Evening star., 1939-10-21
District National
May Eventually
Off in Full
Final IS Per Cent,
TotoIine $587,6H,
Seen as Possibility

Seen as Possibility
The District National Bank, which
closed in 1888, eventually may be
able to pay its depositors 100 cents
on the dollar.
This possibility was raised today
by the latest quarterly report Of the
receiver, Justus S. Wardell, showing
the condition of the receivership as
Of September 80.
Prospects for the 100 per cent are
based on statistics showing how
much depositors already have re-
ceived, and estimates as to how
much is left in the institution.
Depositors so far have been paid
a series of dividends which total IS
per cent of their deposits when the
bank closed. This IS per cent
amounts to $3,34O,472 and has been
paid to about 5000 depositors who
have proved their claims against the
bank. Thus the creditors, in order
to get 100 per cent, would have to
be paid another IS per cent.
Would Amount to $587 SIT.
Calculating this Is per cent of the
total amount Of the receivers Ger
tif1cates outstanding. which repre-
sent the face value Of proved claims
-$3,917 ,452-shows that this IS per
cent would amount to $587,617.
There are unproven claims
amounting to $4,000, about which
depositors have never taken the
trouble to inquire. They still stand,
however, as a liability against the
receivership. Not all of them by
any means, will be claimed, If the
experience of closed banks is fol-
lowed in the case of the District
Bank.
But supposing all Of these claims
were proven, then the receivership
would owe $4,000 more, which
would build up a total liability to
creditors of 9674,617.
S2,49l ,087 Book Value.
Turning to the statistics showing
how much value still is left in the
receivership, the so-called book
value of the remaining assets is
listed at $2,491,087, an amount
which, however. is given an "esti-
mated value" of $576,7 1852, the figure
which the receiver estimates the as
sets will bring in liquidation.
But in addition to the $576, 1852 in
estimated value" of assets, the re-
ceivership now has on hand, cash
amounting to s172. 2.688, making s749,-
$50 in total assets. This figure is
substantially greater than the s674,-
GIT figure of total liabilities, leaving
quite margin for the expenses of
receivership.
This fiscal picture is based on
estimates of course, and could not
be interpreted definitely as an as
surance that the 5000 depositors of
District National can be sure OF get
ting 100 cents on the dollar. Many
uncertainties arise in the liquida-
ton OF bank, officials point out
and they are unwilling to make any
predictions as to what the bank can
pay. The statistical picture, as dis
closed by the latest report on con-
dition, however, is shown to be de-
flnitely encouraging to the de-
positors.
Remaining Assets.
The remaining assets of the Dis
trict National Bank include $780,
600 in first trust notes on the old
District Bank Building at 1406 G
street, which was sold during the
last year: the Premier Apartments
at 7l8 Eighteenth street NV, rented
to the Securities and Exchange Com
mission. and the building formerly
occupied as the Ninth Street Branch
of the District Bank, on the SOUTH
east corner of Ninth street and New
York avenue NV. Other assets are
mostly secured and unsecured notes.
There has been a substantial COL
lection on the s1000,000 stock as
sessment on stockholders, a total of
$72l ,060 having been paid on this
account, larger than the average
percentage for closed banks.
Some additional dividends may be
forthcoming later for depositors of
the closed Potomac Savings Bank,
it was shown by Receiver Wardell's
latest report on the condition of
this bank.
Depositors have been paid divi-
dends amounting to 70h per cent,
totaling SLAB 900. The book value
of remaining assets is listed at $685.
406, with estimated value at $l15914.
Cash in hand on this receivership
is $101 ,086, making a total of as
sets and cash of $2l7,000.
There was no stock assessment
on stockholders in this bank, owing
bank was chartered.