Evening star., 1933-07-15
BANKS PUSH PLANS
TO FREE DEPOSITS
Date of Reopening Several
Local Institutions Still
Remains Uncertain.
BY EDWARD C. STONE.

Just four months ago yesterday, 13
local banks failed to receive Govern
ment licenses to reopen after the
Nation wide bank moratorium.
Today finds one bank again open, II
others attempting to get back on the
map and one in receivership.
At present eight of these banks are
seeking to merge-the District National,
Federal-American, Potomac Savings,
Washington Savings. Northeast Savings,
United States Savings, Seventh Street
Savings and WoodridgeLangd Saw
ings & Commercial. These banks have
gone long way toward consolidating
into a new institution to be known as
the Hamilton National Bank.
Another of these banks, the Franklin
National, has also done much work to-
ward recognizing with view to re-
opening under the same name ana con-
tinuine as a national bank. The indus
trial Savings Bank likewise is epdeavor-
ing to remain as a unit bank. In this
instance. however, the bank would
change from a savings to a national
bank. The Mount Vernon Savings
Bank is working on plans which Its
officials expect will place it back in
service, perhaps with another financial
institution.
The other bank in this active list, the
Chevy Chase Savings Bank, has already
been recpened and has been operating
for some time as branch of the Riggs
National Bank, which purchased its
liquid assets and the banking property
on Connecticut avenue, near Chevy
Chase Circle.
The Park Savings Banks the only other
one that did not reopen after the bank
holiday. The Park is in receiverShip.
But there is very hot fight as to
whether the receivership shall be carried
out by the Treasury or by court order.
Whatever the result, the bank will never
be reopened.
To depositors it seems very long
time since these banks were placed on
such restricted basis that about S28.-
100000 in aggregate deposits was tied
I'D. 1t is stated that opening of the
Hamilton will release S10,000.000 of
this amount at once. Resumption of
other banking operations would add
materially to this sum. Just how soon a
portion of this money can be made
available for the channels of local trade
remains problematical Bank officials
don't know; Treasury officials can't say.
New Construction Mark Reached.
Power production keeps widening its
spread above 1882 levels, the gains
most marked in the textile regions of
the South and of New England. says
Business Week. Shoe production in
Nav reversed the seasonal trend; in
stead of declining, it jumped 10 per
cent ahead of April. Conservative price
advances posted by most steel COM
panies have slowed down orders little,
but business booked will keep operations
at current Or higher levels during July
at least Automobile makers still are
busy, little to their own aStonlShment.
June construction passed the $780,
100000 mark for the first time since
November, 1882, mostly private projects.
Public works have yet to make their
sadly needed contribution. A Sensa-
tional forecast of short crops of all
major grains lifted prices to new high
level, not unnoted by the bakers The
dollars showy acrobatic performance
goes on-and probably will for some
time to come.
Business Weeks Index of Business
conditions shows a preliminary reading
of 66.6 for the week ended July s. un-
changed from the revised reading of the
previous week and comparing with SCI
a year ago.
Financial Advertising Increases.
The booming of the securities and
commodities markets in the past few
months has resulted in substantial
increase in the volume of financial ad-
vertising One of the largest financial
agencies, according to the New York
T mes reports that in the first six
days of July it placed more business
than in the whole month of May and
that in the same period the volume was
equal to about rs per cent of the total
business placed in June. Advertising
executives say that those firms which
have been consistent advertisers
throughout the depression and kept
their names before the public regardless
Of conditions. either in general business
or in Wall Street, are doing the larger
portion Of the commission business
today These firms naturally are still
advertising regularly and have increased
their lineage in proportion to the growth
of their business but most of the ad-
ditional lineage has been for the ac
count of the inconsistent advertisers
who now find it necessary to bring their
names before the public in the hope of
getting their share of the securities and
commodities business
Special Cotton Ticker Installed.
Thomas w. Brahany, manager of the
Washington Office of E. A. Pierce & Co.,
New York Stock Exchange firm, an
nounced today that ticker devoted
exclusively to cotton quotations was put
into service in his Office today. This is
the second ticker of the kind installed
here this week.
Local stock brokers report that in
terest in all commodities has increased
very rapidly in Washington during the
past few weeks The amazing advances
in cotton, wheat, corn, rye, oats and
other commodities has gripped atten-
tion of many traders who had been de-
voting all their energies to the stock
and bond markets. King Cotton" has
been one of the leaders in the advance.
Washington is just now filled with
leaders in all industries who have come
here to obtain first hand information
on the new recovery act. These visitors
as well as the permanent residents, are
making a great many visits to the brok-
erage houses.
Local Banker on Vacation.
c. H. Pope, vice president and ex-
ecutive officer of the Munsey Trust Co..
is taking his annual vacation. He will
spend most of the time until the 1st
OF August visiting at his Wife's former
home in Goshen, ". Y. Mr.. Pope was
president OF the District Bankers Asso-
citation lest year, is q director in the
Washington Gas Light Co. and the
Georgetown Gas Co.
SILVER OJrnTATT0Nc