Evening star., 1933-11-12
BANKS or COMBINE
TO HAVE S,ODO,OD0
IN TOTAL DEPOSITS
Mechanics Franklin Savings
Bank Pushes Plans for
Latest Merger Here.
MAIN AND SIX BRANCH
OFFICES CONTEMPLATED
Institute of Banking Names Com
mittee to Help Arrange
National Convention.
BY EDWARD C. STONE.

Announcement of the merger agree
ment between the Washington Mechan-
ics Savings Bank and the Franklin
National Bank was the outstanding
news development in the financial dis
trict during the week, as it settles the
future of the Franklin National which
had been hanging in the balance since
the Nationwide bank holiday last
March.
Ezra Gould, president of the WASH
ington Mechanics who announced only
recently that the Mount Vernon Saw
tngs Bank would become a part of his
institution through consolidation, was
quick to report the further enlargement
of his bank by the merger with the
Franklin. The three banks will be
united as soon as mechanical details
can be perfected
Depositors In the Franklin National
and the Mount Vernon Savings Bank
will profit by the new move. The con-
solidation means the release of about
$4,000 600 in the two restricted banks
Franklin depositors will have about
S2,500, 600 made available, or between SIS
and rs per cent of their frozen money,
while the Mount Vernon will free $780,
600, or 40 per cent of deposits. 1t is
believed that Franklin depositors will
get larger share Of their money free
than would have been the case under
the single unit plan.
About 100000 in Deposits.
The consolidated Mechanics Franklin
Savings Bank will have about S6,000,-
600 In deposits. Ezra Gould, president
of the Washington Mechanics Savings
Bank which he founded and which has
always been on a 100 per cent operating
basis, will be at the head Of the COM
bined institutions. John B. Cochran,
now president of the Franklin National,
will be chairman Of the board, while
Frank w. Lee, president of the Mount
Vernon, viii become vice president in
the new bank.
The merger announcement contained
information that Clarence F, Burton.
vice president and cashier of the WASH
ineton Mechanics. will hold the same
positions in the new bank while vice
President A. s. Offutt viii be manager
Of the branch at Eighth and G streets
southeast. Thomas p. Hickman, vice
president of the Franklin, becomes vice
president In charge OF the Office where
he now is located. AS the Mechanics
Franklin will have a main Office and
six branches, other branch managers
will be named later.
Treasury officials are much pleased
over the merger as they have long in
sisted that there have been too many
banks in WASHINGTON. This latest
merger will mean the same number Of
banking Offices in the city but con-
siderable reduction in overhead expenses.
Ezra Gould is given credit for doing the
most Vnrk in hrinpir1O the fhrpa ha he
together He founded his own bank 27
years ago While working in the Wash
ington Navy Yard, he concluded that
better banking facilities were needed
near the yard" They We're provided
March %, 1906. Today his four bank
ing offices have total deposits of nearly
&2,500 900.
According to present plans, Mr. Gould
will move his headquarters into the
Mount Vernon Bank at Ninth and
Massachusetts, avenue northwest. The
Washington Mechanics Offices will be
retained on Connecticut avenue, Georgia
avenue, North Capitol street and at
Eighth and G streets. In addition to
the Franklin's office on Pennsylvania
avenue, the branch at Ill Connecticut
avenue will remain in service, giving the
new institution very wide and what the
officials term strategic territory.
Institute Committee Named,
The personnel of the Publicity Com
mittee Of Washington Chapter American
Institute of Banking was announced
yesterday by Aubrey o. Dooley. assistant
trust offlcer, Hamilton National Bank
and chairman of that committee. The
members are: Willard G. Barker, vice
president, Morris Plan Bank; S. Wini-
fred Burweli, assistant trust officer,
National Metropolitan Bank; A. E.
Henze. w. B. Hibbs g. Co.; Henry F.
Kimball, American Security & Trust
Co., and Norman E. Towson, assistant
treasurer Washington Loan 81 Trust Co.
In addition to planning and super
vising the publicity for the local insti-
tute this committee has been designated
by T. Hunton Leith, general chairman.
to handle the pre-convention publicity
for the 1884 national convention of the
A. I. B.. to be held here from June IL
to IA, inclusive.
The primary object of institute pub
licity is the retention of present mem
bers, securing new members. and main
tanning interest in its educational activ-
tiles, among both junior and senior
bankers. Its other function is TO ac-
quaint the general public with the pur-
poses and accomplishments of the
American Institute of Banking in the
direction OF better banking service.
Mr.. Dooley, the chairman, is a past
president of Washington Chapter and
was formerly chairman of both the
local and national Publicity Committee
The other members have had extensive
experience in the work of this organ
iZation.
Norris Long With Southern.
Ernest E. Norris. who has just been
elected vice president in charge of
operations OF the Southern Railway
entered the roads service 81 years ago.
Born in Hoopeston, ILL.,, January 81,
1882, he was educated in the public
schools, at an early age manifesting
special interest in railroad work. After
going with the Southern July /, 1902. he
advanced through various positions in
the operating department to general
superintendent, assistant to the presi-
dent, then vice president of the M. g. o
Railroad and receiver for the same road
@Mr. Norris was appointed to his new
office a few days ago and will make his
headquarters in Washington.
Couzens Resigns as Director.
Senator James Couzens has resigned
as director Of the Wabeek State Banl
at Birmingham. Mich. In a letter te
George B. Judson, president OF the
bank, Mr.. Couzens stated that because
OF duties in Washington he would moi
be able to give attention to the dutie:
OF director of the bank. Senator