The Washington herald., 1906-12-02
PLAN TRUST COMPANY
Local and Outside Capitalists
Organize New Concern.
UNDER FEDERAL SUPERVISION
Minimum Capital 10 he 81 600, 900,
Half of Which Is Already Sub
BE Comprehensive, and the Field
VIII Cover Entire Country.

washington is promised another trust
company, backed by New York, local,
and Southern capitalists, whose names, it
is claimed. when made public. will guar
antee its solidity and place it among the
prominent financial institutions Of the
Capital.
A charter has been prepared, with
minimum capital of 81 600 OOO, and max
imum capital of $lO0OO.0OO The com
pany will be known as the United States
Trust Company of Washington, D. c. As
its name implies. its field viii be the en-
tire country, and it viii do business un-
der authorization of the Comptroller of
the United States Treasury
In addition to conducting a general safe
deposit, trust, loan, and mortgage busi-
ness, the company viii do a general IN
derwriting business, and will underwrite
the issues Of stocks and bonds Of repu-
table corporations, conduct a "banking-by-
mail-business, buy and sell mortgage
notes, bonds, and stocks act as trustee,
executor. guardian, &c. examine titles to
real estate, and do regular title insur
ance business.
It's principal Office will be in Washing
ton, but it is 10 do business and establish
branches throughout the United States.
To Distribute stock Widely.
About $4,000 of the capital has been
subscribed. 1t is not intended by the
promoters of the company to place the
stock in large blocks, but TO spread it out
as far as possible and place it in the
possession Of persons who viii be a ben
eft to the company One local capitalist, 1t
is said, has offered to take $100000. but
his subscription has been cut down for
the reason stated. New York City inter
ests are negotiating for a large block Of
the stock, but it is desired by the pro-
moters TO dispose Of the first two or
three million dollars of the capital largely
TO local purchasers. The stock will be
sold for cash, on the installment plan,
with interest on the deferred monthly
payments.
Only few Of the local men interested in
the company have allowed their names TO
be published at the present time. They
are c. J. RiXey, vice president Of the
Traders National Bank and president Of
the Virginia Safe Deposit and Trust Com
pany, of Alexandria. Va: Charles A
Douglas, attorney, director of the Amer
lean National Bank associate counsel
Washington Railway and Electric Com
pany, president and original organizer of
the United States Savings Bank will be
general counsel for the company; Owen
Owen, director of the Traders National
Bank and other local concerns; William
II. Martin, partner in the Dulin & Martin
Company, silverwaTe and hOusefUrnish-
ings; Wallace ". Chiswell, president and
owner of the Peoples Mutual Insurance
Company; Harry Wardman, the builder;
Reginald W Beall. real estate broker.
vice president and one of the original or
ganizers of tie Citizens Savings Bank,
second vice president Moore & Hill, in
corporated, and director of the Washing
ton Title Insurance Company, and Harry
Arthur Kite, real estate broker. of the
firm of Moore & Hin.
Permanent Officers Not Named.
The other directors names will be an
nounced later. and the directors viii be
named from the subscription lists in fu-
ture. No permanent officers have been
named. The directory will consist Of thir-
" members.
Mr.. Beau, one cf the chief promoters,
says 1t is not the purpose Of the company
to compete for the business of the national
banks, or in TO way antagonize existing
financial conditions. The new company
will work, he says, as far as possible. with
the savings banks and trust companies %
expand the business Of Washington"