Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-07-23
FIRST STEPS TAKEN
TO PERFECT PLANS
FOR BANK SESSION.
Chairman Leith Names Three
Vice Chairmen and Other
Convention Officials.
INSTITUTE OF BANKING
MEETS HERE NEXT JUNE
Merger Progress Noted During Last
Week-Capital Brokers Pleased
With Shorter Sessions.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
First steps toward entertaining 1000
delegates to the 1884 national conven-
ton of the American Institute of Bank
ing, to be held in the Capital next
June, were taken yesterday when T.,
Hunton Leith, general convention
chairman, named three vice chairmen,
treasurer and secretary to help arrange
for the big event. Mr.. Leith was named
general chairman by Robert H. Lacey,
president of Washington chapter, few
days ago.
Vice chairmen of the General Con-
vention Committee. announced yeSter-
day, are James C. Dulin, jr., American
Security & Trust Co.; I. j. Roberts,
Riggs National Bank. and James A.
Soper, Lincoln National Bank. Rich
ard A. Norris, Lincoln National Bank,
was made treasurer, and Ruth I. Cor
don. Security Savings g. Commercial
Bank, secretary.
The new vice chairmen are all past
presidents of Washington Chapter and
have attended many national conven-
TONS Mr. Dulin is treasurer OF the
American Security IL Trust Co.; Mr..
Roberts an assistant cashier at Riggs,
and Mr.. Soper is vice president and
cashier of the Lincoln National.
Mr.. Norris, the convention treasurer,
was president of Washington chapter
last year. Miss Gordon is an active
member of Washington chapter and is
in the same bank with Mr.. Leith, 1t be-
ing essential for the general chairman
to have constant secretarial assistance.
About Is important subcommittee
are to be named soon, the personnel to
be selected from the leading members
of Washington chapter. This years
convention was held in Chicago At
that session James A. Soper was made
chairman of the Departmental Confer
ence Committee for the next conven-
ton. The meeting here is to be held
during the week of June IL, and viii
be the first of the kind held in the Ma
tons Capital.
Bank Merger Plans Progress.
Merger plans being carried on by eight
Washington banks have made better
progress during the last week. An
nouncement is made that all the re-
CURED new stock has now been sub
scribed and practically paid for SO that
a request for charter can soon be
made at the Treasury by the Hamilton
NatAaal group.
The latest statement from he organ
ization committee is that the new DanK
is now assured because OF the complexion
of the stock subscriptions. The banks
joining in the move had to raise 81 ,2o0,-
900 in new capital Opening OF the
consolidated bank will free about $10,-
O0C 900 deposits.
It is stated yesterday that the new
institution will have over 5000 stock
holders and eight conveniently located
branches in addition to the main ONCE.
Some 10000 depositors in the eight
restricted banks are anXiouSly' awaiting
the working cut of further details which
will permit opening of the bank.
Other Capital banks now on re-
stricted basis also are busy on plans
which they hope will permit reopening
in the near future. Any bank getting q
Treasury permit can reopen within ID
days after the license is granted, pro-
yjded the necessary details can be
worked out. This rule means that none
of these local banks can possibly get
open until well into August or later.
Would Free $500, 0oo, 900 Soon.
Reports state that the Treasury De-
partment Is hard at work on plan for
reopening national banks designed even
tually to release as much as $500, 0OO,-
900. The Treasury has recently given
tentative approval for the reopening of
many banks all over the country.
The next three months is expected to
see great improvement in the number
of reopened banks. The Treasury now
has ample information on which to base
decisions in connection with hundreds
of banks. Walter j. Cummings, execu-
fn Wnndln
said to be much encouraged over the
outlook
The renewed drive for reopenings IS
confidently expected to bring the figure
for frozen deposits well under $4,000
600 OOO Unofficial but reliable Treas
ury estimates July placed amounts
in closed or restricted national banks
at approximately 81 900, 100000. In ad-
ditfon, it was understood that State i'll
situations had another $1,000 600, OOa
tied up, with closed State bank members
of the Reserve system holding less than
$500 000, 900 more.
Mutual savings banks are not con-
sidered in the Treasury estimates.
Comment in Financial District.
Many Washington brokers expressed
qualification yesterday over the short
enlng of the New York Stock Exchange
trading sessions to three hours daily.
Employees were still more enthusiastic.
The Offices have been. simply SWamped
with business and the> shorter sessions
are expected to bring greatly needed
relief.
The Governing Committee OF the
Baltimore Stock Exchange has an
nounced that, effective July 81, restric--
ton on public trading in banks and
trust companies listed on the local ex-
change will be revoked. These reStric-
tons have been in effect since Septem-
Der. 1881.
Building permits issued in 1852 cities
during June provided for residential
construction costing S14,1l2,978. an in
crease of 81 per cent over the May
figure, the Department of Labor stated.
ogden Mills, former Secretary of the
Treasury, sailed last night on the Eu:
ropa for x-les-Baines, where he VIII
spend several weeks vacationing. Mr..
Mills refused to discuss Government or
Treasury activities.