Evening star., 1933-08-31
Prospect Appears More Ger
tain as Officials Rush to
Clear Up All Details.
WILL NOT OPEN TUESDAY
FOLLOWING LABOR DAY
Unforeseen Difficulties May Arise,
but Officers Are Opti-
mistic.

The proposed Hamilton National
Bank may open its nine bank houses
for business within two weeks.
This prospect appeared more certain
than ever today as officials launched a
final drive to clear up all the remain
ing necessary details to opening
No date has yet been fiXed but it
is understood definitely that the bank
will not OPEN on next Tuesday fol-
lowing Labor day Monday.
Officials Are Confident
Some unforeseen obstacle or diff
Guilty in the courts. which already has
been threatened. NAV arise to prevent,
but both Hamilton Bank officials and
Treasury officers felt confident today
that all difficulties could be disposed
of so that the bank could open within
about a fortnight.
More than 100000 depositors are in
volved and it is estimated that about
$4,000 900 will be made available to
the depositorS when the Hamilton opens.
This money represents so per cent OF
the deposits in the eight member banks
of the merger Although there are only
eight constituent banks in the merger,
there will be nine banking houses used.
This results from elimination of some
of the branches and headquarters OF
some members Of the merger.
The release of these frozen deposits
is estimated in both financial and
business circles here as tremendous
influence for recovery in the National
Capital. The total amount of frozen
funds in the unlicensed banks has been
estimated at S25,000,000.
After the first SO per cent of these
deposits is made available in the Ham
ilton Bank, the conServators Will begin
work on a program to realize for the
depositors as much as possible out OF his
second SO cents. How much the de-
positor will get depends largely on the
condition of his bank and the progress
of the conservator in liquidatlng the
remaining assets.
Looking toward en- opening date. i'm
portant conferences were held today at
the Hamilton Bank and the Treasury
Department.
Final Major Move Tonight.
Tonight one of the Inal major moves
toward opening will get under way when
Warren F. Forster. credit expert loaned
bv the Reconstruction Finance Cor
poration and the Treasury Department
to the Hamilton Bank, leaves Washing
ton for Richmond, where he will start
the procedure to consummate loan
of S5.455 900 made by the r. F. c. to
the eight conservators.
The conservators in person will fol-
low MI Forster from time to time With
in the next few days to sign the nee
essary papers in this big refundlng pro-
cedure. The loans are made to the cor
servators fer the member banks and not
to the new Hamilton Bank, it is en-
phasized by officials. The new merger
will owe nothing to the r. F. c.
Although many depositors In the
member banks have failed to send in
their proof of claim and cannot have
their money made available until they
do file. bank officials feel justified in
going forward to open the bank on the
basis of those already in and with
prospect that there will now be big
rush OF depositors to file. Up to date
figures on the amount OF claims re-
ceived have not been computed. but it
is known that far more than half are
already in.