Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-03-04

1lgure behlnd both associations.
First Continental's receiver
is John McKeever, a Silver
Spring real estate executive.
Family Savings g. Home
Loan Association of Silver
Spring-Of those closed, this
firm had the greatest number
of shareholders, $4,000, and the
largest amount of savings, $5.4
million. The receiver, Saul
Stern, Silver Spring furniture
store executive, is in the midst
of an audit of the association
and nine subsidiary firms.
i Some of these companies
had the same officers as Family
Savings and were loaned share
holders money, unsecured,
says Mr.. Stern. He is trying to
determine the worth of the
subsidiaries. So far, he re-
ports, he has gathered about
$500, 900, about one-tenth of
the shareholders savings, and
he has hopes of getting more.
Military Service Savings g.
Loan Association of Silver
Spring-A total of 1928 share
holders had about $50 million
here. Many of the shareholders
were servicemen. lured, at least
partly, by an executive advisory
board which included retired
military officers, says the re-
ceiver, Earl A. Nash. MIR. Nash,
a retired telephone executive,
has collected close to $400, 900
and is investing most of it in
short term, interest-bearing
U. S. Treasury notes. to keep
the money working"
Military is one of the four
closed associations with savings
insurance with a private Mary
land risk firm-which is under
State investigation itself.
Mutual Security Savings g.
Loan Association of Silver
Spring-Between 1000 and g.
900 account holders-the exact
figure has not been established
have about $3.1 million tied
up. State-appointed receiver
Paul M. Coughlan of Silver
Spring discovered about $4,000
in cash in the firms Golfers.
This had been boosted by him
to $4,000 or $4,000 by last
week when administration was
transferred from Mr.. Coughlan
to a Federal receiver, Fenton L.
Martin, a Baltimore attorney.
A group of shareholders won
the transfer through court ac-
ton.
Suburban Maryland Savings
& Loan Association of Suitland
This firm, with about $780,
600 in 235 accounts, went into
the receivership hands of Hy-
attSville attorney Thomas r.
Brooks on January 80, the
State alleging a substantial def
icit in its operation, Mr..
Brooks, who is auditing the
books. says he Is hampered by
incomplete records.
Freestate Savings g. Loan
Association, Inc, Of Hillcrest
Heights-This firm was placed
in receivership January II with
about $4,000 in 470 accounts.
Attorney George T. Burroughs
Of Upper Marlboro, the receiv-
er, is also auditing the books.
The State attorney general
charged Freestate and Subur-
ban Maryland were controlled
by Baltimore Attorney Harold |
Applegarth and that the firms |
records overlapped. Mr.. Apple
garth at one time figured in an
attempt to Stave off receiver
ship for the Mutual Security |
Savings & Loan Association.
Phoenix Savings & Loan AS
ISOLATION, Inc, of Baltimore
This firm, with 1900 share
holders, was placed in conser-
vatorship. I'm this procedure
an effort is made to get the
association back in business
again, possibly by combining it
with another more stable or
ganization. or by recognizing
it with new capital and q limit |
on withdrawals.) Phoenix,
which had between 1901, 900 |
and $1.4 million in savings
the figures are disputed-is
close to reorganization, but |
needs court approval. Mr.. Ward |
is conservator.
First Guarantee Savings & |
Loan Association, Inc, Of Bal
timore-This firm, also admin
istered by Mr.. Ward as con-
servator, has slightly more than
81 million in the accounts of
about 1900 shareholders.
The American International
Savings g. Loan Association of
Takoma Park-The attorney
general sought to have this
firm placed in receivership, but
Circuit Judge Ralph w. Powers
of Prince Georges County al
lowed it to quit the savings
and loan business and convert
to a general investment enter
prise. A new management has
promised to pay its ITO share
holders their savings. The