In Atlantic City

Fortnight ago Atlantic City was filled with convening members of the American Bankers Association, its papers filled with their inconsequential doings & speeches. Hardly had the A. B. A. evacuated the city when banks again became a thing to talk about there. Overnight came the startling news that 14 of the city's banks were consolidating into four major groups, that one of the two remaining banks would be included later. Invited to take part but anxious to remain independent was Boardwalk National ($2,850,000 in assets), only institution situated on the famed promenade.

Great secrecy surrounded the premerger conferences. Members of the U. S. and New Jersey Banking Departments took part. Citizens of Atlantic City give credit for the plan to popular John Champion Slape of Atlantic City National Bank, oldest in the city.

The consolidations will leave the following as Atlantic City's four big banks: Guarantee Trust Co.; Equitable Trust Co.; Atlantic City National; Chelsea-Second National. The ten taken-over banks will become branch offices. The bank to merge later is Bankers Trust Co.. whose president, State Senator Emerson L. Richards did not return from Europe in time to take part in the arrangements.

Other Cities, In Philadelphia, where a bad banking situation has existed since Bankers Trust Co. failed last December, a run began last week on some branches of Integrity Trust Co., with about $50,000,000 in deposits. Twelve Philadelphia institutions promptly pledged their aid. Within the next several days sentiment rapidly improved and it was evident that the storm had passed. Meanwhile, Secretary of Banking Dr. William D. Gordon obtained the cooperation of John A. McCarthy, officer of Real Estate Trust Co. to help liquidate three closed banks. He was licensed as a private banker. to buy certain assets from the closed banks, will soon be paying $6,764,000 (20%) to 125,884 deprived depositors.

In Youngstown, Ohio, City Trust & Savings Bank and Dollar Savings & Trust Co. announced permanent closing. Under the same management as the Dollar, First National closed pending a merger with Commercial National and Mahoning National.

In Manhattan, indictments on misdemeanor charges were issued against Joseph A. Broderick, State Superintendent of Banks, and 28 officers and directors of defunct Bank of United States. Mr. Broderick was named in three charges of neglect of duty and conspiracy in keeping the bank open. Asked if he would demand Superintendent Broderick's resignation, Governor Franklin Delano Roosevelt said: "Certainly not, I have every confidence in his complete integrity."

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