The Washington herald., 1907-01-19
HEAR OF new BANK
Financial Men Discuss Mum
Sey'S Proposed Concern.
TO HAVE MILLION CAPITAL
stock of Two washington Institu-
tiOnS Said to Have Been offered to
ubIisher-BsH mixing Room I'm Times
Building Thought 10 BE Intended
for Home Of New Trust Company,

Rumors have been current in financial
circles during the past two days relative
20 the promotion of the trust company,
which Ii is stated viii be organized and
started by Frank a. Munsey, assisted by
capitalists Of New York and Washington.
One Of these stories, vouched for by a
source which seems reliable, is that
agents Of Mr. Munsey have recently ap-
preached fnanciers of Washington with
propositions 20 subscribe for the capital
stock OF such an institution.
II is said that the subscriptions to this
stock are asked on the basis Of 500 a
share. with a par value of $lo0 In the
statement upon which subscriptions 10
the stock are asked, it is said that the
capital stock Of the company is placed
at N,00e0. and payments for the stock
are 10 Doe made in certain installments at
stated periods
Munsey Preparing Bank Room.
Another fact which lends credence 20
the formation of the proposed trust COM
pany is that Mr Muusey is just cOmplet-
ing "a large banking room on the ground
floor Of The Munsey Building. At the pres
ent time % contractor has the finishing of
this room i'm hand with large force at
work. This room VIII be ready for Oc-
cupancy within about two months It
was stated by the George a. Fuller Com
paHy yesterday that this room was for
rent TO any banking institution which
might wish to use IL.
While that is true. the rental asked for
it is ut a high figure. possibly higher
than any banking concern renting bank
iug house would be willing 10 pay. s., On
the suppositi0u that Mr.. Munscy contem-
plates organizing a bank or trust COM
pauy to occupy the room. with the idea
Iof starting iu business some months hence
the high rate of rental would be eXpli-
cable ON the ground that there IS no
rious Intention 20 rent the room. eX-
c,pt at "a figure which would greatly add
to The productive income of the buildius
and make it an object FOR the proposed
trust company to find a >home in some
other place.
HAS Offers Of stock of Two Banks.
Another story circulating among banks
and bankers and real estate men IS 10 the
effect that ar Munsey has under con
-i5esation offers of the stock of at least
Two national banks of the city which #
is said could Doe incorporated into new
and larger institution by process OF
merger.
10 IS wei known that conferences were
held several months ago between Mr.
Mmsey and the officers of some Of the
over of a controlling share Of the stock
tt is said that definite propositions were
made. and that in at least two instances
they still hold good and thar either or
both OF the institutions in question could
Doe used as the foundation Of a-large la-
tioual bank or trust company. as Mr.
Muusey and his associates might elect
One Of the parties TO one of the proposed
deals stated yesterday that the status of
the understanding between mis- bank and
ar. Mansey had not changed in the last
two months
Nay Not Organize Till Fall.
A prominent business man Of Washing
ton. familiar with lIr Munsey's plans.
said yesterday Ee was certain that his
friend did not contemplate an immediate
organization OF bank or trust company
I in Washington.
He declared that the New York pub
Usher did not see that such a course
would be wise before next fan. when be
/ hoped the financial situation might clear
a little and the way open for a more
advantageous organization of the insti-
tuition than would now bee possible
This informant further said that some
thing might happen almost any time 10
change the situation and bring the or
ganizauon forward more quickly than is
now anticipated. For instance. il was
suggested that if one Of the local banks
should make a new offer of its stock.
which would make iJ a better bargain.
( the project might take a long step for
ward
Wilton J. Lambert. local attorney for
/ Mr. AIunsey. was sought yesterday with
view TO confirmation or denial of the
rumors referred 10. but was out of the
I city and could not be seen.
Edgar ID. Shaw, general manager of the
Times. said with positiveness that Mr.
/ Munsey had no immediate plans for or
ganizing either bank or trust company
/ in Washington. He said that any plans
/ looking 90 that end were several months
old, and that during his last visit TO
/ Washington Mr. Munsey made no ar
rangemrnts with any fnanciers of def
mite character
Permit for Overhead wire.