Evening star., 1933-12-17
u. s. SAVINGS BANK
REOPEN|NG AGAIN
WILL Be PRESSED
Several Groups, Including
Treasury Representatives,
to Seek Action.
CENTRAL BUSINESS MEN
ASKING RECEIVERSHIP
Progress Being Made in Re-estab.
fishing Other Closed Insti-
tutions in City.


Negotiations to reopen the United
States Savings Bank probably will get
under way some time this week.
Several groups, including representa-
tiVes OF the Treasury Department, are
pressing for action, while the Central
Business Mems Association came out
openly last night for a receivership
Meantime, progress is being made to
reopen three other closed banks-the
Franklin National Bank, the Mount
Vernon Savings Bank, which will unite
with the Washington Mechanics Saw
ings Bank to form the new Mechanics
Savings Bank: and the Industrial Saw
ings Bank, which is to reopen alone, as
a new cOlOred institution under the
name of the Industrial Bank.
Controversy still swings around the
United States Savings Bank, with pros
poets of further contests before the fate
Of this institution is settled.
Further Steps Tomorrow.
Further steps will be taken early to-
morrow morning to end one phase of
the court battle launched by Col Wade
H. Cooper, president of the bank, who
sought to force the Treasury TO reopen
under the Cooper plan. but lost A
Jennings Bailey in District Supreme
Court before his opinion disnissing Col.
Cooper's bill can become final.
The Treasury Department filed with
the court yesterday documents proposed
as the courts findings of fact in the
case, but this was not agreed to by Col.
Cooper's counsel, John w. Staggers and
w. Bissell Thomas. They have pre-
pared and will file early tomorrow
morning their own findings of fact.
Out of these two different findings
Justice Bailey will prepare his own
findings, and conclusions and frame
his final decree. Justice Baileys memo
randum opinion was handed down No
vember 90, the day before Thanks
giving; the Treasury Department had
prepared its findings of fact the fol-
lowing Wednesday, December 6, and
held them for conferences with Col.
Coopers attorneys until yesterday,
when it was decided to file the docu-
ment with the court.
Final Decree Awaited.
No new negotiations could be carried
forward, it was said by the Treasury
officials. until the decree is made final,
but when 1t is, then negotiations will
be reopened. and any interested parties
will be heard.
Col Cooper yesterday made an Offer
to advance a reasonable sum of
money to build Up the surplus of the
bank, but contended at the same time
that the bank would be solvent if the
Treasury would consider the value Of
the bank placed by appraisers.
Justice Bailey. in dismissing Col
Cooper's suit. however. had held that
hn 6voI
ciouS action in the procedure of the
Treasury Department relating to the
bank
As soon as the decree is made final
Col. Cooper plans to note an appeal to
the Court of Appeals of the District of
Columbia. If negotiations succeed in
reopening the bank the appeal can be
dropped.
Receivership Proposed.
The Central Business Mems Associa-
ton has taken an active and renewed
interest in the bank, asking Col. Cooper
late yesterday afternoon why there was
so much delay. and suggesting receiver
snip. 1t was this association. headed by
arthur Clarendon Smith, which called
the mass meeting at Central High
school Auditorium in October, when
DepoSltors Committe was appointed,
headed by T. S. Grape, a deposition, and
member OF the association.
Now the association has appointed
new committee, headed by Mr. Smith
Thls committee has met daily, and late
Yesterday sent the letter to Col Cooper
asking for explanation of delay.
Our association has repeatedly gone
on record wrote Mr.. Smith, "as favor
ing the amalgamation of the United
States Savings Bank with the new
hamilton National Bank Because YOU
were very anxious to get this bank re-
opened we cannot see the reason for
tne delay in the reopening of the same
court proceedings, which have now
oeen going on for the past three months.
nave been very disastrous to the mer,
cnantS IN our vicinity and the members
OF the Central Business Mems Associa-
ton.
II this continued court action is pro-
longing the opening of this bank. our
members feel that the sooner this bank
Is tnrown INTO receivership. the best it
Will be for the merchants of this vicinity
and the members of the Central Busi.
ness Mems Association.
We believe the public should know
why this delay and that the sunlight of
publicity should be thrown on the
same"
The Franklin National Bank is await
ing final approval of details of its new
plan to join the new Mechanics SAVINGS
Bank before mailing out to depositors
necessary forms.
The Mount Vernon Bank was said
last night to be making good progress
in the sale of its stock and return of
signed waivers from its depositors.
The Industrial Savings Bank is SELL
ing stock in its new institution at S13 |
a share, but has no waivers in the plan |