Evening star., 1933-09-24
HAMILTON TO OPEN.
DOORS TOMORROW |
100000 Will Benefit With
Successful Merger of
Seven Banks.
Continued From First Page.)

Continued From First Page.)
all depositors in the member banks,
this money cannot be obtained until
proofs of claim are formally filed with
conServators by depositors.
Although four of the conServators to-
morrow will occupy places In the Ham
ilton Bank instead of their previous
posts as conservators, there will be
members of the staff in all Of the mem
ber banks available to take care Of
conservatorship business, such as the
receipt of proofs of claim, negotiations
concerning offsets, and other important
business.
The most important steps remaining
to be taken by the conservators are
those pertaining to the remaining SO
per cent of depositors' funds. Assets Of
the member banks representing the
rest Of the depositors' money are In
the hands Of conservators to liquidate
and to turn into cash for the benefit OF
the depositors.
When another dividend will be avail
able out of these assets for depositors
remains to be seen. The policy on
payment of these secondary dividends
remains to be determined by the Treas
ury Department, which controls the af-
fairs of the member banks and directs
the activities of conservators. It Is
known that some member banks are
hoping to pay 100 cents on the dollar
to their depositors.
New Officers.
The four banks where conservators
have gone over to the Hamilton Bank
are in the hands of the Treasury to
appoint new conservators or acting
conservators as soon as possible. The
men who have been taken over by the
Hamilton and their new posts are as
follows:
Joshua Evans, jr., former president
and conservator Of the District Ma
tional Bank, now senior vice president
of the Hamilton. with Offices at head
quarters at Fourteenth and G streets.
r. A. Sisson, former vice president
and conservator Of the Washington
| Savings Bank, now assistant cashier Of
| the Hamilton, with offices at head
| quarters.
George F. Hoover, former vice presi-
| dent and conservator Of the Northeast
Savings Bank, now branch manager Of
the Northeast branch Of the Hamilton.
E. L. Norris, former vice president
and conservator Of the Woodbridge
Langdon Commercial and Savings
6dIlh, IlOW pAdIlCu 1uoilo6SA "a JIG
| Woodridge-Langdon branch Of the
| Hamilton.
The Hamilton Bank Is q merger Of
one of the largest groups of banks yet
| consolidated under the general prin-
ciples of the so-called Spokane plan,
modified to be called the Washington
plan.
Beginning Of Merger.
The merger movement began In the
District National Bank when the Or
ganization Committee Of that institu-
ton, headed by Capt. Chester Wells,
laid down a plan which was approved
by the Treasury. It soon was Joined by
other institutions. Capt. Wells and
Wharton E. Lester, counsel for the Dis
trict National Bank, counsel for the
conservator and later counsel also for
the Organization Committee Of the
merger were the first negotiators, ap-
pointed at a meeting Of District Ma
tional Bank directors.
In one Of those now it can be told"
stories, disclosed last night, 1t was
learned that Capt. Wells and Mr. Les
ter called at the new reorganization
division Of the ofice Of Controller OF
the Currency when there was only one
official there, and when the furniture
was just being moved In. -
Mai. Irving w. Shuman, special rep
resentative of the controllers ofhce,
was assigned to the problem Of the
closed Washington banks, and from his
appointment to this time has taken q
large part in the negotiations leading
to the organization Of the Hamilton
Bank. Every step taken by the Hamil-
ton organizers had to be approved BY