2040. International Exchange Bank (Washington, DC)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 14, 1932
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: e50ff8e6

Response Measures

None

Description

The International Exchange Bank was closed by the Comptroller of the Currency on July 14, 1932 for insolvency and placed in receivership. There is no clear article describing a depositor 'run' specifically on this bank; other contemporaneous runs occurred at Prudential and other local banks. The bank remained closed and in receivership, paying dividends to depositors over 1933-1934.

Events (6)

1. July 14, 1932 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed by order of the Comptroller of the Currency on July 14, 1932 due to insolvency.
Newspaper Excerpt: The North Capitol Savings Bank, the International Exchange Bank closed yesterday...
Source: newspapers

2. July 15, 1932 Receivership

Newspaper Excerpt: W. M. Taylor, bank examiner, is in charge the institution... the International Exchange Bank closed yesterday ... the bank went into receivership ... the International Exchange Bank, now in the hands of a receiver, ... J. T. Dinger as receiver for the International Exchange Bank, was receiver for ... (articles). (Articles indicate receiver J. T. Dinger / J. T. Binger/J. T. Dinger served as receiver.)
Source: newspapers

3. January 27, 1933 Other

Newspaper Excerpt: Two closed Washington banks revealed yesterday to have obtained from the Reconstruction Finance Corporation loans ... The International Exchange Bank rowed the largest sum, a total of $118,000. The International Exchange Bank still owes the Government corporation $85,354 ...
Source: newspapers

4. April 12, 1933 Other

Newspaper Excerpt: Suit asks lien on shut bank ... the International Exchange Bank, now in the hands of a receiver, ... Reconstruction Finance Corporation on a note for $4,770.50 given the International Exchange Bank ...
Source: newspapers

5. December 4, 1933 Other

Newspaper Excerpt: the receiver for the International Exchange Bank was quietly paying out an additional 5 per cent to depositors of that institution. More than $20,000 is being paid out to the 1,500 depositors of the International Bank, bringing the total dividend payment of that bank to 21 2-3 per cent.
Source: newspapers

6. August 31, 1934 Other

Newspaper Excerpt: Beginning next Friday, August 31, the International Exchange Bank, insolvent, will pay a third dividend of 10 per cent ... The insolvent International Exchange Bank, 475 H street, today began paying a dividend of 10 per cent to creditors, under direction of the receiver, J. T Dinger.
Source: newspapers

Newspaper Articles (16)

1. July 15, 1932 Times Herald Washington, DC

Article from Times Herald, July 15, 1932

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The Departmental 1726 Pennsylvania Ave., has suspended operations, bringing the total to four local institutions which have closed their doors in two days. Notice of the Departmental Bank's given by the board of directors in a statement, which said: "This action was wholly voluntary on the part bank, and was taken purely precautionary measure, in view of the recent closing of several local banking W. M. Taylor, bank examiner, is in charge the institution. The North Capitol Savings Bank, the International Exchange Bank closed yesterday, and the Bank of Brightwood. Wednesday.

2. July 15, 1932 The Washington Times Washington, DC

Article from The Washington Times, July 15, 1932

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DEPARTMENTAL BANK CLOSED The Departmental Bank, 1726 Pennsylvania Ave., has suspended operations, bringing the total to four local institutions which have closed their doors in two days. Notice of the Departmental Bank's suspension was given by the board of directors in a statement, which said: "This action was wholly voluntary on the part of the bank, and was taken purely as a precautionary measure, in view of the recent closing of several local banking concerns." W. M. Taylor, bank examiner, is in charge of the institution. The North Capitol Savings Bank, the International Exchange Bank closed yesterday, and the Bank of Brightwood, Wednesday.

3. July 23, 1932 New Journal and Guide Norfolk, VA

Article from New Journal and Guide, July 23, 1932

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$5,000 DEPOSIT HELPS BANK TO WEATHER STORM Prudential In D. C. Is Victim Of Store's Scare WASHINGTON, D. C.-While bank examiner kept watch ready at any minute close the institution, the Prudential Bank, 715 Florida Avenue, northwest, weathered twoday run on it last Friday and Saturday and resumed business as usual Monday morning. The run was stemmed after every resource and minute speakers were called into action to persuade depositors not to withdraw their funds. From every pulpit in the city Sunday an appeal was made against continuation of the run. Meanwhile officers and directors of the bank were conference working out plans for keeping the bank open. Deposits $5,000 At the most critical moment Saturday, Mortimer M. Harris, an attorney, climbed into chair and announced to the crowd in the bank that E. A. Clements would make a deposit of $5,000. Clements left the bank hurriedly. Finally he came back and brought with him a stack of bills totaling $5,000. He handed them to John R. Hawkins, president of the bank, with the declaration, "That's what think of Prudential!' The crowd burst into cheers. Some withdrew from the lines. The run began Friday following the closing of four white banks here. Collateral totaling more than $20,000 was hypothecated at other banks to meet the demands of depositors. Depositors Quieted Officers of the bank asked depositors to attend a meeting at Mt. Carmel Baptist Church Friday night. Pledges agreeing not to withdraw more than 10 per cent of their deposits in the next 30 days, signed that night and the next morning reached the figure of $101,000. When the bank reopened Saturday morning the run was continued. Officers and supporters of the institution appealed to the crowd not to wreck the institution by withdrawing all their funds. Speaker ,after speaker mounted chairs and addressed the crowd. Other officers and supporters sought signatures to pledges. The bank invoked the rule against member of the national staff and later financial secretary of Shaw University, was called to the secretaryship at Houston, Texas, succeeding Gilbert T. Stocks, who resigned. Mr. Craver is graduate of Shaw University and the University of Chicago. He served many years the student work of the National Council. the withdrawal of savings funds without 30 days' notice. Some who sought to withdraw their funds from checking accounts were dissuaded by officers from doing so. Other depositors added to their deposits. Cause of Run Ira L. Chorpening, chief national bank examiner, looked on as the depositors staged their run, prepared to close the bank if the tide ran against those who were struggling to keep the institution open. The refusal of a down town department store accept check on he bank was given by officers as the cause for the run on the Prudential. Other banks, all white, wtre having trouble simultaneously. The Comptroller of the Currency close the bank was given by officers as Raymond L. Schreiner, president, was arrested and charged with larceny in connection with an alleged shortage of $59,700 in the accounts. The next day the Comptroller of the Currency closed the North Capitol Savings Bank, in which there were large number of colored depositors, and the International Exchange Bank because of insolvency. The Departmental Bank voluntarily close its doors. At the same time the run was being made against the Prudential there were runs against the Northeast Savings Bank and the Mount Vernon Savings Bank. A truckload of cash was delivered to the Northeast Savings Bank by the Treasury Department. The run on it by the similarity of with the North Capitol Savings Bank, which is located in the same neighborhood. The Mount Vernon Savings Bank last Saturday night offered $500 reward "for information leading to the arrest and conviction of the person or persons spreading damaging rumors concerning the Mount Vernon Savings Bank. Industrial Bank Open the Associated Negro Press deadline is reached the Industrial State Bank of which W. H. P. Brown is president, is open and doing business as usual.

4. January 27, 1933 The Washington Herald Washington, DC

Article from The Washington Herald, January 27, 1933

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REVEALS LOANS Total of $198,000 Borrowed by International Exchange and North Capitol Firms Two closed Washington banks revealed yesterday to have obtained from the Reconstruction Finance Corporation loans totaling between them in the five-month period before they sus pended operations. The figures were made public when the complied with the congressional demand that it disclose its loans for the initial five-month period. $118,000 TO ONE Of the two local banks which sought Government funds in forts to forestall suspension, the International Exchange Bank rowed the largest sum. a total of $118,000. The North Capitol Savings Bank received $80,000 from the The International Exchange Bank still owes the Government corporation $85,354, while the North Capitol Savings has repaid all but $15,826, according to the report. Explanation was sought at the office of the Comptroller of the Currency yesterday as to why the banks were suspended while still owing money to the It was explained the Comptroller's office and the R. operate as separate agencies and that is possible for loans to be made by the latter agency even day or two before bank closes, without consulting the Comptrol All the asks, it explained. adequate security receiving this does not quire detailed figures on the bank's solvency. R. C. COMES FIRST The loans from the must repaid by the borrow. ing institutions before their remaining assets are distributed to depositors or noteholders as the R. C loans are covered by ade quate collateral in each case. In further explanation of the R. loans. official said "Request for loan from the R. by legal security is sufficient warrant for the loan and the Comptroller not consulted before the loan made. Even where bank may in more or less difficult position such loan upon proper security may be the means of saving situation and permitting the bank to continue open. It may also stop run on bank but not liq condition." American and Be

5. February 10, 1933 Evening Star Washington, DC

Article from Evening Star, February 10, 1933

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TWO MORE BANKS TO PAY DEPOSITORS Departmental and Brightwood Institutions Paying Out $375,000. While depositors crowded into two suspended Washington banks today to collect the first payment on their claims. Acting Controller of the Currency F. G. Awalt announced two other defunct local banks would issue payments as soon as money in hand permits. The Departmental Bank, 1726 Pennsylvania avenue, and the Bank of Brightwood, Georgia and Colorado avenues, are paying approximately 7,500 depositors a total of $375,000. Two Other Institutions. The International Exchange Bank, Fifth and H streets, and the North Capitol Savings Bank, at H and North Capitol streets, are the two institutions which Awalt said would make an initial payment on approved claims as soon as enough money is collected. All four banks closed last July. The doors of both the Departmental and Brightwood banks were opened this morning at 8:30 o'clock to distribute checks to depositors. Approximately $220,000 is being paid to 3,444 depositors in the Departmental Bank, while the Brightwood institution is distributing checks totaling $155,000 to about 4,000. To Be Open at Night. To expedite distribution of the money, the Departmental Bank will remain open tonight and tomorrow night until 9 o'clock, resuming the regular hours of from 8:30 to 5 beginning Monday. The Bank of Brightwood will be open until 5 o'clock tonight and all day tomorrow until 5. A steady line of men and women filed into both banks throughout this morning, able to draw money for the first time since the institutions closed last July. At the Departmental depositors were being paid 30 per cent of their claims, while at Brightwood 20 per cent was being paid. Additional payments will be made by both banks as liquidation progresses and cash in hand permits, it was said by officials.

6. April 12, 1933 The Washington Times Washington, DC

Article from The Washington Times, April 12, 1933

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SUIT ASKS LIEN ON SHUT BANK Threatened with a suit by the Reconstruction Finance Corporation on a note for $4,770.50 given the International Exchange Bank, now in the hands of a receiver, in a stock transaction, charles Facchina, 1200 block Quincy St. N. E., today asked Equity Court to declare a trust and establish a lien in the amount of the note against the bank's assets. He named as defendants J. T. Binger, receiver of the bank, and H. J. Offutt, jr., and Thomas H. Patterson, ancillary executors of the estate of Joseph Schivone, former president of the bank. The bill recites that Facchina was induced by Schivone through a guarantee against loss and a promise of repurchase, to subscribe for 400 shares of bank stock. In payment for the stock Facchina gave his check for $5,000 and a note in the same amount. The note was reduced to $4,770.50 and went to the Reconstruction Finance Corporation, when it gave aid to the bank. The plaintiff declared he had received no stock or other benefit as the result of the transaction.

7. April 13, 1933 Evening Star Washington, DC

Article from Evening Star, April 13, 1933

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FRAUD IS CLAIMED IN BANKING LOSS Facchina Sues International Exchange Receiver and Schiavone Estate. Claiming he was defrauded of $4,770.50 by the International Exchange Bank before it went into receivership, Charles Facchina, 1215 Quincy street northeast, filed suit in District Supreme Court yesterday against the receiver for the bank and the local executors of the estate of the institution's former president. Facchina says that on March 13, 1931, Joseph Schiavone, then president of the bank, persuaded him to buy 400 shares of stock in the bank for $5,000. He gave the bank a note for $5,000, the suit says, and the bank credited his account with a like amount. Then he drew a check for $5,000 on his account in favor of the bank. Claims Guaranty Given. He said Schiavone guaranteed him against loss and promised to take up the stock at any time for the same price he paid for it. Facchina says, however, that the bank was to hold the stock until the note was paid in full. When the note came due on June 13, 1931, Facchina, according to his petition, asked Schiavone to pay it. The latter paid $229.40 and had Facchina sign a new note for $4,770.50. When this note came due, the suit says, Schiavone paid the interest and renewed it for another three months. Before the next due date, Schiavone died. On December 8, 1931, according to the suit, the note again became due and Facchina refused to pay or renew it. He said he was told the matter would be taken care of by the bank. On March 7, 1932, however, he says he was again called upon to pay the note. Facchina said his signature on this new note is genuine, but that he does not know how the bank obtained it. He denies signing any new note and says he never had any intention of renewing it after December 8, 1931. Later, he says, he conferred with an attorney and decided to pay the note, only to discover that the stock had never been set aside for him and was not available. R. F. C. Accepted Note. Sometime after the bank went into receivership Facchina says he learned the Reconstruction Finance Corporation had accepted the note for security for a loan to the bank and that he would have to pay it. He asked the court to impress a lien for $4,770.50 in his favor on the assets now in the hands of the bank's receiver. He also contends he has a claim against the estate of Schiavone. The suit names J. T. Dinger as receiver and Hilleary L. Offutt, jr., and Thomas H. Patterson as the executors. Facchina is represented by Attorney Joseph A. Rafferty.

8. April 13, 1933 Evening star Washington, DC

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FRAUD IS CLAIMED Colored Dress IN BANKING LOSS Ensemble Facchina Sues International $10 Exchange Receiver and gay print dress with its Schiavone Estate. wool coat: cape style sheer crepe. Claiming he was defrauded of Spring colors also the Exchange Bank be- Sizes to navy. went into receivership. Charles little womFacchina, 1215 Quincy street northeast, en's and extra sizes. filed Supreme Court against the receiver for the bank Second Floor. and the executors the estate of the institution's former president. Facchina on March 13. Shadow Panel Slips 1931, Joseph Schiavone, then president the bank, persuaded him to buy 400 cut shares in the bank for $1.59 and 47 He gave the the Silk and the bank credited his accrepe with laces. count with like amount. Sizes 34 to 44. White and teaThen he check for $5,000 on rose. his account in favor of the bank. Claims Guaranty Given. He said Schiavone guaranteed him against promised to take up Swagger Suit any time for the he paid it. says, Matchthe bank was to hold the stock until the note was paid When came due on June 13, ing Hats for 1931, Facchina according to his tion, asked pay latter paid and had Facchina $5.95 sign new note for $4,770.50. When this note came due, the suit says, Schiavone paid the interest and renewed it tweed topcoat with skirt Before the next due date, Schiavone Others died. On December 1931, according plain fabrics. Gray, to the suit, the note again became due dawn and Facchina refused pay or renew green, and He said he told the matter brown. Sizes 14 to would be taken the 20. March he says he was again called upon to pay the Second Floor. note. Facchina said his signature this new but that does know how the bank obtained New Corsettes it. He denies signing any and says never had any re- new line of after 1931. Later. corsettes $1.97 he conferred with an attorney new price. and decided to pay the only to Inexpensive but not cheap. discover that the stock had never been Kann's-Second Floor. set aside for him and was not available. R. F. C. Accepted Note. Sometime after the bank went into receivership Facchina says he learned the Reconstruction Finance Corporation had accepted the security for loan to the and that he would have to pay He asked the court to impress lien for $4,770.50 in his favor the assets now in the hands the receiver. He also contends has claim against Schiavone. The suit as receiver and Hilleary Offutt, and Thomas H. Patterson as the executors Facchina represented by Attorney Joseph Rafferty.

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

Article from The Washington Herald, May 6, 1933

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

10. December 4, 1933 The Washington Times Washington, DC

Article from The Washington Times, December 4, 1933

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2 CLOSED BANKS PAY DIVIDENDS While hundreds of depositors of the closed Park Savings Bank formed a long queue in front of the bank's doors early this morning to receive the 5 per cent authorized to be paid those who had not made withdrawals when the bank went on a restricted basis, the receiver for the International Exchange Bank was quietly paying out an additional 5 per cent to depositors of that institution. More than $20,000 is being paid out to the 1.500 depositors of the International Bank. bringing the total dividend payment of that bank to 21 2-3 per cent. The bank has previously paid 16 2-3 per cent on deposits.

11. December 5, 1933 Evening Star Washington, DC

Article from Evening Star, December 5, 1933

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The telephone was kept buzzing this morning while Lanier P. McLachlen, president of the McLachlen Banking Corporation, and Karl W. Corby, partner in W. B. Hibbs & Co., were congratulating each other on their respective birthdays. both having arrived in the National Capital on December 5. The International Exchange Bank, Fifth and H streets, is making a dividend payment of 5 per cent to depositors. In March this year the bank, which is in receivership, paid a 16 2/3 per cent dividend, approximating $63,000. The latest payment totals about $20,000. The Park Savings Bank is paying a 5 per cent cash dividend to depositors who did not draw out this amount when the bank was on a restricted basis last March. The payment totals $150,000. During the past two days the lobby has been jammed with depositors, of whom there are 14,000 in all.

12. February 13, 1934 Evening Star Washington, DC

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.

13. July 31, 1934 The Washington Times Washington, DC

Article from The Washington Times, July 31, 1934

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NON BANKERS APPOINTED RECEIVERS Survey Reveals Only Four of Nine in District Served As Executives By EUGENE A. KELLY Only five of the nine receivers for the 13 closed banks in Washington have previously served in executive positions in banks, a survey revealed today. While details of his past experience could not be ascertained, it was learned today that Robert C. Baldwin, receiver for the Commercial National Bank, spent a good deal of his life in the manufacturing business in Hamilton, Ohio. Mr. Baldwin refused to give information regarding his past experience to the office of Kenneth Hayes, who is public relations counsel for J. F. T. O'Connor, Comptroller of the Currency. It was learned, however, that Mr. Baldwin was at one time receiver for the State National Bank at Lynn, Mass. His friends say he also has had experience as a bond salesman. Jean T. Dinger, receiver for the International Exchange Bank, was receiver for the Woodlynne National Bank and the Westmont National Bank, both in New Jersey. He was previously affiliated with the Department of Justice. Publisher On Job Norman R. Hamilton, receiver for five banks here, is a wellknown publisher, of Portsmouth, Va. From 1913 to 1922 he was collector of customs at Norfolk and was for many years a director of a bank there. He was also a director of the Mutual Building Association in that city. Cary A. Hardee, receiver for the Federal-American National Bank and Trust Company and the Chevy Chase Savings Bank, was former Governor of Florida. He is a lawyer and banker. In 1902 he organized the First National Bank of Live Oak, Fla., and was president of the institution from 1908 to 1928. He was also president of the Commercial Bank of Live Oak, Fla. Claude H. Woodward, receiver for the Bank of Brightwood, was president of the Mt. Vernon Savings Bank from 1928 to 1932. (Continued on Page 2, Col. 2)

14. August 28, 1934 Evening Star Washington, DC

Article from Evening Star, August 28, 1934

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BANK WILL PAY THIRD DIVIDEND Depositors of International Exchange to Receive Ten Per Cent. BY EDWARD C. STONE. Beginning next Friday, August 31 the International Exchange Bank located at 475 H street will pay third dividend of 10 per cent to depositors according to announcement made to day by the receiver J. T Dinger The bank will be open from a.m to 5 p.m. on all week days but Satur day, when the hours will be from 9 to 1, Receiver Dinger stated Depositors and other creditors may call for their checks during those hours Dinger added that checks will be sent by mail only to those depositors who reside outside of Wash ngton All depositors must present their recei er's certificates in order to obtain the dividend checks The International Exchange Bank was closed on July 14, 1932, by order of the controller of the currency and on that date deposit liabilities totaled $564,979.06 Two payments to depositors already have been made. The first dividend. of 16 2/3 per cent was distributed on March 27, 1933. the amount of the payment being $59,342.46 The second dividend payment. 5 per cent was distributed on November 28, 1933, the amount of that return to depositors and other creditors being $17,762.77 The third payment starting this week. of 10 per cent means payment of $35,519.97 This makes total pay ments to date of $$112,625.20. Exchange Officials Pleased. Officials of the Washington Stock Exchange are much pleased with the number of applications already received asking for temporary registration of the securities listed on the local board These securities must be listed under the temporary rules of the Securities & Exchange Control Commission, of which Joseph P Kenmedy chairman When the Washington Stock Exchange decided to seek registracion of the organization with the new Govthat commission. control ernment meant that the securities listed for trading must also be registered under the temporary rules. These applications are sent to the Washington exchange and will be forwarded to Securities & Exchange Control Commission in few days The applications have come from banks. insurance companies, country clubs and other corporations The action apparently being taken as the regular monthly meetings of the are being held. The blanks sent out by the Washington exchange are coming back more rapidly than expected The corporation applications do not have to be filed with the until the middle of September The local exchange's own application for registration, however, has to be in by September 1. The information has all been prepared and is ready for filing. This work is in the hands of special committee made up of Myles H Quail, James M Johnston, Karl W Corby and Y E. Booker. Advocates Examining Bankers Pointing out that the key point in good banking is management R o Uni president the Byerrum vice versity State Bank of Chicago in round table discussion with Prof. Hendrikson of the University of Chicago, advocated the setting up of system providing for examination and certification of the oncoming genera tion of bank executives of the rank of cashier and above Existing bank executives under this system ould be presumed to be competent and would be exempt from examinati unless definite indications of incompetenc appeared. Existing executives could if they wished, however, take the examinations. Mr Bverrum advocated the setting up of national board to handle the examination and certification of aspirants to bank executive position to be composed of representative of the American Bankers' Association. a representative of the Federal Reserve System and third representative from academic circles to be chosen by the other two Each Federal Reserve district would have similar board of three under the general supervision of the national board Flather Retains Position. Edwin D Flather active in the local financial district for many years. is the repreas Washingt remaining sentative of Stein Bros. & Boyce in the investment field. The firm recently closed its board room here and turned over its stock trading accounts to another house Mr Flather however who had been in charge of the firm's bond department decided to retain his association with the firm and has an office in the Woodward Building Some years ago Mr Flather was associated with Riggs Bank and later with Baker Watts & Co He was born in Washington and is a brother of William Flather of vice the one J. presidents of Riggs National In special review of business con ditions in the 12 Federal reserve districts. the New York Times says in headlines Retail Trade Rises in New York, Wages Rise in Pennsylvania. New England Trade Fair Chicago Business Gains St. Louis Marks Time Big Jump at Kansas City Minneapolis Buys in Rush as Truck Strike Ends Auto Trade Aids Cleveland. Richmond Reports Trade in Southeast Firm Business Improve in Atlanta Area Rains Aid Dallas Trade, Trade Rising on Coast. Busy Session on Exchange Business was lively on the Washington Stock Exchange today the opening sale being in Washington Gas 6s, series B baby bonds changing hands at 103 Washington Railway & Electric 4s lead the day's trading $5,000 $3.000 and two $1.000 bonds changing hands at 971/. unchanged from other recent transfers Two other bonds sales were registered during the session. Anacostia & Potomac Railroad 5s appeared on the board at 75, in $1,000 denominations Washington Railway & Electric preferred stock moved up half point today 15 shares changing hands 99 The remaining trading was in Mergenthaler Linotype There were old lot sales totaling 100 shares and block of 100 shares all 21 1/2 The stock closed with 20 bid and 23

15. August 28, 1934 The Washington Times Washington, DC

Article from The Washington Times, August 28, 1934

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Insolvent Bank Pays 10 Per Cent Beginning Friday, August 31, 1934, the International Exchange Bank, insolvent, will pay a third dividend of 10 per cent. Office hours will be from 9 a. m. to 5 p. m. on week days and from 9 a. m. to 1 p. m. on Saturdays. Depositors and other creditors should call between those hours for dividend checks. Checks will be sent by mail only to those depositors residing outside of Washington. Depositors must present receiver's certificates in order to receive dividend checks.

16. August 31, 1934 Evening Star Washington, DC

Article from Evening Star, August 31, 1934

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PAYMENTS START ON BANK DIVIDEND Depositors and Creditors of Closed International Exchange Can Call for Checks. The insolvent International Exchange Bank, 475 H street, today began paying a dividend of 10 per cent to creditors, under direction of the receiver, J. T. Dinger. This is the third dividend to be paid out of this institution, and amounts to $35,519.97. The first dividend of 162/3 per cent was paid beginning March 27, 1933; the second of 5 per cent was paid beginning November 28, 1933, and with the third paid today brings the total amount available to creditors up to 31 2/3 per cent. The office will be open from 9 a.m. to 5 p.m. on week days and from 9 a.m. to 1 p.m. on Saturdays. "Depositors and other creditors," said Dinger, "should call between these hours for dividend checks. Checks will be sent by mail only to those depositors residing outside of Washington. Depositors must present receiver's certificates in order to receive dividend checks."