Evening star., 1935-01-14
|D|V|DENDPAyMENTI
|SEEN IN PROSPECT.
|FOR CLOSED BANK
FederaI.American May Give
Depositors Added 10
Per Cent.
IDEFINITE PREDICTION
| AS TO Time NOT MADE
Receiver Hardee Reports on Con-
dition of Institution to Con.
troller of Currency.

Prospects for another dividend Of
10 per cent for depositors Of the in
solvent Federal-American National
Bank & Trust Co. are seen In the
quarterly report Of the receiver. Cary
A. Hardee, available today.
No definite official prediction can be
made now as to the possible date OF
payment, as this may depend some
what on q court case now pending,
which questions the stock assessments
Receiver Hardee declined to an
nounce a dividend, as this statement
must come from the controller Of the
currency. But figures in this report
to the controller showing condition OF
the receivership at the end OF 1884
give ample hope Of q dividend soon.
The Federal American is the largest
inSolvent bank in Washington, and
declaration of another dividend would
have widespread effect throughout
the city. It would mean payment OF
more than $s5s,O00 to more than
IS 900 depositors.
The new dividend would be the
second paid out of this institution,
and would bring the total dividends
up to so per cent. The first dividend
Of 50 per cent was made possible and
was paid in September. 1888, when
the Federal reorganlzed ana
reopened as part Of the new Hamilton
National Bank merger.
Since the receiver has taken charge
the total paid on the original so per
cent dividend has mounted to the
sum Of $4,134, ,48773. out Of the total
deposit liability of s9.692 ,0l7.9l.
Total offsets allowed by both the
conservator and the receiver amounted
at the end Of 1884 to $l,o5l, ,5l7.68,
and total losses were charged OF. In
cluding those on assets and stock
assessment amounting to $56l ,025.s0.
Payment Above Average.
The stock assessment, out of which
most Of the cash which will be ready
for a 10 per cent dividend comes, Is
being paid by shareholders owning the
81 .0O0, 900 capital stock Of the bank.
The assessment was for 100 per cent
and Is being paid at rate said TO De
In excess Of the average assessment
collections over . period OF years IN
the liquidation Of national banks py
the controller Of the currency.
Cash collected from the STOCK
assessment by the end Of 1884 amount
ed to $727,57541, which is about So
Der cent of the entire $4,000. 900. This
constitutes the largest part OF the
item marked cash in hands OF re-
ceiver and controller" which amounts
to $870,567.7s.
From this sum Of more than $780,
900 cash now ready there must be SUD-
tracted q total Of $36, ,289.61 held in
trust for owners Of various KINDS,
leaving about s834,oo0 actually
available for payment Of q 10 per
cent dividend, about $25,000 short OF
that actually needed. At the rate OF
collections. however, this Is expected
to be coming in soon.
There are still more than $348,00O
in unsecured liabilities whose owners
have not proved their claim, nor asked
for payment. Sufficient funds must
be on hand for dividend to meet
demands from these people should
they suddenly file their claim and ask
for payment. The total deposit liabil-
tiles, including both those for which
receivers certificates have been issued
and those which have not been
claimed, amount to $8,590,00
Liquidation Proceeding.
The Federal-American liquidation
still is proceeding and there are sew
eral important pieces Of real estate be-
longing to the institution which some
day are expected to bring substantial
funds into the receivership, II sold.
Among the principal pieces OF real
estate are the old American Building,
1915 F street, where the American
National Bank once was located; the
old Federal-American National Bank
Building at Fourteenth and G, now
rented to the Hamilton National Bank
as its headquarters; branch bank
house at Twentieth street and Penn
svlyania avenue, another at Twelfth
and Newton streets northeast, both OF
which are rented as Hamilton Bank
branches, and several apartment
houses.
Receiver Hardee also has filed with
the controller of the currency his
quarterly report on condition of the
Chevy Chase Savings Bank, which
was bought and reopened by the
Riggs National Bank as a branch:
Total assets of the Chevy Chase
Bank are listed at $1,008. .810S2. ana
there has been no stock assessment
against shareholders.
Total cash collected from assets
was $3.50, ,363.74 at the end OF the year
and from that had been paid one 6o
Der cent dividend of $405, 390.50. De-
positors of this bank got an additional
S per cent because the bank went on
q S per cent restricted basis before
the Presidents bank holiday. This
bank borrowed nothing from the
r. F. c. Cash in hand was listed at
SAL ,550.51.
WOMEN FLEE AS FIRE