Evening star., 1934-07-14
u. s. SAVINGS DUE
TO RETURN MILLION
DepoSitors Will Get SIS Per
Cent Dividend Begin
ming Next Week.

Payment Of the postponed 65 per
cent dividend to depositors and cred
itors OF the United States Savings
Bank will begin early next week, it
was announced today by Controller OF
the Currency J. +. T. O'Connor.
This dividend. which was to have
been paid not later than July !, was
delayed by the action Of Col. Wade
II. Cooper, former president OF the
bank, who filed another OF his series
of suits against the Government.
Notices will be sent to depositors
informing them when to call at the
bank.
In a formal statement Controller
O'Connor explained that answer to
this suit was being filed in court to-
day and that payment Of the dividend
would proceed.
In the answer, which was filed later
the Government asked the District
Supreme Court to dismiss the Cooper
suit ON the ground it is an attempt
, to interfere with the exclusive and
official administrative discretion OF
the controller of the currency.
| Claiming the bank is solvent. Col
| Cooper had asked that it be returned
to its officers and directors. The an
swer asking dismissal of the suit was
filed through Attorney George Barse
$1,000, ,O0O to Be Paid.
The dividend will make available
about $l000,000 to creditors of the
bank who have had nothing out OF II
since it closed during the Presidents
bank holiday in March. 1888.
In his formal statement, the con-
troller explained that on June 18 he
had announced that the dividend
would be paid not later than July /.
"On June 28." the statement con-
tinued, Col. Cooper filed a suit on his
own behalf and on behalf OF the United
States Savings Bank as corporation
seeking to set aside the appointment
Of the receiver for the bank and to
compel the return of the bank and Its
assets to its officers, directors ano
| stockholders. The controller is filing
an answer to this suit. setting forth
that in his Judgment the bank is not
in condition to be reopened and that
| it should proceed in receivership
| liquidation.
Caused POStpOnement.
"The filing of this suit made II
necessary to postpone payment OF the
| dividend in order that certain ques-
| tions raised by the filing of the suit
| could be considered.
These questions have now been de-
1 termined and We have decided that
payment of this dividend should be
made without further delay.
THE depositors and creditors Of the
bank have been deprived of theil
funds since the bank was closed In
March, 1888, and we feel very strong
| ly that their distress should be
, relieved as soon as possible. 1t is
expected that the clerical and me-
chanical details necessary to have the
dividend money available can be
completed within the course Of the
next few days-certainly by the first
part of this coming week.
Post cards will be sent to the de-
positors notifying them of the date
to call at the bank for their dividend
CneChS. EIcdSc 10 uOG CdA pIlOH u
the date therein indicated, inasmuch
as it will be impossible to distribute
all of the checks at once. and 1t will
be necessary to spread the distribu-
ton over a period of days"
Although no specific time has been
fixed for the first check to be paid
out. 1t was understood that this may
be on Tuesday or Wednesday morn
ings. although subject to change.