2108. Northeast Savings Bank (Washington, DC)

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: June 4, 1938
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 0e1b9214

Response Measures

None

Description

All articles describe the Northeast Savings Bank as closed and in receivership under Justus S. Wardell. There is no mention of a depositor run or a temporary suspension followed by reopening. The receiver is selling assets and paying dividends to depositors, indicating a permanent closure and liquidation/receivership (government action). OCR errors corrected (e.g., occasional garbled characters).

Events (8)

1. June 4, 1938 Receivership

Newspaper Excerpt: Justus S. Wardell, receiver for both the Potomac Savings Bank and the Northeast Savings Bank, brought the matters to the attention of the court.
Source: newspapers

2. November 19, 1938 Other

Newspaper Excerpt: Northeast Savings Bank To Pay Out $53,083 Payment of a 5 per cent dividend to 7,387 depositors of the closed Northeast Savings Bank, amounting to $53,083, will begin next Tuesday morning, it was announced today by Receiver Justus S. Wardell.
Source: newspapers

3. November 25, 1938 Other

Newspaper Excerpt: The staff of Receiver Justus S. Wardell was extra busy again today paying to depositors of the old Northeast Savings Bank a dividend of 5 per cent, which brings the payments to 100 per cent. The checks are being distributed at the Northeast branch of the Hamilton National Bank.
Source: newspapers

4. December 6, 1938 Other

Newspaper Excerpt: There was a recent payoff of the Northeast Savings Bank.
Source: newspapers

5. February 1, 1939 Other

Newspaper Excerpt: The receiverships for these five closed banks in charge of Mr. Wardell will be operated... The five closed banks... include: ...Northeast Savings Bank...
Source: newspapers

6. November 17, 1939 Other

Newspaper Excerpt: Justus S. Wardell, as Receiver of the Northeast Savings Bank of Washington, D. C., will offer at public sale... on Friday, November 17, 1939, the remaining assets of the said the Northeast Savings Bank.
Source: newspapers

7. August 10, 1940 Other

Newspaper Excerpt: The Treasury Department has made official report of the final liquidation of the Northeast Savings Bank which closed up its accounts recently with Receiver Wardell by payment of 105.16 per cent dividends.
Source: newspapers

8. * Suspension

Cause: Government Action
Cause Details: Bank was placed in receivership and closed; controller of the currency and a court are involved in disposition of assets.
Newspaper Excerpt: Receiver Justus S. Wardell brought the matters to the attention of the court... As receiver for the Northeast Savings Bank, Mr. Wardell advised the court the Hamilton National Bank has offered $75,000 for the one-story bank building...
Source: newspapers

Newspaper Articles (11)

1. June 4, 1938 Evening Star Washington, DC

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SALE OF PROPERTY BY BANK APPROVED Luhring Says Offers of Hamilton to Two Firms Should Be Accepted. District Court Justice Oscar R. Luhring today signed an order directing that the offer of the Hamilton National Bank to purchase property belonging to the Potomac Savings Bank of Georgetown be accepted, unless contrary reasons are shown before June 15. Justice Luhring took similar action in the case of properties belonging to the Northeast Savings Bank, which the Hamilton National Bank also desires. Justus S. Wardell, receiver for both the Potomac Savings Bank and the Northeast Savings Bank, brought the matters to the attention of the court. He advised Justice Luhring he has received an offer from the Hamilton Bank for $100,000 to buy the premises on the northwest corner of Wisconsin avenue and M street N.W., the premises at 1200, 1202 and 1204 Wisconsin avenue N.W. and at 3207 M street N.W. from the Potomac Savings Bank. As receiver for the Northeast Savings Bank. Mr. Wardell advised the court the Hamilton National Bank has offered $75,000 for the one-story bank building at 800 H street N.E., together with the vaults and other fixtures. Mr. Wardell said the controller of the currency authorized him to petition the court for the order.

2. November 19, 1938 Evening Star Washington, DC

Article from Evening Star, November 19, 1938

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Northeast Savings Bank To Pay Out $53,083 Payment of a 5 per cent dividend to 7.387 depositors of the closed Northeast Savings Bank, amounting to $53,083. will begin next Tuesday morning, it was anounced today by Receiver Justus S. Wardell. Distribution will be made at the office of the Northeast Branch of the Hamilton National Bank, at Eighth and H street N.E., to depositors who have been notified by post card when to call. This additional 5 per cent dividend brings total payments to depositors of the bank up to 100 per cent of the principal, previous dividends having amounted to 95 per cent. There are prospects. according to Receiver Wardell. that later on depositors may look forward to another dividend providing interest. This would be some time in the future, however, it was explained. Payment will be made at the Hamilton Bank branch by checks, in the hands of four representatives of Receiver Wardell, headed by Lloyd Johnson. Mr. Wardell's assistant in charge of the Northeast Savings Bank trust.

3. November 25, 1938 Evening Star Washington, DC

Article from Evening Star, November 25, 1938

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Apartment Bonds Active. It was stated in the financial district today that Washington Properties, Inc., 5s, 1953, is still about the most active issue among local securities which are not listed on the Washington Stock Exchange. For several weeks there has been an unusually large turnover in these bonds. Possibility of the sale of the Boulevard Apartments to the Government has created the abnormal demand. In spite of the increased interest in the bonds, the price has remained almost stationary, with 55 bid and 60 asked. The highest priced bonds in the unlisted market are Consolidated Title Co. 6s, 1951, for which 100 is bid, with none offered. Mayflower Hotel first 5s are now quoted at 82 1/2 bid and 87 1/2 asked. Barber & Ross 4s stand at 86 bid and 96 asked. Another high-priced issue is Washington Auditorium 6s, the latest bid being 80, with none offered. On the Washington Exchange a revival of interest has developed in Anacostia & Potomac River R. R. 5s, a $1,000 sale taking place today at 87, up 1 1/2 points. Net Reported by C. & O. The Chesapeake & Ohio Railroad reports for 10 months ended October 31, 1938, net income of $16,377,695 after taxes, charges and sinking fund appropriations, equal after dividend requirements on 153,153 shares of 4 per cent non-cumulative preferred stock, to $2.07 a share (par $25) on 7,657,675 shares of common stock. This compares with net income of $29,105,221. or $3.73 a common share in first 10 months of 1937. United Air Lines today reported a total of 11,765,961 revenue passenger miles flown during the month of October. an increase of 11 1/2 per cent over the corresponding month of 1937. when a total of 10,536,789 revenue passenger miles were flown and a decrease of 7 1/2 per cent over September, 1938. The staff of Receiver Justus S. Wardell was extra busy again today paying to depositors of the old Northeast Savings Bank a dividend of 5 per cent, which brings the payments to 100 per cent. The checks are being distributed at the Northeast branch of the Hamilton National Bank. Heard in Financial District. It was learned in the financial district today that 16 of Washington's 22 banks will conduct Christmas Savings Clubs again next year. They will open on November 30. W. Frank D. Herron of the Union Trust Co., first president of Washington Chapter, American Institute of Banking, attended the forum meeting held this week. as did C. Louis Eckloff. one of the charter members. C. D. Upham, new deputy controller of the currency, was also present. Several Washington financial houses are participating in the offering of $24,500,000 Commonwealth Edison Co. convertible 31/2 per cent debentures, due July 1, 1958. There are 117 members of the underwriting group. S. William Miller, treasurer of the Union Trust Co., is taking a late vacation, visiting resorts in Florida. Arten michae Tobacco

4. December 6, 1938 The Washington Times Washington, DC

Article from The Washington Times, December 6, 1938

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MONEY EASIER Speaking before the Washington Building Congress at the Lafayette Hotel last night, Underwood reminded his hearers that there is now a definite opening in the money market. Member banks of the Fifth Reserve District increased their loans and discounts between the middle of October and the middle of November. and deposits in these institutions showed an increase during the same period. The United States Building and Loan League reported an increase in the volume of assets on the part of Washington building and loan associations. The Perpetual Building Association here leads the country in resources with $48,370,540. BANK PAYOFFS HELP Nearly $400,000 to be paid to depositors of closed Washington banks this week will give a further impetus to trade here. To day, the receiver O' the Potomac Savings Bank began payment of $162,000 to 8,300 depositors. Franklin National Bank began paying a dividend of $200,000, and there was a recent payoff of the Northeast Savings Bank.

5. February 1, 1939 Evening Star Washington, DC

Article from Evening Star, February 1, 1939

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District National Bank Building Is Sold For $325,000 Funds Will Be Used Eventually for More Dividends Sale of the District National Bank Building at 1406 G street N.W. to Elsyldor Properties, Inc., at a price of $325,000. was announced today by Justus S. Wardell, receiver for the bank. To make way for immediate transfer of the property, Receiver Wardell began to move today the records of five receiverships from the sold building to modest rented quarters at 1614 K street N.W. The receiverships for these five closed banks in charge of Mr. Wardell will be operated. beginning tomorrow morning, at the new K street address. Terms of the sale, which was negotiated by H. C. Smithy and Mark Winkler, included the paycash ment of $75,000 and cent. $250,000 The in trust notes at 41/2 per agreement provides that the purchaser shall pay off $15,000 of the for the notes each year first next trust five years. This would leave a on the building of $175,000 at the end of the five years, in 1944. Improvement Stipulated. A further stipulation in the sale is that the buyer shall spend within $30,000 on improvethe building. less than $30,000 be ment the next to year Should expended anyfor the thing this purpose, difference between what is actually spent for improvement and $30,000 shall be used to curtail further the outstanding notes. Receiver Wardell explained that the funds from sale of the building will be used eventually for more to the 8,600 in dividends depositors the closed District National Bank. The receivership, however, at the time does not have sufficient the of funds present to justify disbursement another dividend now. No prediction could be made as to when the next dividend could be paid to the depositors. These depositors already have received dividends amounting to 85 per cent of their accounts in the bank when it closed in March, 1933. Five Banks Listed. The five closed banks, whose records Mr. Wardell will move from G to K streets immediately, are: District National Bank, Potomac Savings Bank, Seventh Street Savings Bank, Northeast Savings Bank and Washington Savings Bank. One of the first acts of Mr. Wardell after moving to his new location will be supervision of arrangements to pay depositors of the Washington Bank another dividend, interest on acconstituting Savings their that bank. These 3,000 depositors counts in already have received 100 the dollar from the receivand the new ership cents on additional will amount dividend to be paid shortly to cent 10.24 per interest. This will bring the payments to these depositors up to a total of 110.24 per cent their deposits when the bank 1933. A closed of in date for distribution of this dividend had not been fixed. The disbursement is expected to amount to about $37,000.

6. February 19, 1939 Evening Star Washington, DC

Article from Evening Star, February 19, 1939

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Closed Bank Depositors Slow to Claim Checks Depositors of the closed Washington Savings Bank are slow to claim the new dividend checks now available, it was announced yesterday by Receiver Justic S. Wardell. The checks, which are for 10.24 per cent of the deposits in the bank when it closed in 1933 are not available at the former office of the receiver, it was emphasized, but at his new office, 1614 K street N.W. Post cards notifying approximately 2,000 certificate holders have all been mailed out, and disbursement of funds. amounting to approximately $35,879 has been in progress since last Monday. Payment of the present dividend is for interest on the deposits in the bank when it closed, and brings up to a total of 110.24 per cent the amount made available. Receiverships of these other banks in charge of Receiver Wardell also are at the new K street location: Northeast Savings Bank, District National Bank. Potomac Savings Bank and the Seventh Street Savings Bank.

7. November 4, 1939 Evening Star Washington, DC

Article from Evening Star, November 4, 1939

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LEGAL 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, Justus 8. Wardell* as Receiver of the Northeast Savings Bank of Washington. D. c. will offer at public sale to the highest bidder or bidders for cash. at the office of the Receiver, 1614 K Bt. Northwest, on Friday, November 17. 1989, at two o'clock p.m., the remaining assets of the said the Northeast Savings Bank of Washington. D. C., consisting of bills receivable, judgments, overdrafts and other choses in action and chattels, less such items or articles 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 the office of the Receiver of the Northeast 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 4:30 p.m., and on Saturdays from 9 a.m. to 12 noon. 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) JUSTUS 8. WARDELL. Receiver, The Northeast Savings Bank, 0c26:no4.11.16. Washington, D. c.

8. November 11, 1939 Evening Star Washington, DC

Article from Evening Star, November 11, 1939

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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. Justus S. Wardell. as Receiver of the Northeast Savings Bank of Washington. D. C.. will offer at public sale to the highest bidder or bidders for cash. at the office of the Receiver. 1614 K St. Northwest. on Friday, November 17. 1939, at two o'clock p.m., the remaining assets of the said the Northeast Savings Bank of Washington. D. C., consisting of bills receivable. judgments. overdrafts and other choses in action and chattels. less such items or articles 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 the office of the Receiver of the Northeast 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 4:30 p.m., and on Saturdays from 9 a.m. to 12 noon. 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) JUSTUS S. WARDELL. Receiver, The Northeast Savings Bank, Washington. D. C. oc26:no4.11.16.

9. November 16, 1939 Evening Star Washington, DC

Article from Evening Star, November 16, 1939

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Remaining Assets Of Northeast Savings Will Go on Block Depositors, Already 100% Paid, Will Get Further Dividend Taking one of the last few steps toward closing up the receivership of the Northeast Savings Bank, Justus S Wardell, receiver, tomorrow will offer for sale to the highest bidder all remaining assets of the institution. The sale will take place at 2 p.m. tomorrow at Mr. Wardell's office, 1614 K street N.W. The assets consist of "bills receivable, judgments, overdrafts and other chattels, less such items or articles as may be paid or otherwise disposed of" before the sale. Mr. Wardell explained, however, that "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 controller of the currency of the

10. November 16, 1939 Evening Star Washington, DC

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LEGAL 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. Justus S. Wardell. as Receiver of the Northeast Savings Bank of Washington. D. C. will offer at public sale to the highest bidder or bidders for cash. at the ffice of the Receiver. 1614 K St. Northwest, on Friday. November 17, 1939, at two o'clock p.m., the remaining assets of the said the Northeast Savings Bank of Washington D C.. consisting of bills receivable. judgments. overdrafts and other choses in action and chattels. less such items or articles 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 the office of the Receiver of the Northeast 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 m. and 4:30 p.m. and on Saturdays from 9 a.m. to 12 noon. 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) JUSTUS S. WARDELL. Receiver, The Northeast Savings Bank, oc26:no4.11.16. Washington. D. C.

11. August 10, 1940 Evening Star Washington, DC

Article from Evening Star, August 10, 1940

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Department Store Sales Increase In Washington Business Advances 8.2% Beyond Previous Seven-Day Period By HAROLD B. ROGERS. Department store sales in Washshowed an cent in the ington per week increase ended August of 8.2 3 with a August as compared 5. 1939, according the week to report ended today by the Federal Reserve Bank of Richmond. Sales here also were 18.3 per cent above in the this year. sales Cumulative preceding sales in week the 11.8 cent averaged four weeks ended per August above. 3. sales 1940, in the four weeks ended August 5, 1939. In all respects Washington stood above the average for the Fifth Federal Reserve District stores. Sales in the fifth district in the week ended August 3 this year were 8 per cent more than sales in the week 5 were 16 cent ended per August above last sales year in and the preweek this year. four weeks ceding sales in the ended Cumulative August 3 averaged 9 per cent above sales in the four weeks ended August 5, 1939. The averages were based on reports from 15 leading department stores. Baltimore Shows Gain. Baltimore showed a gain of 2.9 cent in the week ended August 3 as a week year; a comparable per this year, compared last with 12.9 cent over a per per week this gain year and the 7.3 preceding cent increase in the four weeks of this year over the comparable period in 1939. Plans are being made by the auditors' section of the District of Coa to attend lumbia delegation Bankers Association the 16th annual for Assoconvention of the National ciation of Bank Auditors and Controllers to be held at St. Louis, Mo. October 16 to 19. Several Prominent Speakers. out D. tors the 20 Whitcraft, Letters section have secretary to gone of local from the banks D. audition, which announcing are members the of the convention, associaand asking for information as to representatives going from Washington. The convention will be held in the Hotel Statler and will be ada President speakers. dressed by group of of distinguished the associa- auditor tion is J. W. Massie, who is of the Republic National Bank of Dallas, Tex. secretary of the local Mr. auditors' Whitcraft, section, is assistant of the Other auditor officers of Riggs National auditors' section Bank. here are William B. Mehler, jr., chairman; Lewis E. Thomas, vice chairman; James C. Elgin and H. Norman Glasco. Sanitary Commission Bonds. A new offering of Washington Suburban Sanitary Commission water main and sewer construction went on market a serial today UU bonds through syndicate the headed John Chicago, by including Nuveen Y. E. Booker & Co. of & Co. at a yield from to per of 0.50 this up city, 2.90 price cent. to The issue of 234 per cent bonds to was syndicate awarded yesterday the highest afternoon bidding at a of 100.781 was to price 857.50. The offer amounting presented to $755,the syndicate by Y. E. Booker & Co. There were five bidders of which the second high was 99.666 presented by a syndicate headed by R. S. Dickson & Co., Inc., of New York. The Treasury Department has made official report of the final of the liquidation an of city, Northest which closed Savings Bank this up its reS. cently accounts through with Receiver depositors 105.16 Justus Wardell by payment of per cent dividends. The total disbursement was $1,653,527.