Evening star., 1933-06-20
Opening Date Indefinite.

Opening Date Indefinite.
The date for opening the Hamilton
National now may be late in July, or
perhaps August /, according to some
indications today, on account Of the tre-
mendous amount of work necessary in
setting up the new bank.
When the Capital structure is COM
plete the next step will be to apply
for a charter. Then contracts will be
drawn up between the seven or eight
conservators, representing the seven or
eight banks in the merger, and the
contracts will be laid before the court
for approval. Assets of the member
banks will be divided into two classes,
the liquid and the slower assets. A
tremendous list of all OF these assets
must be made and presented to the
court for approval on the contract
These things all require time.
Rush Legal Details.
Conservators were urged in letter
tocay by w. Irving Shuman OF the
Treasury Department to push forward
the task of preparing data for the con-
tracts to be submitted to the court for
approval. in order that the opening OF
tie bank may be expedited. Warren
Forster, Treasury credit expert loaned
to the Hamilton National bank, is
understood to be concentrating most OF
his attention to this big job OF classi-
fying the assets of the member banks,
preparatory to setting up the new Ham
iiton merger. The quick assets Will oe
taken over by the Hamilton, and the
slower assets will be kept in the hands
of the conservators of the member
banks for slow liquidation. When the
bank merger opens so cents on the
dollar will be made available to de-
positors. There are now seven banks
in the merger.
The new counsel for the bank merger
Is well known in Washington. as he has
been prominent before the bar IN repre-
senting large interests here IN the
National Capital He is a native OF
Maryland During the Wilson admins
tration he was assistant corporation
counsel from 1918 to 1916. For some
time he was a member Ct the hrm OF
Darr, Whiteford, Peyser & Darr, which
firm represented the Security Savings d
Commercial Bank.
At the present time Mr.. Whiteford
Is senior member of the firm Of White
ford. Marshall & Hart, with offices at
BIS Fifteenth street.
Franklin Bank Plans.
The Franklin Bank Is making sub
stantial progress now toward reopening
alone, outside of the Hamilton merger,
and has been given official authority to
proceed with the further necessary
steps.
With more than the necessary waiver
agreements from depositors represent
ing three -fourths of the total deposits
obtained, officials Of the bank held a
Yesterday, and went over in detail what
further requirements will be necessary
before the bank can reopen. These
additional requirements have not been
made public.
In this connection, however, it IS
known that It is the policy of the Treas
ury Department throughout the coun-
try, that in reorganiZing or reopening
banks new personnel is put in active
charge Of the revived institution.
Others Consider Action.
AS the bank situation here appeared
to be clearing up, especially as REGARDS
the Hamilton merger and the reorgan-
lied Franklin National Bank. indica-
tions were still more definite today that
there would be actual developments OF
Importance in the remaining unlicensed
banks here, especially the Seventh
Street Savings Bank, the Mount Vernon
Savings Bank and the Park Savings
Bank. What these developments VIII
be has not yet been finally determined.
The Seventh Street bank is believed to
be negotiating to join the Hamilton
merger, or perhaps the Franklin Ma
tional Bank. more Likely the former.
While the Industrial Savings Bank,
co,ored institution, is reported to have
sold 100000 worth of stock in pro-
posed new national bank, the prospects
OF its opening appear further in the
future than the other unlicensed bank
OF the city.