Evening star., 1922-05-02
RIGGS NATIONAL TO
E. ABSORB HAMILTON
Latter Is to NationaIize at
Once as Preliminary. = =
Plea for Deputies.
BY 1. A. FLEMING.

Directors of the HAMILTON Savings
Bank have been called in special
meeting this afternoon at o'clock.
At this meetingythe directors will
authorize the officers of the institu-
tion to take the necessary steps to
change the Hamilton from a state
bank to. national institution.
Following this action the share
holders will be asked to meet in
special session to adopt resolutions
providing for the conversion of the
bank.
Application will then be madA to the
controller of currency for, charter
under the national bank act.
This will mark the formal move
ment for the consolidation of the
Hamilton National Bank, successor
to the Hamilton Savings Bank with
the Riggs National Bank.
1t is expected that the conversion
will be accomplished in the immediate
future and that the consolidation
agreement will be brought before the
directors of the Riggs National Bank
Tor ratification at their regular meet
ing, May 8.
AS soon as possible there will be spe-
cial meetings of the shareholders of
both institutions to ratify the con-
solidation agreement, in order that it
may become effective by July !. 1922. .
National Bank additional quarters at
Depont ClrCiie, l4th and Park road
and 7th and streets, all northwest
Many customers Of the institution
the added facilities and the opportu-
nifty of doing business at Dupont Cir
Gle and other centers. as this entirely
obviates the parking difficulty and
driving annoyances of the crowded
downtown district.
In the oaantin1a Wnrt iS
ing as fast as possible on the main
building of the Riggs National Bank.
Two large holes, about thirty feet
deep. on either side Of the Avenue.
attracted considerable attention. A
tunnel under the avenue connects
the holes the plans for the con-
struction os the new part of the
bank building contemplatingN depth
of foundations to such an extent
with large sewer on the corner of
14th and G streets.
Officers of ths~ Hamilton Savings
Bank are: Milton E. Allies. president;
Charles c. Glover, jr.. vice president;
II. G. Hoskinson, cashier, and B. I.
Bourdren. Carl H. Donch and G. F.
Rainey, assistant cashiers.
The directors are: Milton E. Allies.
clover. jr.. Robert IT. v. % Fleming. a. n.
Clark. c. H. Tompkins. william H.
Donovan, Arthur Carr. Charles T.
Claggett. John oliver La Gorce, Ches-
John D. Rhodes. Bertrand H. Roberts.
Herbert L. Davis and Louis E.
Jefries.
In Behalf of Faithful Ohicials.
Col. Wade H. Cooper. president of the
Continental Trust Company, has, of his
own yolition, addressed a conlmunica-
tion to. Representative McFadden, chair
man Of the banking and currency COM
mittee of the House. in which ne enters
plea for more recognition and better
pay. especially for the two veteran deputy
controllers of the currency. Messrs. T.
p. Kane and w. J. Fowler, who for
and have had charge of a large part of
the technical and detail work of the Of
flee Of the. controller. They have held
position through the terms Of several
controllers ana are held in esteem by
the banking fraternity. =['rr i
Mr.. Cooper's letter follows:
without any knowledge whatever
on their part, or the part:of any other
person in the Office of the controller
attention to the small salaries paid
our two deputy controllers of the
currency, r. p. Kane and w. ]. Fow-
Ter. These men have been filling their
respective positions for several years
on a salary that is ridiculously small
for the responsibility of their respec-
tive positions and the services rem
dered. a.
These men are charged with tre-
mendous responsibilities. They pass
upon the financial condition of every
national bank in this country. They
would undoubtedly receive from any
private corporation for the same
character of work not less than $685.
600 per year each. but receive from
the government an amount insignifi-
cant for the responsible services rem
Gered.
They are not receiving what is
justly due them even if regulated ac-
Cordng to other salaries paid by the
government. They should receive at
least twice as much as they are now
receiving.
'In this connection it would be well
fer you to have a general inquiry
made into the controllers Office, for
there are lot of people in that Office
who have been there for years who
are receiving very small salaries COM
pared to the Importance of the work
they are doing.
81 am writing to call your attention
TO this matter because 1 think 1t my
duty to do so, with the hope that as
chairman of the banking and cur
rency committee you will take such
steps as you deem proper to see that
these men and their associates are
paid salaries more in keeping with
the responsibilities of their respec-
tive positions, Yours truly.
WADE Fl. COOPER"
Bonds More Active.
On today's session of the local
stock exchange the feature was the
renewed demand for bonds of number
of issues that have not appeared on
the sales sheet for some time.
General Se
opened at 1861. the longtime bid
price, and Immediately recovered to
106. Railway As opened at 72 and
advanced sharply to 73 with but one
transaction between high and low.
Washington Gas 7h per cent notes
steady at los. Capital Traction SIS
brought 81.
Railway, preferred was active It
6Sh; little Gas sold at 54h and :!
Mergenthaler at las.
Calls for sI3,.O0,OOU. I.
Secretary Mellon this morning
called for s13,700.000 from deposits to
credit of the Treasury on account
is payable to the regional banks on
Thursday Of this week.
Brokers' Loans Reduced.
April 80 of this year brokers'
loans totaled approximately $780,
100000 as compared with s1,75e ,O00,-
600 July 81, 1919. a. reduction Of
S506, ,O0G, 800 :
The federal reserve system then
held loans secured by government
securities. totaling $1.6S4, ,946,U0 They
now hold but paper thus secured, $17S,-
$4,000. decrease of $1,505. $50, 900.
Reduction of Debt.