Evening star., 1935-07-18
PROGRESS NOTED
! IN CLOSED BANKS
Some Capital Institutions
Have Paid as High as
IS Fer Cent.
BY EDWARD C. STONE.


the bank call of June 20, shows that
very substantial progress Is being made
toward liquidating the closed institu-
tions in Washington and that several
of these banks are not great distance
from being able to pay OF in full, ex-
cept deductions for the cost Of receiv-
erships. Some banks in the city have
already paid as high as IS per cent in
dividends to depositors.
In the past two days payment of an
additional 1919 per cent dividend to
former depositors in the Potomac Saw
ings Bank has got good start in the
banking quarters at 1406 g street, Re-
ceiver Norman r. Hamilton reports.
The amount to be paid at this time Is
S253, 767 to more than 5000 depositors.
Receiver Hamilton sends out postal
cards to depositors who hold proven
claims, informing them when to come
to the bank for their money. About
1000 a day are mailed. This method
prevents more depositors visiting the
bank than can be handled satisfac-
torily.
Depositors take the notices with
them to the bank, also their conserva-
tors certificate. Both these ocu-
mems are required before they are paid
their money. The present dividend
means a return so far of 62h per cent
to patrons. The Potomac Savings
Bank was located at Wisconsin avenue
and M street, Georgetown, the bank
now being unit of the Hamilton Ma
tional.
The original bank held Virginia
charter. Virginia has no double liza
biIity law SO there have been no stock
assessments.
Percentages Already Paid.
Receiver Norman r. Hamilton has
already paid IS per cent to depositors
in the old Northeast Savings Bank.
The same receiver has paid out 80 per
cent for the Washington Savings
Bank, and so per cent to District
National depoSitors.
Receiver Carter B. Keene has paid
65 per cent to United States Savings
Bank patrons. Robert c. Baldwin
has distributed so per cent to Com
mercial National depoSitors while
Frederick j. Young has passed along
81 per cent to clients in the old In
ternational Exchange Bank at Fifth
and H streets So far w. H. C..
Brown has turned over IS per cent
to depositors in the Industrial Saw
tngs Bank.
Receiver John F. Moran has been
able to pay but 20 per cent to date
to the Park Savings Bank customers,
while the same receiver has paid out
Is per cent to North Capitol Savings
Bank patrons. Collections in these
two instances have been especially
difficult. The Departmental Bank.
John F. Moran, receiver, has made a
brilliant showing, 80 per cent having
already been returned to depositors.
Receiver walker of the Chevy Chase
Savings Bank has distributed go per
cent.
Payments to depositors in other
banks might also be cited. But these
are sufficient to reveal the real prog
ress being made and the aggregate
percentage already distributed. With
market conditions improving in secur-
ities, remaining assets in these banks
are also increasing slowly.
Important Dividends Voted.
Directors of the Potomac Electric
Power Co. have declared the regular
quarterly dividend of S1.50 per share
on the per cent preferred stock,
payable September to stockholders
of record on August Is. The direc-
tors have also voted the regular
quarterly dividend of s1.37k per
share on the 51a per cent preferred
stock, also payable on September l to
shareholders of record August Is.
Directors of the Washington Rail-
way & Electric Co. have declared the
regular quarterly dividend Of So a
share on the corporations common
stock and the regular quarterly pay
ment of $125 a share on the pre-
ferred stock, both to be disbursed
September ! to stock of record
August Is.
At the regular meeting of the board
Of Lincoln Service Corp, industrial
bankers, the directors declared the
regular semi-annual dividend of 31z
per cent on the preferred stock OF
the corporation, payable August to
stockholders of record June 80. The
company reports an increase In in
come of 80 per cent over the last
half of 1884 and an increase of 80
per cent over the first six months
period of 1884. Charles Delmar, presi-
dent, said today.
Committee Work Combined.
The Committee on Public Relations
Of the New York Stock Exchange has
accepted the recent offer of the Asso-
citation of Stock Exchange Firms to
take over the work Of the Core
spondence Committee of the aSSo-
citation. L. E. Seaber, who has served
as secretary to the Correspondence
Committee, will join the staff of the
exchange.
The committee was formed in Sep
tember of 1894 to establish a direct,
personal means of contact with the
out-of-town member firms of the ex-
change. Representatives to a Ma
tional Advisory Council, consisting
of partners and branch Office man
ayers of stock exchange firms, were
appointed in 140 of the larger cities
throughout the country.
Demand Lively for Bonds.
An extra heavy demand for bonds
featured today's session of the Wash
1ngton stock market. Washington Gas
6s, series B, came out at 1021a and
103 for baby bonds. Three transac-
tions in Capital Traction SIS were re-
corded at the strong price of 90.
Washington Gas Light SIS, 1860,
were again strong, $1,000 selling at
118k. The days final bond sales were
in City and Suburban IS, two $1,000
transfers being registered at 90A, an
advance from 881a.
Bank stock trading absorbed inter-
est in that division. National Bank Of
Washington stock sold at 10411a for f1ve
shares, while 30 shares Of National
AI~~