Evening star., 1936-12-31
CLOSED BANKS PAY
&,399,9|lD IN D. c.
Next Important Dividend
Expected From Federal
American National.
. (By Cambridge Associates)

HIIIGI1CdIl VdlIOIldls
(By Cambridge Associates)
Six of the 81 closed banks Of this
city paid to depositors during 1886 a
total Of about $2,399,900, with pros
poets that the next Important divi-
dend will come some time early next
year from the big Federal-American
National Bank & Trust Co.
No date has been definitely fixed
for payment Of the Federal-American
dividend, nor has it been announced
what the size of the dividend will be
The bank. which closed along with IL
other institutions in March, 1888, has
paid so far one dividend of so per
cent to depositors, amounting to $4.-
177,900. Cary A. Hardee is receiver
What will be forthcoming from any
Of the other closed banks in the form
Of dividends in 1887 cannot be esti-
mated. Some others may pay; others
no doubt will not pay any more dur
ing this new year.
The total amount paid so far to de-
positors of all 81 closed banks Of this
city, according to a survey by The
Star, is about s23,64o.000.
Fidelity Closed During Year.
In addition to the 81 closed banks,
which were being liquidated during
the last year, the Fidelity Building &,
Loan Association was closed July 18 by
t6a Nov1fpnI1n,s ~ fhn 1yHAca
receiver, James H. Nolan, now Is In
charge. About 5000 members Of the
association have not yet filed their
claims with the receiver.
Preliminary survey of the Institution
by the Federal Home Loan Board has
been made, but the way has not been
cleared as yet for formal examination
by the examining division Of this
board, looking for possible assistance
from this quarter. The Fidelity had
five branches. Details of the condition
Of the institution have not been dis
closed by the Treasury Department.
A decision is yet to be made as to
whether it can be reorganized or will
have to be liquidated.
Among the six closed banks which
made payments to depositors here last
year the largest amount of money
was disbursed by the District National
Bank, Of which Justus s. Wardell IS
receiver. This bank paid an addi-
tional dividend Of Is per cent, amount
ing to about $1,000,000. This brings
total District National Bank dividends
up to rs per cent, with total payments
Of about $2,937,100.
Bank Pays 100 Per Cent.
The Chevy Chase Savings Bank paid
during the year its final dividend Of
20 per cent to depositors, amounting
to about $133,000, bringing the total
to 100 per cent, or about $678, 1888.
Paul Sleeman has been elected stock
holders agent, and, as soon as his ap-
pointment can be of11cially approved
by the Treasury Department, will take
over from Receiver Hardee remaining
assets for liquidation for stockholders,
who advanced sufficient funds to pay
off depositors in full.
The Commercial National Bank.
Robert c. Baldwin receiver, paid .
dividend of 10 per cent this year.
amounting to about $500. 900. bringing
total payments from this institution to
60 per cent, or about $3,364,ll0.
The Franklin National Bank paid
two dividends during the past year
through the Franklin Lquidating
Trust, Of which Samuel M. Thrift Is
secretary. The two dividends amount
ed to so per cent of the amount due
depositors, which was 17h per cent Of
their original deposits, or about $780,
900. This brings the total payments
to Franklin dspositors up to 82h per
cent, amounting to about $2,500,000.
The Northeast Savings Bank paid
q dividend Of 10 per cent in 1896,
through Receiver Wardell, amounting
to about $106, 900, bringing the total
dividends up to 95 per cent, amounting
to about $1,0l0,000.
The United States Savings Bank,
under Receiver Carter B. Keene, paid
last year q dividend Of 10 per cent,
amounting to $l60.900. bringing divi-
dends up to 80 per cent In this insti-
tuition, with total payments Of about
81, AZ, ,260.
Three Receiverships Combined.
The United States Savings Bank re-
ceive1ship has been consolidated with
two other banks, the Bank Of Bright
wood, Of which Claude H. Woodward
was receiver, and the International
Exchange Bank, Of which Frederick
j. Young has been in charge. Young
takes over the consolidated receiver
ship and plans to move all the effects
Of the other banks to the United States
Savings location at Fourteenth and q
streets.
The Bank Of Brightwood has paid
. total Of IS per cent, amounting to
s437 7,042, and the International Ex-
change Bank hss paid dividends Of
Las per cent, amounting to Sis. .1s7.
The Mount Vernon Savings Banks
assets are In the hands Of
he Mount Vernon IAquidating Trust.