Evening star., 1934-07-08
Regional Committee Hears
About 2, 800 Firms Will
Be Included.
DIRECTOR ENCOURAGED
BY PROSPECTIVE RESULT
Wilbur Gives Cheerful Address
on Concession Program at
Capital Conference.
BY HAROLD b. ROGERS.

list of registered investment bankers
to be issued shortly will carry the
names of probably $500 firms
throughout the country.
This was disclosed last night, fol-
lowing a meeting of the Investment
Bankers Regional Code Committee in
the Offices of Y. E. Booker of this
city, chairman.
The meeting was attended by all
members of the Regional Committee,
including those from other cities, and
was addressed by Rollin A Wilbur.
national director for the investment
code.
Wilbur is understood to have told
the committee that he was greatly
encouraged over the prospects of
benefit to be achieved through use of
the official list of registered dealers.
Concessions Restricted.
Under the code only a registered
dealer can deal with another regis
tered dealer on a concession basis. In
other words. only registered dealers
under the code can be given con-
CeSSionS.
Mr.. Wilbur's Office is busy making
up the first list of registered dealers
from the 16 regional divisions, and it
will be sent out soon.
The committee passed on several
applications from the region here,
nY1cicfiv1n Of he tria oF
Virginia, West Virginia. North and
South Carolina and Maryland. The
list of dealers applying for registra-
ton from this area probably will total
about 125
The members of the committee in
attendance included Chairman
Booker. Acting Secretary Myles H
Quail of this city, Wylie R. Cooke of
Iynchburg. Va; Walter S. Robertson
of Richmond. Va, and James S.
Whedbee and Ellicott H. Worthington
of Baltimore
The purposes of the investment
bankers code, which is said to have
real teeth were clearly outlined by
Gen. Hugh S. johnson, N. R. A. ad-
ministrator, in recommending the
code to President Roosevelt.
These fair practice provisions con-
stitute remarkable document" said
Gen. johnson. The essential pur-
poses are to eradicate past and exist
ing abuses and to establish principles
and practices which will justify pub
lie confidence, greatly assist in re-
storing the markets for both public
and private investment funds and re-
suit in an increased flood of invest
ment capital into sound productive
enterprises, which will unquestionably
increase employment and distribute
added wealth among our people"
Bank Assessments Levied.
OF outstanding interest in the
financial section during last week was
the 100 per cent assessment levied
yesterday by the controller of the
currency on stockholders of five
Washington banks, which had sold
their best assets to the Hamilton Ma
tional Bank. These banks are the
Federal American National Bank &
Trust Co., District National Bank, Po-
tomac Savings Bank. Northeast Saw
ines Bank, Seventh Street Savings
Bank
The assessments aggregate S3,340,-
900 divided among l,343 stockholders
Two of the banks which went into
the Hamilton were left off the list
of those assessed at this time-the
Washington Savings Bank and the
Woodbridge -Langdon Savings & Com
mercial Bank. Why this was done
was not disclosed, although it is not
known now whether the stockholders
in these two institutions will be as
SeSSed later.
Assessment of the stockholders in
the five institutions brought emphasis
to the fact that stockholders of two
other merged banks here in the city
the Mount Vernon Savings Bank anc
the old Franklin National Bank. can
not under law be assessed These
two banks were waived" back tC
solvency by their depoSitors. and the
remaining assets, which were not solo
to the Washington Mechanics Savings
Bank. were placed in the hands OF
trustees instead of receivers. There
is a great difference between the re-
organization plans of the Mount Ver'
non and Franklin banks on the one
hand and the Hamilton National Bank
members on the other.
Left With Receiver.
The Chevy Chase Savings Bank
whose prime assets were sold to Riggs
National Bank now has its remain
ing assets in the hands of a receiver
Cary A. Hardee, who is receiver fol
the Federal but no an.
nouncement has been Forthcoming
yet as to whether stockholders of the
old Chevy Chase will be assessed. OIL
when. The Chevy Chase Bank is
now an operating branch of Riggs.
No assessment has yet been Levied
against stockholders of the United
States Savings Bank, which has beer
the stormy petrel in the local bank
situation. A dividend of SIS per cent
which was to have been paid to de-
positors of this bank beginning last
Monday, was postponed indefinitely
because of a new suit filed by Col
Wade H. Cooper, its former president
against the Treasury in an attempt
to regain control of the bank.
The Park Savings Bank is the CEN
ter of hot legal battle over its losses
OF about $2,500.O00, discovered aftel
its vice president. Robert S. Stunz
killed himself Further litigation i.
expected on this bank Attempts are
still being made to reopen the Indus
trial Savings Bank, colored inStitu-
ton