2164. Seventh Street Savings Bank (Washington, DC)

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: March 1, 1933*
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: bac9f174

Response Measures

None

Description

Seventh Street Savings Bank failed to reopen after the March 1933 bank holiday, was placed first with a conservator and later a receiver, and remained closed (liquidation with dividends paid over subsequent years). Articles describe protective withdrawal limits (60-day clause) early March 1933 but no explicit depositor run; closure was via conservator/receiver (government action).

Events (9)

1. March 1, 1933 Other

Newspaper Excerpt: Seventh Street Savings Bank... invoked the 60-day clause on withdrawal of savings accounts (protective measure invoked March 1, 1933).
Source: newspapers

2. March 1, 1933* Receivership

Newspaper Excerpt: later was turned over to a receiver to liquidate the assets and pay the depositors; receiver Justus S. Wardell (later) and Norman R. Hamilton initially involved in liquidation of closed banks in the District, including Seventh Street Savings Bank.
Source: newspapers

3. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Failed to reopen after the March 1933 banking holiday and was placed in the hands of a conservator/receiver by government authorities
Newspaper Excerpt: Seventh Street Savings Bank... failed to re-open at the close of the bank holiday; placed in the hands of a conservator
Source: newspapers

4. June 17, 1934 Other

Newspaper Excerpt: Directors of the Seventh Street bank... voted yesterday to enter the merger (Hamilton National Bank); John D. Howard, president, is also conservator of the bank.
Source: newspapers

5. July 5, 1934 Other

Newspaper Excerpt: Controller of the Currency levied a $100 per share assessment on stockholders of Seventh Street Savings Bank after it had been refused a license to reopen (assessment used in liquidation).
Source: newspapers

6. August 14, 1934 Other

Newspaper Excerpt: Receiver petitions court to enforce assessments against stockholders; 'Seventh Street Savings was placed in the hands of a conservator after the bank holiday, and later was turned over to a receiver to liquidate the assets and pay the depositors.'
Source: newspapers

7. December 5, 1937 Other

Newspaper Excerpt: Distribution of nearly half a million dollars to depositors of... the Seventh Street Savings Bank, closed since March 1933, will begin tomorrow morning. Ten per cent dividends to depositors.
Source: newspapers

8. May 17, 1939 Receivership

Newspaper Excerpt: Court authorizes receiver Justus S. Wardell of the Seventh Street Savings Bank to complete sale of property as part of receivership liquidation.
Source: newspapers

9. September 10, 1939 Other

Newspaper Excerpt: Another 5 per cent dividend to depositors in the closed Seventh Street Savings Bank has been authorized and will be paid; this is the fourth dividend since the bank failed to reopen after March 1933.
Source: newspapers

Newspaper Articles (15)

1. March 1, 1933 Evening Star Washington, DC

Article from Evening Star, March 1, 1933

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LOCAL BANKS ACT TO PROTECT FUNDS District National Limits Withdrawals-Others Invoke 60Day Clause on Savings. The District National Bank opened today on a 5 per cent withdrawal basis, following action taken by the directors early this morning, for the protection of depositors. President Joshua Evans, jr., announced. (The following notice was addressed today to the depositors in the bank: "Owing to heavy withdrawals of deposits during the last few days, and in order to safeguard all of our depositors, the board of directors has passed a resolution allowing depositors to withdraw 5 per cent of their balances in this bank at the close of business February 28, 1933, until further notice. All new deposits and new accounts opened March 1, 1933, and thereafter are subject to 100 per cent withdrawal at any time after actual realization cf funds by the bank." 60-Day Clause Invoked. The officials stressed the fact that all deposits made today and after this date can be withdrawn in full at any time. It was announced in the financial district that most of the local building and loan associations have invoked their time clauses on withdrawals, limiting the amount to $100. For larger amounts notice must be given in advance. Officials said the rule would be in force for the present. Several savings banks here invoked the 60-day clause on withdrawal of savings accounts. Some of these banks permit the withdrawal of 10 per cent up to $100. Above that amount, the 60day or two-month notice, is being required. Protective Measure. Among the local banks which have adopted this rule-the same plan which has been adopted extensively in other cities-are: United States Savings Bank, Chevy Chase Savings Bank, Security Savings & Commercial Bank, Park Savings Bank, Seventh Street Savings Bank, Washington Savings Bank, Anacostia Bank, Mount Vernon Savings Bank and the Northeast Savings Bank. (In an earlier edition of The Star the name of the Washington Mechanics' Savings Bank was included with those involking the 60-day clause. This was incorrect.) Officials said the action was taken merely as a protective measure, both for the banks and for the depósitors. The Commercial National Bank. which closed yesterday, has been placed in the hands of Robert C. Baldwin, a receiver of the office of the controller of the currency. Mr. Baldwin has taken over the receivership from J. L. Bailey, who took charge when the bank was closed. It was explained that Mr. Bailey will remain for a while in his capacity as a national Bank examiner to assist Mr. Baldwin. Has Considerable Experience. In the meantime, it was said at the Treasury Department, the new receiver probably will use a large part of the staff of the bank for his work. The new receiver. before Joining the office of the Controller of th è Currency, had considerable liquidating experience. Under the auspices of the Government he has been receiver for e bank at Lynn, Mass., since the latter part of 1931, and has been directing its liquidation. An official of the Treasury said in regard to Mr. Baldwin: "By reason of his ability in liquidating that bank, the Treasury Department saw fit to transfer him to the Commercial National Bank. We have every confidence that he will administer the affairs of the institution in a manner satisfactory to all concerned."

2. June 17, 1933 The Washington Times Washington, DC

Article from The Washington Times, June 17, 1933

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HAMIL TON BANK ABOUT TO LAND LAST MEMBER Seventh Street Savings Plans to Enter Merger; Stores Subscribe to Stock The Seventh Street Savings Bank is expected to become the eighth and last member organization of the new $1,250,000 Hamilton National Bank of Washington. Directors of the Seventh Street bank, according to Treasury officials, voted yesterday to enter the merger. No action was taken at a meeting of the stockholders today, however. John D. Howard, president, is also conservator of the bank. If the bank enters the merger, its stockholders and depositors are expected to subscribe for between $50,000 and $75,000 worth. of stock in the Hamilton. Deposits Total $1,166,000 The deposits of the Seventh Street Savings total $1,166,000, half of which would be made immediately available to its approximately 5,000 depositors as soon as the Hamilton begins functioning. The total resources of the Hamilton, with the gain in "prime" assets of the latest member, would be about $13,000,000. of which about $11,000,000 would be in the form of deposits. Representatives of three groups interested in the Park Savings Bank have not yet agreed on a plan of action there. A depositors committee, headed by J. W. Thompson, favors postponing receivership and its members believe that "considerably more than 15 cents on the dollar may be realized. "A group headed by Frank J. Sobotka, said to represent a number of depositors, is inclined to favor asking for receivership and forming a branch in the new Hamilton, or a new community bank. A committee representing directors is said to be willing to do "whatever is best for depositors." For Best Interests Believing it "to be for the best interests of the city," a number of Washington's largest department stores are subscribing for stock in the new bank. The Hecht Company has subscribed for $5,000; Lansburgh and Brother for $2,500, and Julius Garfinkle for $2,500. Other stores, including Woodward and Lothrop and Kann's, are known to have procured stock, both as investments and for the benefit of the community and about 70,000 depositors, but prefer that their subscriptions should not be made public. The bank's subscription committee, Capt. Chester Wells, chairman, declared today that subscriptions had gone oven the $1,000,000 mark and a separte group group is drafting by-laws.

3. 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.

4. March 30, 1934 Evening Star Washington, DC

Article from Evening Star, March 30, 1934

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STILL $23,000,000 IN BANKS CLOSED of 15 for Liability Deposit 19 Institutions Shown by Figures. of hands for totals Deposit liability 15 out in of the the 19 closed more receivers banks of this city it was now learned include today. the than $23,000,0 figure ,000, does not banks here and deposit This liability hands of of three conservator: Bank, still in Mount the Vernon by the The are which the was absorbea Savings of Bank conservators Mechanics the hands ational Bank also ton three still the in Franklin by the Mechanics. and Savings ting the under to be Woodridge-la absorbed Langdon which is operating merger. Commercial the Hamilton Bank. Savings Bank Bank, now The attempting and the Industriorganization. a reorg bill. now on pendanking. depos- in provide closed The itors cents on to House would in all the for dollar national face stiff banks bill, op position. however, 100 is The known provide latest amendment legislation for including from to the bill benefits would of had the borrowed CorporaState in the banks which Finance This would tion apply to most here. the Reconstructions before they of the clased banks Seven Banks group In of Merger. closed was merged banks of The seven largest new in number, Hamilton received National 50 per their Bank, Bank. into here, the The depositors deposits either or from remains through the receiver which assets cent the Hamilton but the there receivers still are now of deposit of liquidating. The detailed in figures the of hands the seven liability placed from these District six American National receivers are as follows Federal CO., $4,285, 135; banks Bank, $2.075.645 Bank Savings Trust Savings Bank, $509.1 Bank, Bank, $551,000; Potomactic Savings 932; National Northear Seventh Street Savings Bank, $1,033,441; Washington in the liability which $179,200. Remaining deposit Savings Bank, of Riggs Chevy reopenea Chase as stands a branch at $273,783 782. has Bank, Deposits. in National Show banks Figures other the amount Figures from here, showing the hands date. of of receivers, follows: receivership deposits placed the total in paid to de$838.866 dividends if Bank any are of Brightwase which depositors: Con- reposits, been of paid Company, to when $5,766 it was 28, tinental have Trust liability February Commercial maining with the which thrown 1933. at into National the merged: same Bank, commercial totadi deposit Nahave about to been liability, tional had Bank, of which $10.147.349.143 $4,000,000 in addi- full; debeen paid be paid in deposits, tion to which had Bank, $802,373 has been Ex$538,70 of in paid Bank, have posits, in of dividends:- $451. 967 been paid Savings dividends: change which $99,47 North deposits, Capitol of which Bank, Bank. $1,02 has been States paid Savings resident, between $234,203 United bitter controver president is Col. the deposits centerwade The of a Treasury H. Cooper. epartment, Februwhen it of this have ary 10 been paid. shown and to went have into year. receive NO dividends 1. May Seen is Bank The Opening absorbed Franklin Savings by National Bank, the the and institution is The to being Mechanic name Washington of wington. before take the City new Bank of will open the dollar. into Franklin "The paying probabis 65 cents on beingenent turned of and May the remaining remauidating assets trust for Savings a Langdirectors De- are depositorwoodridge Wercial Bank Treasure Incommercial Complans of the it into are in the is resisting partment remaservator. remaining to throw assets The however, place as ship and of a doing business Hamiltency Bank O'Conhands and the the Currenc the ques- all a branch of Controller Controll of to be stressment studying assets on were nor is known laying an primenization. tion of banks into whose Bank, battle, over which the of Spokan park the Savings bitter court com- reThe there Feasury a Departies deposit to collect than with the allied with the director of deposit ceiver against amount shows to the remitteefull $2,500,000 when shortage, turned No over real the dividends 5 per liability, $3,379.5 though to some paid ceiver, of paid, bank has paid been not since it it people closed reviously have cent which been before the it closed others who had

5. July 8, 1934 Evening Star Washington, DC

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MANY TO BENEFIT BYLEVY ON BANKS Depositors Will Gain by 100 Pct. Assessment on Stockholders. Thousands of depositors are expecting to benefit from the 100 per cent assessment which Controller of the Currency O'Connor yesterday levied on 1,343 stockholders in five local banks. The exact number of these depositors was not available last night, but it is known to run into the thousands. None of these depositors has received more than 50 per cent dividend so far on the deposits which were tied up when the five banks failed to re-open at the close of the bank holiday. News that the controller had levied the assessment fell as a shock upon the stockholders. but it was greeted by depositors with hope that when the receivers collect all that is possible, there will be further dividends available for creditors. Amounts Involved Uncertain. There is no way of computing at this time how much the receivers will be able to collect from the stockholders, nor how much will be available for the depositors, nor when it will be available. Some of the banks are known to be in better condition than others, although up to the present time they have all paid the same dividend-50 per cent. The banks whose receivers now will proceed to collect the assessment where possible are: The Federal-American National Bank and Trust Co., in the hands of Receiver Cary A. Hardee, who already has advertised official notice to collect $2,000,000 from 642 stockholders. Four other banks in the hands of Norman R. Hamilton, who will attempt to collect as follows: District National Bank, $1,000,000 from 325 stockholders; Potomac Savings Bank, $140,000 from 68 stockholders: Northeast Savings Bank, $100,000 from 185 stockholders, and Seventh Street Savings Bank, $100,000 from 123 stockholders. The assessments aggregate $3.340.000 divided among a total of 1,343 stockholders. Threats of Bankruptcy. Announcement of the assessment was greeted yesterday in some quarters with threats of some stockholders to go into bankruptcy. Should they carry out this threat, it is understood the Government's receivers would have to take place alongside all other (Continued on Page 2, Column 8.)

6. August 14, 1934 The Washington Herald Washington, DC

Article from The Washington Herald, August 14, 1934

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Small Group Refuses Only Stipulated for Depositors for substantial Prospects tional payments to depositors in closed Washington banks five when stockbrightened yesterday its holders who have been assessed total of paid to practically all but ranged pay that amount Throughout the day Norman Hamilton, receiver for four of the defunct banks. involving 701 stockholders, and Carey Harreceiver for the Federaldee, American with 642 stockwere besieged by checkcallers and swamped with waving registered letters containing mittances Yesterday was the final day lowed stockholders to pay up to without bearing arrange pay an additional assessment of per cent interest on what they owe. Receivers Hamilton and Hardee said interest will be applied today accounts not paid by last to midnight. HARPER GROUP FIGHTS of the 1,430 assessed Only stockholders have signified intention of resisting payment, the stated. These 67. headed ceivers Col. Robert Harper. own shares of the District National 10,000 shares. The Bank's against them is ment stock having been purchased the $100 per share. torney Rover the holders have started litigation to avoid. delay. payment. or Except for this ceiver Hamilton said, all the of against sessment National shareholders District Hamilton expected to be paid. said: far have been advised, the other 258 District tional have paid will in full the amounts sessed against them. from response holders has been most surprisand gratifying. Today ing woman stockholder came check for $2,000 presented her full payment of the Every mail ment against her. has brought many letters containing checks for full settle. while other ment, numerous stockholders sent in their assessments and pledged themselves to send the mainder in installments on Sep. October 13 and No. tember vember GRATIFIED BY RESPONSE Hamilton indicated that stock the Potomac Savings holders Northeast Savings Bank Seventh Street Savings Bank. and for which he also serving "taken care the have bulk their Potomac Savings been or Bank the 185 dered to pay holders of Northeast Savings Bank and stock must pay assessment was made similar 123 stockholders in the against Seventh Street Savings Bank. Receiver Hardee said he was "most agreeably surprised" by the prompt and substantial response the stock holders who are under orders assessments aggregating $2. On orders from Comptroller O'Connor, the Treasury Department. receivers are making drive to provide checks of special substantial size for all depositors before Christmas. VISITS PRESIDENT Jesse United States Ambassador France, President Roosevelt at the with White House yesterday

7. October 28, 1934 Evening Star Washington, DC

Article from Evening Star, October 28, 1934

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SEVENTH STREET BANK WILL BEGIN PAYING $313,944 Cards Being Mailed Out for 30 Per Cent Dividend This Week. MORE THAN $500,000 ALREADY DISBURSED Washington Savings and Northeast Savings Now Busy Distributing Additional Funds. Payment of a 30 per cent dividend from the insolvent Seventh Street Savings Bank will begin Tuesday morning, at 1300 Seventh street, the old bank building, it was announced last night by Norman R. Hamilton, receiver. Funds totaling about $320,000 are available to pay the dividend to about 4,000 depositors, it was explained. Claims have been proved and checks written for $313,944.90. This will be the second dividend to be paid by the bank, the first one, of 50 per cent, amounting to more than half a million dollars, having been paid out in September, 1933. Cards Being Mailed. Post cards are being mailed to depositors notifying them what day to call at the bank. The first group of about 750 cards was mailed yesterday, asking the first depositors to come Tuesday. Other groups of cards will be mailed daily. All will be given opportunity to call at the bank some time in this week. Dividend checks will be available at the old Seventh Street Savings Bank location, however, only for this week. Next Monday morning they will be moved to the office of Receiver Hamilton at 1406 G street, the location of the old District National Bank. Must Show Cards. In order to claim their checks, depositors will be asked to show the post cards they have received from the receiver. They will be asked to sign a receipt for the dividend check, and the signature must agree with the signature already in the hands of the receiver, on the proof of claim. Payment of the checks will be in charge of Butler Ballance of the receivership. Hamilton, who is liquidating five insolvent banks in this city, is still paying out second dividends in two other banks under his supervision. A second dividend of 20 per cent is being paid to depositors of the Washington Savings Bank, which is in addition to the original of 50 per cent. A second dividend of 25 per cent is being paid to depositors of the Northeast Savings Bank, in addition to the original 50 per cent.

8. July 1, 1937 Evening Star Washington, DC

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ASKS COURT HELP BANK ASSESSMENT Seventh Street Institution Receiver Petitions Against 58. The receiver of the Seventh Street Savings Bank petitioned the District Court today to enforce assessments against 58 stockholders totaling $65,200. Levied by the controller of currency July 5, 1934, after the instution had been refused a license to reopen, assessment payment was demanded of all the stockholders. The defendants have not complied, the court was told. The Seventh Street Savings was placed in the hands of a conservator After the bank holiday, and later was turned over to a receiver to liquidate the assets and pay the depositors. Approximately 80 per cent due them already has been paid, but the amount due on stock assessments is needed to make up the remainder, Wardell declared, through Attorneys Brice Clagett and Charles E. Wainwright. Capital stock of the institution consisted of 1,000 shares of a par value of $100 per share.

9. December 5, 1937 Evening Star Washington, DC

Article from Evening Star, December 5, 1937

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DIVIDENDS READY AT CLOSED BANKS District National and Seventh Street Saving Start Paying Tomorrow. Distribution of nearly half a million dollars to 11,420 depositors of the District National Bank and the Seventh Street Savings Bank, closed since March. 1933, will begin tomorrow morning. Ten per cent dividends will be made available by Receiver Justus S. Wardell in the form of checks, paid out in time for Christmas shopping. Post cards are being mailed to depositors, notifying them when to call at the locations, 1406 G street N.W., for District National Bank depositors, and Seventh and N streets N.W., for the Seventh Street Savings Bank depositors. The Seventh street location now is occupied by the Hamilton National Bank as a branch. Checks will be available at both places at 9 a.m. In order to get their checks, however, Receiver Wardell warned that depositors must bring with them cards of notification, and their receivers' certificates. The District National is paying out $386,800 to 8,704 depositors, making dividends totalling 85 per cent, while the Seventh Street Bank is paying out $105,300 to 2,616 depositors, bringing dividends up to 90 per cent. These two total $492,100, which is expected to give a substantial boost to Christmas shopping this week. Payment of a 20 per cent dividend will continue at 1406 G street to depositors of the Washington Savings Bank, bringing payments there up to 100 per cent. These depositors are receiving a total of about $70,000.

10. December 6, 1937 Evening Star Washington, DC

Article from Evening Star, December 6, 1937

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DEPOSITORS OF 2 BANKS PAID 10 PCT. DIVIDEND District National and Seventh Street Savings Money Is Being Distributed. Another 10 per cent dividend for depositors of both the District National Bank, and the Seventh Street Savings Bank was paid out today by Justus S. Wardell, receiver. Depositors were notified by post card to call for District National checks at 1406 G street N.W., and for Seventh Street Savings Bank checks at Seventh and N streets, the location of the Seventh Street branch of the Hamilton National Bank. To get his check, the depositor must bring both his post card official notice, from the receiver, and the receiver's certificate.

11. December 15, 1937 Evening Star Washington, DC

Article from Evening Star, December 15, 1937

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CLOSED D. C. BANKS PAYING DIVIDENDS Thousands of Dollars Are Still Awaiting Depositors, Receiver Announces. Thousands of dollars still are awaiting owners at three closed banks, District National Bank. Washington Savings Bank and Seventh Street Savings Bank, it was announced todav by Justus S. Wardell, receiver. Need for Christmas cash. however, has brought in a large number of depositors for their dividend checks, Mr. Wardell said. No estimate as to the exact amount remaining was available. The District National Bank is paying a 10 per cent dividend, and the Washington Savings Bank is distributing a 20 per cent dividend at 1406 G street N.W. Checks for a 10 per cent dividend of the Seventh Street Savings Bank were distributed at first from the old bank location on Seventh street, now occupied by a branch of the Hamilton National Bank. But the remaining dividend checks for the Seventh Street Savings Bank have been returned to the receiver's office at 1406 G street and are now available there.

12. May 17, 1939 Evening Star Washington, DC

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Court Authorizes Bank's Property Deal Justice Joseph W. Cox in District Court today signed a provisional order directing that Justus S. Wardell, receiver of the Seventh Street Savings Bank, be empowered to receive for the property at 1523 Fourteenth street N.W. from the District Motor Co. an offer of $11,500 cash, subject to adjustment of taxes, rent, income, insurance premiums and similar items as of the date of the sale. The jurist directed that unless contrary cause be shown before May 29 the offer of the District Motor Co. will be accepted and the sale ratified.

13. September 10, 1939 Evening Star Washington, DC

Article from Evening Star, September 10, 1939

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7th Street Savings Bank Will Pay 5 Per Cent Dividend 2,657 to Get Checks Totaling $52,600 From Closed Institution Another 5 per cent dividend to depositors in the closed Seventh Street Savings Bank has been authorized and will be paid as soon as the checks can be written and schedules arranged, it was announced last night. The dividend payments-will total $52,600, to be distributed among 2,657 claimants, according to announcement by the Controller of the Currency. The fourth in a series of dividends since the bank failed to reopen after the March, 1933, banking holiday, the new 5 per cent payment will bring to 95 per cent the percentage of authorized dividends to date. Proved claims amounted to $1,053,900. Justus S. Wardell, receiver for the closed bank, said the payments would be made from his office at 1614 K street N.W. as soon as they could be arranged. No date has been fixed for the payments to begin and it may be several weeks before they can get under way, he added. Mr. Wardell said claimants will be notified by post card when they should call for their checks.

14. September 11, 1939 Evening Star Washington, DC

Article from Evening Star, September 11, 1939

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The board's index number stood at 89 for August compared with 83 a year ago and 86 in July, this year. New Accounting Field Seen. Boris Baievsky, a Washington certified public accountant. is author of an article on "Housing and Accounting Systems" appearing in the current Journal of Accountancy, in which he sees an active new field for accountants in connection with the management of vast housing projects. He says the trend is in changing from individual house ownership to the renting of houses. Many builders are now operating and maintaining the housing units which they construct. and doing so at a profit. The author says the facts indicate a new investment field for large-scale housing enterprises, calling for a high degree of managerial control methods. Here is where accounting comes to the front, the aim being to show at all times the status of administration, operation, maintenance and finance. He says accountants must apply their systems to large projects, which have municipal administrations, as well as to units operated on a smaller scale. Banking Courses Announced. During the past few days a good deal of pressure has been exerted on junior bankers in the city to get them to take banking studies in the institute. Chairman Edward M. Blaiklock of the Educational Committee announced yesterday that the following courses will be offered in the first semester: Banking I-Instructors. Eliot H. Thomson, Washington Loan & Trust Co., and William T. Vandoren, vice president and cashier, Liberty National Bank. Law II-Instructor, Raymond B. Dickey, dean of faculty. Economics II-Instructor. Norman E. Towson, assistant treasurer, Washington Loan & Trust Co. Banking III-Instructor, Ralph Endicott, assistant treasurer, Washington Loan & Trust Co. Accounting - Instructor, D. L. Mitchell, partner, James A. Councilor & Co. Heard in Financial District. Today's boiling stock market swamped the local brokerage offices with customers. the over-Sunday gains in war stocks being astonishing. Wall Street gossip says the public has plunged into the market in a way that temporarily rivals 1929. Receiver Justus S. Wardell of the Seventh Street Savings Bank will soon start payment of a 5 per cent dividend, amounting to $52,600 to 2,657 former depositors. The payments will be made at 1614 K street N.W. This will bring payments to 95 per cent of the amount due claimants. Potomac Electric Power 5½ per cent preferred stock sold at 115 on the Washington Stock Exchange today and Washington Railway & Electric preferred again moved at 116. The bid for Washington Gas Light common advanced from 26 to 26½ and the asked priced was pushed up from 27 to 27½. Morris Plan Convention Set. Appointment of Wallace D. McLean as general chairman for the 20th annual convention of the Morris Plan Bankers Association. October 9, 10 and 11 at Rye, N. Y., was announced here today. He is chairman of the board of the Morris Plan Industrial Bank, New York City. Elwood G. Childers of Washington has been made chairman of the Auditing Committee.

15. October 12, 1939 Evening Star Washington, DC

Article from Evening Star, October 12, 1939

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Seventh Street Bank To Pay Dividend Late This Month Depositors Will Be Officially Notified When to Appear The previously authorized 5 per cent dividend from the closed Seventh Street Savings Bank will be distributed to 2,666 depositors sometime late this month, it was learned today from Justus S. Wardell, receiver. Checks are being prepared for payment of this dividend, but will not be ready until depositors are officially notified individually by post card. Receiver Wardell asked depositors not to call at the office until they receive such an official post card notifying them which day to call. When they do come, he emphasized it will be necessary for creditors to bring their receivers' certificates. The dividend will amount to $52,696. Further good news for depositors was divulged today in the quarterly report of the receiver on the condition of the bank receivership as of September 15. This shows that there are remaining assets of a value which, if realized upon. will bring in sufficient funds to finish paying depositors in this bank in full. Already depositors have received dividends of 90 per cent, amounting to $951,782, the report shows. The new dividend to be distributed will bring the total payments up to $1,003,478, or 95 per cent, leaving only 5 per cent remaining to pay off depositors in full. Remaining assets are listed on the report as having a book value of $345,518, including a stock assessment against stockholders of $100,000, which is in litigation. These assets are "estimated" to have a value of $131,395. If this could be realized in cash for creditors, the receiver would be able to pay at least the additional 5 per cent, and thus make restoration of 100 per cent of the deposits in the bank when it closed in March, 1933. The remaining assets include, in addition to the disputed stock assessment, one piece of real estate, owned outright; the bank building at Seventh and N streets N.W., now rented to a branch bank of the Hamilton National Bank; some firsttrust notes on real estate and other securities.