Evening star., 1938-04-11
LOAN FIRM CLEARS
FIDELITY ACCOUNTS
First Federal Association
Also Reports Lively Home
Loan Demand.
BY EDWARD c. STONE.

by EDNAhD 4. SloNE.
The new First Federal Savings e.
Loan Association has closed new loans
on homes to the amount of S54.600
within the past few days, Carl H.
Ellingson. executive manager, an
nounced today.
The new loans were on properties
located in the Northwestern district,
in Chevy Chase, Arlington and Alex
andria, and were for home purchase
and Improvement and the refinancing
and consolidation of existing trusts.
Sales of its own real estate by the
association last week amounted to
$25,750, including two cash transac-
tions totaling Sl9,750.
In its first five weeks of operation
the association completed over two
thirds of its task of clearing accounts
taken over from the receiver of the
closed Fidelity Building & Loan As
sociation, Mr.. Ellingson announced.
SO far over 10000 of the shareholders
accounts have been transferred he
said
Out investors in the old
organization are receiving at their op-
ton cash or share accounts in the
new association through the mails.
approximately S3,OO0OOO in receiv-
er's orders has been cleared since
March l, about 70 per cent being re-
invested in the new association.
Practically all the proven claims
against the closed Fidelity will have
been cleared by April 20, the manager
predicts.
Bank Paying Final Dividend.
The United States Savings Bank, at
Fourteenth and U streets NV. had
made a fine start today in payment of
the flnal 10 per cent dividend to de-
posltors. The money is going to $500
deposltors who have already received
9o per cent of the funds due them
since the bank closed five years aeo.
Receiver Frederick J. Young is send
Ing out 500 postal cards a day notify
ing the former depostors that the 10
per cent payment is awaiting them at
the bank. The cards must be pre-
sented when the former patrons call
at the bank. The disbursement will
total $4,000.
The original claims totaled S1.619.-
COO The present payment will place
the United States Savings Bank in the
100 per cent class Depositors are
more than pleased that they are to be
paid in full after such a long wait.
Inc receiver will continue his work
as there are still some further assets
to be adjusted. Officials say there is
possibility that later the depositors
may be paid per cent interest which
the law allows during the period of
receivership when their funds were
tled up. Such action would be most
welcome.
March Trade Off IA Per Cent.
department. store sales in March in
the fifth Federal Reserve district
Which includes Washington, were ID
per cent lower than in March, 1887
the Federal Reserve Board announced
To-Day. This was exactly the same as
the national decrease. For the first
quarter sales were down per cent in
TINS territory against 9 per cent in
the whole country.
The Reserve governors state that the
crop IN sales reflects in part the fact
that Easter is three weeks later this
year than in 1887. 1t is estimated
that an allowance of about 7 per cent
from year ago should be made on
this account. That would bring the
nth district figure from IA down IN
7 per cent The percentage changes in
March and the three months in all
the Reserve districts follow:
3
- Mar mthS Strs Cities