Evening star., 1935-07-16
POTOMAC SAVINGS
TO PAY DIVIDEND.
Closed Bank Makes Plans
to Distribute Quarter of
Million to DepoSitorS.

More than a quarter Of a million
dollars will become available to de-
positors Of the closed Potomac Savings
Bank in the form of an additional
dividend of 1919 per cent, beginning
tomorrow morning at 1406 G street.
This was announced officially today
by Norman R. Hamilton. receiver of
the Potomac Savings and four other
insolvent banks, with headquarters in
the old District National Bank
Depositors mus. Call at the g street
address, the Cid District National
Bank Office, and bring with them two
documents-the POS: card of official
notification, and then conservator's
certificate Depositorz will not be
paid their DIVIDENDS unless both of
these documents are presented at the
bank window, Receiver Hamilton EN- I.
phasized.
5000 Claims Outstanding.
Payment will be made Oh 5000
claims. in installments Post cards
are being mailed cut individually to
the depositors, telling them just when
to call at the bark. The first group
Of about 1000 persO,.s received their
post cards today, notifying them to
call at the nank tom orrow. Daily
from now on group: of post cards
will be mailed. abort 1000 a day.
The 5000 claims which have been
proven will find waiting for them a
total Of $253,767. Checks are not
ready for those depositors who have
tailed to prove their claims
This will make total of 62l4 per
cent dividends out of the Potomac
Savings Bank, which formerly oper-
ated at M street and Wisconsin ave-
nue. in Georgetown.
The total deposit liability of this
bank when it suspended during the
bank holiday in March, 1888, was
$2.37S,217.22. Several depositors have
not yet proven claims, which makes
the so per cent dividends actually
paid out, less than halt of the total
deposit liability.
Stock Assessments Out.
Receiver Hamilton is paying the
second dividend of 1212 per cent with
out resorting to funds from stock
assessment, because the courts here
have held that double assessment does
not lie against shareholders of this
bank, since it was chartered in the
State of Virginia, which has no double
liability.
Receiver Hamilton also stated today
that he could pay another dividend
from the closed District National
Bank if court contests over liability
of stockholders can be cleared up.
The District has paid so per cent.
Statement of quarterly condition
of the embattled Park Savings Bank
made public today, by Receiver John
F. Moran, shows remaining assets of
a book value of 81 ,289, 1868, but an
estimated actual value of only $500, 900.
Liabilities to depositors at the date
Of suspension of this bank in March,
1888, totalled $3,399,516.39 out of
which depositors have received only
20 per cent, or total, up to June 80,
of $3.50. .18O.o7.
Bank Has Paid 80 Per Cent.
Receiver Moran reported that the
Departmental Bank, which was closed
in July, 1892. and has paid dividends
Of 80 per cent, amounting to SOL
666.81 now has remaining assets of
an estimated value of $55,000. This
bank never borrowed from the R. F.
c., but has collected from a stock
assessment of $106,060 funds amount
ing to $53,30385.
The North Capitol Savings Bank,
Moran reported. has remaining as
sets estimated at $365, 100, after pay
ing dividends of 25 per cent, amount
ing to $235 5,036.47. This bank, which
was closed in July, 1882, borrowed
from the r. F. c. $269, 400, and has
repaid $180.900.
The closed Continental Trust Co.,
which was merged with the CONNER
cial National Bank, and became in
solvent only when the Commercial
failed in February, 1888, was listed by
Receiver Moran as having remaining
assets estimated at $476,1l6.