Mechanics Loan & Savings Institute

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: December 21, 1939
Location: Hagerstown, Maryland (39.642, -77.720)

Metadata

Model: gpt-5-mini
Short Digest: a0ebc4dd

Response Measures

None

Description

Article (Evening Star, 1939-12-21) states the bank is in receivership and the receiver mailed an eighth distribution; depositors have now received 65% of claims. No run is described in the provided article. The bank name in the article is Mechanics' Loan & Savings Bank; the provided bank record names it Mechanics Loan & Savings Institute—treated as the same institution.

Events (1)

1. December 21, 1939 Receivership

Newspaper Excerpt: The receiver of the Mechanics' Loan & Savings Bank of Hagerstown, Md., has mailed checks amounting to $86,899.69 to depositors. a 5 per cent distribution. This is the eighth distribution under receivership and depositors have now received 65 per cent of their original claims.
Source: newspapers

Newspaper Articles (1)

1. December 21, 1939 Evening Star Washington, DC

Article from Evening Star, December 21, 1939

Click image to open full size in new tab

Article Text

Sutnn SO much of December. the year's total sales will far surpass the 1939 total. while net earnings will show similar results. Exchange Trading Heavy Trading on the Washington Stock Exchange today was the heaviest of any session in several months. Capital Traction 5s were again in large demand. selling 98 and 9812 Washington Railway & Electric 4s came out on a $5,000 sale at 1081. Washington Loan & Trust Co. stock figured in two sales at 235 Potomac Electric Power 5½ per cent preferred stock appeared on the board at 11458 Mergenthaler Linotype was much stronger, opening 143, and closing at 15½ on a good-sized turnover. Capital Transit stock also came to life. several salès being registered at 141, 14½ and 145, It was announced that the exchange will be closed on Saturday and also on Monday. Bank Pays Christmas Bonus. The Prince Georges Bank & Trust Co. of Hyattsville and Mount Rainier announced today that the directors have voted a "substantial" Christmas bonus to the institution's employes. International Business Machine Corp., which has a Washington office. has retired $1,000,000 principal amount of its issue of $10,000,000 3 per cent debentures. due 1946, which is held by the Prudential Life Insurance Co. of America. President Thomas J. Watson announces. The receiver of the Mechanics' Loan & Savings Bank of Hagerstown. Md., has mailed checks amounting to $86,899.69 to depositors. a 5 per cent distribution. This is the eighth distribution under receivership and depositors have now received 65 per cent of their original claims. Railroad's Earnings Jump. The report of the Norfolk & Western Railway for 11 months ended November 30. 1939. shows net income of $27,368,142 after taxes and charges. equal after dividends on 4 per cent preferred stock, to $18.86 a share on 1,406,483 shares of common stock. This compares with net e STITE JO $17374112 JO 110000 common share. in first 11 months of 1938. Henry A. Johns, Washington manager of Dodge Reports. in looking to the future of the building industry, says the outlook for 1940 points to an average pickup of 11 per cent p 0 Privater up throughout the 37 States east of the Rocky Mountains. At the same time public construction is expected to move ahead only 1 per cent. Present indications are that the Washington metropolitan area will participate in the advance. Appraisers Push Plans. Wilfred H. Blanz. president of Washington Chapter. Society of Resident Appraisers. has drawn up an elaborate program for the winter, announcing today that beginning on January 9 meetings will be held every month at the offices of Thomas J. Owen Sons. open to appraisers in the Capital, nearby Maryland and Virginia. The aim of the chapter is to bring about uniform appraisal procedure which would be beneficial to lenders and borrowers alike in this territory. Mr. Blanz said. An effort is being made to interest real estate brokers and salesmen. as well as bank and trust company appraisers. President Blanz plans a membership drive and has named Warren S. Doan chairman of the Membership Committee. Mr. Doan is an executive of the Home Owners' Loan Corp. Agency to Buy F. H. A. Loans. Federal Loan Administrator Jesse Jones announced that the R. F. C. mortgage company will until further notice buy F. H. A. mortgages under title 1 of the F. H. A. Act. which provides for the financing and erection of new homes up to $2,500. The mortgages. however. will be bought only from the originators of the loans who establish to the satisfaction of the R. F. C. sufficient financial responsibility, including the qualifications to service the loans. Financial District Comment. Brown, Goodwyn & Olds. investment firm. entertained more than 100 business associates and friends at its annual Christmas party at the Columbia Country Club late yesterday. Robert C. Jones & Co., investment firm. held its annual Christ-