North Capitol Savings Bank (Washington, DC)

Episode Information

Episode UID
15007871591
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
1500787 routing
Routing Number
15-0078
Start Date
July 14, 1932
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
1b5680559340d931

Response Measures

None

Events (6)
1. July 14, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by Comptroller due to insolvency concerns and related alleged shortages/arrests of bank officials
Newspaper Excerpt
The North Capitol Savings Bank ... closed yesterday
Source
newspapers
2. July 15, 1932 Receivership
Newspaper Excerpt
W. M. Taylor, bank examiner, is in charge the institution; receiver named later in articles (John S. Ryan/John T. Bryan/John F. Moran referenced as receiver). This indicates a receiver was assigned after suspension rather than reopening immediately for regular business operations.
Source
newspapers
3. February 10, 1933 Other
Newspaper Excerpt
The International Exchange Bank, Fifth and H streets, and the North Capitol Savings Bank ... will make an initial payment on approved claims as soon as enough money is collected. All four banks closed last July.
Source
newspapers
4. April 29, 1933 Other
Newspaper Excerpt
The North Capitol Savings Bank will pay its first dividend of $125,000 ... Payments to depositors of the closed North Capitol Savings Bank beginning Monday at 9 a.m.
Source
newspapers
5. March 11, 1934 Other
Newspaper Excerpt
A 12 1/2 per cent dividend, totaling approximately $120,000, will be paid depositors of the North Capitol Savings Bank Tuesday morning ... second 12 1/2 per cent dividend.
Source
newspapers
6. December 7, 1940 Other
Newspaper Excerpt
Remaining assets of the North Capitol Savings Bank will be sold at auction next Thursday ... The bank closed in 1932 and had a deposit liability of $1,150,000 and assets of $1,460,000.
Source
newspapers

Newspaper Articles (19)
1. July 15, 1932 Times Herald Washington, DC

Article Text

The Departmental 1726 Pennsylvania Ave., has suspended operations, bringing the total to four local institutions which have closed their doors in two days. Notice of the Departmental Bank's given by the board of directors in a statement, which said: "This action was wholly voluntary on the part bank, and was taken purely precautionary measure, in view of the recent closing of several local banking W. M. Taylor, bank examiner, is in charge the institution. The North Capitol Savings Bank, the International Exchange Bank closed yesterday, and the Bank of Brightwood. Wednesday.

2. July 15, 1932 The Washington Times Washington, DC
Article from The Washington Times, July 15, 1932

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Article Text

DEPARTMENTAL BANK CLOSED The Departmental Bank, 1726 Pennsylvania Ave., has suspended operations, bringing the total to four local institutions which have closed their doors in two days. Notice of the Departmental Bank's suspension was given by the board of directors in a statement, which said: "This action was wholly voluntary on the part of the bank, and was taken purely as a precautionary measure, in view of the recent closing of several local banking concerns." W. M. Taylor, bank examiner, is in charge of the institution. The North Capitol Savings Bank, the International Exchange Bank closed yesterday, and the Bank of Brightwood, Wednesday.

3. July 23, 1932 New Journal and Guide Norfolk, VA

Article Text

$5,000 DEPOSIT HELPS BANK TO WEATHER STORM Prudential In D. C. Is Victim Of Store's Scare WASHINGTON, D. C.-While bank examiner kept watch ready at any minute close the institution, the Prudential Bank, 715 Florida Avenue, northwest, weathered twoday run on it last Friday and Saturday and resumed business as usual Monday morning. The run was stemmed after every resource and minute speakers were called into action to persuade depositors not to withdraw their funds. From every pulpit in the city Sunday an appeal was made against continuation of the run. Meanwhile officers and directors of the bank were conference working out plans for keeping the bank open. Deposits $5,000 At the most critical moment Saturday, Mortimer M. Harris, an attorney, climbed into chair and announced to the crowd in the bank that E. A. Clements would make a deposit of $5,000. Clements left the bank hurriedly. Finally he came back and brought with him a stack of bills totaling $5,000. He handed them to John R. Hawkins, president of the bank, with the declaration, "That's what think of Prudential!' The crowd burst into cheers. Some withdrew from the lines. The run began Friday following the closing of four white banks here. Collateral totaling more than $20,000 was hypothecated at other banks to meet the demands of depositors. Depositors Quieted Officers of the bank asked depositors to attend a meeting at Mt. Carmel Baptist Church Friday night. Pledges agreeing not to withdraw more than 10 per cent of their deposits in the next 30 days, signed that night and the next morning reached the figure of $101,000. When the bank reopened Saturday morning the run was continued. Officers and supporters of the institution appealed to the crowd not to wreck the institution by withdrawing all their funds. Speaker ,after speaker mounted chairs and addressed the crowd. Other officers and supporters sought signatures to pledges. The bank invoked the rule against member of the national staff and later financial secretary of Shaw University, was called to the secretaryship at Houston, Texas, succeeding Gilbert T. Stocks, who resigned. Mr. Craver is graduate of Shaw University and the University of Chicago. He served many years the student work of the National Council. the withdrawal of savings funds without 30 days' notice. Some who sought to withdraw their funds from checking accounts were dissuaded by officers from doing so. Other depositors added to their deposits. Cause of Run Ira L. Chorpening, chief national bank examiner, looked on as the depositors staged their run, prepared to close the bank if the tide ran against those who were struggling to keep the institution open. The refusal of a down town department store accept check on he bank was given by officers as the cause for the run on the Prudential. Other banks, all white, wtre having trouble simultaneously. The Comptroller of the Currency close the bank was given by officers as Raymond L. Schreiner, president, was arrested and charged with larceny in connection with an alleged shortage of $59,700 in the accounts. The next day the Comptroller of the Currency closed the North Capitol Savings Bank, in which there were large number of colored depositors, and the International Exchange Bank because of insolvency. The Departmental Bank voluntarily close its doors. At the same time the run was being made against the Prudential there were runs against the Northeast Savings Bank and the Mount Vernon Savings Bank. A truckload of cash was delivered to the Northeast Savings Bank by the Treasury Department. The run on it by the similarity of with the North Capitol Savings Bank, which is located in the same neighborhood. The Mount Vernon Savings Bank last Saturday night offered $500 reward "for information leading to the arrest and conviction of the person or persons spreading damaging rumors concerning the Mount Vernon Savings Bank. Industrial Bank Open the Associated Negro Press deadline is reached the Industrial State Bank of which W. H. P. Brown is president, is open and doing business as usual.

4. August 27, 1932 Evening Star Washington, DC
Article from Evening Star, August 27, 1932

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RAILWAY COMPANY DEFICIT REPORTED W. R. & E. Reveals Revenue Month Drop of $5,039 for of July. Co. Electric Washington it Railway of 039.50 & to its for report the as month shows to the a of Public to July, a net Utility according income of off from for compared Operating July last year. revenues July 1931 fell to expenses 014.51 same $389.501 89,501.31 for while operating during the for taxes to first in and this from July, $336.077.92 ropped for $295,464.92 seven period income report Net dropped $959,357.48 from in 1932. revenue the $2,867,- fell off shows, the same months 1931 to while operating period from during to $2,433,85 15. Report. reported 476.80 Potomac Power commission mission Electric Company Power a decrease in Co. July drop in 1931 net of to $774.01. to to income the from July $335,143. this revenue year, a fell off this by $334,369 09 Operating $872,374.07 in July $12,675.17 $2,638.96 decreased by of this reve- year year. Net income seven months operatir for the the first 60, while 2,637.67 for $2,647.76 763 $6,449, to gained of 1931 to of this seven nue months from seven months future is reflected year. by for the first for the of business With Optimism the week! & Co. review out ending today. and close, the in R. G. Dun period to a of the season "the year is the exSummer reviev vacation says. drawing of the beginning impetus ement to the the few months further improvement last pected to give of justments trade already from the momentum helpful ad and aside sentiment been prove under seasonal Many accomplished upturn weeks should gains better already substantis constructive in uni has of recent making iniform the and assumed way more betterment now with no revival, particular exThe trend, the East the genarea cept that -wide a somewhat in the for the are lagging quickened stride. of buying on reeral The first flurry drawn largely for girls' season has of yard coats. goods school apparel "The new tinues the and helped Fall tailers and other iresses, stocks review. shoes, access women's cessories, millinery apparel show- con- by in ings of attention, cooler a gradattracted men's ratively being been weather comparative has in the sale an dry the some ual increase each week record of dethe cities. goods, this over month the showing better of approvement There is a with Jeather prospect. improvement mand week for footwear.com continuing and, upward Well higher admerquotations prices are of in late Summer are addshoe vertised sales including furniture. volume. Rechandise. to the current have been success- goods, ing tailers, further generally, stocks of will Summer be smaller so that The in reducing better grades than is retailers are ful of merchan erchandise usual. the carry-over shift becoming to more first of pro- with sea- the and some will be the offer, nearly success, wearing style opinion nounced son in that of this three years unusual to apparel any degree quality and have been entirely a the narket are increased for that goods combining hoppers. appeal. of now returning the and require- during show price out this willingness period to pay meet their ments. Co. Ohio B. & O. Report. Railroad railBaltimore & in $2,871,064 net July, 1931, 229,478. way reported eporatine The today a to decrease from for July, $15, for 1932, a drop of also dropped seven months from of Net income first first seven months Savings 1931 253,750 to of for $10,683.75 1932, the 758 a falling for the off of $4,574, Bank, was now claims 992 The North closed Capitol some time from ago, deposi- is S. John receiving which it was proof announced of Notice went by out which to deBryan, tors, receiver August 25. three from months has positors dated depositors have The bank ever since been it was closed. time to file the receiving their claims. payments on notes Encouraging Signs. situbusiness the Reviewing the the standpoint general of viewpoints, both ation from and unlavorable Co. 'tangible of the favorable Standard first Statistics the folowing nature York lists of an encouraging banking measured condition by signs Much improved of decline sustained as higher slackening of business; prices; enhanced optimism volume of commodity power; genuine strength farmer levels buying markets: persistent some improvein in Insecurities the bond employment market in certain favorable indus- outment tries in and in Europe; localities; reversal of the outward may be look gold movement. side there unemp On the huge adverse total of slightly but not A lessened future adjustwhich cited: may be the near of a topeliminated yet to in be made which because may zations, neces- reheavy ments some debt structure further wiping reorganizar out consider- of equisitate ceiverships and prospects the for any burdenthan ties: lack of of foreign threaten trade; to grow able some pick-up taxes shrink: which lack of general consumer rather buying power.

5. October 22, 1932 The Washington Times Washington, DC
Article from The Washington Times, October 22, 1932

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CITIZENS STUDY CIRCLE CHANGE Because several accidents have occurred at Truxton Circle, the North Capitol Street Citizens Association at its Monday night meeting will consider a resolution seeking authorization for the Washington Railway & Electric Co., to run its street cars straight through the circle. The resolution, in the form of a request to Lieut. Col. U. S. Grant 3d, director of public buildings and grounds, asks him to permit the car company to make the change and to order removal of the fountain and benches at the Circle, The association will also consider steps to replenish its treasury made necessary by closing of the North Capitol Savings Bank where $400 of its funds was deposited. Will P. Kennedy. president of the association, will preside at the meeting, which starts at 8 p. m. in McKinley High School Auditorium.

6. January 27, 1933 The Washington Herald Washington, DC

Article Text

REVEALS LOANS Total of $198,000 Borrowed by International Exchange and North Capitol Firms Two closed Washington banks revealed yesterday to have obtained from the Reconstruction Finance Corporation loans totaling between them in the five-month period before they sus pended operations. The figures were made public when the complied with the congressional demand that it disclose its loans for the initial five-month period. $118,000 TO ONE Of the two local banks which sought Government funds in forts to forestall suspension, the International Exchange Bank rowed the largest sum. a total of $118,000. The North Capitol Savings Bank received $80,000 from the The International Exchange Bank still owes the Government corporation $85,354, while the North Capitol Savings has repaid all but $15,826, according to the report. Explanation was sought at the office of the Comptroller of the Currency yesterday as to why the banks were suspended while still owing money to the It was explained the Comptroller's office and the R. operate as separate agencies and that is possible for loans to be made by the latter agency even day or two before bank closes, without consulting the Comptrol All the asks, it explained. adequate security receiving this does not quire detailed figures on the bank's solvency. R. C. COMES FIRST The loans from the must repaid by the borrow. ing institutions before their remaining assets are distributed to depositors or noteholders as the R. C loans are covered by ade quate collateral in each case. In further explanation of the R. loans. official said "Request for loan from the R. by legal security is sufficient warrant for the loan and the Comptroller not consulted before the loan made. Even where bank may in more or less difficult position such loan upon proper security may be the means of saving situation and permitting the bank to continue open. It may also stop run on bank but not liq condition." American and Be

7. February 10, 1933 Evening Star Washington, DC
Article from Evening Star, February 10, 1933

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TWO MORE BANKS TO PAY DEPOSITORS Departmental and Brightwood Institutions Paying Out $375,000. While depositors crowded into two suspended Washington banks today to collect the first payment on their claims. Acting Controller of the Currency F. G. Awalt announced two other defunct local banks would issue payments as soon as money in hand permits. The Departmental Bank, 1726 Pennsylvania avenue, and the Bank of Brightwood, Georgia and Colorado avenues, are paying approximately 7,500 depositors a total of $375,000. Two Other Institutions. The International Exchange Bank, Fifth and H streets, and the North Capitol Savings Bank, at H and North Capitol streets, are the two institutions which Awalt said would make an initial payment on approved claims as soon as enough money is collected. All four banks closed last July. The doors of both the Departmental and Brightwood banks were opened this morning at 8:30 o'clock to distribute checks to depositors. Approximately $220,000 is being paid to 3,444 depositors in the Departmental Bank, while the Brightwood institution is distributing checks totaling $155,000 to about 4,000. To Be Open at Night. To expedite distribution of the money, the Departmental Bank will remain open tonight and tomorrow night until 9 o'clock, resuming the regular hours of from 8:30 to 5 beginning Monday. The Bank of Brightwood will be open until 5 o'clock tonight and all day tomorrow until 5. A steady line of men and women filed into both banks throughout this morning, able to draw money for the first time since the institutions closed last July. At the Departmental depositors were being paid 30 per cent of their claims, while at Brightwood 20 per cent was being paid. Additional payments will be made by both banks as liquidation progresses and cash in hand permits, it was said by officials.

8. April 29, 1933 The Washington Times Washington, DC
Article from The Washington Times, April 29, 1933

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FREES PLAN $285,000 TO LOCAL PATRONS Departmental and North Capitol Ready to Release "Frozen" Accounts Dividends amounting to $285,000 will be paid out Monday by the Departmental Bank and the North Capitol Savings Bank, both closed institutions. The Departmental Bank will pay its second dividend. This time the amount will be $160,000 or about 20 per cent, W. B. Allman, receiver stated. The North Capitol Savings Bank will pay its first dividend of $125,000. To Stay Open Late The Departmental Bank. Allman said,will be open for the convenience of Government workers from 8:30 a. m. to 9 p. m., Monday, Tuesday and Wednesday. Persons unable to call at the bank these days will be able to collect their checks during the regular business hours. About 4.000 checks will be paid out, Allman said. The second dividend payment brings the total paid back to depositors to about $400,000. When the bank suspended the book value of assets was $1,100,000. Payment of the first dividends to of the depositors closed North Capitol Savings Bank, amounting to $125,000, or 12 1/2 per cent, are to be made beginning Monday at 9 a. m.. John S. Ryan, receiver, announced today. 6,000 Checks Ready Six thousand checks are ready for distribution to depostiors of the bank, which closed its dcors last July 14. Regular banking hours are to be observed and only those persons living out of the city will be able to get their dividend checks by mail. All others will be required to call at the bank and sign receipts for the money, Ryan said. As added funds are accumulated from liquidation of the bank's assets further dividends will be declared when the sums have reached sufficient size, he said.

9. October 31, 1933 Evening Star Washington, DC
Article from Evening Star, October 31, 1933

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SUES BANK DIRECTOR North Capitol Savings Receiver Seeks Recovery of $1,511. John S. Bryan. receiver for the North Capitol Savings Bank, filed suit in District Supreme Court yesterday to recover $1,511 from Charles B. Stewart, a director of the bank, who allegedly withdrew the money one day before the bank closed. The suit, filed through Attorney Frances Hill, jr., alleges this withdrawal constituted unlawful preference in favor of the director.

10. November 7, 1933 Evening Star Washington, DC
Article from Evening Star, November 7, 1933

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RECEIVER FILES SUIT John T. Bryan, receiver for the North Capitol Savings Bank, filed suit in District Supreme Court yesterday to recover $6,893 which R. R. Ralph, a director of the bank, allegedly withdrew the day before it was closed. Ralph was an official of the Ralph Oil Co., and the money is said to have been in the company's account. The suit was filed through Attorneys Hill, Ross & Hill.

11. December 11, 1933 The Washington Times Washington, DC
Article from The Washington Times, December 11, 1933

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Receiver Bryan Sues Harper for $1,500 Suit for $1,500 was brought against Col. Robert N. Harper, Washington banker, by John S. Bryan, receiver for the North Capitol Savings Bank, in District Supreme Court today. hTe suit charges that Colonel Harper owns 200 shares of stock in the defunct bank, and that he paid out $500 of a 100 per cent assessment levied against the stockholders in November last year. The sum named in the suit represents the balance of the assessment due.

12. March 11, 1934 Evening Star Washington, DC
Article from Evening Star, March 11, 1934

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SAVINGS BANK TO PAY DIVIDEND TUESDAY North Capitol Depositors Will Receive Total of $120,000-Payments Reach 25 Per Cent. A 12 1/2 per cent dividend, totaling approximately $120,000, will be paid depositors of the North Capitol Savings Bank Tuesday morning, Receiver John S. Bryan announced yesterday. This is the second 12 1/2 per cent dividend to be made available by the bank; a previous one having been paid last May. Depositors will have to present receiver's certificates to receive the dividend checks, Bryan pointed out.

13. March 27, 1934 Evening Star Washington, DC
Article from Evening Star, March 27, 1934

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RECEIVER FILES SUIT Seeks to Recover $2,600 in Stock Assessment Action. John S. Bryan, receiver for the North Capitol Savings Bank, yesterday filed a $2,600 stock assessment suit in District Supreme Court against Eugene S. Burgess, 236 Seventh street southeast. The suit was filed through Attorney Francis W. Hill, jr.

14. September 15, 1934 The Washington Times Washington, DC
Article from The Washington Times, September 15, 1934

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Liquidation Work To Shift Monday This is the last day on which liquidation matters of the North Capitol Savings Bank and the Continental Trust Company, will he handled from the two institutions. Receiver John F. Moran announced yesterday records of the two banks have been moved to the Park Savings Bank at Fourteenth and Kenyon Streets, and beginning Monday affairs will be transacted there.

15. June 30, 1939 Evening Star Washington, DC
Article from Evening Star, June 30, 1939

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his office of the Park Savings Bank, from 5913 Georgia avenue N.W. to the Riggs National Bank Building at Fourteenth street and Park road N.W., where he will be ready for business tomorrow. He also is receiver in the same office for the North Capitol Savings Bank, Departmental Bank and Prudential Bank.

16. February 14, 1940 Evening Star Washington, DC
Article from Evening Star, February 14, 1940

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Apartment Deadline Set Unless a better offer is received before noon February 26, District Court has authorized John F. Moran, receiver of the North Capitol Savings Bank, to sell to the Marley Development Co. for $644,625 Harvard Hall Apartments, 1650 Harvard street N.W. Justice F. Dickinson Letts signed the order yester day.

17. April 26, 1940 Evening Star Washington, DC
Article from Evening Star, April 26, 1940

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Apartment Sale Authorized District Court records today disclosed that Justice F. Dickinson Letts has signed an order authorizing John F. Moran, receiver of the North Capitol Savings Bank, to sell to Henderson Bros. or their nominee, Harvard Hall Apartment, 1650 Harvard street N.W., for $653,625.

18. December 7, 1940 Evening Star Washington, DC
Article from Evening Star, December 7, 1940

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North Capitol Bank Assets Will Be Sold Thursday Remaining assets of the North Capitol Savings Bank will be sold at auction next Thursday. it was announced today by John F. Moran, receiver. The sale will take place at the receiver's office, room 222 Riggs National Bank Building, Fourteenth street and Park road N.W. The bank closed in 1932 and had a deposit liability of $1,150,000 and assets of $1,460,000. The assets include a $90,000 stock assessment liability upon the stockholders. Dividends totaling 31½ per cent, amounting to $294,495.71. have been paid. As soon as the necessary court procedure is completed and the sale is approved by the court, a final dividend payment will be recommended, Mr. Moran explained. "We are not in a position at this time to advise as to what percentage the final dividend will be," he said. "and cannot do so until all of the details are completed."

19. December 13, 1940 Evening Star Washington, DC
Article from Evening Star, December 13, 1940

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$325 Is Bid for Assets Of North Capitol Bank At an auction sale of all remaining assets of the North Capitol Savings Bank yesterday afternoon, the high bid of $325 was offered by Hyman Hyatt of Washington for the purchase of assets with a book value of $231,000. The only other bidder at the auction, Lester Dutt, made an offer of $300. John F. Moran, receiver of the bank, who conducted the auction at