Evening star., 1933-06-19
Definite Developments Before
End of Week Now
Indicated.
LEADERS IN MERGER
SEEK CONCERTED STEPS
Conference Follows Mailing of Let
ters to Observation-Disclosures &
Lothrop Down for $4,000.

While the Hamilton National Bank
today pressed its efforts to get mer-
chants of Washington to subscribe tc
bank stock in the new seven-bank
merger as a means of helping to stimu-
late business in the National Capital
there were indications that definite de-
velopments looking toward the settle
ment of affairs of all the other un-
licensed banks in the city would be
forthcoming before the end OF the week
Oficials of the Hamilton conferred
with leaders of trade bodies of the city
today, with a view to obtaining CO.
operation in a concerted fashion from
these organizations This action follows
q letter mailed direct to merchants by
the Hamilton Organization Committee
Increased Subscriptions.
Among the stock subscriptions an
nounced today were woodward 81 Lo-
throp and the Nolan Motor Co. The
committee announced that woodward
g. Lothrop's subscription OF $4,000 leo
the list of subscriptions by merchants.
The Hamilton is driving toward the
goal of s., ,250, 900 capital structure, with
somewhere around $3.50 900 yet to go.
prospects today appeared brighter
Tor the Franklin National Bank to re-
open alone, probably about the same
time that the Hamilton merger opens
Its doors, or perhaps little later.
Oficials of the Franklin National
Bank were in conference this afternoon
with oficials Of the Treasury Depart
ment in an effort to work out the final
plan under which this bank would re-
open alone, and outside OF the Hamilton
merger. It is understood that the
Franklin has obtained more than the
required rs per cent OF depositors'
agreements in the waiver program,
which would provide funds for reopen
ing. Other matters, however, it was
understood remained to be settled be-
fore the Treasury will put its final
approval on the plan of the Franklin
to reopen alone. The Government, II
was learned, has given approval IN prin-
ciple to the proposal of the Franklin
to 20 it alone, but the bank must meet
certain further requirements, the nature
Of which have not been disclosed.
Stockholders to Meet.
The Seventh Street Savings Bank
today still was understood to be con-
sidering its negotiations with q view to
entering the Hamilton National merger.
A meeting of stockholders of the Sew
enth Street Bank has been called Tor
tomorrow night to take action.
If the Seventh Street Savings Bank
should decide tomorrow night to JOIN
the Hamilton 1t would become the
eighth member of the merger.
With the Chevy Chase Savings Bank
already reopened as branch OF the
Riggs National Bank, this leaves only
the Mount Vernon Savings Bank. the
Industrial Savings Bank and the Park
Savings Bank out of the original 13
unlicensed banks.
The Industrial Savings Bank, COL
cred institution, is endeavoring to re-
organize as a national bank, and its
affairs will be given closer attention
shortly by Government officials, 1t Is
indicated.
Developments Of some kind are ex-
pected this week In the affairs of both
the Mount Vernon Savings Bank and
the Park Savings Bank, although it is
understood their condition is entirely
different.
Old Officers Busy.
At the Mount Vernon Savings Bank
kll the old officers are busily engaged
In studying the problem of the bank,
but there are no definite indications as
10 just what developments may be ex-
pected there. 1t was intimated in Off
Eial circles however, that by the end
Df the week there may be some an
Houncement of importance concerning
this bank.
At the Park Savings Bank, where
Robert F. Stunz, the vice president
killed himself when the bank failed to
reopen, three committees representing
The directors, the stockholders and de-
pcsitors are busy at work trying to dc
something to get the most out of what
femains of the bank, where there is an
indicated shortage of s1,600,000. Com
tmunity sentiment in Columbia Heights
appears also to be definitely in favor
of new bank in the location of the
Park Savings, and there have been in
formal negotiations looking to the pos
Sibilities of establishing a branch of the
Hamilton there.