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63 STOCKHOLDERS SUED BY RECEIVER Hamilton Seeks to Recover 100 Per Cent Stock Assessment. Thirty-seven stockholders of the Northeast Savings Bank, and 26 stockholders of the Washington Savings Bank today were sued by Norman R. Hamilton, receiver for both closed institutions, to collect 100 per cent stock assessment The suits were filed in both District Supreme Court and in Municipal Court, just in time to get within the statute of limitations, which under Arizona law, will bring an end to morrow to the right of the receiver to sue. Both banks were chartered under the laws of Arizona This State requires a receiver of a closed bank to file such suits for collection of double liability within three years after closing. These banks closed March 3, 1933, with the declaration of the national bank holiday by President Roosevelt Under Arizona law. it would be too late after tomorrow for Receiver Hamilton to collect by suit Many Have Paid. Many stockholders of both of these banks have paid their assessments. or made arrangements to pay Within the past two weeks, Receiver Hamilton has been pressing the remaining stockholders to pay, in order to escape the necessity of court action Many have responded, in addition to those who earlier had paid, or made arrangements to pay In the Northeast Savings Bank about half of the 185 stockholders had paid their assessments in full. others had made arrangements to pay and suits today were filed against the remainder. In the Washington Savings Bank there were 61 stockholders, of which 33 were sued today. The capital stock of both banks stood at $100,000 and the double assessment was for that amount in each institution. Paid 85 Per Cent. Receiver Hamilton, by liquidating the two banks, had paid already to depositors of the Northeast Savings Bank dividends amounting to 85 per cent of deposits, and to depositors in the Washington Savings Bank dividends totaling 80 per cent. Under law he now is required to proceed against the stockholders, in order to collect sufficient funds to pay the depositors up to 100 per cent If. through the collection of double liability, there should ever be more than enough to pay the depositors and the cost of liquidation, any left over could be prorated back to the stockholders. In his suits, filed identically in all cases, Receiver Hamilton relates how each of the banks was chartered under Arizona law to do business in the District of Columbia, under authority of the controller of the currency, but still subject to the State legislation Interest Also Demanded The Arizona statute under which Hamilton proceeded today was quoted, in part, as follows "In case of the dissolution or liquidation of any bank the constitutional and statutory liability of the stockholders must be enforced for the benefit of the creditors of such bank by the superintendent of banks or by any receiver The action to enforce such liability may be commenced within three years after the closing of such bank, and may be commenced immediately upon closing of the bank 1f, in the judgment of the superintendent or receiver, the assets of such bank are insufficient to meets its liabilities. Demand was made in each suit for the amount of the assessment because "the same was not and has not nor has any part thereof, been paid by defendant nor by any one on his behalf, although demand therefor has been made. Interest on the assessment also is demanded at the rate of 6 per cent from the date of the assessment Suits were filed against the following stockholders in the District Supreme Court: Washington Savings. Eugene Casey, 1425 Whittier street $1,200; Joseph A Daly, 1346 Otis place, $3,820; Hennie J. Jones personally and as executor of the estate of Edwin C. Jones, 142 Tennessee avenue northeast, $4.100: Lawrence Leapley, 1131 New Jersey avenue southeast. $3,150: John D Leonard. 1755 Euclid street, $10,480; Robert E. Mann, 316 Ninth street, $1,500; Mary L Noyes, 1349 Monroe street northeast, $1,250 and Joseph K Sharp, 930 E street, $2,210 Northeast Savings. L P Steuart, 1440 P street, $6,870; Guy T Steuart, Sixth street and New York avenue, $6,350 Watson V. Shelton. 3734 Jocelyn street, $1,350; Fred S. Schow, Tower Building, $1,050; Elizabeth Vivian, as trustee for John Vivian, $1,250 Elizabeth Vivian as trustee for Hugh F. Vivian, $1,250 and Elizabeth Vivian personally, 1445 Spring road, $2,000. The following suits were filed in Municipal Court Washington Savings. Anna B Hick, 3601 Connecticut avenue, $100; Bernard A. O'Leary, 1204 Massachusetts avenue, $250; John C.
