Evening star., 1938-12-05
Receivers Payments
To Bank Depositors
Aid Yu|etide Trade
Thousands Of Checks
Being Distributed
To Former Patrons
BY EDWARD STONE.

BY EDWARD c. STONE.
Christmas trade in the Capital is
being given a substantial boost by
payments to thousands of depositors
in closed banks which have just
been announced by the receivers.
Payments by the former Potomac
Savings Bank and the closed Frank
lin National Bank, which begin to-
morrow, will add substantially to
other distributions. the most recent
being that of the Northeast Savings
Bank.
According to Receiver Justus S.
Wardell, many depositors have not
vet called for their Northeast Saw
ings Bank checks which are being
distributed at the Northeast Branch
of the Hamilton National Bank. The
receiver has recently been distribur
ting per cent dividend, amount
ing to $4,000, and bringing the
Northeast's total payment to 100 per
cent.
Beginning tomorrow. the same re-
ceiver will start payment of an 8
per cent dividend to $500 depositors
of the old Potomac Savings Bank.
Checks amounting to $4,000 are
awaiting these former patrons at
14O6 G street NV, bringing the to-
tai amount up to 70l2 per cent.
And as announced today, the
Franklin National Bank also starts
payment tomorrow of a 100000
dividend, bringing total payments
by this bank up to 89l2 per cent.
This payment was arranged by Sam
uel M. Thrift. secretary of the
Franklin Liquidating Trust, the
checks to be delivered at 945 Penn
sylvania avenue, room %.
Banks Protest Policy Forms
Increasing protest against the
present standard form of fire insur-
ance policy, as issued by the princi-
pal companies of the country. is
emphasized in a request addressed
to Louis H. Pink superintendent of
insurance of New York. as chairman
of a special committee representing
the National Association of Insur-
ance Commissioners. This request
followed meeting of the Committee
on Insurance of the National Asso-
citation of Mutual Savings Banks.
The form of policy which it is de-
sired to improve was originated as
long ago as 1886 and contains many
curious clauses, one being prohibl-
tion against occupancy of business
premises after 10 pm. Another
clause forbids an owner to leave his
property unoccupied more than 10
days without permission of the in
Suring company. Still another
clause excerpts liability from dam
age by lightning unless fire ensues.
Those points are indicative of many
changes sought by the banks.
Bank Women to Celebrate.
Miss Rose Royce of the Washing
ton Loan e. Trust Co., who is chair
man of the Women's Committee,
Washington Chapter, American In
stitute of Banking, has appointed
the following members to assist in
arranging for the annual Christmas
party to be held at the Iron Gate
Inn Thursday evening: Mrs. Myrtle
Lewis. Liberty National; Miss Flea
TOR Dankmeyer, Security Savings
{, Commercial; Miss Sadye Weir,
Rational Metropolitan; Miss Anne
Crawford. McLachlen Banking
Corp: Miss Lou Cornwell, Second
National. and Mrs. Gertrude Wick,
Liberty National.
George M. RoWzee. jr.. Lincoln
National chairman of the insti-
tute's Entertainment Committee,
announces the following assistants
in planning the annual winter
dance, which takes place Saturday
evening at the Willard Hotel:
James A. Bruen, w. B. Hibbs &
Co.; Harry Bergman, Riggs Ma
tional: Lloyd Carey Washington
Loan e. Trust; Richard Ehlis,
American Security & Trust; George
Galleher, Lincoln National; John
E. Wilson. Morris Plan, and Neal
Wells, National Savings & Trust.
Babson Conference Announced.
Walter D. Landry. local represent
ative of Babson's Reports Inc. an
nounced today that members of the
Babson staff will address a con-
ference on business and financial
conditions next Saturday morning
at the Willard Hotel.
Three members of the staff will
he here and a question period is
to follow brief addresses. Bankers,
businessmen and other G investors
are invited to attend the conference
end join in the discussion.
Last year Mr.. Babson attended the
Washington conference. His plans
for this weeks meeting are not
known.
Financial District Notes.
Several outof-t town guests are to
attend the Thursday dinner meet
ing of the auditors section of the
District Bankers Association at the
Lee House. Archibald M. McLachlen
and T. Stanley Holland, officers in
the bankers association, also will
be present.
The New York Stock Exchange
has stricken from listing Norfolk
& Southern Railroad Co. capital
stock, 500 par value. The 1893
high was lls and the low "a. The
stock was actively dealt in up to
the time the road encountered
financial difficulties.
Philip A. Benson. president of
the American Bankers Association,
says that the day for spectacular
profits for commercial banking ap-
pears to be thing of the past.
Broader loan policies and host of
other changes must be brought
about to meet the new conditions,
he said.
Capital Transit stock opened the
week on the Washington Stock Ex-
change with 20-share sale at 812,
off q. from Saturdays close. A
small sale in Potomac Electric Pow
er 5h per cent preferred registered
1l4A.
Officers of the District Life Un-
derwriters' Association expect a rec
ord attendance at the December