Evening star., 1933-05-21
Stock Sales and Additional
Members Will Attract
Main Interest.
LIST OF SIX EXPECTED
TO EXPAND THIS WEEK
Seventh Street Savings, Though
Not Committed, May Be Next
to Approve Plans.

More banks may join the six-bank
consolidation this week to form the new
Hamilton National Bank, 1t was pre-
dicted last night in reliable quarters.
Meanwhile, some of those expected
eventually to become a part of the big
new bank still are holding stoutly to
hopes of reopening as independent in
stitutions
The campaign to sell stock in the
Hamilton National will get under way
in earnest tomorrow. There have been
preliminary sales in some of the men,
ber banks since the merger, but the big
drive starts tomorrow. when banks be-
gin mailing out to their stockholders
and depositors copies of the uniform
prospectus, subscription blanks and
letters explaining the whole situation.
Many Details Left.
While general plans for the new ma
tional bank have been carefully laid
down, approved by the Treasury De-
partment and formally launched, much
work remains to be done, and the
answers to many questions which con-
stantly arise in the minds Of stockhold-
ers and depositors have not yet been
worked out
Officials of the new bank are busy,
however, in setting up the preliminary
structure. will apply for charter as
soon as the necessary funds are raised
by stock subscription, and then will go
forward to set up details OF the bank
structure.
With six banks already in the mer-
ger, those which may be considered as
next in line are the Seventh Street
Savings Bank, United States Savings
Bank and Franklin National Bank. The
Franklin still is making an effort to
open as an Independent institution.
The United States Savings Is under
stood to be in an uncertain position,
with some elements willing and others
very unwilling to come in the merger
The Seventh Street Savings, although
not committed to the merger, Is con-
sidered IN some quarters as likely to
be the next to join.
Seek Early Action.
Officials of the new Hamilton Ma
tional are anxious to get the bank under
way, and have expressed the desire to
clean up the member situation this
week
Edwin c. Graham, selected as presi-
dent, feels that the new merger pre-
sents community opportunity" It
will be bank with many small stock.
holders, a so-called peoples bank" he
said. with business background
Plans Of the District National Bank.
the flrst to propose the reorganiza-
ton plan for merger, are well along.
The original proposal, sent to stock
holders and depositors along with sub
scription blanks, was built on a flexi-
BILE base to adapt itself to the larger
merger. This bank will send out, how
ever, in addition to its original pro-
posals, copies of the new Hamilton
National Bank prospectus and the new
uniform subscription blank.
Other banks in their order Of join
ing the merger, the Potomac Savings
Bank, the Federal-American National
Bank g. Trust Co., the Washington
Savings Bank, Northeast Savings Bank.
and the Woodridge-L Savings
and Commercial Bank plan to circular
ize their stockholders and depositors
early this week, with the uniform pros
pectus, and subscription blank, along
with letter explaining their own par
ticular situation.
Mass Meeting Called.
How much will be included in these
letters about the separate banks them
selves remains to be seen, but it is
believed that most of the banks plan
to emphasize the merger and the set
up of the new bank.
The Northeast Savings Bank has
called a mass meeting of its people in
terested to be held tomorrow night at
Stuart Junior High School, Fourth and
streets.
Speakers at the meeting to explain
the situation, and the advantages of
the merger over the former plan of
the Northeast to open independently,
include: President Graham of the
Hamilton National; w. Irving Shuman
of the Treasury Department; Leonard P.
Stuart, president, and George F. Hoo
yer, vice president and conservator Of
the Northeast bank.