Evening star., 1936-11-29

IcCciNCI Ccl tili-
Gates from depositors of both the Dis
trict National Bank and the Federal
American National Bank g. Trust Co.
The offer to the District depositors
is the same as the devidend promised
by the receiver. Is per cent of the
original deposit. which is half of the
amount remaining to the credit Of the
depositor in the closed bank.
Offers 40 Per Cent Payment.
The agent offered to pay 40 per cent
of the remaining amount due deposi-
tors in the Federal National
Bank g. Trust Co. Reports OF Receiv-
er Cary A. Hardee for this bank indi-
cate that another dividend can be
paid, but it is understood this divi-
dend will not be available until same
time after the first Of the new year.
When a depositor receives dividends
from the receiver Of a closed bank.
he retains his receivers certificate on
which further additional dividends
may be paid. When a depositor sells
his certificate TO an agent as a piece
of negotiable paper. he gets the cash
price offered, but relinquishes further
rights to future dividends. The agent
owns the receivers certificate and will
collect whatever future dividends may
become available. The practice OF
purchasing receiver certificates, has
prevailed in some other parts OF the
country, but it came into the open
here in Washington for the first time
last week.
In the District National Bank, H.
900 depoSitors already have received
dividends of so per cent, which up to
September 80, 1886. has been paid in
the sum of 81 ,937 .100.91. according to
the last quarterly report OF the re-
ceiver. The dividend of Is per cent,
to be paid in about two weeks, will be
the second from this institution. is
based on original deposits, and will
amount to about Sl.250,000. Thus.
when the second dividend is paid. the
depositor will have received a total OF
rs per cent of his original money IN
the bank.
Deposit Liability S4.S41.414.7s.
The total unsecured deposit liabil-
ity of the District bank at the time
the bank closed, in March, 1888. stood
at s4.841.4l478. In addition to the
so per cent paid to unsecured depos-
itors, the receivership has paid out
on secured liabilities total Of $780,
OS275
Stockholders Of the District have
paid in on their assessment of 81 ,000,-
900, a total of $574,378.54.
In the case of the Northeast Savings
Bank depositors he'd received three
dividends totaling IS per cent, which
up to September 80 of this year had
totaled s903,498.44. The. new 10 per
cent dividend will bring the total up
to 95 per cent. The total unsecured
deposits of this bank at date of its
suspension of business stood at
s1,148.596.28. Left over in the hands
of the receiver from the three earlier
dividends are 1881 checks which have
not yet been called for by depositors
in the total amount of about $4,000.
The new dividend will be paid to
about 1000 depositors in the amount
of about $250.000.
Stockholders of this bank have paid
in S42,10O on their total stock assess
ment of 100000.
Receiver Warden in announcing
new dividends for the two banks ex-
pressed his qualification at being able
to make the distribution before
Christmas so depositors could have
the money for Christmas shopping.
He said he and his staff had been
working day and night recently to
complete the enormous amount of
work necessary so the payment can
be made. Checks now are being writ
ten, but must be signed at the Treas
ury Department before they can be
distributed.
Exact Time Is Uncertain.
In view of the fact that several
other closed banks throughout the
country also are trying to pay divi-
dends before Christmas, there is some
uncertainty as to the exact time the
Treasury will finish signatures on the
more than $4,000 checks to be paid
out by the two banks. For this rea-
son Receiver Wardell cannot yet nx
the exact date when payments will
begin.
Depositors will be notified directly
by post card when to call for their
checks. Groups of depositors Will be
invited day by day, so as to avoid q
rush during the first few days.
Wardel promised last night that
every facility of the receivership
would be thrown into full speed for
ward to get out the checks as early
as is consistent with absolute ac-
curacy. He paid tribute to the en-
tire staff OF the receivership. and
mentioned especially r. p. Lochte,
trust officer Of the District National
Bank, and L. n. johnson, trust omcer
Of the Northeast Savings Bank.