Evening star., 1933-04-11
CUMMINGS TO GET
SPECIAL REPORT ON
13D|STR|CT BANKS
Institutions Expected to Be
Placed in Three Groups
Before Reopening.
PUBLIC GETS NO INKLING
OF THE FINAL OUTCOME
New Treasury Secretary's Aide
Works on National Sit
uation.

Oficials of the Office of controller of
the currency continued today their task
of preparing for Walter j. Cummings,
new executive assistant to the Secre-
tary of the Treasury special report
on the condition of the 13 Washington
banks in the hands of conservators
Cummings, who Is responsible for
solving bank problems relating to re-
opening State banks throughout the
country, was engaged on this work up
to noon today. SO he had little time
as yet to devote to District problems.
It Is understood he expects to receive
the special report from the controllers
omce soon and win begin consid-
Grafton of how to reopen, If possible,
the 13 banks.
There were indications that the re-
ports concerning Washington banks
might come to Mr. Cummings singly
instead of all together, but 1t was not
known in what order he would take
them up.
Fall Into Three Groups.
From early indications it appears the
local institutions fall into three general
groups: First, the banks which may
reopen under their own names, indi-
vidually; second, banks which may have
to merge to reorganize and form a new,
larger bank under new management,
and. third, some Of the list which never
will reopen. but will be placed in the
hands Of receivers, or with the con-
servator acting as a receiver. The
banks in the last group would be
liquidated and all who have claims
against them would be paid of at SO
much on the dollar, whatever could be
realized.
Meantime, it was understood that
conservators continued to work on their
own plans in hopes Of reopening. Re-
ports will be received through official
channels, along with the papers from
the ofiice of the controller OF the cur
rency.
One In Separate Class.
No inkling of the fate Of any OF the
IS banks, individually, could be learned.
It appeared that only one institution,
however, stood out in class by itself,
the Park Savings Bank. whose executive
vice president killed himself, and where
the Department of Justice Is investi-
eating q reported shortage Of 81 500, 600:
Under authority Of the controller OF
the currency, conservatorS Of at least
some of the closed local banks are re-
'newing notes due the bank for short
periods.
Sends Notice to Signer.
The conservator Of one Of the closed
banks sent to q person who hac IN
dorsed note for friend q notice read
ing, in part, as follows:
"The regulations have now been
broadened by the controllers office and
we are instructed to secure short re-
newals not exceeding 30 days"
All conservators, however, 1t was
understood, are making every endeavor
to collect what they can.
A meeting of approximately IS de-
positors In eight closed Washington
banks was held last night and prelim-
mary steps on the formation Of COM
mittee to protect their interests were
taken.
Maurice H. Thatcher, former Repre-
sentative from Kentucky, In whose
ofice the meeting took place, was
elected chairman of the committee, with
authority to appoint the other mem
bers He named G. B. Likins, real
estate dealer with Offices at 1919 M
street, as secretary-treasurer and said
other members Of the group would be
chosen later, probably before the end
Of the week.
Depositors behind the committee
represent approximately $25, 900 in de-
posits, Mr.. Thatcher. declared.