Evening star., 1933-03-01
LOCAL BANKS ACT
T0PR0TECT FUNDS
District National Limits With
drawaIs-0thers Invoke CO.
Day Clause on Savings.

The District National Bank opened
today on a S per cent withdrawal basis,
following action taken by the directors
early this moryin for the protection
of depositors President Joshua Evans,
jr, announced.
The following notice was addressed
today to the depositors in the bank:
owing to heavy Withdrawals of de-
posts during the last few days, and in
order to safeguard all Of our depositors,
the board of directors has passed resp-
luton allowing depositors to withdraw
per cent of their balances in this bank
at the close of business February 28,
1888, until further notice. All new de-
posits and new accounts opened March
4, 1898, and thereafter are subject to
100 per cent withdrawal at any time
after actual realization CT funds by the
bank
60-Day Clause Invoked.
The officials stressed the fact that
all deposits made today and after this
date can be withdrawn in full at any
time
It was announced in the financial
district that most of the local building
their time clauses on Withdrawals, lin
iting the amount to $100. For larger
amounts notice must be given in ad-
vance. officials said the rule would
be in force for the present.
Several savings banks here invoked
the 60-day clause on withdrawal of
savings accounts. Some of these banks
permit the withdrawal of 10 per cent up
to $l00. Above that amount, the So
day or two-mon.h notice, is being re-
Quired.
Protective Measure.
Among the local banks which have
adopted this rule-the same plan which
has been adopted extensively in other
citieS-are:
United States Savings Bank, Chevy
Chase Savings Bank, Security Savings
& Commercial Bank, Park Savings
Bank. Seventh Street Savings Bank,
Washington Savings Bank, Anacostia
Bank, Mount Vernon Savings Bank and
the Northeast Savings Bank.
Gn an earlier edition Of 1c1e Star
the name of the Washington Me-
chanics' Savings Bank was Included
with those invoking the 60-day clause.
This was incorrectly
Officials said the action was taken
merely as protective measure, both
for the banks and for the depositors.
The Commercial National Bank,
which closed yesterday, has been placed
In the hands of Robert c. Baldwin, a
receiver of the Office of the controller
of the currency. Mr.. Baldwin has
taken over the receivership from j. L.
Bailey, who took charge when the bank
was closed.
It was explained that Mr.. Bailey
will remain for while in his capacity
as a national Bank examiner to assist
Mr.. Baldwin.
Has Considerable Experience. d
In the meantime, it was said at the
Treasury Department, the new receiver
probably will use large part of the
staff of the bank for his work.
The new receiver. before Joining the
office of the Controller Of Il e Currency,
had considerable liquidatins experience.
Under the auspices of the tiovernment
he has been receiver for bank at
Lynn, Mass, since the latter part OF
1881, and has been directing its liquida-
ton An official of the Treasury said
in regard to Mr.. Baldwin:
by reason of his ability in liquidat-
ing that bank, the Treasury Depart
ment saw fit to transfer him to the
Commercial National Bank. We have
every confidence that he will administer
the affairs of the institution in man.
ner satisfactory to all concerned"