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his office of the Park Savings Bank, from 5913 Georgia avenue N.W. to the Riggs National Bank Building at Fourteenth street and Park road N.W., where he will be ready for business tomorrow. He also is receiver in the same office for the North Capitol Savings Bank, Departmental Bank and Prudential Bank.
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CITC rights were exercised, although that does not mean that holders of the common stock elected to purchase 45 per cent of the 24,400 shares. Washington Gas preferred is now quoted on the Washington Stock Exchange, ex-dividend, at 104 bid and 105 asked. The last sale was at $107 a share and it sold earlier this year at $109. Application will be made shortly for listing the 24.600 new shares on the Washington exchange. There are 35,600 shares already listed, which will make a total of 60,000 shares. According to plans of the Washington Gas Light Co., of which Marcy L. Sperry is president, the $2.513.000 proceeds of the stock sale will be used for payment of bank loans and for expansion and equipment. The company has paid dividends on the preferred stock regularly since the first shares were issued in 1937 and dividends on the common stock at same rate since 1886, the present rate being $1.50 per annum. Net income in 1939 amounted to $1,231,797. in 1938 to $1,005,983 and in 1937 $760,207. Moran to Sell Bank Assets. John F. Moran. receiver of the Departmental Bank, has been authorized to advertise the remaining assets of the bank for sale, the sale to take place in the receiver's office, 222 Riggs National Bank Building, Fourteenth and Park road N.W., at 8 p.m. Friday, May 17, it was announced today. The Departmental Bank closed on July 14, 1932: liabilities were approximately $1,000.000, and assets were $1,200,000, which included a stockholders' liability of $106,000. The liquidation has resulted in six dividends being paid to date by the receiver amounting to 85 per cent. Dividends and secured and preferred liabilities paid were approximately $800,000. It is expected at the termination OI the bank's affairs that a seventh and final dividend will be paid. For many years the Departmental Bank was located in the 1700 block on Pennsylvania avenue, and did a thriving business loaning money largely to Government employes. The turn in its affairs came after the 1929 crash in Wall Street. Sacks Heads Loan Group. Eckert J. Sacks, who helped organize the Washington Permanent Building Association 59 years ago and was one of the original directors, was re-elected president at the annual meeting held yesterday. John Henderson was renamed vice president, Carl J. Bergmann, treasurer. and H. H Bergmann, secretary C. Chester Caywood continues as general counsel. while directors reappointed include John H. Clipper, C. Rammling, James R. Ellis, Clyde H. Miller, Max Walten, Joseph N. Saunders and Walter B. Avery. Washington Permanent was the first association in the city to become a member of the Federal Home Loan Bank. It is also a member of the District of Columbia Building and Loan League, United States Savings and Loan League and the American Savings, Building and Loan Institute. Shareholders were informed that assets now total $10,250,000, the highest figure on record. Financial District Comment. Washington bankers attending the annual convention of the Association of Reserve City Bankers at Hot Springs, Va., were back at their desks today.
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Preston C. KINE. graduating from the National College of Pharmacy After serving in the Army during the Spanish-American War, he returned to private life, and entered the service of the telephone company in October, 1901, as a clerk in the plant department, in Washington. Mr. .King is the treasurer of Emory Methodist Church, Washington Board of Trade, Association of Oldest Inhabitants of District of Columbia and is vice president of the National Capital Field Club. He resides on Glenbrook road, in Edgemoor. Investment Dealers Confer. Y. E. Booker and J. Clifford Folger, Washington investment dealers, are attending the meeting of the Board of Governors of the Investment Bankers Association, in session at White Sulphur Springs. Francis A. Bonner of this city, chairman of the National Association of Securities Dealers, is also in attendance. At yesterday's session it was voted to adopt a three-year program to give the public a better view of the Investment business. This program will include a factual survey of investment banking, a second phase which will begin next December and continue while Congress is in session, dealing with planned economy versus free enterprise, and a third phase dealing with Government activity in the field of finance. Asset Sales Comes Friday. Following sale of the assets of two other closed banks this week. assets of the former Departmental Bank will be placed on sale by Receiver John F. Moran next Friday afternoon at 2 o'clock in the receiver's office, room 222, Riggs National Bank Building, Fourteenth and Park road N.W. As already noted, the receiver has paid six dividends, amounting to 85 per cent of the money due depositors. Exchange Trading Heavy. Trading on the Washington Stock Exchange today was the heaviest in several weeks, with some prices lower. Capital Traction 5s sold at 1001/2 and 1001/4; Capital Transit stock came out at 14 7/2 and closed at 14 1/2; Lanston Monotype sold at 28, and Washington Gas Light common moved at 25. Riggs National Bank common stock opened at 275 and closed at 2751. Washington Railway & Electric preferred commanded 115.
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Commercial National $595,178 Assets Sold for $437 John W. Hardell Is Successful Bidder in Preliminary Auction John W. Hardell of Washington was the successful bidder in a preliminary auction sale of certain assets of the closed Commercial National Bank today at the office of the receiver, Frederick J. Young, 1336 New York avenue N.W. Mr. Hardell purchased assets of a face value of $595,178.32 for $437. The assets brought spirited bidding from about 50 persons from several cities. The preliminary sale originally had been intended to put on the market certain remaining assets in the value of about $800,000, but the amount was reduced by settlement prior to the sale today. The Commercial Bank receivership still has other assets, including the bank building at Fourteenth and G streets N.W. The receivership has already paid to depositors a total of 70 per cent of deposits in the bank when it closed in 1933. Still remaining in the receivership, Mr. Young explained, are assets amounting to a face value of about $3,500,000, including the building. Three other auction sales of certain assets of closed banks are scheduled this week. Justus S. Wardell will dispose of certain assets of the District National Bank in a preliminary auction sale tomorrow; Receiver Young will put on the block assets with a face value of more than $1,000,000 of the old Federal American National Bank & Trust Co. Thursday and John F. Moran will sell certain assets of the old Departmental Bank Friday.
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Sales of Assets Of Closed District Banks Under Way Federal-American Paper Brings $931; Face Value $700,000 Proceeding with liquidation of closed banks, receivers conducted preliminary sales of assets at the District National Bank yesterday, the Federal-American National Bank & Trust Co. today, and will sell out all remaining assets of the Departmental Bank tomorrow. John H. Hardell of this city, who previously had been successful bidder in buying some remaining assets of the closed Commercial National Bank, today bought assets of a face value of about $700,000 from the Federal-American, for $931. The auction was conducted by Frederick J. Young, receiver, with bidders present from several cities, including New York, Chicago, Baltimore, Philadelphia and St. Louis. There are many 'other assets remaining in the Federal-American receivership. Justus S. Wardell, receiver of the
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Investors Given Chance To Rebid on Bank Assets Justice Daniel W. O'Donoghue in District Court today gave investors an opportunity to raise the ante on assets of the Departmental Bank, which have a total book value of $104,137.38 and otherwise are slated to be sold for $1,510. The jurist signed an order directing that unless a higher offer be received by August 8, H. Lamar Henderson, who has offered the $1,510, will get the property, which comprises bills receivable, judgments, overdrafts and other assets. John F. Moran, receiver of the Departmental Bank, advised the court this offer had been received and that the deputy controller of the currency has approved the proposed sale, subject to court ratification. The assets are listed and may be inspected at the office of the receiver at the Riggs Bank Building, Fourteenth street and Park road N.W.
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LEGAL NOTICES. COLLADAY, McGARRAGHY, COLLADAY WALLACE, Attorneys. & 1331 G St. N.W. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In the Matter of the Departmental Bank-Miscellaneous No. 35.ORDER NISI.- John F Moran as Receiver of the Departmental Bank. having reported to the Court that he has received an offer from H. Lamar Henderson to purchase for $1,510.00 cash. various assets of said bank consisting of bills receivable. judgments. overdrafts. and other choses in action and chattels. having a total book value of $104,137.38. a descriptive list of which is attached to the petition herein on file with the Clerk of the Court and is also open for inspection at the office of the Receiver at Room 222. Riggs Bank Building. 14th Street and Park Road Northwest. on all business days between the hours of 9:00 A.M. and 4:30 P.M. and on Saturdays from 9:00 A.M. to 12:00 Noon: and said John F. Moran having further reported to this Court that he has been authorized to accept such offer by the Deputy Comptroller of the Currency. subject to approval by this Court. as is shown by letters from the Comptroller of the Currency dated June 7. 1940. and June 24. 1940. it is. by the Court, this 8th day of July, 1940, ORDERED. That the said offer of H Lamar Henderson be accepted. and that said sale shall be ratified and confirmed. unless cause be shown to the contrary or a higher offer be made on or before the 8th day of August. 1940; provided however, that a copy of this Order Nisi be published in The Washington Evening Star as a legal notice at least three times and once in the Washington Law Reporter prior to the said 8th day of August. 1940, the first of said publications to be at least ten days prior to said date: and provided further. that in the event any higher offer is to be made the person making said increased offer shall be required to submit an offer exceeding the offer in the said petition herein by at least five per cent. and that the person making such increased offer shall be required to submit the same to the office of the Receiver at Room 202 Riggs Bank Building, 14th Street and Park Road Northwest. on or before 12:00 o'clock noon of the said 8th day of August. 1940. All assignments of assets are to be made without recourse or warranty of any kind. DANIEL W. O'DONOGHUE. Justice (Seal.) A true copy Test: CHARLES E. STEWART. Clerk. By ANDREW A. HOMER. Asst. Clerk jy13.20.27
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# Sale of $104,137 Assets # For $1,510 Is Approved An order ratifying and confirming the sale of the assets of the Departmental Bank, having a book value of $104,137.38, was signed late yesterday by District Court Justice James W. Morris. The property, comprising bills receivable, judgments, overdrafts and other assets, goes to H. Lamar Henderson, whose bid of $1,510 was uncontested. Justice Morris acted after investors were given an opportunity to bid higher but failed to do so, and Receiver John F. Moran asked that the sale be ratified.
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Departmental Bank To Pay Final Dividend The seventh and final dividend, amounting to 6.4 per cent, will be paid to depositors of the Departmental Bank, beginning tomorrow morning, it was announced by Receiver John F. Moran. The amount to be disbursed is about $50,000. Checks will be ready for distribution at Room 222, Riggs Bank Building, at Fourteenth street and Park road N.W., but Mr. Moran asked depositors not to call for their dividends until they received notification by post card. "Due to lack of space," he said, "our facilities will not permit the handling of more than 500 depositors a day." Receiver's certificates must be presented by depositors before they can get their checks. Including the last dividend, the depositors will have received a total of 91.4 per cent of the money they had in the bank at the time it closed July 14, 1932. The amount of dividends will total $700,000 disbursed to about 4.000 persons. The receiver's office will be open from 9 a.m. to 5 p.m. daily. except Sunday, it was announced, but depositors must call for their checks on or before Monday, Oct. 21.