Evening star., 1933-09-17
Listing of Assets at Seven of
Merged Banks to Begin
Tomorrow.
DIRECTORS TO OBTAIN
CHARTER THIS WEEK
President Graham Tells Depositors
in Letter Goal Is Great Insti-
tuition for Greater City.

Seven and one-half million dollars
tied up for six months in seven closed
Washington banks, will be available
once more to depositors when the Ham,
ilton National Bank opens its doors
Monday, September IS.
The opening date was selected by
directors Of the bank yesterday. To-
morrow the mechanical task of listing
assets at each OF the seven banks going
into the Hamilton merger begins. Each
note, bond or mortgage must be listed
and its value as Of the opening date
calculated during this week.
Some time between now and the
opening date the board Of directors
will visit the Treasury Department and
take out a charter for the new bank
Treasury examiners will count every
dollar Of the banks subscriptions to
capital stock ($1,250,000) and see that
all details are in order.
Depositors IS Per Cent Loyal.
It was estimated yesterday that
about IS per cent of the depositors in
the seven banks have agreed to become
depositors in the new bank. For those
who have signed the agreements moth
ing remains to be done in order to
open up their accounts. They can call
at the bank and get pass books as
soon as 1t is open.
Those who do not wish to do busi-
ness with the new bank will apply to
the conservators of the closed bank in
which they have their deposit and the
money will be forwarded to them as
soon as possible
The s7,5OO,O0O in deposits in the new
bank represents one-half the deposits
in the merging banks. The deposits
are being made available by the sale
of liquid assets by the merging banks
to the new bank. The remainder OF
the assets of the merging banks even
tually will be hquidated by the con-
servators and additional amounts paid
to depoSitorS as liquidation proceeds.
Bank officials yesterday obtained ap-
proval Of the District Supreme Court
of the leases of the seven properties
where the new bank is to do business.
The properties, and the basic rentals
which are to be paid. are:
Federal-American Bank. Fourteenth
and G. streets, $4,000 per annum for
$17,000,000 deposits or less: Federal
American Branch, Twelfth and Newton
streets, $2,500 for 100000: Federal
American Branch, Twentieth street and
Pennsylvania avenue, $4,000 for $780,
900; Potomac Savings Bank, $4,000 for
$1,500,000; Seventh Street Savings,
$500 for s750,0O0; Neutrality-suspicious.
Savings, $4,000 for $3.50, 900, and North
east Savings, S2,500 for $750,000.
In the case of the first named prop
erty, the rental will increase $3.50 per
$1,000 for each $1,000 deposits above
the minimum specified. In each other
case, the rental will increase $3.50 per
$1,000 All leases are for five years.
All Of the banks owning the leased
property are joining the Hamilton
merger The new bank. In addition,
will include the District National Bank,
but will not use that banks real estate.
Letters Sent Depositors.
After the decision on the opening
date, President Edwin c. Graham of
the new bank yesterday sent letter to
all depositors who have agreed to take
out accounts there, which, addressed
to Fellow Depositors," said. in part:
"It gives me great pleasure to an
nounce that the Hamilton National
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