Evening star., 1936-07-07
V|RG|N|AN SEEKS
CONGRESS SEAT
HELD BY DARDEN
New Official Promises Speed
in Liquidation of
Assets.
LAST REPORT SHOWED
TOTAL OF S6,2O3,736
General Increase in Real Estate
and Securities Values
Cited.

Justus S. Wardell Of San Francisco
today was appointed by Controller Of
the Currency O'Connor to be receiver
of the district National Bank and four
other closed banks of this city, sue
ceeding Norman r. Hamilton Of Ports
mouth, Va.
Hamilton resigned to enter the race
for Congress in the second congress
sional district of Virginia. He is run
ming against Colgate W. Darden, jr.
member Of the House from that dis
trict. The Democratic primary, which
virtually decides the winner at the No.
vember elections, takes place August 4.
Wardell, former publisher, financier
and active in Democratic affairs OF
California, takes over the receivership
Of the District National Bank, the Po-
tomac Savings Bank, the Northeast
Savings Bank, the Seventh Street Saw
ings Bank and the Washington Sav.
ings Bank.
Assets Total S6,2O3,736.
The remaining assets in these five
closed banks, according to the past
published quarterly report Of the re-
ceiver December 81. 1895, stood at
a grand total of $6,2O3.73655.
Wardell. the new receiver. In his
first statement since taking charge,
declared that these remaining assets
will be liquidated as quickly as pos
sible''
In the opinion Of the new receiver,
values have been increasing rapidly
both in securities and realty.
MY aim" he said, will be to bring
to a close as soon as the situation can
be developed. the receivership of these
institutions There has been a general
improvement of conditions all over
the United States. Not only have
securities values increased, but there
has been an advance in the durable
goods industry. housing and building
materials. This has rounded out an
advance which portends even greater
progress than We have yet had, in my
estimation toward a return to normal
times. This should help in the Ii.
quotations of the remaining assets Of
these five banks
Examines Real Estate.
Already Wardell has made q person.
al examination of some of the re.
manning pieces of real estate belong
ing to the five banks He is confer.
ring with members of his staff as to
details of each Of the five institutions.
He hopes to pay further dividends
when possible. but stated definitely
he could make no specific promise on
this point at the present time. He
will have to 90 into the matter deeper,
ne said, before any predictions Of
another dividend can be made.
The new receiver is a native of
California. For many years he was
publisher and owner of the Daily
Journal of Commerce of San Fran
cisco. He was personally acquainted
with his predecessor. Hamilton, as
the two were appointed during the
administration of Woodrow Wilson,
when they were both in the customs
service. Wardell was surveyor Of
customs at San Francisco, while Ham,
jlton was collector of customs at
Norfolk. Va They met frequently at
customs conferences in Washington.
Appointed by Wilson.
Wardell was appointed by Presi-
dent Wilson to become collector of
internal revenue for Northern Cali
fornia and Nevada during the second
Wilson term.
Wardell was the youngest member
of the California Assembly when he
entered his public career at the age
of "a. He recently was regional advisor
of the Public Works Administration
for five Western States. For many
years he was head of the brokerage
and banking firm of Wardell, Taylor.
Dunn & Co. of San Francisco.
Hamilton, wro resigned his post here
in Washington to make the race for
Congress in Virginia is the owner and
publisher 1of the Portsmouth Star. He
had been in charge of these five banks
here since November, 1888. He had
been active in Democratic politics in
Virginia and through his newspaper
had been a consistent supporter Of
President Roosevelt and a champion
Of labor He was the first citizen to
receive the so-called Citizens Award
of Portsmouth"
Darden has just completed his Sec
ond term as a member of the House Of
Representatives, having come here
directly from membership in the Vir.
ginia House Of Delegates.