Evening star., 1934-03-30
S23,ODO,0l)D STILL
IN CLOSED BANKS
Deposit Liability for IS of
19 Institutions Shown
by Figures.

Deposit liability in the hands of
receivers for Is out OF the l9 closed
banks Of this city now totals more
than s23, 900 900. it was learned today.
This figure does not include the
deposit liability of three banks here
still In the hands of conservatorS, and
the Mount Vernon Savings Bank,
which was absorbed by the Washing
ton Mechanics Savings Bank. The
three still in the hands of conserva-
tors are the Franklin National Bank,
to be absorbed also by the Mechanics.
the Woodridge-L -Langdon Savings and
Commercial Bank, which is operating
under the Hamilton Bank merger,
and the Industrial Savings Bank, now
attempting reorganization.
The Mcleod BILL now pending in
House subcommittee on banking,
would provide for paying off depos-
itors in all closed national banks
100 cents on the dollar. The bill,
however, is known to face stiff op-
position. The latest amendment to
the bill would provide for including
in the benefits of the legislation all
State banks which had borrowed from
the Reconstruction Finance Corpora
ton before they closed. This would
apply to most of the clased banks
here.
Seven Banks In Merger.
The largest group of closed banks
here, seven in number, was merged
into the new Hamilton National
Bank. The depositors received SO per
cent of their deposits either through
the Hamilton Bank, or from the
receiver, but there still remains
assets which the receivers are now
iquidating.
The detailed figures of deposit
liability placed in the hands OF
receivers from these six of the seven
banks are as follows District National
Bank, S2.075.645; Federal l-American
National Bank g. Trust Co., S4,285,-
s32; Northeast Savings Bank, $780,
1876; Seventh Street Savings Bank,
S551 900; Potomac Savings Bank,
S1,033,441; Washington Savings Bank,
S179,2O0
Remaining deposit liability in the
Chevy Chase Savings Bank. which
has reopened as a branch of Riggs
National Bank, stands at S273,782.
Figures Show Deposits.
Figures from other banks in
receivership here, showing the amount
receivers, and the total paid to date,
II any are as follows:
Bank Of BrightWood, S838866 de-
posits, of which S356,639 dividends
have been paid to depositors; Con-
tinental Trust Company, S5,766 re-
manning deposit liability when it was
thrown into receivership February %,
1888, at the same time with the Com
mercial National Bank, with which it
had been merged; Commercial Ma
tional Bank, $10,147 800 total deposit
liability, Of which S2,848, 143 dividends
have been paid to depositors, in addi-
ton to about S4,Ooo,ooo secured de-
posts, which had to be paid in full;
Departmental Bank, s8O2,373 de-
posits, of which S538,767 has been
paid in dividends; International Ex-
change Bank, S451.967 deposits, of
which s99,479 have been paid in
dividends; North Capitol Savings
Bank, s1,027,861 deposits, of which
S234,203 has been paid
The United States Savings Bank,
center of a bitter controversy between
Col. Wade H. Cooper, its president,
and the Treasury Department, is
shown to have deposits of 1882, ,661
when 1t went into receivership Febru-
ary 10 of this year. No dividends
have been paid.
Opening Seen May l.
The Franklin National Bank is
being absorbed by the Washington
Mechanics Savings Bank, and is to
take the new name of the institution
THE City Bank Of Washington" The
Franklin probably will open before
May /, paying IS cents on the dollar,
the remaining assets being turned
into lquidating trust for benefit of
depositors.
The Woodridge-Langdon Savings
and Commercial Bank directors are
resisting plans of the Treasury De-
partment to throw it into receiver
ship, and remaining assets are in the
hands OF conservator. The place is
open and doing business, however, as
a branch of the Hamilton Bank.
Controller of the Currency O'Con-
nor is known to be studying the ques-
ton of laying an assessment on all
of the banks whose prime assets were
"Spokaned'' into a reorganization.
The Park Savings Bank, over
which there is bitter court battle,
with the Treasury Departments re-
ceiver allied with the depositors' COM
mittee against the directors to collect
the full amount of more than
s2,5o0,0oo shortage, shows a deposit
liability, when turned over to the re-
ceiver, of s3,379,554. No real dividends
have been paid, although the per
cent which the bank paid to some
people before it closed has been paid
since 1t closed to others who had not
Withdrawn it previously.