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GAS FIRM BIDS FOR BANK BUIL LDING Park Savings Structure May Be Razed for Filling Station. The Gulf Oil Co. has made a cash offer of $92,500 for the building of the closed Park Savings Bank, at the corner of Fourteenth and Kenyon streets, with a view to razing the structure and erecting a gasoline filling station there, it was learned today. The offer, however, is conditioned on the issuance of a permit by the District Commissioners to erect the filling station under zoning law. The Gulf Oil Co. acted through its vice president, H. M. Rogers of Boston, Mass., whose offer has been submitted to the court, and published through arvertising, to determine whether the bank's receiver. John F. Moran, can get a higher offer for the property. If the receiver gets no higher offers by noon. July 10, the contract can be executed. provided the oil company receives the construction permit for a filling station, request for which has been filed at the District Building If the permit is refused. there will be "no sale" under the oil company offer. The Park Savings Bank. which was closed in 1933, has paid its depositors 25 per cent and has cleared all its debts on secured claims. according to Moran. But the receiver explained that. even if the building is sold for $92.500 cash, further liquidation would be necessary before a further dividend could be declared to depositors. If the building is taken over by the oil company Moran would move his office to another vacant bank building, belonging to one of the other banks which he is liquidating These include, besides the Park Savings Bank, the Continental Trust Co., the North Capitol Savings Bank, the Industrial Savings Bank, which was reorganized and is now operating as the Industrial Bank of Washington, at Eleventh and U streets, and the Prudential Bank. which had been taken over by the Industrial Savings Bank.
