Evening star., 1933-09-08
Barring Of U. S. Savings
Would Only Retard Plans
"a Hours, They Say.
BANKS ENTRY DEPENDS
UPON COURT DECISION
Plans for Opening Regardless Of
Ruling Are Being Carried
Forward.

Oflcials Of the new Hamilton Ma
tional Bank, to be formed by merger
of eight closed banks, were confident
today that even If the United States
Savings Bank Is held out Of the merger.
the opening Of the new bank will not
be delayed by more than "a hours, as
the necessary additional capital would
be made up without difficulty.
The entry Of the United States Saw
tngs depends upon the outcome of .
suit now pending In District Supreme
Court before Justice Jennings Bailey.
The only delay that would be oc.
casioned. 1t was explained by Roger
Bank, would be the time needed to
take from the list Of subscribers to the
capital stock Of the new bank the names
Of all Of the depositors Of the United
States Savings who have subscribed
portions Of their closed deposits, and
substitute for them the names of new
subscribers who will agree to put up
approximately $4,000 cash.
No Opening Day Set
No opening day has been set for the
new bank. but its officials are continu-
ing ON their plans for opening it regard.
less Of the outcome Of the court case.
It was explained that If the bank
opened up and the court case were
settled afterward, the assets of the
be bought by the Hamilton Bank, thus
making possible payment Of a dividend
to depositors in the former bank.
Justice Bailey today set over until 10
O'Clock Monday morning arguments on
the validity Of the contract in which
1t is proposed to merge assets OF the
United States Savings Bank with the
new Hamilton National Bank Counsel
stated afterward that the reason for
the postponement was that Justice
Bailey. who had set the argument down
for this morning, had overlooked .
heavy docket Of lunacy hearings pre-
viously set.
Other Contracts Approved.
The court late yesterday approx
contracts between the Hamilton Ba,
and seven Of the closed banks viii
propose to join it. They are the D
trict National, Federal American n
Savings. Seventh Street Savings, Was
ington Savings and Woodbridge Lang,
Savings Banks.
No objection had been raised in &C
to approval Of any of these contrac
Col. Wade II. Cooper, president
the United States Savings, howe
has objected vigorously to the inclus
Of that bank In the merger.
brought a suit to enjoin it. The
has been on trial since Tuesday. Y
terday Justice Bailey said he doub
very much If he could approve
United States Savings contract becau
1t had been shown that Wilbur l..
Zepp, the banks conservator, would
get salaried position In the Hamilton
Bank. That Is the point which is to
be Argued Monday.
Doubts Contracts Approval.
Justice Bailey's words ON the sub
ject yesterday were: "The court
would be very slow to approve a sale
by man IN q position of trustee Of
assets in his charge to q corporation
OF which he is already practically q
salaried employe. viii not make any
ruling now, but I doubt very much
If such contract can be approved. I
doubt very much whether further testi-
mony will be needed"
George p. Barse. counsel for the con.
tro9er OF the currency. and White
argue. according to Whiteford. that
Zepp. as conservator, Is now actinR
only as an agent for the controller q
the currency and that his acts are not
50 much those Of an independent
trustee as those Of the controller him.
self.