2163. Seventh Street Savings (Washington, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 1, 1933*
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
6493177b

Response Measures

None

Description

Articles (1938) describe Seventh Street Savings as one of several closed banks in the hands of Receiver Justus S. Wardell; payments of dividends (90%) indicate the bank closed earlier (1933 is mentioned as the year banks closed). No run is described in the articles. Classified as suspension leading to permanent closure/receivership.

Events (2)

1. January 1, 1933* Receivership
Newspaper Excerpt
in the hands of Receiver Wardell ... Seventh Street Savings, which has paid 90 per cent; ... office of the receiver at 1406 G street ... Receiver Justus S. Wardell will begin paying out an additional 5 per cent dividend (for other banks).
Source
newspapers
2. January 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank closed and placed in receivership (in charge of Receiver Justus S. Wardell) when it failed in 1933; now paying dividends to depositors.
Newspaper Excerpt
Seventh Street Savings, which has paid 90 per cent.
Source
newspapers

Newspaper Articles (2)

Article from Evening Star, September 11, 1938

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Article Text

Hadley (Continued From Page E-1.) to be held at the office of the receiver at 1406 G street at 2 p.m. October 4, states that the assets will include real estate, bills receivable, judgments, overdrafts and other choses in action and chattels, less such items as may be paid or otherwise disposed of prior to the sale. In addition to the Northeast Savings and the Washington Savings, the banks under Mr. Wardell's authority include the District National, which has paid 85 per cent; the Potomac Savings, which has paid 62½ per cent, and the Seventh Street Savings, which has paid 90 per cent. The Etna Life Insurance Co. of Hartford, Conn., reports that their agency in this territory, headed by P. D. Sleeper, general agent, ranks third out of 75 agencies in the United States in number of salesmen who have qualified for this year's regional meetings for educational purposes. For 1937, the P. D. Sleeper agency was awarded the trophy for agency achievement in the southern division and the agency will surpass all others in both the eastern and southern divisions in number of delegates to attend the company's educational meeting next week in Quebec. In addition to Mr. Sleeper, the members of his agency who will attend the meeting are: F. N. Stricklin, H. Cochran Fisher. J. L. Richards, L. E. Harris, H. B. McQuire. M. L. Bloomberg: A. A. Lipscomb, P. P. Peyser, C. B. Myers, S. H. Parkins, jr., J. S. Holmes, B. H. Lingo, C. C. Iason and E. M. Crump. Directors of the Federal Reserve Bank of Richmond have appointed R. S. Brock, jr., auditor of the bank, effective September 16. Mr. Brock will succeed T. F. Epes, who will assume other responsible duties in the bank. Mr. Brock is a native of Richmond and has been with the bank since December 1, 1915. For the past 13 years he has been a member of the bank's examining staff and prior to that was in the auditing department for six years.


Article from Evening Star, November 20, 1938

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Article Text

Northeast Savings To Pay Final 5 Pct. Depositors of the closed Northeast Savings Bank have been notified that beginning Tuesday, Receiver Justus S. Wardell will begin paying out an additional 5 per cent dividend. to bring total payments up to 100 per cent of the principal of deposits in the bank when it closed in 1933. Notification was mailed by post cards telling each depositor when to call at the Northeast branch of the Hamilton National Bank for his check. Four representatives of the receiver, headed by Lloyd Johnson, will be located at the Hamilton branch beginning Tuesday to pay out the checks to 7,387 depositors, amounting to a total of $53,083. There were indications that further dividends may be available later on to pay the depositors some interest on their principal. This will be the second bank in charge of Receiver Wardell to pay 100 cents on the dollar to depositors. The other is the Washington Savings Bank, whose depositors, it was learned, also may look forward some day to payment of some interest on their accounts. Other closed banks now in the hands of Receiver Wardell have paid the following dividends: District National, 85 per cent; Seventh Street Savings, 90 per cent; Potomac Savings Bank, 621/2 per cent.