Evening star., 1934-08-14
Controller of the Currency
Authorizes Use of Spe-
cial Receipt.
DISTRICT NATIONAL SUIT
RECOGNIZED OFFICIALLY
Special Handling of Sums Paid
on Assessment Arranged
at Conference.
In view of the suit by stockholders

In view of the suit by stockholders
holding less than one-fourth Of the
stock in the District National Bank,
attempting to prevent collection Of
Currency j. F. T. O'Connor today.
authorized use Of a special receipt
to be given all persons who pay
their assessment.
The receipt, signed by Norman r.
Hamilton, receiver, takes Official no
tice Of the suit and protects the right
Of stockholders in case the suit
should be successful.
"In accepting this payment" the
receipt reads, "it is understood and
agreed between the said stockholder
and the undersigned as receiver Of the
District National Bank of Washington,
that such payment is accepted sub
ject to and without prejudice to the
right of said stockholder to receive
back without interest the amount Of
the assessment paid in accordance
with the terms of the controllers
levy, and the notice issued thereon,
provided that it be established In a
certain suit pending in the Supreme
Court of the District Of Columbia,
known as 'Acker ct al VS.. Hamilton.
receiver, ct al, Equity 57556,' that the
said stockholders Of the District Ma
tional Bank are not liable for the
amount Of the assessment levied by the
controller of the currency"
Receipt O.K.'d ut Parley.
This receipt was agreed to and
plans arranged for a special handling
of the stock assessment funds at
conference late yesterday Of officials
with the controller. Among those at
the conference were F. G. Await,
deputy controller; George p. Barse.
counsel of the controllers ofnce, and
Charles e. Wainwright, associated
with Angus w. Mclean, counsel for
the receiver.
Following the filing Of the suit 1t
was understood some stockholders felt
apprehensive about paying their as
seSsment unless they protested. to
protect their interests in case the
stockholders suit was successful.
Under the new plan all assessment
money will be set up In q separate
account In the receivership. From
this separate account there will be
paid no dividends, no administrative
expenses Of the receivership, nor any
payment to the Reconstruction Finance
Corp. on the loan made to the Dis
trict Bank.
Rights to Be Protected.
Under this arrangement, Treasury
officials feel that all stockholders who
do not join in the suit, but may be
willing to pay under this protest, will
have any fears allayed and will have
their rights fully protected in the
matter.
Receiver Hamilton stated that the
mail arriving this morning carried a
number of stock assessment checks
mailed before midnight to escape the
payment of per cent interest, which
started at midnight. The next three
quarterly payments are due on the
thirteenth day of the next three
months. Payments also were received
by Hamilton, he said, from stock
holders Of the Potomac Savings Bank,
the Seventh Street Savings Bank and
the Northeast Savings Bank, against
whom the controller levied an assess
ment.
Receiver Cary A. Hardee Of the
Federal-American National Bank &
Trust Co. also stated that many
checks for stock assessment in this in
stitution arrived in the morning mail.