Evening star., 1933-07-15
PARK DEPOS|T0RS'
MEETING CALLED
Committee to Report What
Has Been Done and Future
Plans for Bank.

A mass meeting CT depositors of the
Park Savings Bank, which now is in
the hands Of receiver, will be called
early next week at Central High School
by the Depositors' Committee. which
has filed suit asking for different re-
ceivership under the court.
This was announced today after a
meeting of the committee in the office
Of its counsel in the Woodward Build
ing. when the situation was thoroughly
carvassed and plans laid for future
action. depositors of the Park Savings
Bank are entitled to have a complete
report of what has been done. men,
Der Of the committee said after the
meeting.
The principal speaker at the mass
meeting will be William Joseph Neale,
attorney, who is depositor, but not a
stockholder, and has been an active
member OF the Depositors' Committee
He was formerly in the Department of
Justice. where he handled prosecutions
relating to insolvent national banks
The depositorS not Cnly will be given
8 complete account CT whas their COM
mittee has done so far. but will also
report plans for the future, it was said.
Counse; Prepare Fight.
The exact date for the meeting will
be fixed and announced as soon as it
can be determined after a conference
with school authorities. The commit
tee was unable Immediately today to re-
serve an evening at Central High
School but expect to be eblc to make
the reservation and announce the date
socn.
Meantime. counsel for both sides of
the court battle over the Park bank be-
gan preparing for the issue in the Dis
trict Supreme Court raised in the bill
fled Thursday by the Depositors' Com
nlittee
Representing the directors, Ralph B.
Fleharty. one of three attorneys selected
to defend them. said today he planned
to confer with lawyers of the Treasury
Department to prepare their case. The
directors will go into court, Fleharty
said to help uphold the Treasury De-
partment in its position, already taken,
to liquidate the Park Savings Bank by
means of receiver under direction of
the controller of the currency.
The Depositors Committee, through
its bill in equity will attempt to Gust
the Treasury receiver, John F. Moran,
and replace him with a recei-er to be
appointed by the court. The Deposi-
tors Committee claims the charter of
the bank expired in 1929 and therefore
the Treasury has no jurisdiction be-
cause the bank is now co-partnership.
Under a co-partnersllip the directors
could be held liable. for the entire
coo, discovered after the suicide Of the
C VII ccid t1
~ New Bank Planned.
Meantime a movement got under way
in Columbia Heights today looking
toward organization of a new bank to
take the place of the Park Savings
The movement. as explained by Frank
j. Sobotka, will come to head early
next week, when a meeting will be
called of Mr. Sobotka's committee, the
Directors Committee of the Park Saw
ings Bank, headed by DR.. Wade H
Atkinson, and the Stockholders Com
mittee, headed by Eugene Casey. A
meeting will be called as soon as DR.
Atkinson, who has been out of town,
returns to the city.
This meeting will take up the ques-
ton of what should be done about a
new bank to take the place of the Park
Savings and whether it should be a
branch Of the proposed Hamilton Ma
tional Bank merger, an independent
institution, or something else. Over
lures have already been made by this
group to officials of the Hamilton Bank
looking toward the possibility of a
Hamilton branch, but no final decision
has been made. The Sobotka commit
tee, which its chairman claims repre-
sents all groups in the bank. directors,
stockholders, depositors and business
groups, feels there is a need for a new
bank in Columbia Heights, Mr.. Sobotka
said.