Evening star., 1933-07-06
BANK DEPOS|TORS
WILL Be TOLD HOW
T0COLLECT MONEY
900 to Get Merger Letters
With Opening Likely on
August l..
FORM GIVES DETAILS
FOR PRESENTING CLAIMS
Conservators of Eight Member
Banks Busy Getting Statements
of Accounts Ready.

Letters were being prepared today to
inform the $4,000 depositors in the
new Hamilton National Bank merger
as to the method they must use to get
, their money when the bank opens, prob
ably August /.
The form for these letters will be the
same for each of the eight member
banks of the merger and was under
stood to be in the final stages Of prepa-
ration today.
Legal experts of the Treasury De-
partment were completing the form of
this letter, and as soon as it is ap-
proved, it will be forwarded direct to
the eight conServators in charge of
the member banks of the merger. The
conservators then will send them out to
all their depositors.
Details of the letter and the instruc-
tions which it will contain were not
available today. but it was understood
that with the letter there will be sent
to each depositor form for proving
the depositor's claim This form will
contain complete instructions as to
what the depositor must do to get his
money.
1t is believed the plan will be for the
depositor 10 file this form, duly certi-
fed, at his old bank. When he does
this, it will open the way for him to
get so cents on the dollar Of his de-
posits in the new Hamilton Bank.
Five Sites to be Abandoned.
In view of the fact that five Of the
banking houses are to be abandoned,
the depositors will be informed how
thev can arrange to get their money
10 hroy, oh al
banking houses to be abandoned will
not pay out any money. These places
will be used only for proving claims of
depositors and include the District Ma
tional Bank headquarters and its two
branches, located at Connecticut avenue
and K street and Ninth street and New
York avenue; the branch of the Federal
American National Bank & Trust Co.,
at Fifteenth and H streets, and the
washington Savings Bank. The nine
places where money will be available are
the Federal American headquarters, and
its three branches. in Brookland, at Du-
pont Circle and at Pennsylvania avenue
and Twentieth street; the Potomac Saw
ings Bank, the Northeast Savings Bank
the Wcodridge-Langd Savings and
Commercial Bank, the Seventh Street
Savings Bank and the United States
Savings Bank. y
Conservators of the eight member
banks today were busily directing the
clerical work preliminary to getting the
statements ready for depoSitors. Ex-
actly how the depositors will be in
formed of the amount available was not
disclosed prior to the final approval of
the official letter and the official FORM
but it was believed that this letter,
which each depositor soon will receive
~ hi n%Nr. rf-t11
tain the figures showing his account.
Where depositors have more than one
account, arrangements are being made
to consolidate the report SO the depoS-
itor will be informed officially as to
what he has in his checking account
his savings account, his Christmas saw
ngS account or on certificate of deposit
The task of getting out these letters,
Of course, will be tremendous, even
after the conservators receive the nee
esSary form. 1t was expected this form
would likely reach the conServators to-
morrow.
Loans Reorganized.
Meantime, the member banks of the
merger are recognizing their loans
with the Reconstruction Finance Cor
poration so as to provide for their quick
assets being turned over to the Hamilton
National Bank to provide for payment
of the SO cents on the dollar.
Progress also was reported today in
the plan of the Franklin National Bank
to reopen alone outside the merger, al
though the final preparation of its plan
to reopen has been admittedly slow. This
bank has had in hand for some time
the necessary amount of depositors'
agreements from depositors represent
ing more than three -fourths of the
deposits in the bank. But many other
details of the reorganization Of this
bank have been slowing up the pro-
cedure of reopening, SO that it was i'm
possible today to predict just when this
bank would reopen. The Treasury De-
partment has promised it will reopen
alone as soon as it can be properly
prepared.
Among the difficult questions facing
this bank are understood to be those
concerning personnel.
At the Park Savings Bank four diff
ferent committees are studying the
problem presented by the tangled affairs
where Robert S. Stunz, the vice presi-
dent committed suicide, leaving
shortage of about $1,7O0,000. An i'm
portant statement is expected with the
next "a hours from the so-called De-
positors' Committee, headed by j. w.
Thompson. This committee has been
working on plan, the details of which
are not disclosed as yet, but which they
hope to put into operation to gain a
much larger percentage for the deposi-
tors than would be possible through a
receivership. There is sharp differ
ence of opinion between this committee
and the three other committees at the
Park Bank over the question of a
Treasury Department receivership, the
Thompson Committee being stoutly op-
posed to the Government appointing a
receiver under the direction of the con-
troller of the currency.