Franklin National Bank (Washington, DC)

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Episode Information

Episode UID
1050401599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
105040 national
Charter Number
10504
Start Date
March 9, 1933
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d99d835e0f8e6b85

Response Measures

None

Description

No bank run is described in the articles; closure stems from the March 1933 federal banking holiday and Treasury/licensing actions.

Events (7)
1. April 4, 1914 Chartered
Source
historical_nic
2. March 9, 1933 Suspension
Cause
Government Action
Cause Details
Closed under the Presidential banking holiday and subsequently denied immediate license by the Treasury/Comptroller (placed in conservatorship)
Newspaper Excerpt
the national bank holiday proclaimed by the President ... Franklin National Bank ... received no license
Source
newspapers
3. March 20, 1933 Other
Newspaper Excerpt
Depositors in the Franklin National Bank were greatly pleased to learn that Vice President Thomas P Hickman had been made conservator of the bank relieving ... temporarily assigned to this work. Mr Hickman's desk was covered with flowers today Officials of the Franklin National Bank, the third largest institution which received no license, expressed astonishment the failure of the Treasury bank Department at to permit the to reopen. Officials planned to confer ... Franklin National Bank ... in the hands of a conservator. (mentions conservatorship and efforts to reorganize.)
Source
newspapers
4. November 8, 1933 Other
Newspaper Excerpt
the Washington Mechanics Savings Bank was about to take over the Franklin National Bank ... The consolidation will release $2,500,000 which is between 56 and 75 per cent of that institution's deposits
Source
newspapers
5. April 1, 1934* Reopening
Newspaper Excerpt
since the Franklin National Bank was reopened a little over a week ago there had been few withdrawals ... The Franklin ... reopened as a part of the Washington Mechanics Savings Bank-Mt. Vernon Savings Bank combine.
Source
newspapers
6. December 7, 1936 Other
Newspaper Excerpt
Payment of the $250,000 dividend to 17,000 depositors in the former Franklin National Bank will start tomorrow ... the dividend brings disbursements up to 82 1/2 per cent of the funds due depositors (liquidation continuing).
Source
newspapers
7. December 12, 1936 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (23)
1. March 9, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 9, 1933

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Banks Free Money For Essentials Washington banks today started granting withdrawals by depositors who need the money for the purchase of food, medicine, and other essentials-and found few persons taking advantage of the service. Each depositor who came to draw money was required to sign a printed form to the effect that the money withdrawn was to be used for necessities. No limit was set by the banks, but those making the withdrawais were asked to explain their needs and the sum was determined by this method. Amounts paid out ranged from $5 to $25. Withdrawals Are Light Bank officials in all parts of the District said that the number of withdrawals was running exceedingly light, an indication that the four-day bank holiday has worked little if any hardship in Washington. The withdrawal of money was made possible through instructions issued by the Washington Clearing House Association to its members, based on regulation No. 10, the "humanitarian" regulation issued by Secretary of the Treasury William H. Woodin. Reversal of Position In taking this stand the clearing house reversed its position of yesterday when it recommended against any action on Regulation No. 10 pending further clarification of the ruling which was termed as vague and too broad. While this action releases a certain amount of funds from the banks, no action will be taken on another section of the regulation providing that the banks may meet payrolls. Bankers pointed out that if they did this they would jeopardize their own position, by paying out money while they are unable to take any in. No bank, no matter how strong its position and reserve, can long do this, they said. Under restrictions placed on the banks by Secretary Woodin, banks may receive new deposits, but these deposits must be kept in trust. So far all local banks (Continued on Page 2, Col. 3)

2. March 10, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 10, 1933

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PAYROLLS HERE MET BY BANKS (Continued from Page One) certificates may be withdrawn, however. The local banks also continued allowing their depositors to withdraw funds up to $25 for purchases of food, medicine, and other essentials permitted under Regulation No. 10. Those making the withdrawls must sign statements that the money is to be expended in accordance with the regulations of the department. Padded Payrolls Alleged Several banks reported they had detected several instances of business men trying to pad their payrolls to get larger amounts of cash on hand in their establishments. To check this, the banks were requiring the business men to present their payroll books as proof of their needs. Some banks, however, not sure of the authority to issue money to meet payrolls, were asking the business men to sign 10-day notes for the money they withdraw to meet the payrolls. In this manner, they said, they would be protected if it was learned afterward that they did not have authority to issue the money. Rent Not Considered Banks do not consider payment of rent one of the essentials covered in the regulation, several being reported as refusing to honor withdrawals for rent payments, holding that the landlord must wait payment as do stores and other business concerns. The Clearing House last night advised its members to prepare to reopen on short notice, and it was believed that all banks will be opened for business in full by next Monday. Some banks may be reopened tomorrow, it was indicated. At Upper Marlboro, Md., the First National Bank today started cashing pay roll checks and also cashed checks for county employes whose offices carry accounts in the bank. Exchange to Open The Washington Stock Exchange, closed following the proclamation of the bank holiday, will also open again Monday, it is believed, and local brokers are looking for a rising market.

3. March 13, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 13, 1933

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BANKS PREPARE FOR OPENING TOMORROW All to Resume at Same Time If Reserve Board 0. K's Clearing House Plea Washington banks today were awaiting word from the Federal Reserve Bank at Richmond for permission to resume activities tomorrow. It is expected that the Federal Reserve will honor the request of the Washington Clearing House Association and send out notification simultaneously, so that all banks here which are members of the system will receive licenses and open at the same time. The Clearing House made this request, pointing out that failure of any bank to open at the same time as the others might be misconstrued by depositors. While the local banks are expected to reopen tomorrow morning. Secretary of the Treasury William H. Woodin issued instructions to banks that they guard against hoarders. Withdrawals Limited Until more normal conditions have been established. the Secretary instructed, withdrawals should be limited at the discretion of the bank to necessary funds. This will permit the banks to restrict withdrawals of, in their judgment, the money to be taken out of circulation. Warning was again issued that 3 o'clock Friday is the deadline for those who have been hoarding gold or gold certificates to turn them in. Names to Be Listed At the close of the banking lists of those who sums or 1 will be have gold day February Friday withdrawn gold certificates large sent Reserve to since the of governor of the Federal at Richmond for such action as the Government may deem advisable in view of the President's edict against hoarding. It is believed that few persons will fail to turn in their gold as the President asked, bankers pointing out that in the past few days many thousands of dollars have already been turned in at local banks and at the Treasury. Today, the last of the bank holiday proclaimed by President Roosevelt, found Washington banks carrying on limited business and prepared for general reopening tomorrow. The reopening is expected to give a bc m to local business. Savings banks and other institutions here which are not members of the Federal Reserve System have applied to the Comptroller of the Currency for licenses to reopen, and it is expected that they will be given permission to resume on Wednesday.

4. March 14, 1933 The Washington Times Washington, DC
Article from The Washington Times, March 14, 1933

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LICENSES FOR THREE BIG ONES HELD UP Conservator Rules FederalAmerican; Franklin Voices Surprise at Delay Twenty Washington banks reopened their doors today for regular business, marking of the national bank while local the holiday, end major bankers outpredicted that one would be the consolidacome tion of some of the smaller and weaker banks to further strengthen the local banking situation. Reopening of the banks, after closed a week ago yesterbeing by the Presidential national procladay mation declaring the bank holiday, was marked with quiet and calm. of There was no rush deposiin any of the institutions tors which reopened, several banks would rethat the deposits be porting more than the withdrawals. Put Money Back Persons who withdrew funds debank holiday was and then not redeposit to place could before came clared, today the found the that it money back they now with a feeling the the holiday is over again, that sound. banks' position is Bank officials who look for the consolidation of local institutions step pointed out that such a aswould release certain frozen rewhich have blocked the banks. opening sets of a number of be of Such consolidation would inestimable value in strengthening they the local financial situation, said. Of the banks that were granted there licenses to reopen today national eight of the 11 banks, were all five trust companies, and seven of the 17 savings banks in the District. The first appointment of a made conservator in Washington was Curthe Comptroller of the posted by A notice was door of the on Bank can stating that the rency Company the National today. Federal and the in Ameri- Trust institution had been placed hands of a conservator. Poole Conservator The conservator named was John Poole, president of the bank. Mr. Poole explained that under the emergency banking legislation, providing for conserv- in the bank will function for normal ators, business except that present no money will be paid acout the and no deposits will be cepted. Joshua Evans, jr., president an- of District National Bank, to the other institution which failed receive its license today, would announced that the bank on business under regula- of carry issued by the Secretary the tions Treasury during the national bank holiday. Officials Astonished Officials of the Franklin National Bank, the third largest institution which received no license, expressed astonishment the failure of the Treasury bank Department at to permit the to reopen. Officials planned to confer (Continued on Page 2, Col. 7)

5. March 20, 1933 Evening Star Washington, DC
Article from Evening Star, March 20, 1933

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DROP IN INSURANCE BUSINESS IS February Total for New Policies Is 23 Per Cent Under 1932 Figures. BY EDWARD C. STONE. New insurance written in the District of Columbia in February was 23 per cent lower than the total for February 1932, according to the monthly report received today from Hartford, Conn. This was much better showing than the January figures revealed The average drop for the whole United States was exactly the same as that for Washington the report stated Virginia made slightly better record than Washington new business being but 21 per cent behind the same month last year. Among other States in the fifth Federal Rese district new insurance in South Carolina was down 23 per cent in Maryland. 26 per cent in North Carolina 30 per cent, and in West Virginia 35 per cent degeneral was there Although crease in this territory and all over the United States. compared with the corresponding month a year ago, the total during sold insurance life ordinary the raged over $20,000,000 in every working day The best record made by any State was produced by Alabama which was only per cent below business done in had Idaho Arizona and 1932 February. the hardest sledding during the month business in both these States being 45 per cent under the like period a year ago During February District of Columbia agents wrote $3,816,000 new business Maryland reported new business total ing $6,086,000 Virginia turned in new business ting to $5 while West Virginia's total was $3,078,000. North Carolina's business totaled $4, 767,000 and South Carolina sales amounted to $2,242,000. Delaware, Georgia and Florida are included in the South Atlantic group. This group as a whole wrote $34,888,000 during the month. Joins National Building League. The Northwestern Savings & Loan Association, Takoma Park, has been admitted to membership in the United States Building and Loan League according to Secretary H F Cellarius of Cincinnati Ohio. In qualifying for membership the association submitted financial statements, by-laws and other details. The Northwestern Savings & Loan Association becomes a member of a national organization in this field that has over 2.800 members. Its business is administered in Chicago The league was organized 39 years ago to aid the work of the local associations in the home financing field The Northwestern Association will be entitled to send a delegate to the league's conventions It will also participate in the national programs for tax relief. home owning encouragement and other work undertaken by the league According to E. V Crittenden. president of the association. the assets were $1,856,964.35 at the time of the last annual report Besides Mr Crittenden the officers and directors of the as sociation are W si Dewhirst. vice president Howard S Gott. secretary Alfred B Baker. attorney, and Arthur Keefer, Dr J. W Chappell Dr G Coulen Lewton R E Jones, W R Tuckerman. Dr W W Stockberger, Jesse H Powell, directors. Treasury Regulation 10 Passes. One of the most important regulations issued by the Treasury as an emergency bank ruling has been canceled This regulation related to the payment money for food and the transportation of food other emergencies and for pay rolls. It was the regulation under which all 'distress money was permi tted to be paid The Treasury considers that the regulation is no longer needed and its withdrawal will conserve the assets in banks which do not have to operate on full schedules. The aim of the latest ruling to help conservators funds bank conserve At the time the regulation was issued it was interpreted in detail by the Washington Clearing House Associatic for the benefit of the local banks all of which were then under the holiday proclamation order from the President in It greatly relieved the situation Washington as money was at once made available for 'dire needs The Treasury takes the view that sufficient banks are now open to take care of all needs for necessities as well as for pay roll demands. Stocks Added to D. C. List. The governors of the Washington Stock Exchange added three more stocks to the list today, trading to begin tomorrow The issues are Mergenthaler Linotype Woodward & Lothrop common and Woodward & Lothrop preferred Today's market opened with two shares of Potomac Electric Power 51/2 per cent preferred stock selling at 105 Lanston Monotype figured four 10share and one six-share sales at 40 The rest of the trading was confined to bonds. Washington Gas Light 5s 1960, came out in a $500 transaction at 103. Potomac Electric Power Consolidated 5s figured in two $1.000 sales at 103. The market closed with $1.000 4s Washington Railway & Electric changing hands at 88 Heard in Financial District. Depositors in the Franklin National Bank were greatly pleased to learn that Vice President Thomas P Hick man had been made conservator of the bank relieving F c Ochershausen temporarily assigned to this work Mr Hickman's desk was covered with flowers today Vice President Wilbur H Zepp of the United States Savings Bank also assumed his duties as conservator to day, following the reasury announc ment made Saturday evening He relieved I Bailey, who had been acting Mr Zepp conserva as also received many congratulation from the bank's customers The interest in the New York Stock Market is being well maint judging by the ttendance in the local bro terage houses. Today' opening of the week was considered favorable by market followers Incorporated Investors has declared the regular semi-annual dividend of per cent in stock payable April 20 28. March record stock to Gold Dust Corporation has declared the regular quarterly dividend of 30 cents on the common stock payable May to stock of record April 10. SILVER QUOTATIONS.

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

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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.

7. August 16, 1933 Evening Star Washington, DC
Article from Evening Star, August 16, 1933

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13,951 Licensed Banks Operating, With 2,870 Closed or Restricted. RECORDS ARE GIVEN OUT BY WALTER J. CUMMINGS Show State of Business as Closed August 12 for Member Institutions. (Copyright. 1933 by the Associated Press.) The American banking structure is virtually back on its feet. The records of Walter J. Cummings, of executive assistant to the Secretary liTreasury, today showed 13,951 censed the banks operating without restrictions and only 2,870 closed or operating inrestricted basis. These figures on clude a National banks and State memand non-members of the Federal mutual Reserve bers System, but exclude savings The institutions. record is as of the close of business August 12 for member institutions and as of July 26 for non-members. Held "Bank Opener." Cummings, brought to regaled Washington with Secretary Woodin and opener by inofficial title of 'bank 4.banks doing I said the that on August 12 there an were unrethat 740 961 stricted National banking business with State deposits memof $16,938,145,000 with deposits of $9,741,000 1 were bers non-membres on a of and $5,057,596,000 8.250 banks operating having 26 deposits full-time basis on July 31 deposits are as of December The there has been no assembled that 1932. condition as report of banks since time. next such condition report, based conThe National bank call by the troller on the as of June 30, will be made in about The two figures weeks. in Cummings' report were the from official records of taken of the currency for national from controller State member banks, and and Federal Reserve Board records for nonmembers. the inactive side, it was found On on August 12 there were yet closed 909 that operating on a restricted basis national or banks, having deposits institu- of $954,304,000; 95 State member and with deposits of $204,134,000. tions, non-member institutions, exclusive of 1.866 mutual savings banks, with deposits of $1,005,365,000 d The composite picture shows deposits while banks of $31,737,728,000. in a in total open of $2,163,803,000 was tied up closed or restricted banks The picture is even brighter, Cum- taken said, when cognizance is the mings of the many details entering into In of reopening an institution this task connection. he pointed out that of 909 national banks still closed or unlicensed, the 317 have received the official "O K. of the Treasury and are raising money provided in approved reorgani- rezation plans. This will involve the lease of $400,000,000 more in deposits, he said. S Cummings said every closed banking had t institution in the United States been examined by the Treasury since the banking holiday in March. 1 Table Prepared by Cummings. this table, prepared by Cummings, bankIn the composite statement of the ing is structure in the United States at the close of business August 12: Licensed banks (unrestricted Number Deposits 4,961 National banks $16,938,145,000 t bank State member banks 740 9,741,987,000 e Non-member (exclusive of mutual savings d banks) +8.250 5,057,596,000 e Total 13.951 $31,737,728,000 Number Unlicensed banks (closed or restricted *Deposits h 909 National banks $954,304,000 95 204,134,000 State member banks Non-member bank (exclusive of mubanks) tual savings 1.866 1,005,365,000 Total 2,870 $2,163,803,000 As of 26. 1933. December 31, 1932 tAs of July D. C. Average Low. Washington the percentage of banks In reopened since the bank holiday Nat is considerably below that for the tion. However, progress is being made, I with prospects that most of the remain- be ing restricted institutions soon will doing business again. Only one of the 13 unlicensed banks the has actually re-opened for business. Chevy Chase Savings 1 branch of the now a Bank, Riggs which purchase National is Bank. Negotiations for this were under way before the bank holiday Of the remaining 12 unlicensed banks eight are members of the proposed Hamilton National Bank merger, which is getting ready to open. No date has ) yet been fixed for the opening, however. The members of the merger are Federal-American National Bank & e Trust Co., the District National Bank, Potomac Savings Bank, Northeast Savings Bank, Woodridge-Langdon Savings and Commercial Bank, Washington Savings Bank, United States Savings Bank and Seventh Street Savings Bank. The other unlicensed banks in the city are the Franklin National Bank, the Mount Vernon Savings Bank, the Industrial Savings Bank and the Park Savings Bank. The Park Bank is in the hands of a receiver, for liquidation All the other unlicensed banks are in the hands of conservators. The Commercial National Bank went ) into the hands of a receiver late in , February, and is now being liquidated. e FRENOLL TARIFF ROAST

8. September 14, 1933 Evening Star Washington, DC
Article from Evening Star, September 14, 1933

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FERGUSON DEFENDS U.S. SECURITIES ACT Member of Trade Commission Denies Law Stands in Way of Recovery. BY EDWARD C. STONE. S. Ferguson, jr., member declares of Garland Federal Trade Commission. not the the new securities act does recovery stand that in the way of financial speech that the He asserted in a radio those who act is dangerous responsibility only to of telling seek to evade investors the whole Adver- truth prospective before the Financial Speakers Association made the claim yes- "too terday tisers that the new law is drastic." July 20 to September 20 state- the commission From received registration to ments involving securities amounting these state$211,900,000. he said, and shown on the whole have of a ments definite intention on the the part revery corporations to meet merely quirements issuing of registration, not and technical sense, but fully its ingenerously in a in compliance with tent and sucess purposes. of the act will depend not of The upon the ability and fidelity if not only commission. but in large. of the measure, on the support Mr. a the greater public the speaker declared. Garland 'Neither continued the issuer's right to security offer the public's right to buy a acnor be limited under this act on or may count of its speculative The unsound securities hazardous differs in character concept and in plan of many from acts so-called blue-sky laws of the the the States While certain qualof commissions pass upon the whether State of a security to determine within ity it may be offered for sale ador their not jurisdiction the Federal investors act heres to the principle that all of it be told the truth. and offered shall concerning securities publicly for sale. Gains in Sales Encouraging. Richmond Reserve ban's contained reThe on August retail sales in the port surprises. The best gain Charlesmany fifth district was scored cent by A group of ton. other W. cities Va.. 43 reported per in a the 38 Carolinas per cent gain did 37 and per 10 cent stores more In fact. business these than stores in August, slight 1932. gain for the first eight the report months a of the year compared with of 12.1 per like period of last year gain The was Washington exceeded by Baltimore Richmond which cent 30 per cent gain and departwith had a a 23 per cent Huntington. advance in W Va.. ment store sales also hung up exand Lynchburg. Va While fifth good records for August the first tra district stores are still behind surprising of 1932 these percentages eight months for August records did much to lower the longer period that It is interesting to note both for fifth district and the averages are the the 12 Federal Reserve districts for the per cent behind last year alone eight-month 10 period. In August cent gain local area made a 22 per whole the against only 16 per cent for the country average Cleveland district led the with 12 Federal The Reserve areas in August that 42 per cent advance in sales. but much a and surrounding territory was than harder city hit by the depression Washington and vicinity Hence. San a larger comeback must be made of the Francisco was at the bottom ahead 12 districts. being only 2 per cent of August. 1932. in retail sales. Franklin Officials Push Work. Officials of the Franklin National reBank which is now operating on a stricted basis. are constantly pushing their efforts to get the bank reopened under 100 per cent operations They date further progress but no for report resumption of unrestricted business can be given at this time Important conferences are being held frequently with United States Treasury officials assigned to give their special reattention to the reorganizing and opening of Washington banks. Frankofficials consider the results of these lin recent meetings as favorable Compliance with Treasury rulings however of an almost endless amount in requires detail which involves further delay the final application for the charter Officials of the Franklin National efstate that they are centering their toward continuing as a unit bank. Opposed forts to any kind of a merger they express the belief that all requirements can be met which will permit operations as an independent institution. This is their one aim Like many other closed banks in Washington. they had hoped to be open many weeks ago While depositors are clamoring for offi- a release of a part of their funds, cials insist they are working as fast as possible to bring this about. New Life in Broker Offices. There was much more activity in Washington offices of New York Stock Exchange firms today, a lively and higher opening being recorded Brokers say inflation talk and the Government efforts to advance commodity of prices seem to account for much the expansion in business here and in New York. Wall Street reports that public participation has shown a marked increase during the present week. The Government's reported determination to raise commodity prices both agriculture and other fields is conin tinuing unabated. it is said. Furtherit is estimated that prices must more. be raised another 50 per cent to get farm returns up to the 1914 level SO far as purchasing power is concerned. This situation means that commodity prices in their fluctuations are likely to have special bearing on the stock market during the remainder of the year. in the opinion of Washington brokers. 42 Per Cent Insurance Gain Noted. The E. S. Brashears Agency, Washington branch of the Union Central Life of Cincinnati, reports a gain of 42 over July per cent in August's This net-paid-for is the largest busi-

9. October 4, 1933 The Washington Times Washington, DC
Article from The Washington Times, October 4, 1933

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FRANKLIN BANK NEARLY READY TO REOPEN Treasury Speeds Up Case; Plan Calls for Payment, in Part, to. Many Depositors The local banking situation as it concerns closed institutions began to clear today with the announcement at the Treasury that considerable progress has been made in a plan to reopen the Franklin National Bank. This announcement, following the approval yesterday of a plan whereby the Mt. Vernon Savings Bank will release nearly $1,000,000 in frozen deposits through a sale of assets to the Washington Mechanics and Savings Bank, will leave but few other closed banks in the city. Shuman's Big Job So far has the work of reorganization progressed, that Maj. W. Irving Shuman, special representative of the Comptroller, who has engineered both the Hamilton merger, the Chevy Case sale and the Mt. Vernon bank agreement, in connection with his task of reorganizinz closed local banks, has resigned to join the new Federal Deposit Insurance Corporation. Of the Franklin reopening plan it was understood that it contemplates the payment of a substantial per cent of depositors' accounts with payment in full to come. Cooper Case Halted Only the United States Savings Bank, of which Col. Wade H. Cooper is president, and the Industrial Savings Bank, a colored institution, will remain closed after the Franklin plan is finally approved. The Treasury has already stated publicly that before January 1, all banks will either be reopened through some plan or placed in receivership. Colonel Cooper today in District Supreme Court was temporarily halted in his effort to force the Treasury approval of his plan when his suit was postponed until Monday.

10. October 22, 1933 Evening Star Washington, DC
Article from Evening Star, October 22, 1933

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These were declared Savings Bank. insolvent and placed in the hands of receivers in July. Each has declared a dividend. Only two banks have been turned over to receivers since January-the Commercial National Bank and the Park Savings Bank. The former has paid a dividend of 20 per cent, but the Park Savings Bank, where there is a shortage estimated at more than $2,000,000, is the center of an involved court battle, which will come to trial next Wednesday morning. The Commercial National appears clearly to be in line for help from the Deposit Liability Board, but the status of the Park Bank, where so little assets remain, virtually puts it in a class by itself. 12 in Conservators' Hands. In the third general class of closed banks here are 12 now in the hands of conservators. This includes seven institutions, whose prime assets were taken over by the new Hamilton National Bank merger, but whose remaining assets are in the hands of conservators. Controller of the Currency O'Connor plans to place these remaining assets in the hands of two receivers shortly. The new Hamilton National Bank is moving substantially forward. according to reports, and is not officially involved in any way by the liquidation of assets remaining in the hands of conservators. There is one link, however, to the advantage of the Hamilton Bank, in the "right of substitution" clause of the contract by which the conservators sold their prime assets to the Hamilton. Within six months after the execution of the contract, the Hamilton may substitute any of the assets it bought, for any of the assets remaining in the hands of conservators. So that, although the controller of the currency may place these remaining assets in the hands of two receivers, in place of the present conservators, the old tie of that "right of substitution" clause still would hold. It may complicate the business of attempting to get new R. F. C. loans on these remaining assets. It is understood, however, that the controller himself is interested in this subject, here in the National Capital, and will give attention to it, besides the study to be given by the local committee of the Deposit Liquidation Board. Another in Litigation. Another of the banks in the hands of a conservator. the United States Savings Bank, is in litigation, with trial in its case scheduled for November 6. Other conservatorship banks are the Mount Vernon Savings Bank, the absorption of which by the Washington Mechanics' Savings Bank, through a special merger agreement, is expected to be effected this week; the Franklin National Bank. which is trying to reopen on a plan of its own, and the Industrial Savings Bank. colored institution, which is working on a plan of reorganization to become a national bank. Part of the assets of the old Chevy Chase Savings Bank which since has become a branch of Riggs National Bank, are still in the hands of a conservator.

11. November 8, 1933 Evening Star Washington, DC
Article from Evening Star, November 8, 1933

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NEW BANK MERGER CHEERS CAPITAL Plans for Franklin National Help Clear Situation Here Further, BY EDWARD C. STONE. The banking skies in Washington now are being cleared up with most satisfactory rapidity The announcement in The Star late yesterday that the Washington Mechanics Savings Bank was about to take over the Franklin National Bank aroused wide interest in the financial district today This is the second merger within a short time in which Ezra Gould, pres ident of the Washington Mec hanics Savings Bank has been the leading spirit Only a few days ago he announced that the Mount Vernon Savings Bank would be consolidated with his institution The merger of these two restricted banks with the Washington Mechanics will mean new institution with about $6,000,000 in deposits. The consolida tion will release $3,300,000 in deposits which are now frozen in the Mount Vernon and Franklin National Banks On completion of the merger, the Mount Vernon will release $80 .000. or 40 per cent of their deposits, and the Franklin National will release $2.500,000 which is between 56 and 75 per cent of that institution's deposits Gould to Head Merged Bank. The consolidated bank is to be known as the Mechanics Franklin Ezra Gould is to be president, John B. Cochran. former president of the Franklin Na tional chairman of the board Thomas Hickman, vice president in charge of the Franklin branch, while Clarence Burton. vice president and cashier of the Washington Mechanics, will hold the same positions in the new deal Frank W Lee. former president of the Mount Vernon will be vice president in the new bank in the office at Ninth street and Massachusetts avenue, which is to become the merged bank's headquarters. Settling of the Franklin's future leaves only two other restricted banks in Washington to be taken care of They are the United Savings Bank and the Industria Savings Bank ous efforts are being made to get both these institutions on their feet again Something must happen by the first of the year as President Roosevelt ruled that every time bank in the United States must either be back on full time or in receivership by January 1. That means that they will be defi nitely in or out of the financial picture Both wish few to reopen as individual units. Federal Rulings on New Issues, The Federal Trade Commission has ruled that it is allowable for under writers to send out circulars containing information on pro posed new offerings of securities prior to effective date of registration statement filed. providing they are marked to indicate that they are informative only The commission ruled that the Securities act definitely prohibits offers until the ation of the waiting period of 20 days. the time between the filing and the eff fective date of registra tion statement The rulings were made in response to numerous inquiries from underwriters The Trade Commission statement de clared further that "prospective purchasers whether they be dealers or the general public, should during this wait. ing period be educated up the nature of an issue which it expected that they will shortly be asked to buy, al ways reminding them that no determi nation to buy is requested of them until the expiration of the waiting period Towson Regins Institute Course Washington Chapter. American Institute of Banking. inaugurated new course on "Current Economic Problems' at the chapter rooms in the Bond Building last night Lectures will be given every Tuesday evening by Norman E Taxson, assistant treasurer and manager of the foreign department of the Washington Loan & Trust Co. The subject discussed in the opening talk was "The Banker- Is God. Man or Devil? The new course is open bank directors and officers holders of standard certificates in the Institu and others having 10 years experience in finance. Subsequent lectures will cover Government fiscal policies economic planning inflation and public works programs Chapter officials were gratified by the attendance at the first session 88 Cities Vote Bond Issues. New financing* approved by the voters of 88 municipalities in 23 States during October totaled only 5,458,715 as com pared with $25 132,750 during September according to The Daily Bond Buyer Among the larger items approved were $590.000 Cedar Rapids Iowa, School District $555.000 Cedar hurst and $370,000 Bath, N Y October totals of financing appro during previous years were $1,468,500 in 1932 $230,433,000 in 1931 and $4, 136.500 in 1930 During October the taxpayers in 38 communi in 14 States rejected proposals to issue bonds totaling $7,326,900 as compared with $7,756,316 in Septem. ber October totals for previous years were $1,986,500 in 1932 $4.058,294 in 1931, and $9,057,000 in 1930 Lively Day on D. C. Exchange. The holiday proved beneficial to the Washington Stock Exchange. as business showed marked improvement to day The Bonds were in better demand. opening sale was in Washington Gas 6s. series B $100 selling at 103. Wash ington Gas 5s. 1960 came out in $500 transfer at 1051/2 Potomac Electric Power Consolidated 5s moved in $1.000 transaction at 103 1/2 Washington Railway & Electric 4s came out on the board twice $1 .000 changing hands at 87 and $1.000 at 871/4. the closing price Lanston Monotype held the spotlight in the stock division Ten different sales were orded during the session every one made at The day turn over in this issue totaled 150 shares Potomac Electric Power 6 per cent preferred moved in two tiny sales, both at 111. Heard in Financial District An unusually large attendance is expected at the November meeting of the District of Columbia Life Under Association, which starts at the Willard at 6:15 this evening. C. B. Merriam R.F.C director. and chairman of the one Liquidation Board, Deposit speaker and life president M. A. Linton, will be the other A condensed statement of condition at the close of business October 25 as

12. January 16, 1934 The Washington Times Washington, DC
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FRANKLIN BANK MERGER PLAN SPEEDED Reopening Seen in Brief Time Under Terms of Linking 3 District Institutions Developments in the Washington closed bank situation had progressed so far today that officials of the Mt. Vernon Bank were able to foresee a reopening through the Mechanics Savings Bank merger plan in a short time. The Franklin National Bank, which is also to participate in this mreger, completed its collaboration with Treasury officials on the form of waivers and stock subscriptions and proofs of the forms are now being prepared for the printer. New Loan Planned The Mechanics Savings - Mt. Vernon-Franklin merger will be effected by a recapitalization of $225,000 capital and $125,000 surplus. In addition to the $800,000 to be borrowed from the Reconstruction Finance Corporation on unaccepted assets of the Franklin Bank, the corporation will be asked to loan $250,000 in capital notes or preferred stock in the new bank. Trustee of the waived deposits in the Franklin Bank will be William F. Kelley, attorney for the bank and a depositor; Lindsey Rawley, president of the Rock Creek Ginger Ale Company, a director, and Henry J. Sterzer, a stockholder. Park Case Speeded Of the capital structure the Mechanics Savings will provide $100,000 with $150,000 surplus; Mt. Vernon, $75 capital, with $75,000 surplus, and Franklin $50,000 with $50,000 surplus, bringing the total capitalization of the new bank to $225,000 capital with a surplus of $125,000. At the same time, liquidation of the Park Savings Bank, in hands of Receiver John Moran, proceeded swiftly with the filing of a number of suits in Municipal and District Supreme Court by G. Baillee Springton, attorney for the receiver, against defaulting debtors of the bank.

13. February 13, 1934 Evening Star Washington, DC
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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.

14. March 1, 1934 Evening Star Washington, DC
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MT. VERNON BANK PLANS HASTENED Arrangements Being Made to Terminate Conservatorship Tomorrow. Arrangements were being made today to terminate the conservatorship of the Mount Vernon Savings Bank tomorrow morning, in order that final details may be worked out for opening the institution, at Massachusetts avenue and Ninth street, as headquarters of the new Mechanics-Franklin Savings Bank on Monday morning. This will free about $800,000 to about 30,000 depositors. Control to Directors. Conservator A. O. Wharton, who has been in charge of the institution since it was refused a license to reopen after the President's banking holiday last March, will turn the control of the institution back to its directors. This will enable the directors to sell the prime and liquid assets of the bank to the Washington Mechanics' Savings Bank, a going institution, about which the new merger centers. The depositors of the Mount Vernon will get 40 per cent of their deposits when the bank opens. Before checks can be drawn against this new account, however, depositors in the Mount Vernon must sign signature cards and get their pass books. Assets of the Mount Vernon remaining will be liquidated by Robert Highfield, a vice president of the Mount Vernon, for further payments to depositors later on. Frank W. Lee, president of the Mount Vernon Bank, will become a vice president of the new Washington-Mechanics Savings Bank. Franklin Pushes Plan. In the meantime the Franklin National Bank pushed forward in its campaign to get back from depositors a sufficient number of waivers and to sell sufficient new stock to make way for reopening of the Franklin Bank as part of the new merger. Receivership of the Potomac Savings Bank was being moved today from 1726 Pennsylvania avenue to the District National Bank Building at 1406 G street, where Norman R. Hamilton, receiver for six local banks, has his headquarters in the home of the old District National Bank.

15. March 6, 1934 Evening Star Washington, DC
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REOPENED BANK'S DEPOSITS MOUNT Three Times as Large as Withdrawals on First Day of Operation. Deposits in the Washington Mechanics Savings Bank were three times as large as withdrawals yesterday, as the Mount Vernon Savings Bank reopened as headquarters of the Mechanics Bank at Ninth street and Massachusetts avenue. This was disclosed today by Clarence F. Burton, president of the enlarged Mechanics Bank, as the institution went into its second day of operation with substantial lines of depositors in the lobby. Surprised by Showing. President Burton and Vice President Frank W. Lee were not only gratified but surprised at the first day's showing. they said, because withdrawals particularly have been much smaller than they had anticipated. There were many large deposits, one being for $21,000, it was reported. The bank was profusely decorated with floral gifts from friends of the bank in the business and financial section. A handsome offering came from the District of Columbia Bankers' Association. Franklin Efforts Continue. The Franklin National Bank continued meanwhile with its efforts to get in sufficient waivers from depositors and to sell enough stock in the new merger to reopen as a part of the enlarged institution. Both the Mount Vernon and the Franklin have been closed for about a year, since the President's bank holiday. The Washington Mechanics' Savings Bank, with the reopening of the Mount Vernon as its headquarters, now has the downtown main office and four branches scattered throughout various business sections of the city.

16. March 12, 1934 The Washington Times Washington, DC
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BANK PAYMENTS MANY HER Approximately 38,000 Washingtonians and $1,000,000 were affected by developments in the closed-bank situation during the past week. While the North Capital Savings Bank, closed since before the banking holiday, will not pay its second 12 1/2 per cent dividend until tomorrow, the announcement that this was to be done was made Saturday by John S. Bryan, receiver. This development came close on the heels of the reopening of the closed Mt. Vernon Savings Bank as a unit of the unrestricted Washington Mechanics Savings Bank, headed by Clarence F. Burton, and the release of 40 per cent of deposits frozen since the bank holiday. The North Capital will begin paying off tomorrow about 8,000 persons. Approximately $120,000 is involved there. Earlier last week the Mt. Vernon began paying off, 30,000 estimated depositors being given access to more than $800,000. Sometime within the next two or three weeks the Franklin National Bank, also closed since the bank holiday. is scheduled to reopen as a part of the Washington Mechanics-Mt. Vernon combination. That will release approximately $1,200,000 and will affect some 10,000 persons. Mr. Burton, president of the Washington Mechanics, said today that every effort to expedite the opening of the Franklin National was being made.

17. May 3, 1934 The Washington Times Washington, DC
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ness was going ST at his new bank, Mr. Burton Dunbar Hare said: fine, and why it? shouldn't "It's going Washington earth is on the top of the so far as The concerned. riding just now, Federal business employes have part of their pay cut back, hotels are packed and jammed with visitors, and I'm told that department stores are so crowded it's difficult to find room in them. It certainly looks like prosperity is here." To emphasize this statement, Mr. Burton pointed out that since the Franklin National Bank was reopened a little over a week ago there had been few withdrawals. most of the approximately 18,000 depositors preferring to let their money remain in the institution. The Franklin, which was closed after the banking holiday, reopened as a part of the Washington Mechanics Savings Bank-Mt. Vernon Savings Bank combine. Approximately $2,000,000 in frozen deposits were released. Most of the withdrawals, Mr. Burton said, were by persons holding time-deposit certificates. Frank P. Morse, comanager of C.D. Barney & Co., has two sports -contract bridge and baseball. He does not like golf, tennis, football or horse racing. He said: "I like to take my sports sitting down. I'm like the man whom the doctor told to sit a lot and take light exercise. He got in a hammock and hired somebody to swing him gently to and fro." A. Harmer Reeside, manager of Westheimer & Co., is a busy man these days. In addition to keeping a keen eye on the market, he's practicing crooning so he can panic the boys when the Ticker Club holds its next jamboree. One of the chief features of any Ticker Club affair is Mr. Reeside's crooning. Carl J. Bergmann, Robert E. Buckley, C. Clinton James and William S. Quinter will attend a meeting of the southeastern group of building and loan association groups at Spartanburg, S. C., as delegates from the local organization. Edward C. Baltz, who is director of District No. 5 of the United States Building and Loan League, also will attend. Three officials of the Federal Home Loan Board, John H. Fahey, chairman; William F. Stevenson, member, and Horace Russell, general counsel, have been asked to make addresses, as have a number of persons nationally known in the building and loan field. Robert E. Christie, jr., president of the Investment Bankers Association of America, announces that the board of governors of that organization will hold its regular spring meeting May 19-23, inclusive, at White Sulphur Springs, W. Va. The board of governors consists of 39 members. representing a cross-section of the investment banking field in the United States and Canada. While the board of governers is in session the association's 20 standing committees will also meet to discuss provisions of the investment bankers code. Local brokers heaved a sigh of relief yesterday when 2 o'clock came and the stock ticker ceased to tick. They were generally apprehensive that the bottom was going to fall out of an already weak market. They hope for better times today. H. Prescott Gatley, widely known lawyer and banker, is receiving congratulations from his many friends on his assumption of the duties of president of the National Savings and Trust Company. Mr. Gatley has moved into the offices occupied by William D. Hoover during his 25 years' tenure of the presidential post. Mr. Hoover, in turn, moved into other quarters, where he will function as chairman of the board. Mr. Gatley has been connected with the trust company for a number of years as general counsel, director and member of the executive committee. Several years ago he was president of the District of Columbia Bar Association. -

18. July 9, 1934 Evening Star Washington, DC
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* Preliminary figure. subject to revision. The above statement, issued today by the controller of the currency, does not include three of the banks which failed to reopen at the close of the President's bank holiday in March, 1933. two of which have since reorganized by consolidation. The Franklin National Bank and the Mount Vernon Savings Bank were absorbed by the Washington Mechanics Savings Bank, whose name has since been changed to the City Bank of Washington. The Mount Vernon paid to its depositors 40 per cent when it reopened and the Franklin paid 65 per cent. In both cases the remaining assets are not in the hands of receivers, but in the hands of liquidating trusts, which are slowly liquidating these assets for the benefit of bank creditors. Efforts still are being made to reopen the Industrial Savings Bank.

19. December 7, 1936 Evening Star Washington, DC
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IN 1937 FORECAST Capital Goods Expected to Show Best Gains, Survey Indicates. BY EDWARD C. STONE. Further advances in stock prices, 10 relatively stable bond levels. a per cent increase in trade and a 5. to-8 per cent rise in commodity prices are among the predictions in the annual forecast by United Business Service released today in the financial district. The summary which includes the opinions of many different economic authorities, says Capital goods- This division of industry will SHO the greatest percentage improvement next year Rehabilitation of railroads and utilities. together with sizable increase in building. will materialize Retail trade-The dollar volume of goods sold at retail will probably be 8 per cent to 10 per cent larger than in 1936 owing to higher farm and urban purchasing power Retail prices are expected to advance next year Agriculture- Larger crops are expected in 1937. Benefit payments are likely to continue. although the total will be less than in 1936 Farm income will probably be about 5 per cent over this year, despite price declines. Industrial employment-Total factory employment will be higher next year largely because of the gains which will take place in the heavy industries. Strikes will be more numerous in 1937, despite further wage increases. There will be real scar. city of skilled workers in some lines. Foreign trade- total volume of United States foreign trade in 1937 will probably be larger than in 1936 despite the chaotic conditions in Europe and Asia. Reciprocal trade pacts will aid commerce Earnings- Earnings in 1937 will probably average 15 per cent to 20 per cent higher than in 1936, with the largest gains occurring in the capital goods industries First half profits should make exceptionally favorable comparisons with corresponding periods a year earlier Bond market-A relatively stable level of Government and high-grade corporate bond prices is expected through most of 1937. The year probably will mark the end of the long upward cycle of bond prices and there is possibility of a moderate downturn toward the close Secondgrade bonds should continue to advance. Stock market-The coming year should witness further advance stock prices Following a period of downward readjustment early in 1937 the main upward trend should be resumed Heavy industry issues are expected to record the largest percentage gains. Bankers Laud I. B. A. Parley Washington investment bankers returned today from the twenty-fifth annual convention of the Investment Bankers' Association at Augusta Ga enthusiastic over the forum and all other discussions. The convention drew 1,100 members, the largest attendance since 1929 and probably the largest on record Among the members from here were Kenneth S Wales. William W Mackall, E Booker George M Ferris. James P Nolan and James H Lemon Mr Booker is a member of the Board of Governors At the closing business session Edward B Hall of Chicago was elected president for the coming year Chairman James M. Landis of the Securities Exchange Commission made one of the most talked of addresses He was most frank in telling the investment dealers that unless they were extremely careful in protecting the investing public, further control measures would sooner or later be adopted by the Government The speech of J. D Ross of the same commission proved intensely interesting at the forum on public utilities. Lionel D Edie. consulting economist. placed full responsibility for the current ease of money rates at the doorstep of official Washington 'Whatever the mandate of 27.000. 000 votes may mean to different people, he said, "it would be stretching things a long way to make it mean mandate to keep money rates at levels as extremely as abnormally and as dangerously low as those now prevailing. Franklin to Pay Out $250.000. Payment of the $250,000 dividend to 17.000 depositors in the former Franklin National Bank will start to morrow morning in the Departmental Bank Building, 1726 Pennsylvania avenue northwest Samuel M Thrift executive secretary of the trustees moved into the payment quarters to day The dividend brings disbursements up to 82 1/2 per cent of the funds due depositors There will be a joint dinner meeting of the Safe Deposit Section of the District Bankers Association and the Maryland State Safe Deposit Association at Hotel Longfellow Baltimore tomorrow evening About 20 delegates from Washington will attend, including Chairman John F Hillyard, Vice Chairman Mrs. Helen R. Sharpe and Richard E Harris. general chairman of the 1937 Convention Committee The guest speaker will be T. Coxe of Philadelphia, president of the National Safe Deposit Council of A final liquidating dividend $124.61 is being paid to the holders of the first mortgage per cent bonds of Washington, Baltimore & Annapolis Electric Railroad Co The property has been in receivership since 1931 and in 1935 the track was torn up and sold for scrap. A previous pay. ment of $51 was made under a court order of July, 1933 With commercial loans on the increase and bank deposits at new alltime peake, Victor B. Deyber, chairman of the board of the Second Na tional Bank. sees no reason why the present recovery should not go forward for a long time, at least well into 1937 He is decidedly optimistic Bank Stock at New 1936 Top. Five shares of Washington Loan & Trust Co. stock sold on the Washington Stock Exchange today at 250, a new high mark for 1936. Mergenthaler Linotype came out at 55, Real Estate Mortgage & Guaranty preferred brought 61/4. Electric

20. December 7, 1936 Evening Star Washington, DC
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SPECIAL NOTICES. FULL AND PART LOADS WANTED TO all pion within 2,000 miles. Return-load rates. Padded vans. National 1460. NATL DELIVERY ASSOC., INC., 1317 N. Y. ave. FURNITURE OF ALL KINDS--AUCTION sale. Wednesday. 10 a.m., Dec. 9. including 2 grand pianos. apt. size. on premises. ACME MOVING & STORAGE CO., 4618 14th st. n.w. A. €. Rolfes & Co., Auctioneers. PORCH REPAIRING. SHELVING. COUNters, cabinet work. remodeling: roof repairing and painting; expert repairing of furni13* ture. Columbia 8997. AUCTION SALE BY ORDER WILLIAM E. Furey. Receiver. 29 automobiles. including 1936 Chevrolet town sedan. Parkard. Essex. Plymouth. Hudson and Nash in various body types; 1935 Chevrolet. also G. M. C. trucks. at R. L. Taylor Motor Co., 1840 14th st. n.w. THURSDAY DEC. 10. 8 P.M. Inspection permitted Dec. 8. 9. ADAM A. WESCHLER & SON, Auctioneers. de7.9 NOTICE IS HEREBY GIVEN THAT THE annual meeting of the shareholders of The Riggs National Bank of Washington. D. C., for the election of directors and the transaction of such other business as may come before the meeting. will be held at the banking house. 1503 Pennsylvania ave. n.w., on Tuesday. January 12, 1937. The polls will remain open from 11 o'clock a.m. until 12 o'clock noon. GEORGE O. VASS. de7.11 Cashier. THE ANNUAL MEETING OF THE STOCKholders of the Columbia Permanent Building Association of the District of Columbia. for the election of four directors. will be held on Tuesday. December 8. 1936. at 7:30 p.m. at the office of the association. No. 733 Twelfth st. n.w. Washington. D. C. FRED A. SMITH Secretary. DAILY TRIPS MOVING LOADS AND PART loads to and from Balto.. Phila. and New York. Frequent trips to other Eastern cities. "Dependable Service Since 1896." THE DAVIDSON TRANSFER & STORAGE CO. Phone Decatur 2500. NOTICE OF DIVIDEND. The trustees of the Franklin Liquidating Trust announce the payment of a dividend of 25 per cent of the certificates of participation issued to creditors of the Franklin National Bank Each creditor is requested to present certificate of participation at the temporary office of trust at 1726 Pennsylvania ave. n.w.. Washington. D. C., from December 8 through December 21. 1936: thereafter at 945 Pennsylvania ave. n.w., Washington. D. C., for the purpose of receiving check for the dividend available. WILLIAM F. KELLY. LINDSEY P. RAWLEY. HENRY J. STERZER. Trustees. Franklin Liquidating Trust. FLORIDA SPECIAL. CHEVY CHASE TRANSFER & STORAGE CO., WISCONSIN 3010. A DEAL FUNERAL AT $75 Provides same service as one costing $500. Don't waste "insurance money.' " Call LinDEAL. with 25 years' experience. coin 8200 CHAMBERS is one of the largest undertakers in the world Complete funerals as low as 575 up Six chapels twelve parlors. seventeen care. hearses twenty-five undertakers and assistants Ambulances now only S3. 1400 Chapin at. n.w. Columbia 0432. 517 11th st. a.a. Atlantic 6700.

21. December 10, 1936 Evening Star Washington, DC
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DEPOSITORS URGED TO GET DIVIDENDS Only Small Number Call at Three Closed Banks to Collect Checks. Despite the imminence of Christmas and need for Christmas shopping funds, a surprisingly small number of depositors in three closed banks are calling for the additional dividends now being paid out. Officials in charge today urged depositors of the District National Bank, the Northeast Savings Bank and the Franklin National Bank to call for the checks which they have been notified are ready for them. The District National Bank yesterday paid out only 225 checks, although postal cards had been mailed notifying 600 people to call yesterday. As a result, a thousand more persons were notified officially and an additional 2,000 cards were sent out, making a total of 3,600 cards so far. More will follow. The Northeast Savings Bank, paying off at Eighth and H streets northeast, sent out 500 cards for the first day, but delivered only 225 checks. Justus S. Wardell, receiver for these two banks, said today he hoped there would be a larger response, as the checks are ready. The Franklin Liquidating Trust, of which Samuel M. Thrift is executive secretary, paid out about 2,000 checks yesterday on its second day of making disbursements at a special temporary office at 1726 Pennsylvania avenue. Meantime an agent buying receivers' certificates from two closed banks today increased his offer to depositors of the District National Bank. Lester Dutt announced he would raise the price paid for receivers' certificates of the District National from 50 per cent of the remainder to 60 per cent of the remainder. The 50 per cent offer was the same as the dividend being disbursed by the receiver, which amounts to 25 per cent of the original amount deposited in the bank. The agent's offer for certificates from the Federal American Bank continued today at 40 per cent of the remainder, which would be 20 per cent of the original deposit. In both the Federal and District Banks depositors had received one dividend of 50 per cent.

22. December 5, 1938 Evening Star Washington, DC
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Franklin Bank Depositors to Get $200,000 Payment of New Dividend Starts Tomorrow Depositors in the closed Franklin National Bank will receive an additional dividend amounting to about $200,000 beginning tomorrow, it was announced today by Samuel M. Thrift, executive secretary of the Franklin Liquidating Trust The dividend will be paid in check form, at the office of the trust, Room 22, at 945 Pennsylvania avenue, in the building formerly occupied by the bank. Checks have been made out in the amount of 20 per cent of the face value of certificates of participation held by depositors. It will be necessary for depositors to present their certificates of participation, in order to get their new checks, Mr. Thrift emphasized. These certificates were issued in April, 1934, when Franklin depositors were paid in cash 65 per cent of their claims through the City Bank of Washington, which now operates a branch in the old Franklin Building at Pennsylvania avenue and Tenth street. For the remainder of their claims, depositors received at that time, certificates of participation representing 35 per cent of their deposits. Two dividends have been paid since, each one representing 25 per cent of the face value of the certificates. The dividend of 20 per cent now payable amounts to 7 per cent of the original deposit. Thus, when depositors get their checks for the latest dividend they will have received a total of 89 1/2 per cent of their deposits. The office will be open daily from 9 a.m. to 5 p.m., Mr. Thrift explained, with the exception of Saturday when it will close at noon. Trustees of the liquidating trust are William F. Kelly, Lindsey P. Rawley and Henry J. Sterzer. As announced Saturday, another closed bank will begin paying an additional dividend tomorrow, when the Potomac Savings Bank begins distribution of an 8 per cent dividend. amounting to $162,000, to 8,300 depositors. Checks will be paid to depositors bringing notification cards to the office of Receiver Justus S. Wardell, at 1406 G street N.W.

23. June 8, 1941 Evening Star Washington, DC
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Remaining Property Of 2 Closed Banks On Block Tomorrow Seventh Street Savings And Commercial National Assets to Be Auctioned Proceeding with a program designed to close out the affairs of all remaining banks in receivership in Washington, two receivers will conduct auction sales tomorrow of all assets in two banks. the Seventh Street Savings Bank and the Commercial National Bank. Similar sales for other receiverships will come later. Under plans of the Controller of the Currency, it is intended that a policy of "intensive liquidation" will be pursued and all receiverships closed up here by the end of the year, with final payment to thousands of depositors of institutions closed in 1932 and 1933. The first auction sale tomorrow will be conducted by Justus S. Wardell. receiver for the Seventh Street Savings Bank. He will dispose of the assets at his office, 1429 I street N.W.. at 10 a.m. This receivership already has made available to about 2,500 depositors dividends of 95 per cent for a total of $1,004,517. With proceeds from the sale tomorrow, together with cash already in hand, Mr. Wardell said he expects the institution will be able to pay at least 100 per cent. Final Dividend Near. Final sale of the assets of the Commercial National Bank will be conducted by Receiver Frederick J. Young, at his office. 1336 New York avenue N.W., at 2:30 p.m. tomorrow. Proceeds from this will be added to the cash in hand to result in a final dividend to depositors some time before December 1. Since this bank closed in February. 1933, dividends of 70 per cent have been paid, amounting to $3,938,171. Receiver Young also announced that he plans to sell at auction the remaining assets of the FederalAmerican National Bank and Trust Co. at 2:30 p.m. July 14. This institution. the largest closed bank in Washington. has paid to its depositors dividends of 75 per cent, amounting to $6,307,040. No definite estimate is available as to how much more will be realized by depositors. Final sale of assets in the closed Park Savings Bank will be conducted July 15 by Receiver John F Moran at his office at Fourteenth street and Park road N.W. General depositors in this institution have realized 36½ per cent in dividends. Besides this. a particular group of depositors who had money in the bank when its charter expired in 1929 received about $350,000, which was 26.206 per cent of the "low balance" which these people had in the bank between 1929 and 1933 when the bank closed. Three Others Wind Up. Other banks receiverships which are to be closed out during the year include the District National Bank. the Potomac Savings Bank and the North Capitol Savings Bank. In the case of the United States Savings Bank a Stockholders' Committee is proceeding with a plan for closing out the affairs of this institution and terminating pending litigation. The committee has received signed agreements from depositors who had about $900,000 in the bank when it closed. These agreements waive claims to all interest in excess of 3 per cent. Depositors in this bank have already been paid 100 cents on the dollar on their deposits and by their agreement would get 3 cents more on each dollar. The 17,000 depositors of the closed Franklin National Bank have received 100 per cent on their deposits and it is hoped that interest also due them may be paid later. Those who have not yet received their dividends may call at room 22, 945 Pennsylvania avenue N.W., where the final dividend was first made available late last month.