Evening star., 1936-12-08
TOMORROW TOSEE
MORE DIVIDENDS
FROM TWO BANKS
District National, Northeast
Savings Are Sending
Out Post Cards.
franklin DEP0SITORS
GETTING THIRD PAYMENT
Substantial Effect on Christmas
Buying Predicted as Funds
Flow Out.

Payment of additional dividends
from the closed District National Bank
and the Northeast Savings Bank. total
ing about 81 500, 900, will begin tomor-
row morning, it was announced today
by Controller of the Currency j. F. T.
O'Connor
Depositors of the two banks, which
have been closed since March, 1888,
will be paid only on presentation OF
postcards mailed by the receiver, Justus
g. Wardell.
The checks for depositors in the
District Bank will be available at the
old bank location. 1406 G street, and
those for Northeast Bank depositors
will be at the old location, Eighth and
H streets northeast, now the branch
office of the Hamilton National Bank.
Franklin Pay-On Starts.
Meanwhile Franklin National Bank
depositors today began receiving a
third dividend from the so-called
Franklin Liquidating Trust in total
amount Of s250,000. Depositors called
for their checks at 1925 Pennsylvania
avenue, the office of the former De-
partmental Bank.
With these three closed banks pour
ing a total of about Sl,750,000 into
the Christmas holiday trade, a
substantial effect on buying here was
predicted
The checks went to about 10000
in he frir Nofi
Bank. about 1000 in the Northeast
Savings Bank and 1900 in the
Franklin National Bank
The dividends to be paid tomorrow
had been forecast several days ago,
when it was learned the District
would pay 25 per cent and the North
east would pay 10 per cent.
Exact Time Revealed Only Today.
But official announcement If the
exact date for payment did not come
until shortly after noon today from
the Office of Controller of the Cur
rency O'Connor.
Those who will be able to get their
money tomorrow will be only those de-
positors who have received post cards
OF notification, now being mailed out
In the case of the District Bank, de-
positors had received in September,
1888 the first dividend of so per cent,
amounting to about $1,937 ,000 The
additional 25 per cent dividend to-
morrow is on the original deposit, and
thus will increase the amount SO far
received by depositors to IS per cent.
The Northeast Savings Bank pre-
viously had paid three dividends, total
ing IS per cent, in the sum of se03, 900.
The new 10 per cent dividend. amount
ing to about $250,000, will thus bring
the amount received by depositors up
to 95 per cent of their original de-
posit.
Franklin Staff Busy.
The Franklin Liquidating Trust, at
Its temporary office at 1925 Pennsyl-
vania, paid out large number of
checks early today. When the bank
building opened for business at $50
am. only a few persons we're on hand
to obtain their money. But a large
crowd soon appeared and the staff was
busy up to noon.
The Franklin depositors had received
in April, 1884, IS per cent of their
deposit. The Franklin Liquidating
Trust paid another dividend of 8.75
per cent on the original deposit May
Of this year. and today was distribu-
ting another dividend of about the
same size. This brings the total
amount received by Franklin deposit
tors up to 825 per cent of their origi-
nal deposit.