Evening star., 1933-06-02
FRANKLIN BANK
REOPEN|NG PLAN
REPORTED GAINING
Waivers Have Been Received
From Depositors on More
Than 100000.
$2,10O,OO0 REQUIRED
TO CARRY OUT PROGRAM
Sale of Stock in Hamilton Passes
Three-Quarters-of- ANIL
lion Mark.

The Franklin National Bank today
| pushed forward its campaign to reopen
| outside the merger of seven other un-
| licensed banks here, and was reported
| in Official circles to have made good
| progress.
While waivers have been received
! from depositors with more than $2,000,-
900 deposits in this bank, total of
| So, 10000 must be reached as one of
the requirements for its reopening pro-
gram.
Subscriptions were reported to be
coming in steadily with the waivers to
subscribe for preferred stock in this
bank, which would be non-asseSsable.
In addition to meeting the require
ment on its capital structure, however,
it was understood the bank must meet
other requirements of a technical ma
ture to reopen as an independent insti-
tuition.
Hamilton Stock Pushed.
Meanwhile, the sale of stock in the
Hamilton National Bank, consolida-
ton of seven member banks, today
went well over three-quarters-of -of-a-'
million dollars mark Officials of this
merger are urging stockholders and de-
positors to subscribe for this new mer-
ger stock quickly, in order that
the new bank may be set up and so
per cent of the frozen deposits, amount
ing to more than sl0,000,oo0, may be
released.
In the financial district much inter-
est also is being expressed concerning
the future of the Seventh Street Savings
Bank, which Is understood to be con-
sidering at least two propositions.
No definite indication was forthcom-
ing from this bank today, but 1t was
understood there was considerable ac-
tivity there, with some decision expected
soon.
Only Three ID. C. Banks Included.
The Federal Reserve Board in its
monthly bulletin today showed the
number of banks which have been IL
censed and not licensed to operate
throughout the country, including this
Federal Reserve district, with headquar-
tiers at Richmond. But the figures in
cluded only three of the local 13 unli-
censed banks, as these three are the
only members of the Federal Reserve
systematic Federal American National
Bank & Trust Co, the District Ma
tional Bank and the Franklin National
Bank The other 10 unlicensed banks
here which are savings banks are no.
members Oh LIlS reucTdl ftcSeIFC oySl6L4
and therefore are not included in the
calculations.
The board reported that on May 8
there were $3.50 member banks in the
country as of May 3, 1888, Sab of
which were licensed TO conduct busi-
ness, in diving deposits Of $26, JOB ,948,-
600. The remaining 1,211 had deposits
of $2,618,606, 900 tied up.
Unlicensed Banks Total 1857.
The membership total was comprised
of $3.50 national banks, of which 1922
had been licensed to open, with deposits
of sic, $50 ,237, 900, and 500 State bank
members, Of which 656 were open, hav-
ing deposits of 1888, I'll 900. Nattona,
banks which were unlicensed on May 3
totaled 1,067 with deposits of $1,781,-
679, 900. and unopened State bank mem-
bers totaled 144, with deposits Of 1885,
927 ,000.
In the table that follows the member
banks in each Federal Reserve district
are given, together with the number
licensed to do business, as well as those
closed, as Of May 3: