. Bergmann, trustee, 511 Seventh Street, Northwest; Hezekiah Berryman, 322 K Street, Southwest: Josephine Berryman, 712 Second Street, Southwest: Samuel Berryman, 712 Second Street, Southwest: Samuel Blacher, 923 H Street, Northeast: Fred Blackwell, trustee, Rehoboth Baptist Church, 1324 First Street, Southwest; Fred Blackwell, 1204 Canal Street, Southwest: Frederick B. Blackwell, 1217 Half Street, Southwest: Thomas Blair, 1260 Howison Place, Southwest; A Blitz, trustee, 800 V Street, Northwest; E. Blitz, trustee, 800 V Street, Northwest; Leonard A. Block, Woodward Building; Theodore Block, surviving trustee, Woodward Building: Frank Boonis, 1345 Half Street, Southwest: Daniel Booth, 1325 First Street, Southwest: Basil D. Boteler, 1515 Thirty-first Street, Northwest; Estelle Bowley, 1235 Half Street, Southwest: Clara G. Brewer, 2814 Cathedral Avenue, Northwest; Lula F. Bride, 4763 Indian Lane, Northwest: Noel C. Bride, infant, 4763 Indian Lane, Northwest; William W Bride, 3700 Massachusetts Avenue, Northwest: Edward Bristol, 1355 First Street, Southwest: Mike Britto, 1238 Howison Place, Southwest; Charles Brooks, 1215 Half Street, Southwest; Lizzie Brooks, 1215 Half Street, Southwest; Irene Brown, 72 N Street, Southwest; Irene Brown, 1308 Canal Street, Southwest; Isaac Brown, 72 N Street, Southwest: James Brown, 1244 First Street, Southwest: Horace Brown, 1219 Half Street, Southwest: John W. Brown, 1323 First Street, Southwest: Thomas P. Brown, 615 Fourth Street, Southwest; William H. C. Brown, Conservator and Receiver of Industrial Savings Bank, 11th and U Streets, Northwest: Clarence Bundy, 84 M Street, Southwest: John Burgess, 1215 Howison Place, Southwest: James Burgess, 1206 Canal Street, Southwest: Joe Burr, 1224 Canal Street, Southwest; Benjamin Butler, 1344 First Street, Southwest: John Butler, 1229 Howison Place, Southwest: Edmund D. Campbell, trustee, 822-830 Southern Building: Frederick Campbell, 1422 First Street, Southwest: Agatha Carpenter, 1264 Howison Place, Southwest: Albert G. Carter, infant, 1228 Third Street, Southwest: Alfred Carter, trustee, Rehoboth Baptist Church, 1324 First Street, Southwest: Benjamin Carter, 1228 Third Street, Southwest: Delta Carter, 1228 Third Street, Southwest; Isaiah Carter, 1228 Third Street, Southwest: James Carter, 1228 Third Street, Southwest: Mabel Ardella Carter, infant, 1228 Third Street, Southwest: Margaret L. Carter, as guardian of Naomi, Ruth, Albert G. and Mabel Ardella Carter, 1228 Third Street, Southwest; Naomi Carter, infant, 1228 Third Street, Southwest: Ruth Carter, infant, 1228 Third Street, Southwest: Samuel Carter, 1228 Third Street, Southwest; Eugene Carusi, trustee, 1755 Fifteenth Street, Northwest: Joseph E. Casey, 3541 Eleventh Street, Northwest: Henry W. Cattell, 1120 New Jersey Avenue, Southeast: C. Chester Caz


Article from Evening Star, July 17, 1935

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INDUSTRIAL SAVINGS ASSETS ARE $308,500 35 Per Cent Dividends Already Paid to Depositors, Report Reveals. The Industrial Savings Bank, which was closed March 5, 1933, has paid to depositors 35 per cent dividends, amounting to $190,719.42, but still had, on June 30, remaining assets estimated at $308,548.43, according to the quarterly report of the receiver, W. H. C. Brown. The total deposit liability of the bank was $597,268.65 at the time of the bank's suspension. Money borrowed from the Reconstruction Finance Corporation on assets of the bank, to enable it to pay a dividend to depositors, totaled $71,146.96, of which $24,499.58 has been repaid.


Article from Evening Star, July 18, 1935

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PROGRESS NOTED IN CLOSED BANKS Some Capital Institutions Have Paid as High as 85 Per Cent. BY EDWARD C. STONE. to A summary of the reports made the Controller of the Currency since the bank call of June 29, shows that very substantial progress is being made toward liquidating the closed institutions in Washington and that several of these banks are not a great distance from being able to pay off in full. except deductions for the cost of receiverships. Some banks in the city have already paid as high as 85 per cent in dividends to depositors. In the past two days payment of an additional 12 1/2 per cent dividend to former depositors in the Potomac Savings Bank has got good start in the banking quarters at 1406 G street, Receiver Norman R. Hamilton reports. The amount to be paid at this time is $253,767 to more than 8,000 depositors. Receiver Hamilton sends out postal cards to depositors who hold proven claims, informing them when to come to the bank for their money About 1,000 day are mailed. This method prevents more depositors visiting the bank than can be handled satisfactorily Depositors take the notices with them to the bank, also their conservator's certificate. Both these ocumens are required before they are paid their money The present dividend means return so far of 62 1/2 per cent to patrons The Potomac Savings Bank was located at Wisconsin avenue and M street, Georgetown, the bank now being a unit of the Hamilton Na tional The original bank held a Virginia charter Virginia has no double liability law so there have been no stock assessments. Percentages Already Paid. Receiver Norman R. Hamilton has already paid 85 per cent to depositora in the old Northeast Savings Bank The same receiver has paid out 80 per cent for the Washington Savings Bank, and 50 per cent to District depositors National Receiver Carter B Keene has paid 65 per cent to United States Savings Bank patrons. Robert C. Baldwin has distributed 50 per cent to Commercial National depositors while Frederick J Young has passed along 31 per cent to clients in the old International Exchange Bank at Fifth and H streets. So far W. H. C Brown has turned over 35 per cent to depositors in the Industrial Savings Bank Receiver John F Moran has been able to pay but 20 per cent to date to the Park Savings Bank customers. while the same receiver has paid out 25 per cent to North Capitol Savings Bank patrons Collections in these two instances have been especially difficult The Departmental Bank, John F. Moran receiver, has made a brilliant showing, 80 per cent having already been returned to depositors, Receiver Walker of the Chevy Chase Savings Bank has distributed 60 per cent. Payments to depositors in other banks might also be cited. But these are sufficient to reveal the real progress being made and the aggregate percentage already distributed. With market conditions improving in securities, remaining assets in these banks are also increasing slowly Important Dividends Voted. Directors of the Potomac Electric Power Co. have declared the regular quarterly dividend of $1.50 per share on the 6 per cent preferred stock payable September 1 to stockholders of record on August 15. The directors have also voted the regular quarterly dividend of $1.37 1/2 per share on the 51/2 per cent preferr stock, also payable on September to shareholders of record August 15. Directors of the Washington Railway & Electric Co have declared the regular quarterly dividend of $3 a share on the corporation's common stock and the regular quarterly payment of $1.25 a share on the preferred stock, both to be disbursed September 1 to stock of record August 15. At the regular meeting of the board of Lincoln Service Corp., industrial bankers, the directors declared the regular semi-annual dividend of 31/2 per cent on the preferred stock of the corporation, payable August 1 to stockholders of record June 30. The company reports an increase in income of 32 per cent over the last half of 1934 and an increase of 89 per cent over the first six months' period of 1934. Charles Delmar, president. said today. Committee Work Combined. The Committee on Public Relations of the New York Stock Exchange has accepted the recent offer of the Association of Stock Exchange Firms to take over the work of the Correspondence Committee of the association. L. E. Seaber, who has served as secretary to the Correspondence Committee, will join the staff of the exchange. The committee was formed in September of 1934 to establish direct of means with contact the out-of-town member firms of the exchange. Representatives to a National Advisory Council. consisting of partners and branch office managers of stock exchange firms. were appointed in 140 of the larger cities throughout the country. Demand Lively for Bonds. An extra heavy demand for bonds featured today's session of the Washington stock market. Washington Gas 6s, series B, came out at 1021/2 and 103 for baby bonds. Three transactions in Capital Traction 5s were recorded at the strong price of 99. Washington Gas Light 5s. 1960. were again strong, $1,000 selling at 1181/2 The day's final bond sales were in City and Suburban 5s, two $1,000 transfers being registered at 901/4, an advance from 88 1/2. Bank stock trading absorbed inter est in that division. National Bank of Washington stock sold at 1041/2 for five shares, while 30 shares of National Savings Trust appeared on the