Evening star. [volume] (Washington, D.C.) 1854-1972, 1941-06-08
Remaining Properly
OF 7 Closed Banks
On Block Tomorrow
Seventh Street Savings
And Commercial National
Assets to Be Auctioned

Proceeding with program de-
signed to close out the affairs of
all remaining banks in receivership
in Washington, two receivers will
conduct auction sales tomorrow of
all assets in two banks. the Seventh
Street Savings Bank and the Com
mercial National Bank. Similar
sales for other reCeiverships will
come later.
Under plans of the Controller of
the Currency, it is intended that
policy Of intensive liquidation" will
be pursued and all receiverships
closed up here by the end of the
year, with final payment to thous-
ands of depositors of institutions
closed in 1882 and 1898.
The first auction sale tomorrow
will be conducted by Justus S. War
dell. receiver for the Seventh Street
Savings Bank. He will dispose of
the assets at his Office, 1929 I street
NV, at 10 am.
This receivership already has
made available to about $500 de-
positorS dividends of 95 per cent for
a total of s1.004,517. With proceeds
from the sale tomorrow, together
with cash already in hand, Mr.. War
dell said he expects the institution
will be able to pay at least 100 per
cent.
Final Dividend Near.
Final sale of the assets of the
Commercial National Bank will be
conducted by Receiver Frederick j.
Young, at his office. 1886 New York
avenue NV, at 2:30 pm. tomorrow.
Proceeds from this will be added
to the cash in hand to result in a
final dividend to depositors some
time before December !. Since this
bank closed in February. 1888,
dividends of 70 per cent have been
paid, amounting to S3,938,17l.
Receiver Young also announced
that he plans to sell at auction the
remaining assets of the Federal
American National Bank and Trust
Co. at 2:30 pm. July ID. This in
stitution, the largest closed bank
in Washington. has paid to its de-
positors dividends of rs per cent,
amounting to s6,307 ,040. No definite
estimate is available as to how much
more will be realized by depositors.
Final sale of assets in the closed
Park Savings Bank will be con-
Quoted July IS by Receiver John F.
Moran at his Office at Fourteenth
street and Park road NV. General
depoSitors in this institution have
realized 3612 per cent in dividends.
Besides this. a particular group of
depoSitors who had money in the
bank when its charter expired in
1929 received about S350,000, which
was 26206 per cent of the low
balance" which these people had in
the bank between 1929 and 1888
when the bank closed.
Three Others Wind Up.
Other banks receivershipS which
are to be closed out during the year
include the District National Bank
the Potomac Savings Bank and the
North Capitol Savings Bank.
In the case of the United States
Savings Bank a Stockholders Com
| mittee is proceeding with a plan
for closing out the affairs of this
institution and terminating pend
ing litigation. The committee has
received signed agreements from
depositors who had about 100000
in the bank when it closed. These
agreements waive claims to all in
terest in excess of per cent. De-
positors in this bank have already
been paid 100 cents on the dollar
on their deposits and by their agree
ment would get cents more on each
dollar.
The 1900 depositors of the closed
Franklin National Bank have re-
ceived 100 per cent on their de-
posts and it is hoped that interest
also due them may be paid later.
Those who have not yet received
their dividends may call at room
%, GAS Pennsylvania avenue NV,
where the final dividend was first
made available late last month.