Evening star., 1933-06-10
GROUP REAFF|RMS
MERGER SUPPORT
Central Business Men Again
Ask u. S. Savings to Join
New Bank.

Merger of the United States Savings
Bank with the Hamilton National Bank
which is being stoutly opposed by Wade
H. Cooper, president of the United
States Savings, was unanimously in
dorsed yesterday by the Central Busi-
ness Mems Association at a luncheon
meeting at the Ann Clarendon Club
Seventeenth stree and Rhode Island
avenue.
This was the second action which the
association has taken in the matter, a
previous resolution of a less decisive
character having been adopted at a
meeting of the association last week.
Arthur Clarendon Smith, president of
the association, explained today there
was no question about the action yes
terday. although there had been some
members at the meeting a week ago,
who had been uncertain about their
position. The vote yesterday was
unanimous, Mr.. Smith said.
Explained by Conservator.
"As merchant who has talked with
many people about this matter in the
past week, and as president of the Gen.
trail Business Mems Association I will
give my unqualified support to this
merger movement" he added.
The proposal to merge the United
States Savings Bank with the Hamilton
was explained to the meeting by Will
bur H. Zepp, vice president and con-
servator of the bank 1t was discussed
freely by several members of the as
sociation, and was declared by speakers
to be the best pm for the >depositorS.
While the p',.n of Cooper to attempt
to reopen t.. bank alone, outside of
the merger ~ known to members of the
association, Mr.. Smith explained, there
was no discussion of it at the meeting
and no one spoke in favor of it.
Cooper still is understood to be max
ing efforts to get the bank reopsned
outside of the merger, but none Of the
plans which Cooper proposes has bee>
approved by the Treasury Department,
Approved by Treasury.
The plan to merge the United States
Savings Bank with the Hamilton Ma
tional, is known to have the approval
of the Treasury Department, and will
be carried out, no doubt, unless Cooper
succeeds in efforts, which he says he
has under consideration. to take the
matter to court. He has been in con-
ference with his attorney in the matter,
but said this morning final decision
has not yet been reached as to what
course he will pursue
Meantime the campaign to sell stock
in the Hamilton National continued
today with the figures running over
million dollars, and working toward the
goal of 81 $50. 900, which is to be set up
as the capital structure of the new
seven bank merger.
The only member of the merger over
which controversy has arisen is the
United States Savings Bank, the others
going forward with support from all
the old officers and directors.
Should the stock be sold and char
ter is obtained, it is the hope of Edwin
c. Graham. president Of the new bank,
to open the bank early in July, prob
ably Wednesday, July 5. No definite
plans for opening can be made, how
ever until many other preliminary al
rangements are completed, including
the sale of the necessary capital stock,
the setting up of personnel, selection
of branches, adoption of bylaws, Sc
curing a charter and court approval OF
the contracts between conservatorS OF
the member banks and officials of the
new Hamilton.