Evening star., 1941-07-16
Bank Receivers Hone
To Complete Work
Before Christmas
Final Assets of Four
Closed institutions
Have Been Sold
By HAROLD B. ROGERS.

the past two days. with prospects
that liquidation of these institu-
tions will be closed up before Christ
mas.
Frederick j. Y Dung sold remaining
assets of the Federal American Ma
tional Bank e. Trust Co. for a total
of SIS 900 to two different buyers.
Philip Herman of this city bought
one group at s400, while Harry H.
Shubin, agent for R. c. Phillips,
tr., paid $4,000 for another group.
The only remaining property in
this receivership is the bank build
ing at 1886 New York avenue NV,
end lots in Rock Greek Park Estates.
Justus S. Wardell, receiver for the
District National Bank, sold the re-
naming assets of that institution
for $4,000, and the remaining assets
of the Potomac Savings Bank for
81 900. He recently disposed of the
last assets of the Seventh Street
Savings Bank for S400.
John F. Moran. receiver for the
Park Savings Bank. sold the rest
of the assets of this bank yesterday
for S475.
All these f1nal sales must be ap
proved by the courts before dis
position can be made of the assets
and the proceeds realized for benefit
of depositors.
A. T. e. L. Rights Feature.
Trading in the new A. T. 81 T.
rights featured the Washington
Stock Exchange session for the first
time today when three blocks were
sold. The first group of 20 went at
114-32. and two more blocks OF 100
each sold at 1882.
The trading started on a when
issued" basis. Rights will not be re-
ceived by stockholders until August
S. They expire August %.
Those stockholders who do not
wish to subscribe will be able TO sell
their rights and thereby increase
their net return on their holdings.
The new A. T. & T. 3 per cent con-
vertible debentures, due September
l. 1856. were listed on the Washing
ton Exchange. on the when ISSUED
basis, but there were no sales. The
bonds went on the local board at III
bid and 1l3 asked.
Capital Traction first SIS were &C
tive, going at 1895 up TO lO4, as COM
pared with the last prior sale OF
10317.
Bond Sales Speeded.
Sale of Defense bonds and stamps
Is proceeding at a stimulated pace
here and throughout the country,
but so far no figures are available
as to the total sold here. Up to June
70, il was learned at the Treasury,
the totals for the country are S707,-
1a5 900 IN bonds, and S6,473000 in
stamps.
, The campaign continues locally
through programs at Treasury
House" at Fourteenth street and
PENNSYLVANIA avenue NV, and
through banks and post Offices. A
program presented tonight by the
treasury Department, will be fea-
tured bv concert by the Columbia
Light Opera Co, under direction OF
Fthvl Manning, director. They sing
among other things special pond
song written by Mary T. Goode OF
the Treasury Department.
Heads Slater Stores.
John Slater, president or ]. Il j.
Slater of New York. retailer OF Wom-
ems shoes. announced that j. Harold
Slater had been elected executive
VICE president of the chain, which
will continue to operate its store in
Washington.
The firms unit at AIS Fifth ave-
nue. New York. will be discontinued
after liquidation sale of its STOCK,
but consideration is being given to
relocation of the Fifth avenue shop
and establishment of addltlonal
units in other trading areas.
Will Attend Hazen Rites.
Representative of several banking
and financial houses in washington
will attend the funeral OF DlStrlct
Commissioner Melvin c. Hazen at
1pm. FRIDAY at Hamline Methodist
Church. The delegation from the
Columbia Permanent Building Asso-
ciation. of which Mr.. Hazen was
president, will be headed by Fred
A. Smith, now acting president. who
holds the posts of vice president and
secretary, The Lincoln National
Bank. of which Mr.. Hazen was
director and secretary of the board,
uf1l be represented by several per-
sons. headed by Floyd E. Davis, bank
president, who Is treasurer OF the
Columbia association.
Melville M Menefee of Washing
ton. representing the United Service
Life Insurance Co, has achieved
membership in the exclusive Mil
lion-Dollar Round Table an organ
isation of underwriters who have
produced more than Sl000000 of
insurance in one year. it was an
nounced today by S. H. Emerson,
jr.. president of the company. The
men qualifying for this honor this
year. from all over the country are
to be announced from Chicago with
In few days by the National Asso-
citation of Life Underwriters, which
sponsors the "Million-DOllar Round
Table" Mr.. Menefee's total for the
year ending July l was 81 ,059 900.
North American Profits.
The North American Co, which
under the Holding Company Act
must dispose of its ownership of
Washington properties, will show a
substantial gain in earnings for the
June quarter. according to predic-
tions by the Wall Street journal.
Washington investors are keenly
interested in the North American
situation, because of the continued
delay in the proposed sale by the
North American of about S30,G00000
worth of common stock in the
Washington Railway & Electric Co.
North American still owns a ma
iority of the common stock in w.
r. IL Co. which in turn owns the
Potomac Electric Power Co. and so
per cent of Capital Transit Co.
The forthcoming earnings report
Of North American is expected to
reflect a record breaking demand
for electricity The reDOrt tn pO to