Evening star., 1937-12-09
BANK PAYMENTS
SPUR D. c. TRADE
Substantial Amounts Paid
by Three Institutions
in Liquidation.
By EDWARD C. STONE.


week and much of this money has
already appeared in Christmas trade
channels, it was learned today.
The Washington Savings Bank has
already paid almost all of the latest
20 per cent dividend which totaled be-
tween $4,000 and 100000 and put
this bank in the 100 per cent class
among liquidating institutions. These
payments have been made at 1406 G
street.
The Seventh Street Savings Bank.
which has been disbursing the money
at the Seventh Street Branch of the
Hamilton National Bank, has been
swamped with former depositors
rushing in to get their money. There
are ISIS such depositors who are re-
ceiving an aggregate sum of $l05,300.
The District National Bank is dis
tributing the largest sum from its
former G street Offices, the place where
Receiver Justus S, Wardell is located.
Either good many depositors in this
bank are independently wealthy or
have not yet caught the spirit of the
season, as they have been rather slow
IN calling for their money.
On the first day only 13l out of the
s,704 depositors called for their money.
The next day more than 325 dropped
In and yesterday more than 500 ap-
peared at the tellers' windows. They
are to get total of $386,80O. These
depositors have now received their
postal card notices and all they have
to do to get their money is take the
notices and their receivers certificates
to the bank.
The bank staff is anxious to get the
money paid as rapidly as possible so
that their efforts can again be turned
toward obtaining further funds for
another dividend. The depositors are
paid by check.
Rush for Holiday Goods.
Enough of the checks from the
three different banks have already
been cashed in the stores to show
that the total aggregate payment or
100000 will be no small factor when
the Yuletide shopping books are
closed. There are also reports in the
mercantile district to the effect that
the Christmas savings club checks
are also being used very freely in the
purchase of holiday goods.
AS Washington stores are now
jammed to the doors from morning
until night, it is evident that Christ
mas trade is on in earnest 1t may
make new record and it may not.
Merchants can't say yet However,
any one can see that the stores are
doing splendid business.
1t will be recalled chat the stores
here did rushing Christmas business
last year. If last years figures are not
exceeded, the results will still be highly
satisfactory and reflect tremendous
trade volume.
For most merchants December is con-
sidered the most important month in
the year. It is stated that in variety
stores, for example, the volume of
trade is 100 per cent ahead of the
average of the other months in the
year and for department stores the
corresponding increase is placed at 60
per cent
Bank Declares 81 Extra.
Directors of the Bank of Com
merce g. Savings have declared the
regular quarterly dividend of $3.50 a
share on the outstanding stock and
an extra dividend of 81 per share,
Executive Vice President Thomas j.
Groom announced today. Both divi-
dends are payable on January to
stockholders of record December 20.
The dividend action taken by the
directors at the board meeting late
yesterday brings total dividend pay
ments for the present year up to Sl2
a share and makes it the highest
dividend record of any bank stock
listed on the Washington Stock Ex-
change.
The Commerce g. Savings directors
also voted Christmas bonus for all
employees of the bank of 2l2 per cent
OF their annual salaries.
Trust Company 4S Years Old.
Officers of the American Security
& Trust Co. were receiving hearty
congratulations today on the banks
48th anniversary, the doors first
having been thrown open to the
public on December 9. 1899. The
trust company moved into its present
home in 1905. steady expansion hav-
Ing featured the banks long term of
service. 1t maintains four large
branches. In addition to PRESIDENT
Corcoran Thorn, the officers include:
Vice presidents, Howard Moran and
William L. Beale; secretary, Frederick
P. H. Siddons; treasurer, James C.
Dulln, jr.; trust officer, T. Stanley
Holland; real estate officer, William L.
Beale auditor. James D. Barrett:
assistant secretaries, Albert H. Shil-
Ington and Robert L. Flather; as
slstant trust officers David NJ Hous-
oon, Arthur G.. Nichols, j. Eliot
Moran and Earl G. Jonscher; trust in
vestment officer, Frank M. Perley: 4
assistant treasurers, William w. Keck.
Hans w. Ireland, Percy C.. Brady.
Charles C. Boswell, James l.. Gold
smith, Edward E. Swan, Richard E.
Harris, Harry P. White and William
E. Schooley.
Morris Plan Votes Bonus.
Directors of the Morris Plan Bank,
Fourteenth and G streets, have voted
Christmas bonus for all employees of
the institution, amounting to a half
months salary, 1t was announced to-
day. The Yuletide distribution has al
ready been paid. This makes the nth
washington banking institution which
has already announced a special dis.
bursement in the way of a holiday
season gift.
Willard G. Barker, president of the
Morris Plan Bank, has gone to Florida
for two-week vacation. He is stay
ing at Miami Beach.
Heard in Financial District.
The General Baking Co. has au-
thorized a special dividend of is cents
and a quarterly dividend of the same
4 -