2210. Washington Savings Bank (Washington, DC)

Bank Information

Episode Type: Run → 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: e94a6e78

Response Measures

Partial suspension, Full suspension

Description

Articles describe heavy withdrawals prompting invocation of time/60-day withdrawal clauses (protective measures) on March 1, 1933. All banks were ordered closed by presidential proclamation March 6, 1933; Washington Savings Bank did not reopen, assets were sold into the Hamilton National Bank merger and later placed in receivership (receiver Norman R. Hamilton on Nov 1, 1933). Thus sequence: run → suspension (government-ordered holiday/closure) → permanent closure/receivership.

Events (3)

1. March 1, 1933 Run

Cause: Rumor Or Misinformation
Cause Details: Heavy withdrawals in last few days prompted banks to invoke withdrawal restrictions; described as protective measure amid depositor nervousness during banking turmoil.
Measures: Invoked 60-day (time) clause limiting withdrawals (some banks permitting 10% up to $100; Washington Savings Bank listed among those adopting the rule).
Newspaper Excerpt: Several savings banks here invoked the 60-day clause on withdrawal of savings accounts... Among the local banks which have adopted this rule ... Washington Savings Bank.
Source: newspapers

2. March 6, 1933 Suspension

Cause: Government Action
Cause Details: Closed by presidential order/national banking holiday (banks ordered closed March 6, 1933).
Newspaper Excerpt: The money has been tied up since March 6, when all banks were ordered closed by presidential proclamation.
Source: newspapers

3. November 1, 1933 Receivership

Newspaper Excerpt: The other seven banks thrown into receivership today were members of the Hamilton National Bank merger... Washington Savings Bank ... were placed in the hands of receivers; Norman R. Hamilton ... will begin taking over one bank receivership at a time ... and the Washington Savings Bank ... is listed among them.
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. March 14, 1933 Evening Star Washington, DC

Article from Evening Star, March 14, 1933

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during which we will decide what must be done." At the Chevy Chase Savings Bank, John C. Walker, president, explained that his bank is operating on the restricted basis it adopted for March 1, 2, and 3, before the banking holiday. The bank makes change, allows 5 per cent withdrawals on all accounts opened prior to 3 p.m., February 28, only for purposes of alleviating distress. The new Bailee accounts, which have been opened with the bank since that time on the basis of a trust fund, are now open to deposit and withdrawal. For further operation of the bank officials are awaiting additional advices from the Treasury Department. One of the chief problems of Washington bankers today and for the next several days is the handling of checks on out-of-town banks whose status is not definitely known here, George O. Vass, vice president and cashier of Riggs National Bank, said shortly before noon. Hundreds of these checks before the individual States holidays declared were drawn banking and to when deWashington payees undertook posit them they found the checks were caught in those State holidays and so the checks were returned to Washington. The national holiday added to the jam by prolonging the period in which the checks could not be cashed. Now these checks fairly swamp the banks here and since the local institutions are moving cautiously with each check, the time required by the mere mechanics of handling them is creating the problem. "We simply must ask the public to be patient with us," Mr. Vass said today, "until we can handle this tremendous volume of work. Today everybody's been splendid in the spirit they've shown us and it is through that cooperation that this problem will be solved. Our staff here at Riggs has been working night and day on the job and we're trying to do our part in handling this problem." Harry G. Meem. president of the Washington Loan & Trust Co., added to the general statement that condithe of are coming tions deposits were encouraging gold report in to that his bank. The gold. he said. will be turned over immediately to the Treasury "in support of President Roosevelt and the Government." One of the most graphic illustrations of the banking trend in the first hours of business today was shown at the Security Savings & Commercial Bank. Francis G. Addison, jr., said that at 9:30 o'clock this morning a total of $52,000 came in in the checking department, while only $600 went out. In the savings department request for withdrawal of only $211 was made. B. Agee Bowles, vice president of the Potomac Savings Bank of Georgetown, said that his institution expected its license "any day." He pointed out that the Potomac Savings Bank of Georgetown did not place any restrictions on its business prior to the national holiday and that, in fact, it didn't want the holiday at all. Until the license is granted, he said. however, his bank will continue to do business on the holiday basis. Other banks which have not yet received licenses and which will continue to operate under the restrictions of the national banking holiday proclamation include the Woodridge-Langdon Savings & Commercial Bank, the Washington Savings Bank, the United States Savings Bank, the Seventh Street Savings Bank and the Park Savings Bank. Many former depositors in the Commercial National Bank have inquired if it were possible for this bank to obtain a license from the Government and reopen on a normal basis. The bank was in receivership before the Nation-wide holiday went into effect and under those conditions no license can be issued.

3. September 16, 1933 Evening Star Washington, DC

Article from Evening Star, September 16, 1933

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CONSIDER OPENING DATE OF HAMILTON Bank Directors Meeting Today in Effort to Reach Final Decision. BULLETIN. The last legal step in the local courts looking toward the opening of the Hamilton National Bank was taken in District Supreme Court t day when Justice Jennings Bailey approved leases of seven bank properties to the new institution at a total annual basic rental of $45.500. The leases were executed by conservators of five of seven banks involved. three of the properties belonging to the old Federal-American National Bank & Trust Co. The Board of Directors of the new Hamilton National Bank was meeting today to make a final decision on the date on which the bank is to open for business. Immediately after the decision is made, conservators of the seven banks which will sell assets to the new institution, will begin the task of calculating the value of the assets to be turned over. with adjustments for interest due, on the opening date. This task, which involves a separate calculation for each note. bond. mortgage or other assets to be turned over, will occupy not less than a week. so that the earliest date that could be selected is Monday, September 25. On the day selected. depositors in the seven banks going into the merger will be able to obtain one-half of the amounts to their credit in the closed banks by application to the Hamilton Bank. The money has been tied up since March 6, when all banks were ordered closed by presidential proclamation. Since that time none of the banks placed under consrevators here has opened except the Chevy Chase Bank, which was bought by the Riggs National Bank. The seven banks going into the merger are the District and FederalAmerican National Banks and the Woodridge-Langdon, Northeast, Potomac, Seventh Street and Washington Savings Banks. There are nine other closed banks here. Of these, the Commercial National, Park Savings, North Capitol, International Exchange, Departmental Banks and the Bank of Brightwood are in the hands of receivers and will not reopen. The Franklin National, United are in States ings Savings the and hands Mount of conservators, Vernon Savwho are negotiating for the opening of their respective banks.

4. November 1, 1933 Evening Star Washington, DC

Article from Evening Star, November 1, 1933

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RECEIVERS TO PUSH BANK LIQUIDATION Former Governor of Florida and Publisher Are Appointed. Former Gov. Cary A. Hardee of Florida and Norman R. Hamilton, publisher of the Portsmouth, Va., Star, today were appointed by Controller of the Currency O'Connor to take charge of the liquidation of eight banks here now in the hands of conservators. Mr. Hardee assumed his new duties today, taking charge of the assets remaining in the Federal-American National Bank and Trust Co. and the old Chevy Chase Savings Bank. Mr. Hamilton is not expected to arrive here until November 8. when he will begin taking over one bank receivership at a time until he is in charge of the remaining assets in the other six banks in the hands of conservators, as follows: The District National Bank, the Northeast Savings Bank, the Seventh Street Savings Bank, the Washington Savings Bank, the Woodridge-Langdon Savings and Commercial Bank and the Potomac Savings Bank. Purchased by Riggs. The Chevy Chase Savings Bank was purchased by the Riggs National Bank several months ago and is now operated as a branch of Riggs. Assets remaining in the hands of the conservator there, John C. Walker, will be liquidated by Mr. Hardee. The Riggs National Bank had paid the first dividend to depositors of the Chevy Chase Bank when it became a branch. The other seven banks thrown into receivership today were members of the Hamilton National Bank merger, which bought their prime and liquid assets to make available a dividend of 50 per cent to depositors. Controller O'Connor pointed out that the plan of appointing two receivers instead of eight was decided upon so as to lessen expense. "It will save depositors large sums which (Continued on Page 2, Column 8.)

5. July 8, 1934 Evening Star Washington, DC

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(Continued From First Page.) creditors of the bankrupt and receive only a pro rata share of the proceeds from bankruptcy. Whether this extremity will be restorted to. however. by stockholders in an endeavor to avoid payment of the assessment remains to be determined. Under the law, it was said the controller had no alternative but to levy the assessment. The five banks involved in the action of the controller yesterday were among the seven which merged their best assets into the new Hamilton National Bank. They sold their prime securities to the Hamilton, and the remainder were left in the hands of conservators for a while. Later on these remainders were thrown into the hands of receivers. Others May Be Included. The fact that stockholders of two of the Hamilton Bank members, the Washington Savings Bank and the Woodridge-Langdon Savings & Commercial Bank, were not assessed at this time, does not mean that they have escaped assessment, according to reliable information. Their omission from the first list is no final action. Their stockhelders may or may not be assessed later on, it was explained. From former officials of the Washington Savings Bank it was learned that directors of that bank had paid a voluntary assessment of 100 per cent on their stock on June 30. 1932, many months before the bank was closed in March, 1933, by presidential order. The directors paid in about $70,000 out of their own pockets, it was said. The capital stock of the bank was $100,000. What effect this may have on an assessment now is entirely problematical. No Government official would comment on the matter. Payable August 13. The assessments levied yesterday are payable August 13, but stockholders may pay in four equal installments of 25 per cent each, the controller explained, on August 13, September 13, October 13 and November 13. The assessments bear interest at the legal rate for the District of Columbia from maturity. August 13. "The five local banks were found insolvent at the time receivers were appointed November 1, 1933," said the official statement of Controller O'Connor. "Now the controller finds that the assets of each are insufficient to pay creditors in full. The controller's decision as to the necessity for and the amount of an assessment is the equivalent of a judicial determination of the facts, which cannot be controverted by any stockholder." The receivers this week will proceed with the collection of assessments. The controller has given them authority to "take all necessary proceedings by suit or otherwise to enforce" the liability.

6. July 26, 1934 The Washington Times Washington, DC

Article from The Washington Times, July 26, 1934

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BANK IS PAYING NEW DIVIDEND Payment of a second dividend of 20 per cent amounting to about $69,000 was started today to the 1,735 depositors of the closed Washington Savings Bank. Depositors must call in person at the District National Bank Building, in the 1400 block G St. N. W., Norman R. Hamilton, receiver, announced. This payment brings the total by this bank to $276,685. The bank was one of 13 which failed to reopen following the President's banking holiday. Its deposits at time of failure amounted to $359,426. It was announced today that Leo A. Rover, former United States attorney for the District, has been retained by the stockholders' committee of the District National Bank to fight assessments levied by the Comptroller of the Currency. The assessments amount to $1,000,000.

7. April 2, 1935 The Washington Times Washington, DC

Article from The Washington Times, April 2, 1935

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BANK SETTLES BOND SUIT The daring robber of the Washington Savings Bank, now defunct, in which the door of the safe deposit vault was blown off, was recalled in District Supreme Court today with the settlement of the suit of Carl J. Poch, for the loss of a quantity of bonds that were stolen at the time. Mr. Poch, appearing as committee for the estate of Frank Poch, a patient at the Veterans Hospital at Perryville, Va., fared better than depositors of the closed institution, the assets of which have been taken over by the Hamilton National Bank. His claim, for $5,900, was settled by agreement with Roger J. Whiteford, counsel for Receiver Norman R. Hamilton, for $4,000. William B. Wolf represented the committee.

8. April 10, 1935 The Washington Times Washington, DC

Article from The Washington Times, April 10, 1935

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2 Banks Pay Depositors $142,579 Checks for $142,579.39 were sent to depositors of the Northeast Savings Bank and the Washington Savings Bank today by Receiver Norman R. Hamilton. The payment represented a 10 per cent dividend for depositors of both institutions. In the case of the North East Savings, the amount paid was $107,010.18 bringing total payments to date to 85 per cent of the $1,070,101.89 on deposit at the time the bank was closed and leaving $160,515.36 still owing to depositors. Today's 10 per cent dividend to depositors of the Washington Savings Bank amounts to $35,569.21. This brings the total payments to date to $284,569.21 or 80 per cent of the $355,692.17 on deposit when the bank was closed. There remains to be paid $71,138.49. Provided claims in receivership can be proved, it is indicated that stockholders of the Potomac Savings Bank will also receive a dividend next month. According to present plans this would amount to about $261,395.84 or 12½ per cent of the total of $2,091,165.91 on deposit when the Potomac Bank was closed. Commercial Plans Hope for an additional dividend also seems held out to depositors of the Commercial National Bank, according to Receiver Baldwin's report made public today. Only $225,762.58 have been collected in the assessment of stockholders, and the receiver estimates the uncollected stock assessments of $771,637.42 will only amount to $27,785.50 in ultimate liquidation value. This and other uncollected assets are estimated to be worth $2,471,053.50 in ultimate liquidation value. Deducting the balance of $848,000 owed the RFC, there remains roughly $1,500,000 or between 20 and 25 per cent of the $5,578,016.56 deposits in the bank at time of closing.

9. April 19, 1935 Evening Star Washington, DC

Article from Evening Star, April 19, 1935

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ning Monday, it will be necessary for depositors to call there for their checks. About 650 dividend checks on the Washington Savings Bank have not yet been called for at 1406 G street, Receiver Hamilton said. The checks in each case represent 10 per cent dividends.

10. September 6, 1938 Evening Star Washington, DC

Article from Evening Star, September 6, 1938

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se3.d&ds.ex Su&hols. ADAM A. WESCHLER & SON. Auctioneers. UNITED STATES MARSHAL'S SALE OF REAL ESTATE. By virtue of a writ of neri facias issued out of the Clerk's Office of the District Court of the United States for the District of Columbia and to me directed. I will sell by public auction. for cash. in front of the West Entrance of the Court House on D st. between Fourth and Fifth sts. n.w. Washington. D. C., on MONDAY. THE TWENTY-SIXTH DAY OF SEPTEMBER. 1938, AT TWO O'CLOCK P.M., all the right. title and interest of the defendants in the following-described real estate in the District of Columbia. to-wit: Lot 835 in square 238, having a frontage of 21.25 feet on a 30-foot alley, containing 913 square feet. more or less, located in rear of No. 1306 T st. n.w. improved by one-story brick building. seized and levied upon as the property of the defendants. Aeneas Collins and Margaret Collins. and sold to satisfy a judgment at law. No. 84805. in favor of Justus S. Wardell. Receiver, Washington Savings Bank. JOHN B. COLPOYS. United States Marshal in and for the District of Columbia. se1.d&dbsexSu&hol THOS. J. OWEN & SON. AUCTIONEERS,

11. September 7, 1938 Evening Star Washington, DC

Article from Evening Star, September 7, 1938

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AUCTION SALES. FUTURE. ADAM A. WESCHLER & SON. Auctioneers. UNITED STATES MARSHAL'S SALE OF REAL ESTATE By virtue of a writ of fieri facias issued out of the Clerk's Office of the District Court of the United States for the District of Columbia and to me directed. I will sell by public auction. for cash. in front of the West Entrance of the Court House on D st. between Fourth and Fifth sts. n.w Washington. D. C., on MONDAY, THE TWENTY-SIXTH DAY OF SEPTEMBER. 1938. AT TWO O'CLOCK P.M., all the right. title and interest of the defendants in the following-described real estate in the District of Columbia. to-wit: Lot 835 in square 238, having a frontage of 21.25 feet on a 30-foot alley, containing 913 square feet more or less. located in rear of No. 1306 T st. n.w. improved by one-story brick building. seized and levied upon as the property of the defendants. Aeneas Collins and Margaret Collins and sold to satisfy a judgment at law. No. 84805. in favor of Justus S. Wardell. Receiver. Washington Savings Bank. JOHN B. COLPOYS. United States Marshal in and for the District of Columbia. sel.d&dbsexSu&hol.

12. September 9, 1938 Evening Star Washington, DC

Article from Evening Star, September 9, 1938

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ADAM A. WESCHLER & SON. Auctioneers. UNITED STATES MARSHAL'S SALE OF REAL ESTATE By virtue of a writ of fieri facias issued out of the Clerk's Office of the District Court of the United States for the District of Columbia and to me directed. I will sell by public auction, for cash. in front of the West Entrance of the Court House on D st. between Fourth and Fifth sts. n.w., Washington, D. C., on MONDAY, THE TWENTY-SIXTH DAY OF SEPTEMBER, 1938, AT TWO O'CLOCK P.M., all the right. title and interest of the defendants in the following-described real estate in the District of Columbia. to-wit: Lot 835 in square 238, having a frontage of 21.25 feet on a 30-foot alley, containing 913 square feet. more or less. located in rear of No. 1306 T st. n.w. improved by one-story brick building. seized and levied upon as the property of the defendants. Aeneas Collins and Margaret Collins, and sold to satisfy a judgement at law. No. 84805. in favor of Justus S. Wardell, Receiver. Washington Savings Bank. JOHN B. COLPOYS. United States Marshal in and for the District of Columbia. sel.d&dbsexSu&hol.

13. September 13, 1938 Evening Star Washington, DC

Article from Evening Star, September 13, 1938

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ADAM A. WESCHLER & SON. Auctioneers. UNITED STATES MARSHAL'S SALE OF REAL ESTATE. By virtue of a writ of fieri facias issued out of the Clerk's Office of the District Court of the United States for the District of Columbia and to me directed. I will sell by public auction. for cash. in front of the West Entrance of the Court House on D st. between Fourth and Fifth sts. n.w. Washington. D. C., on MONDAY. THE TWENTY-SIXTH DAY OF SEPTEMBER, 1938. AT TWO O'CLOCK P.M., all the right, title and interest of the defendants in the following-described real estate in the District of Columbia. to-wit: Lot 835 in square 238. having a frontage of 21.25 feet on a 30-foot alley, containing 913 square feet. more or less. located in rear of No. 1306 T st. n.w., improved by one-story brick building. seized and levied upon as the property of the defendants. Aeneas Collins and Margaret Collins. and sold to satisfy a judgment at law. No. 84805. in favor of Justus S. Wardell. Receiver, Washington Savings Bank. JOHN B. COLPOYS. United States Marshal in and for the District of Columbia. se1.d&dbsexSu&hol.

14. September 20, 1938 Evening Star Washington, DC

Article from Evening Star, September 20, 1938

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FUTURE. CHARLES R. BLUNT. AUCTIONEER # Auction Sale of Unredeemed Pledges. ON THURSDAY MORNING, SEPTEMBER 22, 1938, AT 10 O'CLOCK I will commence to sell at the establishment of E. Heidenheimer, Inc., 505 King st., Alexandria, Va., all pledges upon which the interest is overdue up to this date. Ticket holders kindly take notice. E. HEIDENHEIMER, INC., BROKERS. se19.20.21 ADAM A. WESCHLER & SON, Auctioneers. # UNITED STATES MARSHAL'S SALE OF REAL ESTATE. By virtue of a writ of fieri facias issued out of the Clerk's Office of the District Court of the United States for the District of Columbia and to me directed, I will sell by public auction, for cash, in front of the West Entrance of the Court House on D st. between Fourth and Fifth sts. n.w., Washington, D. C., on MONDAY, THE TWENTY-SIXTH DAY OF SEPTEMBER, 1938, AT TWO O'CLOCK P.M., all the right, title and interest of the defendants in the following-described real estate in the District of Columbia, to-wit: Lot 835 in square 238, having a frontage of 21.25 feet on a 30-foot alley, containing 913 square feet, more or less, located in rear of No. 1306 T st. n.w., improved by one-story brick building, seized and levied upon as the property of the defendants, Aeneas Collins and Margaret Collins, and sold to satisfy a judgment at law, No. 84805, in favor of Justus S. Wardell, Receiver, Washington Savings Bank. JOHN B. COLPOYS, United States Marshal in and for the District of Columbia. se1.d&dbsexSu&hol. ADAM A WESCHLER & SON, Auctioneers.

15. September 21, 1938 Evening Star Washington, DC

Article from Evening Star, September 21, 1938

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se19.20.21.22.23.24.26.27.28.29 ADAM A. WESCHLER & SON. Auctioneers. UNITED STATES MARSHAL'S SALE OF REAL ESTATE By virtue of a writ of fieri facias issued out of the Clerk's Office of the District Court of the United States for the District of Columbia and to me directed. I will sell by public auction. for cash. in front of the West Entrance of the Court House on D st. between Fourth and Fifth sts. n.w Washington. D. C., on MONDAY. THE TWENTY-SIXTH DAY OF SEPTEMBER. 1938. AT TWO O CLOCK P.M., all the right. title and interest of the defendants in the following-described real estate in the District of Columbia. to-wit: Lot 835 in square 238, having a frontage of 21.25 feet on a 30-foot alley, containing 913 square feet. more or less, located in rear of No. 1306 T st. n.w., improved by one-story brick building. seized and levied upon as the property of the defendants. Aeneas Collins and Margaret Collins, and sold to satisfy a judgment at law, No. 84805. in favor of Justus S. Wardell. Receiver, Washington Savings Bank. JOHN B. COLPOYS. United States Marshal in and for the District of Columbia. se1.d&dbsexSu&hol.