2037. Industrial Savings Bank (Washington, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
September 30, 1941
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
e2ad9fb7

Response Measures

None

Description

The articles document that Industrial Savings Bank was in receivership (receiver Frederick J. Young, later Harry J. Hall) and that remaining assets were being sold; no article describes a depositor run. The closure appears to be by regulatory/government action (receiver appointed and assets sold), so classify as suspension leading to permanent closure. Dates taken from court filings and receiver notices in the newspaper (Sept–Nov 1941).

Events (4)
1. September 30, 1941 Receivership
Newspaper Excerpt
Frederick J. Young, receiver of the Industrial Savings Bank of Washington. D. C.; Receiver's Notice of Sale ... pursuant to authority of the Comptroller of the Currency ... as Receiver of Industrial Savings Bank of Washington. D. C.; Harry J. Hall, Receiver of the Industrial Savings Bank (later filings).
Source
newspapers
2. September 30, 1941 Suspension
Cause
Government Action
Cause Details
Receiver (Frederick J. Young) was appointed and petition filed in federal court; bank placed in receivership under Comptroller authority.
Newspaper Excerpt
petition herein having been filed jointly on the the 30th day of September. 1941. by Frederick J. Young. receiver of the Industrial Savings Bank of Washington. D. C.
Source
newspapers
3. October 27, 1941 Other
Newspaper Excerpt
will offer at public sale to the highest bidder or bidders for cash, at 1336 New York Avenue Northwest on October 27, 1941, at 10 o'clock A.M. the remaining assets of the said Industrial Savings Bank of Washington. D. C.
Source
newspapers
4. November 18, 1941 Other
Newspaper Excerpt
ORDERED that Harry J. Hall, Receiver of the Industrial Savings Bank, be and he is hereby authorized to transfer and assign the remaining assets of said Bank ... to Meyer Steinberg and L. Grauman ... accept the sum of SIX HUNDRED SEVENTY-FIVE ($675.00) DOLLARS cash.
Source
newspapers

Newspaper Articles (9)
1. October 2, 1941 Evening Star Washington, DC
Article from Evening Star, October 2, 1941

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Article Text

H. DONALD KISTLER, Attorney for Prudential. THOMAS X. DUNN. Attorney for Industrial. Tower Building. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In re: INDUSTRIAL SAVINGS BANK, PRUDENTIAL BANK.-Special No. 39. Miscellaneous No. 12.-ORDER NISI FOR AUTHORITY TO COMPROMISE CLAIMS. DISMISS LITIGATION AND CONVEY ASSETS.-Petition herein having been filed jointly on the the 30th day of September. 1941. by Frederick J. Young. receiver of the Industrial Savings Bank of Washington. D. C., and John F. Moran, receiver of the Prudential Bank of Washington, D. C., for authority to compromise claims. dismiss litigation and convey assets, an offer of not less than $15,350.00 cash having been made to said receivers on behalf of certain stockholders and certain former directors of said Prudential Bank in full compromise settlement of all claims by the receiver of the Prudential Bank against said stockholders and by the receiver of the Industrial Savings Bank against said directors and of all claims between said Banks and their respective receiverships. it is by the court this 30th day of September. 1941. ORDERED: 1. That Frederick J. Young be and he is hereby authorized to dismiss with prejudice the actions as shown in Paragraph 7 against those former directors of the Prudential Bank who signed a $50,000 indemnity bond and to release them and all persons who signed said bond from any and all liability upon such bond That Frederick J. Young, receiver of the Industrial. be and he is hereby authorized to accept from the receiver of the Prudential an unconditional assignment of all of the remaining assets of the Prudential Bank and such balance of cash as many remain in the hands of the receiver of the Prudential in full settlement of the Industrial's claims against Prudential and the receivership thereof. and: 3. That John F. Moran. receiver of the Prudential, be and he is hereby authorized to dismiss with prejudice the suits now pending upon the stock assessment and to release all claims that he may have against the Prudential stockholders as such, and: 4. That John F. Moran. receiver of the Prudential Bank. be and he is hereby authorized to convey title to the Industrial receivership without recourse or warranty of any kind or character of all the remaining assets of the Prudential. and to deliver to the receiver of the Industrial any cash remaining in the Prudential receivership after providing for expenses and for the return of $2.725 to stockholders in full settlement of the claims of the Industrial Bank and the receiver thereof against the Prudential Bank and its receivership. IT IS FURTHER ORDERED that said compromise settlement be ratified and confirmed. unless cause be shown to the contrary or objections made by any interested party on or before the 8th day of October. 1941. provided. however. that a copy of this order shall be published once in the Washington Law Reporter and at least two times prior to the above-mentioned date in The Washington Evening Star O. R. LUHRING. Justice (Seal.) A true copy. Test: CHARLFS E STEWART Clerk, by ANDREW A. HORNER. Asst. Clerk. oc2.6.

2. October 6, 1941 Evening Star Washington, DC
Article from Evening Star, October 6, 1941

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Article Text

H. DONALD KISTLER. Attorney for Prudential. THOMAS X. DUNN. Attorney for Industrial. Tower Building. IN THE DISTRICT COURT OF THE United States for the District of Columbia In re: INDUSTRIAL SAVINGS BANK PRUDENTIAL BANK.-Special No. 39. Miscellaneous No. 112.-ORDER - NISI FOR AUTHORITY TO COMPROMISE CLAIMS. DISMISS LITIGATION AND CONVEY ASSETS.-Petition herein having been filed jointly on the the 30th day of September 1941. by Frederick J. Young. receiver of the Industrial Savings Bank of Washington, D. C.. and John F. Moran, receiver of the Prudential Bank of Washington. D. C., for authority to compromise claims dismiss litigation and convey assets, an offer of not less than $15,350.00 cash having been made to said receivers on behalf of certain stockholders and certain former directors of said Prudential Bank in full compromise settlement of all claims by the receiver of the Prudential Bank against said stockholders and by the receiver of the Industrial Savings Bank against said directors and of all claims between said Banks and their respective receiverships. it is by the court this 30th day of September. 1941. ORDERED: 1. That Frederick J. Young be and he is hereby authorized to dismiss with prejudice the actions as shown in Paragraph 7 against those former directors of the Prudential Bank who signed a $50.000 indemnity bond and to release them and all persons who signed said bond from any and all liability upon such bond. 2. That Frederick J. Young. receiver of the Industrial. be and he is hereby authorized to accept from the receiver of the Prudential an unconditional assignment of all of the remaining assets of the Prudential Bank and such balance of cash as many remain in the hands of the receiver of the Prudential in full settlement of the Industrial's claims against Prudential and the receivership thereof. and: 3. That John F. Moran. receiver of the Prudential. be and he is hereby authorized to dismiss with prejudice the suits now pending upon the stock assessment and to release all claims that he may have against the Prudential stockholders as such. and: 4. That John F. Moran. receiver of the Prudential Bank. be and he is hereby authorized to convey title to the Industrial receivership without recourse or warranty of any kind or character of all the remaining assets of the Prudential. and to deliver to the receiver of the Industrial any cash remaining in the Prudential receivership after providing for expenses and for the return of $2.725 to stockholders in full settlement of the claims of the Industrial Bank and the receiver thereof against the Prudential Bank and its receivership. IT IS FURTHER ORDERED that said compromise settlement be ratified and confirmed. unless cause be shown to the contrary or objections made by any interested party on or before the 8th day of October, 1941. provided. however. that a copy of this order shall be published once in the Washington Law Reporter and at least two times prior to the above-mentioned date in The Washington Evening Star O. R. LUHRING, Justice (Seal.) A true copy. Test: CHARLES E STEWART Clerk. by ANDREW A. MORNER. Asst. Clerk. oc2,6.

3. October 10, 1941 Evening Star Washington, DC
Article from Evening Star, October 10, 1941

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Article Text

SPECIAL NOTICES. I WILL NOT BE RISPONSIBLE FOR ANY debts other than those contracted by myself. DOCK TOY, 918 New York ave. n.w. ON AND AFTER THIS DATE I WILL NOT be responsible for any debts unless incurred by myself EDWARD CAYGILL, 12* 3915 9th st. n.e., Wash. D. C. I WILL NOT BE RESPONSIBLE FOR ANY debts incurred by any one other than myself. R. DOUGLAS ROSS, 4015 4th st. n.w. 11* I WILL NOT BE RESPONSIBLE FOR debts contracted other than those by myself. MRS. LOUISE ENGEL, 1107 Mass. ave. n.w. 11* I WILL NOT BE RESPONSIBLE FOR debts contracted other than those by myself. LOUIS ENGEL, Jr., 1107 Mass. ave. n.w. 11* I WILL NOT BE RESPONSIBLE FOR ANY debts incurred by any one other than myself. WILLIAM MASKE Hillside. Md. 10* RECEIVER'S NOTICE OF SALE. To Whom It May Concern: Pursuant to authority of the Comptroller of the Currency of the United States, the undersigned, Mr Frederick J. Young. as Receiver of Industrial Savings Bank of Washington. D. C., will offer at public sale to the highest bidder or bidders for cash, at 1336 New York Avenue Northwest on October 27, 1941, at 10 o'clock A.M. the remaining assets of the said Industrial Savings Bank of Washington. D. C., consisting of bills receivable. judgements. overdrafts. and other choses in action and chattels less such items as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the remaining assets so offered for sale may be inspected by prospective purchasers at 1336 New York Avenue Northwest, the office of the Receiver of Industrial Savings Bank of Washington. D. C., on all business days up to and including the date of the said sale between the hours of 9 A.M. and 4 P.M. According to law. said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States and subject to confirmation by a court of record of competent jurisdiction (Signed) FREDERICK J. YOUNG. Receiver Industrial Savings Bank of Washington. D. C. oc10.17.24 FREE DUMPING. Dirt. brickbats. cinders. concrete. rock, ashes at 3100 blk. Bladensburg rd n.e.

4. October 17, 1941 Evening Star Washington, DC
Article from Evening Star, October 17, 1941

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Article Text

SPECIAL NOTICES. RECEIVER'S NOTICE OF SALE. To Whom It May Concern: Pursuant to authority of the Comptroller of the Currency of the United States. the undersigned. Mr. Frederick J. Young. as Receiver of Industrial Savings Bank of Washington, D. C.. will offer at public sale to the highest bidder or bidders for cash. at 1336 New York Avenue Northwest on October 27, 1941, at 10 o'clock A.M the remaining assets of the said Industrial Savings Bank of Washington, D. C., consisting of bills receivable. judgements, overdrafts. and other choses in action and chattels less such items as may be paid or otherwise disposed of prior to the said date of sale herein mentioned A descriptive list of the remaining assets so offered for sale may be inspected by prospective purchasers at 1336 New York Avenue Northwest. the office of the Receiver of Industrial Savings Bank of Washington. D. C. on all business days up to and including the date of the said sale between the hours of 9 A.M. and 4 P.M. According to law, said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States and subject to confirmation by a court of record of competent jurisdiction (Signed) FREDERICK J. YOUNG. Receiver. Industrial Savings Bank of Washington. D. C. oc10,17.24

5. October 22, 1941 Evening Star Washington, DC
Article from Evening Star, October 22, 1941

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Frederick J. Young, Bank Receiver, Dies Frederick J. Young. about 60. receiver for four Washington banks and a well known financial figure here, died suddenly this afternoon, apparently of a heart attack. at his home. 322 East-West highway. Chevy Chase, Md. He left his office at 1336 New York avenue N.W. around noon, complaining of feeling ill. His wife, Mrs. Bertha Rowell Young. was with him. Members of the household said he had been under treatment for a heart ailment for some time. Mr. Young was appointed receiver for the Federal American National Bank & Trust Co., the Commercial National Bank. the Industrial Savings Bank and the United States Savings Bank here. Mr. Young was born in Troy. N. Y. His family later moved to Milford, N. H. where, upon completion of a military school course. he became connected with the Republican Leader. a newspaper. He later acted as receiver for the International Exchange Bank and the United States Savings Bank. He was secretary to the late Representative Wassen of New Hampshire, until 1932.

6. October 24, 1941 Evening Star Washington, DC
Article from Evening Star, October 24, 1941

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SPECIAL NOTICES. I WILL NOT BE RESPONSIBLE FOR any bills other than those contracted by me in person. ROBERT H. MALLORY, 1165 Neal st. n.e. I WILL NOT BE RESPONSIBLE FOR ANY debts contracted by any one other than myself. CHARLES MILLER REED, 429 7th St s.e. 26* AUDITS. TAX SERVICE. SYSTEMS, BOOKS opened and kept; monthly service: reasonable rates. Phone Wisconsin 6422 24* I WILL NOT BE RESPONSIBLE FOR ANY debts other than those contracted by myself. PAUL A JACKSON Jr., 727 7th st. s.e. 24* I WILL NOT BE RESPONSIBLE FOR ANY debts other than those contracted by myself. HARRY P. E. GALENTINE, Powder 24* Mill rd., Berwyn, Md. RECEIVER'S NOTICE OF SALE. To Whom It May Concern: Pursuant to authority of the Comptroller of the Currency of the United States. the undersigned. Mr. Frederick J. Young. as Receiver of Industrial Savings Bank of Washington, D. C., will offer at public sale to the highest bidder or bidders for cash, at 1336 New York Avenue Northwest on October 27, 1941, at 10 o'clock A.M the remaining assets of the said Industrial Savings Bank of Washington. D. C., consisting of bills receivable. judgements. overdrafts, and other choses in action and chattels less such items as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the remaining assets so offered for sale may be inspected by prospective purchasers at 1336 New York Avenue Northwest. the office of the Receiver of Industrial Savings Bank of Washington. D. C. on all business days up to and including the date of the said sale between the hours of 9 A.M. and 4 P.M. According to law, said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character, and subject to the approval of the Comptroller of the Currency of the United States and subject to confirmation by a court of record of competent jurisdiction. (Signed) FREDERICK J. YOUNG. Receiver. Industrial Savings Bank of Washington. D. e. ee10.17.24

7. November 22, 1941 Evening Star Washington, DC
Article from Evening Star, November 22, 1941

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LEGAL NOTICES. THOMAS X. DUNN. Atty. for Industrial Savings, Tower Bids. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In re: RECEIVERSHIP OF INDUSTRIAL SAVINGS BANK.-Special No. 39. ORDER NISI FOR SALE OF REMAINING ASSETS.-Upon consideration of the petition of Harry J. Hall, Receiver of the Industrial Savings Bank filed herein it is by the Court this 18th day of November. 1941. ORDERED. that Harry J. Hall. Receiver of the Industrial Savings Bank, be and he is hereby authorized to transfer and assign the remaining assets of said Bank to Meyer Steinberg and L. Grauman. said list of assets being attached hereto and made part hereof: and that he as Receiver be authorized to accept the sum of SIX HUNDRED SEVENTY-FIVE ($675.00) DOLLARS cash. from said purchasers, said sale to be made without recourse or warranty of any kind or character. and that said sale be ratified and confirmed. unless cause be shown to the contrary or a higher offer for said assets acceptable to the Court be made on or before the 1st day of December. 1941, at 10 o'clock A.M. at which time any higher offers that may be submitted will be considered and objections. if any to said sale will be heard, provided. however. that a copy of this orier nisi be published in The Evening Star newspaper at least three times and once in the Washington Law Reporter prior to the said 1st day of December, 1941. DAVID A. PINE. Justice. (Seal.) A True Copy. Test: CHARLES E. STEWART. Clerk. By ANDREW A. HORNER. Asst. no22.25.29 Clerk. HARRY J. KANE. Jr., 503 E St. N.W.,

8. November 25, 1941 Evening Star Washington, DC
Article from Evening Star, November 25, 1941

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OFFICES WANTED. WANTED TO RENT-FOR TEAROOM. 3 or 4 rooms in office building on or near E. F or G sts. nr. 10th. Box 28-A, Star. 29* : LEGAL NOTICES. THOMAS X. DUNN. Atty. for Industrial Savings, Tower Bldg. : IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In re: RECEIVERSHIP OF INDUSTRIAL SAVINGS BANK.-Special No. 39. ORDER NISI FOR SALE OF REMAINING ASSETS.-Upon - consideration of the petition of Harry J. Hall. Receiver of the Industrial Savings Bank filed herein it is by the Court this 18th day of November, 1941, ORDERED. that Harry J. Hall. Receiver of the Industrial Savings Bank, be and he is hereby authorized to transfer and assign the remaining assets of said Bank to Meyer Steinberg and L. Grauman, said list of assets being attached hereto and made part hereof; and that he as Receiver be authorized to accept the sum of SIX HUNDRED SEVENTY-FIVE ($675.00) DOLLARS cash. from said purchasers. said sale to be made without recourse or warranty of any kind or character. and that said sale be ratified and confirmed. unless cause be shown to the contrary or a higher offer for said assets acceptable to the Court be made on or before the 1st day of December. 1941, at 10 o'clock A.M. at which time any higher offers that may be submitted will be considered and objections, if any to said sale will be heard, provided. however, that a copy of this order nisi be published in The Evening Star newspaper at least three times and once in the Washington Law Reporter prior to the said 1st day of December, 1941. DAVID A. PINE. Justice (Seal.) A True Copy. Test: CHARLES E. STEWART. Clerk. By ANDREW A. HORNER Asst. Clerk. no2 25.29.

9. November 29, 1941 Evening Star Washington, DC
Article from Evening Star, November 29, 1941

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THOMAS X. DUNN. Atty. for Industrial Savings, Tower Bldg. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In re: RECEIVERSHIP OF INDUSTRIAL SAVINGS BANK - Special No. 39. ORDER NISI FOR SALE OF REMAINING ASSETS - Upon consideration of the petition of Harry J. Hall, Receiver of the Industrial Savings Bank filed herein it is by the Court this 18th day of November. 1941. ORDERED. that Harry J. Hall. Receiver of the Industrial Savings Bank, be and he is hereby authorized to transfer and assign the remaining assets of said Bank to Meyer Steinberg and L. Grauman. said list of assets being attached hereto and made part hereof: and that he as Receiver be authorized to accept the sum of SIX HUNDRED SEVENTY-FIVE ($675.00) DOLLARS cash. from said purchasers, said sale to be made without recourse or warranty of any kind or character. and that said sale be ratified and confirmed. unless cause be shown to the contrary or a higher offer for said assets acceptable to the Court be made on or before the 1st day of December. 1941. at 10 clock A.M., at which time any higher offers that may be submitted will be considered and objections. if any to said sale will be heard, provided, however. that a copy of this order nisi be published in The Evening Star newspaper at least three times and once in the Washington Law Reporter prior to the said 1st day of December, 1941 DAVID A. PINE. Justice (Seal.) A True Copy. Test: CHARLES E. STEWART, Clerk. By ANDREW A. HORNER. Asst. Clerk. no22.25.29.